Page 103 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

STATEMENT OF VALUE ADDED
For the Year Ended 31 March, 2021

“Value added” is the measure of wealth the group has created in its operations by “adding value” to the cost of products
and services. The statement below summarises the total wealth created and shows how it was shared by employees
and other parties who contributed to its creation. Also set out below is the amount retained and re-invested in the
company for the replacement of assets and the further development of operations.

2021 2020
N'000 % N'000 %
Turnover 109,594,730 80,450,397
Other operating income 140,712 116,209
Bought - in materials and services;
-Foreign (87,283,630) (41,790,417)
-Local (5,547,191) (25,291,239)
Total Value Added 16,904,621 100 13,484,950 100

Value Distributed
To Pay Employees
Employees cost 4,594,596 27 4,103,269 30

To Pay Providers of Fund
Finance costs 6,069,303 36 4,227,396 31

To Pay Government
Income tax 200,958 2 503,485 4
Police Trust Fund Development levy 56 - 33 -

Retained for future expansion and wealth creation:
Depreciation, amortization and impairments 4,663,976 28 3,884,048 30
Deferred tax 249,868 - 116,227 -
Retained earnings 1,125,864 7 650,492 5
Total Value Distributed 16,904,621 100 13,484,950 100

Value added represents the additional wealth which the company has been able to create by its own and employees
efforts.

104 HONEYWELL FLOUR MILLS | ANNUAL REPORT | 2021 World of Possibilities