Escolar Documentos
Profissional Documentos
Cultura Documentos
3. Dividend Warrants
Special Business
h foe payment of foe dividend is approved, the
6. To approve the remuneration ol the Directors. warrants wi" be posted on Monday, November
6, 2006 to shareholders whose names are
BY ORDER OF THE BOARD registered in the Reg'ster of Members at tire
c'ose of business on October 6, 2006.
DTT SERVICES LIMITED
Secretaries 4. Audit Committee
2005 2004
N'O00 N'000 %
1963: O December "8, the company //as formed under the nar"e 1991 : On Ju'y 3. the authorized share capita' of the company was increased
"Hoechst Products Niger's Lmited", from fiheen pnllon naira (N1 5.000,000) to twenty five million naira
(N25.000.000i by the creation of an acld'towa' twenty mi"fon (20,000,00)
1963: O January "0. foe Company //as reg'stered as a or ate abi ty ordinary shares of Okobo eacti.
company /."th an authorized share cap'tal o'ten thousand pounds' £10,000) On July 3, trie paid -up capital of the company //as increased from fourteen
d'vded into ten thousand (10,000) ordinaiy shares ot £| each. On ,Ju y 6, the million nana (N '4.000.000) to seventeen miiijon, f'-/e hundred thousand nana
authorised share caota' was increased to f% thousand pounds (£50,000) (N 1 / ,500,000) by a bonus issue of one ordinary share for every four ordinary
by the ceat'on o* ah adcHtra' forty thousand (40,000) ord nary shares o'£* shares a'ready he'd.
each. On August 4, ten thousand f 0.000) ordinar/ shares of /'hcK
Parbwekerlce Hoechst AG he'd 60fo and Major & Company 40V 1992: The company offered for subscription debenture stock of sixty mil"on
na-ra (N60.000.000i which //as fu"y subscribed.
1971: On October 4, the PVA pant at Ikeja was commissioned.
1994: For the second tirme in the company's history , tine Nigerian Stock
1972: On January "0, the authorized share capita' was increased to four Exchange Vent Award was received for the best presentation, oiua"ty and
hundred thousand pounds £400,000) by the oeat'on of an additions three depth of (he annua' report and accounts for the year 1 992.
hundred and fift\ thousand (350,0001 ord'oay scares of £' each.
1995: Hoechst Ag divested ts ho'ding in Nigerian Hoechst PL C and at an
1973: On Aur'1 13, Map & Company so'd the r 40% si one1xi d ug to F.O. extra -ordinary Genera' Meeting he'd on 23 F ebruay 1995. tire shareho'ders
Asha' nu A Sons fl-Wngsi Ltd. On foe same day the name ot f-e company approved of Die change of the company name to " Nigerian German
-
1977: On Deeembei 6, !he authorized shoe caoita1 was increased to two 1996: On the 4th o1 March the authorized share capita' o' he company
t'ilknn (N2.000.900j by foe preat'O'n ot an add'tiona1 six hundred thousand increased rrom N25. 000.000 to hh'00, 000.000 and foe pad up capital //as
(600,009) ord'nary slxves of N2 each. increased from N 1 7, 500,000 to N30, 625,000 by a rights issue.
1978: 0" March 16. the authorized share cao'tal //as 'no/eased to three 1997: I he company's turnover crosses the bi"fon naira martc for the first time.
mif'on (N3,000,000) BY HE- CHEA40N OF «N ADD' I 'ONAl HUE
1
NGC entered strategic relationship wfo Parke Da "s (now Pfzsr Consumer
HUNDRED I HOUSAND (500,000:. O'fo'nay shares of N2 each or t1 e same Hea'lhca'e) and introduced Beny'in ranges, Anuso' and Sterns.
da/, shares of N2 was subdvded into four (4) acinar, shares ot 50 kobo
each, 1999: Me a. Shonelxan appointed Chief E recutr /e Officer, The Company
On October 2 A the paid-up cac-ta1 was ;ncreased to three irl'0" commissions' pharmaceutical oral 'iquid 'ine and produces iou'd niedipines
(N3.000.000) by a pub'-c issue of one m''|jon (N* ,000,000). "bis meant that for the first time at (lie Otta p'anL
all of tie company's authorized capita' was issued and fully paid-up.
