ICAN 2025 Financial Reporting | Mixed

$$ \begin{array}{lrr} \hline \textbf{Statement of profit or loss for the year ended April 30, 2025} & & \\ \hline & \textbf{N'million} & \textbf{N'million} \\ \text{Revenue} & & 164,985 \\ \text{Cost of sales} & & (118,095) \\ \hline \textbf{Gross profit} & & \textbf{46,890} \\ \text{Interest received} & & 1,670 \\ \text{Administrative expenses} & & (25,025) \\ \text{Finance costs} & & (5,220) \\ \hline \textbf{Profit before taxation} & & \textbf{18,315} \\ \text{Income tax expense} & 6,642 & \\ \text{Deferred tax} & 2,208 & (8,850) \\ \hline \textbf{Profit for the year} & & \textbf{N9,465} \\ \hline \end{array} $$

Statement of profit or loss for the year ended December 31, 2024 2023 N‟m N‟m Revenue 44,800 14,400 Cost of sales (26,880) (5,760) Gross profit 17,920 8,640 Selling expenses (4,320) (2,400) Bad debt -written off (2,240) (288) Depreciation (3,328) (928) Interest expense (3,072) (192) Net profit before tax 4,960 4,832 Statement of financial position as at December 31, 2024 2023 N‟m N‟m Non-current assets: Property, plant and equipment 35,712 15,040 Current assets: Inventory 3,808 480 Trade receivables 9,328 1,328 Cash and bank Total assets Equity and liabilities: Share capital Retained earnings Equity Non-current liabilities: Borrowings Current liabilities: Trade payables - 13,136 48,848 5,248 15,024 20,272 25,600 2,800 192 2,000 17,040 4,800 10,064 14,864 1,600 576 Bank overdraft - 576 Total equity and liabilities 48,848 17,040

Mana Plc agreed to pay N432 million apart from an immediate payment of N3.50 per share in cash. It is only the cash consideration that was recorded by Mana Plc. The statement of financial position of the two companies as at December 31, 2023 are as follows: Mana Plc Bakus Plc N’m N’m Non-current assets: Property, plant and equipment 1,680 1,280 Development costs - 160 Investments 1,200 80 Current assets 532 364 Total assets 3,412 1,884 Equity and liabilities: Ordinary shares of N1.00 each 1,080 320 Share premium 320 160 Revaluation reserve 180 - Retained earnings - January 1, 2023 640 536 - December 31, 2023 760 1,400 304 840 2,980 1,320 Non-current liabilities 10% inter-company loan notes - 240 Current liabilities 432 324 Total equity and liabilities 3,412 1,884

N’000 N’000 Freehold properties at valuation 1/1/2023 480,000 Plant and machinery at cost 520,000 Motor vehicles at cost 108,600 Construction work-in-progress at cost 250,000 Accumulated depreciation at 1/1/2023: Plant and machinery 208,000 Motor vehicles 48,870 Financial assets 75,600 Inventory at December 31, 2023 100,500 Trade receivables 98,900 Profit for the year 208,660 Revaluation reserves 185,000 Retained earnings at 1/1/2023 489,700 Ordinary share capital of 50k each 100,000 Share premium 266,000 10% Redeemable preference shares (2020-2023) 42,800 Deferred tax 6,600 Interim dividend 28,000 Income tax payable 15,900 Bank balances 20,180 Cash in hand 5,220 Trade payables 86,470 Suspense account ____________ 29,000 1,687,000 1,687,000