Page 89 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

Notes to the Financial Statements

For the Year Ended 31 March, 2021 cont’d

15. Share Capital

2021 2020
Authorised N'000 N'000
8,000,000,000 ordinary shares of 50k each 4,000,000 4,000,000

Issued
7,930,197,658 ordinary shares of 50k each 3,965,099 3,965,099

15a.
Share premium 6,462,041 6,462,041

16. Revenue
Revenue from contracts with customers

Sale of goods 109,594,730 80,450,397

Revenue by geographical location of customers:
The company disaggregates revenue from customers as follows:
Domestic (within Nigeria) 109,594,730 80,450,397
Export (outside Nigeria) - -
109,594,730 80,450,397

Segment Reporting
The Company's business operating segments are identified by three factories located at Ikeja, Sagamu and Apapa. The
Ikeja segment manufactures Noodles; Sagamu segment manufactures Pasta while Apapa segment manufactures
Flour, Semolina, Wheat meal, Brown flour and Baker's delight flour.

The chief operating decision maker, who is responsible for allocating resources and accessing performance of the
operating segments, is the Board of Directors.
The Board reviewed the Company's monthly financial and operational information in order to assess its performance
and allocate resources.
The chief operating decision maker assesses the performance based on operating profits for each operating
segments. Below is the summary of the operations from the three segments of the Company:

31 March, 2021 Apapa Ikeja Sagamu Total
N'000 N'000 N'000 N'000
Revenue 85,018,586 5,492,485 19,083,659 109,594,730
Cost of sales (73,299,296) (4,698,673) (15,975,487) (93,973,456)
Gross profit 11,719,290 793,812 3,108,172 15,621,274
Other trading and operating income 121,831 15,661 3,220 140,712
Selling and distribution expenses (4,312,518) (271,199) (959,655) (5,543,372)
Administrative expenses (2,027,370) (121,845) (423,350) (2,572,565)
Operating profit 5,501,233 416,429 1,728,387 7,646,049

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