2000: Our association with Avenfe the successor of Hoechst group final'/
1979: 'n Mugust, Nigerian Roechst shares were ouoted on the Nigerian ended.
Stock E xchange 'or the f,rst t,ni9. The quotation /as 30 kobo oer store of
50 kobo. 2001 : Company's issued slwe capita' increased to N 76, 893,000 foifowng a
bonus 'ssue of 1 new share for every 6 existing shares.
1981: On Ida,; 26. the fouteato" of the otermaceut'ca' Factory at Otta was
'aid by two d'st'ngu'shed oemo'ia'-tos Dr. Koge of pharmaoeuttea's d «scr
-
2002: NGC e/'ts ago vet unprofitable business ate industrial Chemica's.
of Hoechst mG. r rankfurt Ma,n ate the Olo'a o* Otta, Oba T.T. Dada.
2003: Company commissions its m,[j't'-m""on-i\i'ra water p'ant -Sparwasser
1982: On August 26, the authorze shane caiu ta' was increased from three successfu™y introduced into the nxiri<et.
mil'on naira (N3.000.000) to ten m'"ion wiira (N'O.OOO.OOOl by the creator
an add'f'ona1 fourteen mi'ion (14.000.000) o'xj'na'y shares of 50k each. On 2004: NGC celebrates its 40th Am11 /ersary.
September 21. the oad-up capital was "xmased from three rffon nam
(N3.000.000r to se en mifoi naira 0,000,000) by rights dree -V'cr 2006: NGC launches new brands: Arpo (ato1 ma'aria'). Vimri.o (refreshing dr'nk),
(3.000:000) and pub"c f e mi"'on (5,000,000) ssues o' eight ir I o" Liriton Fferk (wire) into the Nigerian market
(8.000.000) oel'nar, slxi'es of 50k eac'x
On No/ember 4, 1'e i/foam laceuTca' 'acto'y and I'e centra1 warehouse al
Otta wee ohioal'y commissioned.
1985: On July 5. the authorzecl sham capta' o' lhe company was ncmased
from len mill'on ng.ra (N10,000.000) to fiheen mlcr wx (N15.000,000). O-
Ju'y 15, I'e paid up capita' cf the co'-pa-y was •••ceased f,om Severn n il o"
(N7.000.000r to ten mtton, toe hunded thousand nam (N10.500.000) by
bonus issue of ce prd'nary share a'ready he'd.
1988: On June 30, bonus shares o* one ord'nary share for e/ery fo-ee
ordinary shares ahead/ he'd "//ere 'ssued to shareho'de(s and paid-up caota
therefore increased from ten m'Ton, e '•unded thousand (N10.500.000} to
fourteen nii"'on nana c' 4,000.000). On December "8, the company
ce'ebrated 'ts 25th ann' /ersary.
am p'eased to / e'come you all to the 42nd Annual Genera1 Meeting of our
Company and to present the Annua1 Report and Financia1 Report for the year
ended 31 December, 2005.
1he business en /ironment was both dynamo and cha'leng'ng, a feature which
has become consistent with Nigerian economy, the year witnessed banking
sector reforms occasioned by changes ;n recapitalization pole, b, the Central
Bank, slabbsaton or the foreign exchange rate, progress towards cance"at'on
of the country's debl, unprecedented increase in crude o1' prices, and
improvements in the country's foreign reserves. The year a'so saw." great
progress in the administration ol pensions; the Pension Commission was
established a'ong wth the licensing of major Pension I und Administrators.
On the other hand, the inflation rate remained comparatve'y high at 1 7.8%
continuing to push up cost of doeg business and suppressing consumer
purchasing power. In spite of foe improved avai'abi'ity of 'oanab'e funds, cost of
hoto / ing was high, sustaining rates above 20%.
