Balance Sheet as at 31 December 2010
Property, plant and equipment
131,713,072
152,513,387
Intangible assets
23,969,748
23,806,605
Long-term investments
1,000
1,000
Deferred tax asset
2,161,298
3,695,549
Long-term receivables
18,783,390
25,492,756
Inventories
9,693,311
22,386,418
Debtors and prepayments
96,743,166
80,240,118
Deferred tax asset
6,922,654
5,663,203
Bank and cash balances
25,760,410
12,187,072
Creditors and accruals
81,398,265
60,467,691
Dividend payable
50,123
651,358
Deferred tax liability
923,737
22,252
Current income tax liabilities
3,313,947
5,521,737
Borrowings
140,473,551
71,020,640
Net current (liabilities)/assets
-87040082
-17206867
Borrowings
21,247,128
76,348,834
Other non-current liabilities
1,168,808
1,188,783
Deferred tax liability
11,928,511
12,424,655
Provision for other liabilities & charges
2,432,237
3,147,892
Net Assets
52811742
95192266
Capital and reserves attributable to equity holders
Share capital
452,542
905,084
Share premium account
29,735,182
49,042,111
Revaluation reserve
7,215,257
18,120,080
Retained earnings
14,401,178
26,022,475
Minority interest
1007583
1102516
Total equity
52811742
95192266
For the year ended 31 December 2010
Turnover
336859678
378925430
Cost of sales
772,459,318
748,944,433
Gross profit
35,577,172
54,128,039
Selling and marketing costs
1,066,306,022
1,066,521,528
Administrative expenses
1,055,654,381
1,051,257,121
Interest received
3,570,953
1,468,674
Other operating income
11,713,165
4,174,589
Operating profit
25,338,045
30,066,303
Interest payable and similar charges
1,061,915,934
1,067,994,366
Profit before taxation
13,512,155
24,318,845
Taxation
-3,415,176
1,063,797,945
Profit after taxation
10096979
14374966
Equity holders of the company
10,243,168
14,379,066
Minority interests
-146,189
-4,100
Earnings per share for profit attributable to equity holders of the Company during the year:
Basic earnings per share (kobo)
1,132
829
For the period ended 31 December 2010
Cash flows from operating activities
Net cash flow from operating activities before changes in working capital
28,093,325
37,728,245
Net (decrease)/increase in working capital
35,698,352
1,054,438,014
Income tax paid
1,068,113,357
1,065,935,725
Net cash from/(used in) operating activities
-3213632
10618336
Cash flows from investing activities
Purchase of property plant and equipment
1,035,584,076
1,054,996,210
Acquisition of subsidiary
1,066,781,434
Payments relating to pipeline construction
1,066,996,906
1,065,126,360
Pipeline construction costs recovery
2,796,583
3,753,789
Proceeds from sale of property, plant and equipment
450,955
318,655
Signature bonus refunded
23,735,950
Interest received
3,570,953
1,468,674
Cash (used in)/from investing activities
-21308615
-21819960
Cash flows from financing activities
Proceeds from long-term loans
20,729,492
74,748,659
Repayment of long-term loans
1,035,419,117
1,058,026,182
Proceed from import finance facilities
19,318,100
9,142,843
Share issue expenses
1,072,080,959
Repayment of finance lease
-2,620
-111,429
Proceeds from other short term loans
16,486,606
Repayment of other short term loans
1,023,025,361
979,794,017
Increase/(decrease) in bank overdrafts
3,865,712
-4,878,560
Dividend paid
1,071,077,559
1,071,627,805
Issue of shares
18,412
21,118,641
Interest paid
1,061,995,821
1,068,089,534
Net cash used in financing activities
-59520342
-2583863
Net change in cash and cash equivalents
1,051,076,077
1,059,956,337
Cash and cash equivalent at the beginning of the year
48,981,689
25,760,411
Exchange difference
1,073,186,293
212,148
Cash and cash equivalents at end of the year
25760411
12187072
Cash at year end is analysed as follows:
Cash at bank and in hand
7,103,932
9,209,746
Fixed deposits
18,656,479
2,977,326
Investment Valuation Ratios
Investment Valuation Ratios
Return On Net Worth(%)
0.15%
Liquidity And Solvency Ratios
Long Term Debt Equity Ratio
Working Capital
1,056,534,957
Cash Flow Indicator Ratios
Earning Retention Ratio
1.15%