ETERNA: AUDITED FINANCIAL STATEMENTS FOR 2021

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Eterna Plc

Annual report and financial statements For the year ended December 31, 2021

Eterna Plc

Annual report and financial statements

For the year ended December 31, 2021

Contents

Managers, Professional Advisors, etc . ………………………………………….. ………………………………………….. ………………. I

Report of the directors ………………………………………… … ……………………………………….. … ……………………………………….. …..iii

Statement of Directors’ Responsibilities ………………………………………….. …………………………………….. …… …………vii

Certification of the financial statements ……………………………. ……………….. ………………………… ……………….. ………………..viii

Report of the audit committee ………………………………………… …… …………………………………….. …… ……………………………ix

The independent auditor’s report ………………………………………… ………………………………………….. .. ……………………………. 1

Consolidated and separate income statement and other comprehensive income items ……………………………. ………… 4

Consolidated and separate statement of financial position ……………………………. …………………… …………………….. ………………. 5

Consolidated and separate statement of changes in equity ………………………………………….. ……… …………………………………. ……… 6

Consolidated and separate cash flow statement ……………………………………. …….. …………………………………… …….. . 7

Notes to the consolidated and individual financial statements ……………………………….. ……. ………………………………. 8

Consolidated declaration of added value …………………………………….. …… …………………………………….. …… ………………….. 48

Consolidated financial summary over 5 years ……………………………………….. …… …………………………………….. …… ………….. 49

Eterna Plc

Annual report and financial statements

For the year ended December 31, 2021

Managers, Professional Advisors, etc.

Directors:

Mr. Gabriel Ogbechie Mr. Nnamdi Obiagwu Ms. Phoebean Ifeadi Ms. Godrey Ogbechie Mr. Anibor KraghaMr. Emmanuel Omuojine Mr. Okechukwu Omezi

Mr. Akinwande Ademosu Mr. Benjamin Nwaezeigwe Mr. Lamis Shehu Dikko Ms. Kudi Badmus

Chief (Dr.) Michael Ade Ojo, OON

Ms Afolake Lawal

Mr. Oluwole Abegunde Mr. Adebode Adefioye Mr. Farouk Ahmed

Company Secretary: Bunmi Agagu-Adu

Registration office:

5a, Oba Adeyinka Oyekan Avenue (formerly Second Avenue)

Ikoyi

Lagos, Nigeria

Companies register:

  • – Chairman – Appointed October 20, 2021

  • – Managing Director/CEO – Appointed on September 1, 2020

  • – Executive Director – Appointed October 20, 2021

  • – Non-executive director – Appointed on October 20, 2021

  • – Independent non-executive director – Appointed on October 20

    2021

  • – Non-executive director – Appointed on October 20, 2021

  • – Independent non-executive director – Appointed on October 20

    2021

  • – Independent non-executive director – Appointed on March 1, 2022

  • – Executive Director – Appointed on March 1, 2022

  • – Chairman – Resignation October 20, 2021

  • – Executive Director/CFO) – Resignation on March 31, 2021

– – – – –

Greenwich Registrars & Data Solutions Limited 274 Murtala Muhammed Road

yaba

Lagos.

Auditors: Deloitte & Touche Civic Towers

Avenue Ozumba Mbadiwe Victoria Island

Lagos

Nigeria

Principal lawyers:

  • (a) Wole Olanipekun & Co

  • (b) Tayo Oyetibo & Co

  • (c) Akabogu & Associates

  • (d) Oluwakemi Balogun LP

  • (e) Aluko & Oyebode

(Alternate: Otunba Femi Deru) – Non-executive director – Resigned

October 20, 2021

Non-Executive Director – Resigned October 20, 2021

Non-Executive Director – Resigned October 20, 2021

Non-Executive Director – Resigned October 20, 2021

Non-Executive Director – Resigned October 4, 2021

I

Eterna Plc

Annual report and financial statements

For the year ended December 31, 2021

Managers, Professional Advisors, etc. (continued)

Main bankers:

  • (a) United Bank for Africa Plc

  • (b) Nova Merchant Bank Ltd

  • (c) NBF Quest Merchant Bank

  • (d) First Bank Nigeria Limited

  • (e) Fidelity Bank Plc

ii

Eterna Plc

Annual report and financial statements

For the year ended December 31, 2021

Directors’ report

The directors submit their report as well as the audited financial statements for the year ended December 31, 2021 which disclose the situation of the Group and the company.

Legal form and address

Eterna Plc was incorporated in Nigeria as a limited liability company in 1989. In 1997, it became a public company. The shares of the Company which are currently listed on the Nigerian Stock Exchange (NSE) were first listed in August 1998. The Company is domiciled in Nigeria. The address of its registered office is:

5a Oba Adeyinka Oyekan Avenue (formerly Second Avenue)

Ikoyi Lagos

Main activities

Eterna Plc manufactures and sells lubricating oils and petrochemicals; the Company imports and sells bulk petroleum products, including Premium Motor Spirit (“PMS”), Automotive Gas Oil (“AGO”), Low Flow Fuel Oil (“LPFO”), base oils and bitumen. The Company’s activities also include bunkering, distribution and marketing of gas (liquefied petroleum gas (“LPG”) and natural gas (“NG”), offshore and onshore petroleum services, gas processing, trading crude oil and other refined petroleum products.

Results and dividend

The Group’s results for the year are shown on page 4. The post-tax loss for the year of N1.1 billion (2020: profit of N941 million) has been transferred to retained earnings.

The group achieved a consolidated turnover of N82 billion, representing an overall percentage increase of 40% from a turnover of N59 billion.

However, gross profit declined by 23% in 2021 to N4.26 billion from a gross profit of N5.51 billion in 2020.

Directors

The Directors in office during the year under review are:

name

Mr. Lamis Shehu Dikko Ms. Kudi Badmus

(President)

Resignation October 20, 2021

Chief (Dr) Michael Ade Ojo, OON Ms Afolake Lawal

Mr. Oluwole Abegunde Mr. Adebode Adefioye Mr. Farouk Ahmed Mr. Nnamdi Obiagwu

(Executive Director/CFO) (Alternate: Otunba Femi Deru) (Non-Executive Director) (Non-Executive Director) (Independent Non-Executive Director) (Non-Executive Director)

Resignation March 31, 2021

Resignation October 20, 2021

Resignation October 20, 2021

Resignation October 20, 2021

Resignation October 20, 2021

Resigns October 4, 2021

(General Manager/CEO)

Appointed Executive Director/COO – 10th

January 2020. Appointed MD/CEO September 1, 2020 Appointed MD/CEO

September 1, 2021

Mr. Gabriel Ogbechie appointed Chairman on October 20

2021

Ms. Phoebean Ifeadi appointed as Executive Director 20th

October 2021

Ms. Godrey Ogbechie is appointed 20th Non-Executive Director

October 2021

Mr. Anibor Kragha is appointed 20th Non-Executive Director

October 2021

Mr. Emmanuel Omuojine is appointed 20th non-executive director

October 2021

Mr. Okechukwu Omezi is appointed 20th Non-Executive Director

October 2021

iii

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