Overa", the business en/ronnnent mproved during the yea" under compared to N2.085 in the phor yean Famings Attrbutab'e to
revew due to varous reforms berg imo'emented b> the go /or rent Shareho'ders rose by 28% over the same period, to N121 million uo from'
and its institutions, as sgnified by the recorded genera1 economic N94.9 million. This achievement was a culmination of (fie gains made to
growth of 5.6'fe. Our Conuoany we'come these de> 'e ooirents and vi1
reduce interest payable bi" arid a remarkable growth in fee o1' business.
continue to take appropriate strategies designed to position itse'f to
better performance and inwove busress susta nabil ty.
Review of Operations
The Healthcare Sector
NGC PLC
In add'tion to these maco econoro factors, the healthcare sector
was impacted upon by certain rdustry specific 'actors. These The business faced numerous challenges resulting in a limited safes
include the ban of imootation of ceOan pharmaceutical products, gro Mh of 6% fcr the ÿ, ear compared to the previous period, achieving
imposition of multiple taxes In/ each of the three t ers of government, N2 b'"ion comoared to N1 .9 b'"'or. This was due to capacity restrictions
and the continued effectiveness of Natona' rood and Drugs that continued to negative!, impact on product avai'abi'ity and product
Administration and Conbo' (NAFDAC) efforts on ,var against rationalization undertaken b, management to improve margins.
counterfe't products and substandard goods.
h pursuit of this bus'ness objective, fee Company lias undertaken
'hese successes scored by NAFDmC are benefiting the significant investment nto modem plant and equipment for consumer
phanriaceutica1 mdust'y and have helped to restore pub c products. Production and marketing or the new consumer brands has
confidence a the sector. |n response, fee Company s investing r commenced h the cunrent year and fee project ;s expected to mature into
Research and Development (R & D) and pari capacity to expand and afu" f'edged dvsion in the next two years. The deve'opment will al'ow the
enhance its product range, improve product availability and satisfy company to access growth opportunities available in the consumer
market demand. products segment.
2005 Performance
Desp'te the challenges faced by the biasness, the Group ach eved a
Turnover growth of 20"-.: for the year, managing N2.477 b ior
67,540
NGC Oil Services NGC O1' Services has established itse'f as a recognised player in the
market. Management .vil seek to nde on th s growing goodw'l and
Tiffs entjty has bui'ton fee good pe-frymance of the prevous year and superior brand quality to 'auncfe more products and grow customer
recorded a remarkab'e gro vvfe, ac'ffe /irg a turnover increase o*' 26%, base.
J
17 August 2006
i
1
1: 8 . :;j ' ,"i 1
NGC brands bring
happiness to homes and
offices nationwide. They provide
quality healthcare solutions for all
classes of society, create jobs,
expand opportunities and
contribute to the growth
of a healthier Nigerian
economy.
Director's Report
V e take great pleasure m presenting Ms repot and the audited fnancia' statements hy the year ended December 31, 2005.
DIRECTORS
1. The D""ectors who ser/ed during Me year and al Me li,ne or 'his repoh are as fo'bws:
2. In accordance with Article 96, Mr. G. Balogunand Mr. T. Lindsay will retire by rotation and being eligible, offer themselves
for re- election.
2005 2004
Name Direct Direct
Vr. A. She -A or (E Vc - C
- VI n an)
ÿ
958.958 993.958
Vr. SA . Ose/va 80,896 30.896
Vi. G. Ba'ornj" 28.868 28,868
None of the Directors '-as notified Me Company, in accordance with Secfon 2 77 of the Companies and A»ied Matters Act. CAP
C20 1 FN 2004 or an/ decarube Merest n a") contracts jpvo1 'irlg the Company either as at December 3" . 2005 ex at the dale of
IP'S reDOd.
CORPORATE GOVERNANCE
"ÿ"he Compaq 'eougtves the mpoitanceof high standard of corporate governance. The Board consists of two executes and Kenon
e\ecut'\ e Drectors chared by HPP "he Emir cl Zaumsau. A'haj1 -Shehu dlrs. CPR. The Board met three Tmes in the year under review.
The Board has focus on 4s responsibilities and has perfected 4s operate A strategies to achieve reasonable performance of the
Company.
Director's Report
The non -executive Directors have been ooecat'cg n such a way that them Post Balance Sheet events
independence has not been imDa;red, There is an Execut <e Vice Chairman
v/ho 's a separate indvdua' from the Chairman, "There are no significant post balance sheet events, which cou'cl have had
any material effect on tine state of affairs of the Company as at 31 December.
