Cadbury Nigeria Returns to Losses in Half Year 2017

Cadbury Nigeria in its Half year 2017 financials grew revenue by 17% to N16bn, high cost of sales however led to a 21% decline in gross profit to N3bn, Meager decline in operating expense and a 53% dip in other income to N19mn led to an operating loss of N559mn. This together with higher finance cost led to a pre-tax loss of N766mn.

Balance sheet numbers revealed total assets rose by 9% to N31bn while financial liabilities grew astronomically. Total liabilities grew by 18% leading to a 5% decline in net assets to N10bn. Working capital however remained positive. See details below.

Income Statement	H1 2017	H1 2016	% Change
Revenue (mn)	16,264	13,917	17%
Cost of Sales (mn)	13,081	9,867	33%
Gross Profit (mn)	3,183	4,050	-21%
Operating expense (mn)	3,761	3,958	-5%
Other Gains & Losses (mn)	19	40	-53%
Operating Profit/Loss (mn)	(559)	132	-523%
Net Finance Cost (mn)	(208)	84	-348%
PBT (mn)	(766)	216	-455%
Income Tax/Credit (mn)	-	69	-100%
PAT (mn)	(766)	147	-621%
Balance Sheet	H1 2017	FY 2016	% Change
Fixed Assets (mn)	14,148	14,187	-0.27%
Total Assets (mn)	30,967	28,393	9%
Financial Liabilities (mn)	2,332	151	1444%
Cash & Bank Balances	3,259	3,011	8%
Total Liabilities (mn)	20,437	17,336	18%
Net Assets (mn)	10,530	11,057	-4.8%
Working Capital (mn)	930	988	-6%