Mainstream Energy Solutions Limited
Annual Report
31 December 2020
Financial summary
Group
Consolidated Statement of profit or loss and other comprehensive income
in millions of Naira 2020 2019
*Restated
Revenue 83,14 68,114
Results from operating activities 40,6 21,936
Profit/(loss) before income tax 20,5 14,418
Profit/(loss) for the year 69,0 10,555
Total comprehensive income/(loss) for the year
89,396 10,340
Consolidated Statement of financial position 2020 2019 2018
Employment of funds: *Restated *Restated
in millions of Naira 190,130 160,295 167,022
7,719 3,928 2,414
Intangible assets 382 - -
Property, plant and equipment 15 33 -
Trade and other receivables 2,630 4,901
Right-of-use assets 62,659 6,928 5,651
Deferred tax assets 10,288 2,842 -
Other assets
Loan receivables 2,966 (152,767) (155,471)
Concession liability (204,855) (385) (356)
Trade and other payables
Net-current assets/(liabilities) (416) 53,253 57,256
73,765 76,757 81,417
142,653
Funds Employed: 500 500 500
Share capital 16,196 16,196 16,196
Share premium 105,943 60,413 64,858
Retained earnings 20,014
Translation reserves (352) (137)
Non-controlling interests - - -
142,653
76,757 81,417
89
Mainstream Energy Solutions Limited
Annual Report
31 December 2020
Financial summary
Company
Statement of profit or loss and other comprehensive income
in millions of Naira 2020 2019 2018
*Restated *Restated
Revenue 83,140 68,114 59,728
Results from operating activities 40,921 23,048 -
Profit/(loss) before income tax 20,893 15,473 -
Profit/(loss) for the year 69,329 11,610 -
Total comprehensive income/(loss) for the year
91,015 11,612 -
Statement of financial position 2020 2019 2018
Employment of funds: *Restated *Restated
in millions of Naira 190,130 160,295 167,022
3,064 1,674 1,594
Intangible assets 382 - -
Property, plant and equipment 8,961 4,455 2,133
Trade and other receivables 2,630 4,901
Investment in subsidiary 62,659 6,928 5,651
Deferred tax assets 10,288 2,842 -
Other assets
Loan receivables 2,966 (152,767) (155,471)
Concession liability (204,855) (385) (356)
Trade and other payables
Net-current assets/(liabilities) (416) 52,753 56,339
72,761 78,425 81,813
145,940
Funds Employed:
Share capital 500 500 500
Share premium 16,196 16,196 16,196
Retained earnings 107,373 61,544 64,934
Translation reserve 21,871 185 183
Non-controlling interests ---
145,940 78,425 81,813
* See Note 37
The financial information presented above reflects historical summaries based on the change in
functional currency from the Nigerian (NGN) to US dollars (USD). Information relating to the prior
periods has not presented as its not directly comparable due the restatements indicated in Note 37.
90
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2020 Annual Report
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