Audit Committee 2005, which have not been adeouafely provided forand/oi disc'osed.
T
he Audit Committee chaired by A'haj; F . A Vebude s n -ade up o* one Employment and Employees Affairs
non-executive and tv\o executive Directors and three representat ves of the
shareho'ders. The Committee met three t,nms ;n the year. i) Health, Safety and Welfare of Employees
In comp'iance with Laws and safety regulations, the Company provides
Annua1 Genera' l\"eet,ng 1AGV1 prO'Udes umaue opportun'fy to for Safety and hea'th of workers >n the L st. Ccmprehens' /e we'fare
communicate w'th shareho'ders. Shareho'ders rece've the annua1 report packages, which compare with industry standard, are prodded for staff.
and Financia1 Statements as reouired by 'am and free'y ask Questions Use of retained hospitals. c'inics and emergency medical services are
concerning tlÿe Company's operat'ons at the AGIV. provded for state
The Company has como'ed, as 'wjcte as noss'ble with Code of Best ii) Employees Involvement and Development
Practice in Corporate Go 'ernance as oub'shed by the Secunt es & Continued cod'a' 'abour re'atior's existed between management and staff
E xchange Commission in co"abcratio" wth tee Corporate Affairs as a resu't of tl >e Company's open door policy and dia'ogue in reso1 zing
Commission. staff issues. Our m'ssop s to deve'op a we" -trained and motivated work;
force. Conseauent'v, some 'members of staff were sponsored to attend
Analysis of Shareholding as at December 31 , 2005 relevant courses, seminars and conferences. Ihere has been partnership
No. of % of No. of % of
wth academic community through students' Industna1 Work [ xpenence.
Range of holdings holders holders holdings holdings
iii) Employment of Disabled Persons
- ' .Quo 5,2 '3 4i3.85 2.400.324 "
.59 I |ne Company is an eoua1 opportunities ernployer and does not
1 ,00"
5.000 4.405 3923 9,944 484 6.46 discriminate when considering app'icat'ons. A" employees are given eoua1
o.QO'i 10.000 789 7.00 5.528.376 3.59 opportunity for cie /elopment regard'ess o1 any form of disabbty. Howe\ er,
' 0,00 ' 50.000 639 5.67 '3930.799 8.53 there was no disabled person in 11 ie Company's employment as al 31
50.00' ' 00,00'J 82 0. te 5,388,303 3.63
100.00" 500,000 58 0.5 '
<4.186.242 9.22
December, 2005.
500.00' ' 000.000 5 0.04 3,816,477 2.43
1
,000.001 "0.000.000 3 C 02 6.751.571 4 39 Research and Development
10,000.001 - 2,000,000 000 2 0.01 '32.3 79.236 60.06
11,256 100.00 153,786,012 100.00 The Company has a continuing focus 00 research and de 'e'opment mainly
geared towards inipro 'teg operational processes S new product.
deve'opment.
ACQUISITION OF OWN SHARES
Auditors
The Company d'd not purchase any o" Is own shares dunng the year.
I" accordance with Section 357!?) of the Companies and Abed Matters Act
SUBSTANTIAL INTEREST IN SHARES CAP C20 LAN 2004, Messrs Akmtola Whams De'otte have indicated their
v/iiiingness to continue in oft'ce. A resolution wi" therefore be proposed at
The 'ssued and fu"y pad up capita' of tee Comcany s N76, 893.006 ti'e Annual General Meeting to authorize tire Directors to determine their
divded nto 1 53,786.012 ord'naiy shares of 50 kobo each. Of this amount. remuneration.
76.831.048 shares eauivale'te to J9.96'c mas he'd by Voter Securities S
investment Limted while "5.548. 388 shares eqirvatent to 10.11% was held BY ORDER OF THE BOARD
lev the Nvieran Sooal 'nsurance T|"ust c und (NS'TR as at 31 December.
2(305.
