Balance Sheet as at 31st December 2009
Property,plant and equipment
1181532
1137276
Long term payments
5,427,868
5,562,744
Receivables and prepayments
1,601,811
1,830,706
Bank and cash
1,030,577
320,075
Cash at bank and in hand
6,240,527
22,878,380
Payables and accrued expenses
-865,108
1,454,130
Current income tax
-77,704
-42,420
Bank overdraft
-1,901,504
1,073,117,179
Deposit for shares
-462,377
Current portion of loans
1,071,969,047
1,067,091,030
1,068,662,354
1,064,969,835
Net current (liabilities) / assets
-2090754
-8771989
Non-current portion of loans
1,072,486,307
Deferred tax liability
-36,300
-36,300
Share capital
652,072
390,000
Share premium
5,797,299
1,440,120
Revaluation reserve
130,295
130,295
Accumulated deficits
1,071,064,428
1,072,559,655
Shareholders' funds
3902315
778281
For the year ended 31 December 2009
Cost of sales
1,065,473,059
1,062,271,757
Gross profit
938,677
555,206
Other operating income
364,105
137,897
Administrative expenses
-289,397
-241,184
other expenses
-1,740,164
-441,623
Operating (loss)/profit
1,073,015,045
10,296
Interest expenses
1,072,506,435
-505,477
Loss before income tax
-1,962,168
-495,181
Loss after tax
1,072,246,631
-406,636
Loss after tax and minority interest
1,072,246,621
-406,646
Basic loss per share (naira)
-1
-1
For the period ended 31 December 2009
Cash flow from operating activities
Cash (used in)/generated from operations
-500,947
610,938
Income taxes paid
-1,551
-26,684
Net cash (used in)/generated from operating activities
-5025498
584254
Purchase of property,plant and equipment
-111,553
1,073,102,789
Payments for leasehold properties
-176,045
1,068,202,013
Proceeds from disposal of fixed assets
Interest received
33,010
57,819
Net cash used in investing activities
-254588
-6121027
Net proceeds from issue of ordinary shares
4,619,251
(Repayment)/addition to borrowing
1,070,119,324
6,379,961
repayment of long-term borrowings
-83,333
Receipt of deposit for shares
462,377
Interest paid
1,072,473,425
-563,296
Net cash generated from financing activities
190729
5733332
Net change in cash and cash equivalents
1,073,175,467
196,559
Movement in cash and cash equivalents
At start of the year
-304,570
501,129
(Decrease)/increase
1,073,175,467
196,559
At the end of the year
-870927
-304570
Investment Valuation Ratios
Operating Profit Per Share (Rs)
Return On Net Worth(%)
-0.38%
Liquidity And Solvency Ratios
Long Term Debt Equity Ratio
Total Assets Turnover Ratio
0
Working Capital
40,499,636
Number of Days In Working Capital
1,602
Cash Flow Indicator Ratios