Page 93 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

Notes to the Financial Statements

For the Year Ended 31 March, 2021 cont’d

Average number of persons employed during the year:
Number Number
Administration 272 264
Factory 436 430
Management 8 7
Sales and marketing 116 118
832 819

The table shows the number of employees (excluding directors) whose earnings during the year fell within the ranges shown below:
Number Number
Below 1,000,000 494 492
1,000,001 - 2,000,000 113 109
2,000,001 - 3,000,000 85 84
3,000,001 - 4,000,000 38 36
4,000,001 - 5,000,000 24 20
5,000,001 - 6,000,000 29 29
6,000,001 and above 49 49
832 819

24. Depreciation and amortisation
2021 2020
Depreciation: N'000 N'000
Operating expenses 359,554 362,512
Cost of sales 4,279,627 3,507,009
4,639,181 3,869,521

Amortisation:
Intangible assets 24,795 14,527
4,663,976 3,884,048

25. Cash flow reconciliation of tax paid

Balance at beginning of the year (629,255) (345,085)
Current tax for the year recognised in profit/loss (430,618) (503,483)
Prior year under provision - (125,771)
Balance at end of the year 430,618 629,255
(629,255) (345,083)

26. Dividends paid

Dividends (317,208) -

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