FIXED ASSETS
Movement ot 'i/ed assets du'ing the yecr s shown in Note 5 cr page ?? DP Services f miled
23. In tee opinion of the Directors, tee maCel -.a'ues o' lKe Compam s Company Secretaries
property are not 'ess than iib ,a'ues shown ,n tie accounts. I agios. Nigeria.
DONATIONS
17 August, 2006
Donations during U 10 yea' grwMrp to N3 'u 000 wv as 'ot'ov.s:
2003
2005 003,303
3060,023
2.7 .A 395%
2004
1,900,800
2,060,023
1,900,800
1,603,313
1,439,659
Report of the Auditors
Deloitte.
Akintola Williams Deloitte
(West end Central Africa)
Chartered Accountants
23d, Ikorodu Road, Hupeju,
P, O. Box 96b, Marina
Lagos, Nigeria.
Tel: +234-1-2717800
+234-1-4930720-4
Fax: +234-1-4970023
REPORT OF THE AUDITORS TO THE MEMBERS OF info@avvdebitte.com
vvwvv.debitte.com
NIGERIAN-GERMAN CHEMICALS PLC
We have audited the consolidated 'nancia' statements of Nigeria-German Chemicals Pic as at 3'lst December
2005 set out on pages ''7 to 31 Atrch have been prepared on the basis of the accounting po'cies set out on
page " 7
In accordance iith the Companies and Al'ed Matters Act, CAP C20 t FN 2004, the Company's Directors are
resporsib'e ror the preoarat on ur line ' nancia1 statements. It is our responsibility to form an independent opinion
based on our audit or those statements and to report our opinion to you.
Basis of Opinion
We conducted our audi n accordance A'th the intemat'ona1 standards on auditing issued by the Intemafona1
I ederation of Accountants. An audit heudes examination, oi i test basis, of evidence relevant to f te amounts ai id
d'sc'osures h the Iwa-cia statements. It also includes an assessment of the significant estimates and judgements
made by the Directors n the preparation of the financia' statements, and of .vhether the accounting policies are
aoproorate to the Company's and the Group circumstances, consistent'y applied and adeouate'y d'sc'osed.
We oa'-uned and performed our aud t. so as to obtain a'l the information and exp'anations, which we considered
necessary r order to provide us A'th sufficient evidence to give reasonable assurance that the financial
statements are *ree from materia misstatement. In forming our opinion, we also evaluated the overall adeouacy of
the presentation of information in the 'herca' statements and assessed whether the Group and the Company's
books o+ account had been property kept. We inave obtained at the information and exp'anations we required for
t'm purpose of our audit.
Opinion
In our opinion, the Company and the Group have kept proper books of account and the f'nancia1 statements are
in agreement with the books. The 'ha-cia' statements, drawn up in conformity with the general'y accepted
accourtrg standards in Nigeria, gve a true and fair vew of the state of affairs of the Company and the Group as
at 3 1 st December, 2005 and of the profit and cash flows for the year ended on that date and have been property
prepared r accordance wit'- the Companies and A'"ecl Matters Acl, CAP C20 LFN 2004,
Chartered Accountants
Lagos, Nigeria
In compliance wtln the provision of sect on 359 (6 ) of the Companies and Alfed Matters Act, Cap C20 LFN
of 2004, we reoort as follows:
(i) We have ascertained and hereby confirm that the accounting and reporting policies of the company
are in accordance with legal requirements and agreed ethical practices.
(li) The scope and planning of audit requirements for the year ended December 31 , 2005 are
Adequate.
(lii) The interna' controls were being constantly and effectively monitored, and
(Iv) We are satisfied with the External Auditors' management report for the year ended December 31 ,
2005 as well as the response of tine management thereto.
It's down to one question how can we help 'For us, innovation is a never-ending
people live better and healthier lives? process1
1
.
Benson Enabuwa
Cr»oh
- Chukwuka Chukwutem
turnover represents 'he net 'nvo'ce /o'ue o' goods f pi-Qign currency transactions are recorded m
and sen ces so rt to tb rd parties during the year. Ngena at tine 'ales oF e /change njiing at II >e elate of
each transaction. Assets arid "ab"ilies denominated
d. Fixed Assets in foreign currencies are converted at the rules of
excha' ige preval> ig a fire ba'aiice sheet date.
