UAC of Nigeria Plc (“UACN”, “UAC” or “the Group”) has announced its audited results for the full year ended 31 December 2018.
| In million ||FY 2018||FY 2017||Var %||Q4 2018||Q4 2017||Var %|
|Gross Profit Margin||17.8%||17.9%||(5.8 bps)||14.4%||20.9%||(646.6 bps)|
|Selling & Distribution Expenses||4,788||4,596||4.19%||1,035||1,421||(27.2%)|
|Impairments/Other operating losses||8,909||959||n/m||7,291||337||n/m|
|Operating Expenses (% of revenue)||26.4%||14.2%||1223.4 bps||46.0%||18.9%||2712.5 bps|
|Operating expenses ex impairments (% of revenue)||15.1%||13.1%||199.6 bps||14.3%||17.3%||298.5 bps|
|Gross Interest Cover Ratio||(1.06)||1.14||n/m||(5.50)||0.81||n/m|
|Net Interest Cover Ratio||(2.65)||1.63||n/m||n/m||1.2|
|Profit Before Tax||(5,512)||3,246||n/m||(5,996)||133||n/m|
|Profit Before Tax Margin||(7.0%)||3.6%||n/m||(26.1%)||0.6%||n/m|
|Net Profit from cont. ops. attributable to UAC shareholders||(6,090)||956||n/m||(6,250)||(1,005)||n/m|
|Annualised basic Earnings per share from cont. ops. (Kobo)||(207)||69||n/m||(245)||(46)||n/m|
|LTM Return on average Equity||-13.0%||1.3%||n/m||-13.4%||-1.4%||n/m|
|Working capital/ LTM revenue||30.9%||11.8%||n/m||105.9%||50.3%||n/m|
|Free Cash Flow||(1,546)||5,899||n/m||(1,546)||5,899||n/m|
|Total Assets / Equity||1.77x||1.79x||n/m|
Commenting on the performance, Group Managing Director/Chief Executive Officer, Mr Folasope Aiyesimoju, stated:
Our immediate priorities are addressing the challenges relating to UACN Property Development Company Plc (“UPDC”) and implementing UACN’s transition to a lean holding company (“holdco”). UPDC recorded a loss after tax of N15.0 billion and does not generate sufficient recurring income to service its N18.6 billion in interest bearing liabilities. Management expects to present a solution to the challenges facing UPDC within the calendar year. Transitioning to a lean holdco entails greater focus on subsidiaries; we are strengthening subsidiary management teams to effectively compete in their segments.
** Please refer to the attachments for the full press release and the audited financial statements. **
For further information, please contact:
Group Finance Director
Notice of FY 2018 Conference Call
The senior management of UAC of Nigeria Plc (‘UAC’ or ‘the Group‛) will host a conference call for investors and analysts on Wednesday 17 April 2019 at 14:00 (Lagos)/ 14:00 (London) / 08:00 (New York)/15:00 (Johannesburg) to discuss the FY 2018 financial results and other business developments.
Details of the conference call will be circulated later.
 N725.3 million of FY 2017 impairments is primarily from UPDC
Adjusting for Impairment of receivables in UPDC Joint Ventures, impairment on assets held for sale, mark to market losses on property, Loss on sales of Investment Property, as well as property, plant and equipment, and Net fair value loss on investment properties
) Basic and diluted weighted average number of 2,570,476,583 shares in FY 2018 and 1,920,864,386 shares in FY 2017.