I ixed assets are stated at cost/ va'uation 'ess
accumu'ated deprec at on. Gam or loss arising therefrom ts dea't wth mi the
profit and 'oss accouiit,
Depreciat on is prov elect on cost or re /a'ued amount in
equa nsta merits ove1' the es'ima'ed usefij1 Pes at
the fo'lo' v no annual ates:
1
j. Leases
Assets under finance 'ease are included m tire
% balance sheet at the fair va'ue of tire assets and tire
L easehold land and bu Id ng 5 present value of tire minimum 'ease payments. Tire
Plant and mach nery 10 depreciation is ca'culated on the same basis as
Fou'pment. Olu'es and fittings 10 other categories of fixed assets.
Motor vehie'es 20
k. Research and development
e. Stocks
Research and de/etopment cos's are amortised
Goods bought try resa e. f Ashed goods, raw materia' o\ era period of
e years.
and work in progress are /a'ued at the lower of cost
and net tealLabe vaue. Costs comprise tire direct I. Employees' benefit
cost of production arid Ce attj 'butab'e poTon of a"
overt leads appropriate to location and cond't'oir. The comoan, operates a contributory stab pension
Goods iri trans t are valued at in /oiee price. scheme 'or 'ts stab. Fmc'oyees contribute f.b% %
their re'e/ant emo'uments, whi'e the conipany
f. Investments contributes A5% or the same toward the scheme.
'he conipany o'so makes provision for staff gratuity
I o«g term investments are slated at cost. Provisions based on the 'ength 0t semce o1 each stafi m
for' 'osses are made where there is a permanent accordance Arith the existing staff conditions of
C|iminut on nthecost of nvestments. service. Benefit under the p'an is genera"/ re'ateri to
an empioyee's length o' ser 'ice and remuneration,
Group Company
2005 2004 2005 2004
Note N'000 N'000 N'000 N'000
Prof|l. on ordinag' act" "ties be'ore laxatio" 3 209,494 159,896 159,748 1 36,575
APPROPRIATION
The account'cg po'ees on cage 1 7 and the notes or pages 21 to 29 form pad of these Financial Statements.
Group Company
2005 2004 2005 2004
Note N'000 N'000 N'000 N'000
Current Assets
Stocks 9 823,273 722,651 640,248 596.952
Debtors 10 4 76,2 ' 1
373,566 436,487 3M,943
Bank and Cash Ba'ances 1
3,637 44,563 8,992 40.492
Mr, A, Shonekar
The accounting oo'ees on page 1 7 and the r>otes on pages ?' to 29 form part of these Financia1 Statements.
Group Company
2005 2004 2005 2004
Note N'000 N'000 N'000 N'000
Net decrease in cash and cash equivalents (39,120) (57.372) (39.695) (61 .443)
Cash and cash equivalents at the 1 January (303,229) 1246.352) (302,800) (246,357)
1. The Company
The comeary commenced ooerations on '8 December, 1963 as Nigeria Hoechst Ltd and was registered as a private 'imited
lability company on 10 January, 1954, r August 19 89, the company became a pub'ic limited 'iabi'ity company, It changed its
name to Nigerian -German Chemicas P c upon d vestment b\ the principa' foreign shareho'ders,
It manufactures, markets and distrbutes pharmaceutical heathcare products, consumer hea'thcare products, industrial chemicals,
oil fie'd chemica's and agro chemical products.
T he company 's who'h, owned by Ngenans with the ext. of the foreign shareholders.
2. Turnover
Group Company
2005 2004 2005 2004
Turnover Gross Profit Turnover Gross Profit Turnover Gross Profit Turnover Gross Profit
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Industna' Chen""cal 2,990 7229 15,388 5,963 7,990 1 ,229 75,388 5,963
Fth'cal Pharmaceutcal "
,870,054 764.557 7755,447 680,200 1
,870,054 764,557 7755,447 680,200
Agro-Chemica's - 14,957 5,796 "'4,957 5,796
Consumer healthcare '8(3,979 78,679 '15,008 44,563 186,979 78,679 115,008 4 4,563
Oi fie'd Cherrica's 4' 6,982 111774 184,646 54,966 - -
Group Company
2005 2004 2005 2004
N'000 N'000 N'000 N'000
Profit on ordinary
activities before taxation
Group Company
2005 2004 2005 2004
N'000 N'000 N'000 N'000
4. Taxation
CostA/aluation
At 1 January 2005 245,181 920,229 67,466 19N269 1
5,000 1,439,U5
Add'tions 30,04' 43,205 10,390 49,349 1
32,985
Rec'assbcation (105.472) '05,472 15,000 (15,000)
Disposals (3,414) (3,414)
Depreciation
At 1 January 2005 104,462 435,255 41 ,262 129,053 -'5,000 725,032
Charge tor the year '2,519 74.584 12.729 2N737 121,569
Rec'assbcatior (94,440) 94,440 15,000 (15,000)
Disposals (3,414) (3,414)
Cost/Valuation
At 1 January 2005 2-15, "8" 920,229 67,875 193,464 1
5,000 1,441.749
Additions 30,0-1' 43,205 12,036 50.649 135,931
Reclassification 005,472) 105,472 1 5,000 (1 5,000)
Disoosa's (3.414) (3,414)
Depreciation
At 1 January 2005 104,462 435.296 41,262 129,417 55,000 725,437
Charge +or the year '2,5'9 74,584 12,934 22,436 122,473
Reclassification (94,440) 94,440 15,000 (55,000)
Disposa's (3.414) (3.414)
The leasehold 'and and bui'drgs, p'ant and machinery, eauipment and motor vehic'es /.ere orofessiona"y va'ued by
Vessrs. Knight Yank (N'gena), Ghartered sur/eyors, on 31 December, 1993 on Ye basis of the open market valued and
ref'ecfng the exstng use of Ye properties.
The surp'us ansog from the reva'uation has been transferred to revaluation reserve account net of potential
capital gains tax thereon. A" addtors ader this date have been stated at cost.
COO'S NOG 23 r. ÿ,
l:, | ,L , . |
Notes to the Financial Statements
Year ended 31st December, 2005
Group Company
2005 2004 2005 2004
N'000 N'000 N'000 N'000
6. Investment
Subsidiary companies
NGG Oil Sen/ces L'ÿ'ted 14 1 , 188 95,210
Value Pharmaceuticals Limited 31 ,949 27,006 31 ,949 27,006
Others
IJncj insurance p'c "40,000,000 odcay
-
7. Intangible assets
The company acquired the branclna'ÿe +or "DAGA" n Nigeria and Ghana e year
2003 from Avent's Pharnna Deutch'and Gmbh. "he cost o1 Research and
Development and brand acqu'sit'on are an,o'tsed over Syears.
2005 2004 2005 2004
N'000 N'000 N'000 N'000
8. b) Deferred payments
the Board deeded to amort'sed the payments over 5 years start ng from 31 December
Group Company
2005 2004 2005 2004
N'000 N'000 N'000 N'000
9. Stocks
J. Debtors
T
rade Debtors 270,305 200,756 231 ,990 144,986
Other debtous 34,246 34,632 34,246 33,595
Prepayments 17,556 13,590 16348 ii,774
Due from re'ated companies 154,103 124,588 154503 124,588
1 . Other creditors
Group Company
2005 2004 2005 2004
N'000 N'000 N'000 N'000
2005 2004
N'000 N'000
14. Share capital
Authorised:
200,000,000 Ooifnao Shares 50k each 100,000 100,000
Under current regulatons, the assets revauaticr reserve s aol ava ab'e for distribution to shareholders as dividends,
Group Company
2005 2004 2005 2004
N'000 N'000 N'000 N'000
Group Company
2005 2004 2005 2004
N'000 N'000 N'000 N'000
18.1 Directors
Pees:
-
Chairman 45 45 45 45
- Other Directors 105 105 105 105
Other emolument as executves 9,888 9.888 9,888 9,888
Pension Contribution 279 279 279 279
Chairman 45 45 45 45
highest pad Director 3,200 3,200 3,200 3,200
0 2,500,000 3 3 3
2,500,001 3,000,000
3,000,001 and above 1 1
Group Company
2005 2004 2005 2004
18. Information Regarding Directors and Employees (Cont'd) Number Number Number Number
18.2 Employees
Management 16 15 15 12
Factory 69 62 62 62
Sales and marketing 45 38 38 38
Administration 34 30 25 25
1 - 500,000 75 121 66 1
16
500,001 - 1,000,000 26 22 23 20
1,000,001 - 1,500,000 40 3 39 2
1,500,001 - 2,000,000 9 9
2,000,001 - 2,500,000 1 3 1 3
2,500,001 - 3,000,000 4 4
3,000,001 and above 12 1 i2 -1
There v/erc no contingent ab ' ties \r respect or egal act ons aga rst the Compan, for year ended 3 1 December, 2005, (2004 - N2,884 ,873)
The Company entered rto transactions .vith ts subs d ay companies during the year ended 31 December, 200b. The amount due from the
re'ated comica'd at 31 December, 2005 amounted to 14152,283,000 (2004 N124,588,000) -
Group Company
2005 2004 2005 2004
N'000 % N'000 % N'000 % N'000 %
Value Added 537,069 100 465,128 100 476,150 100 438,718 100
Applied as follows
To pay employees:
- Salaries and staff costs '14,074 21 85,983 18 1
03,805 22 83,299 19
To pay Government:
Corporate tax 60,197 '1 39,784 9 41 ,296 9 29.405 7
-
Interest 9' ,028 14 114.351 25 91,028 19 1
14.351 26
-
Dividend 53,825 10 46,136 10 53,825 11 46,136 11
Value Added represents the addtonal wea'th which the company has been able to create b\ ts own and its emp'oyees edorts. Ihe statement
shows t|ne a'locaton o+ that v/ea'th aÿong the emp'oyees. caoita providers. Government and that retained for creator of more wealth.
Employment of Capital
Source of Capital
Retained Profit For The Year 67,540 48,800 15,396 8,016 4,464
Fam'ngs and net assets per share are calcu'aled cr 153, ,'86,012 ordinary shares ;n issue as at 31st December. 2005
1. Major Shareholders
Accorcl'ng to the register o* rubers, the 'o'b.vng shareholders heel more tiÿen 5% of the issued share capital of the company on 31st December, 2005
No. of Shares %
2. Analysis of Shareholders
1 - 1
,000 5,243 46.85 2.460,324 1.59
1,001 -
5,000 4,405 39.13 9.944,484 6.46
5,001 - 10,000 789 7.00 5,526.376 3.59
10,001 - 50,000 639 5.67 133' 30.799 8.53
50,001 - 100,000 82 0.73 5,588.503 3.63
100,001 - 500,000 58 0.51 14486.242 9.22
500,001 -
1
,000,000 5 0.04 3.8 1 6.4/4 2.48
1,000001 - 10,000,000 3 0.02 6,451,541 4.39
'0,000001 - 2,000,000,000 2 0.01 92.349,236 60.06
3. Unclaimed Dividends
Details of unclaimed dividends at 31st August, 2006
We hereby notify our numerous shareholders that some d defends have remaned unclaimed. Kindly contact either the Head, HR -Admin
Nigerian German-Chemicals p,c.. p.O. Box 26" , keja , Lagos State., or CSL Registrars, Primrose tower. 1 7A Tinubu street, Lagos,
for pay ments of your cli\ idends as -ndicated beov\ :
Dividend Year 2001
Number Paid (N)
12 1990 12,933.64
13 1991 31,606,96
14 1 992 44,230.81
15 1993 100,468.48
16 1994 157,052.28
17 1 995 40,810.85
18 1996 2,037,680.00
19 1997 2.066,765.98
20 2000 4 49, 46 4.50
Head. HR/Admin
NIGERIAN GERMAN-CHEMICALS PLC., P.O. Box 261, 'keja, Lagos State. P'ot 144, Qba Akran Avenue, Industrial Estate, ikeja.
In case of Unclaimed Dividends 21-23, please contact: CSL, Registrars, Primrose Tower, 17A, Tinubu Street, Lagos
Note: This page does not form part of the statutory financial statements.
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