2019 ARBICO ANNUAL REPORT FINAL PRINTED upd

STATEMENT OF VALUE ADDED

FOR THE YEAR ENDED 31 DECEMBER 2018

The Group The Company

2019 2018 2019 2018
N’000 N’000 N’000 N’000

Revenue 6,080,294 4,171,470 5,871,282 4,171,470
Bought in materials and services (4,969,979) (4,827,314) (4,866,844) (4,739,155)

Other operating income (293,375) 458,334 48,951 458,334
Other operating income 47,987 113,244 47,987 113,244

52,092 52,596 52,092 52,596

Applied as follows: %% %%
To employees:
as salaries, wages and other 670,486 58 430,488 (71) 521,839 49 414,350 (81)
related costs

To Government: 169,266 15 21,002 (3) 169,266 16 21,002 (4)
- as company taxes
- Deferred taxation (622,697) (54) (254,171) 41 (622,697) (59) (254,171) 49

Retained for the Group’s/ 416,581 36 277,002 (46) 407,672 39 276,791 (54)
Company's future: 950 - 210 - 950 - 210 -
- Depreciation of property, plant
527,821 45 (1,077,779) 179 579,500 55 (973,671) 189
and equipment
- Amortisation of intangible asset 100 (515,089) 100
- Profit/ (loss) for the year

1,162,407 100 (603,248) 100 1,056,530

Value added/(consumed) represents the wealth which the Group has been able to create/(utilize) by its own and its
employee's efforts. This statement shows the allocation of that wealth among employees, capital providers, government
and that retained for future creation of wealth.

2019 ANNUAL REPORT & FINANCIAL STATEMENTS 101

TWO-YEAR FINANCIAL SUMMARY

THE GROUP

ASSETS 2019 2018
Non-current assets N’000 N’000
Current assets
1,615,710 1,501,732
Total assets 6,381,443 5,374,486
7,997,153 6,876,469

EQUITY AND LIABILITIES 74,250 74,250
Share capital 141,184 141,184
Share premium 861,934 861,934
Asset revaluation surplus (465,000) 2,506,583)
Accumulated losses
612,368 (1,429,487)
Equity attributable to equity holders 271 271
Non-controlling interests
612,639 (1,429,216)
Total equity

LIABILITIES 1,962,478 1,950,000
Non-current liabilities 5,422,036 6,335,685
Current liabilities
7,384,514 8,305,685
Total liabilities
7,997,153 6,876,469
Total equity and liabilities

Revenue 6,080,294 4,171,470
Operating loss 57,604 (807,215)
Profit/(loss) before tax 74,190 (802,606)
Income tax expense (275,173)
Profit/(loss) for the year (185,055) (1,077,779)
Total comprehensive loss for the year, net of tax 527,621 (1,077,779)
Equity holders of the parent 527,621 (1,076,738)
Non-controlling interest 528,140
Basic earnings/(loss) per share (Naira) (519) (1,041)
3.56 (7.25)

- Basic/diluted earnings/(loss) and net assets per share are based on the number of shares issued and fully paid at the
end of each year- Basic /diluted (loss) earnings per share are based on profit/ (loss) after taxation attributable to
ordinary equity holders of the parent.

102 ARBICO PLC | BUILDING & CIVIL ENGINEERING CONTRACTORS

FIVE-YEAR FINANCIAL SUMMARY

THE COMPANY

2019 2018 2017 2016 2015
N’000 N’000 N’000 N’000 N’000

ASSETS 2,153,959 1,526,870 1,355,839 1,188,904 1,306,800
Non-current assets 5,236,880 5,453,707 3,996,157 2,738,887 3,225,383
Current assets
7,390,839 6,980,577 5,351,996 3,927,791 4,532,183
Total assets
74,250 74,250 74,250 74,250 74,250
EQUITY AND LIABILITIES 141,184 141,184 141,184 141,184 141,184
Share capital 861,934 861,934 861,934 861,934 861,934
Share premium (1,822,975) (2,402,475) (950,214) (1,011,875) (1,004,182)
Asset revaluation surplus
Accumulated losses (745,607) (1,325,107) 127,154 65,493 73,186

Total equity 1,950,000 1,950,000 1,950,000 2,116,541 2,116,541
6,726,094 6,335,684 3,274,842 1,745,757 2,342,456
LIABILITIES
Non-current liabilities 8,136,446 8,305,684 5,224,842 3,862,298 4,458,997
Current liabilities
7,390,839 6,980,577 5,351,996 3,927,791 4,532,183
Total liabilities

Total equity and liabilities

Revenue 5,871,282 4,171,470 4,891,912 3,413,465 4,516,384

Operating profit/(loss) 109,483 (703,107) 106,839 39,898 332,813
Profit/(loss) before tax 126,069 (698,498) 107,178 43,502 341,722
Income tax expense 453,431 (275,173) (45,517) (51,195) (70,488)
Profit/(loss) for the year 579,500 (973,671) (7,693) 271,234
Total comprehensive profit/(loss) 61,661
for the year, net of tax 579,500 (973,671) (7,693) 271,234
61,661

Basic earnings/(loss) per 3.90 (6.56) 0.42 (0.05) 1.83
share (Naira)

Note:
Basic earnings/(loss) per share, and net assets per share are based on the number of shares issued and fully paid at the end
of each year.

Basic /diluted (loss) earnings per share are based on profit/(loss) after taxation

2019 ANNUAL REPORT & FINANCIAL STATEMENTS 103

SHARE CAPITAL HISTORY

104 ARBICO PLC | BUILDING & CIVIL ENGINEERING CONTRACTORS

PROXY FORM

ANNUAL GENERAL MEETING OF ARBICO PLC

ON THE 27TH DAY OF AUGUST 2020 AT

PLOT D, BLOCK 7, INDUSTRIAL CRESCENT, ILUPEJU, LAGOS

I/We* of

being a member/members of ARBICO PLC hereby appoint**

of or failing him/her the Chairman of the Company as my/our proxy to act
and vote for me/us and on my/our behalf at the Annual General Meeting of the Company to be held on the 27th August
2020 and at any adjournment thereof.

Dated this day of 2020.

Shareholder's Signature (s)

NUMBER OF SHARES

N.B: The manner in which the proxy is to vote should be indicated by inserting “x” in the appropriate space.

S/N AGENDA & PROPOSED RESOLUTIONS FOR AGAINST ABSTAIN

1. “That the Financial Statements for the year ended 31 December 2019, together
with the reports of the Directors, Audit Committee and Auditors thereon be and
are hereby adopted”

2. That ELDER N.C.U. OKORO, a director retiring at this meeting be and is hereby re-
elected a Director of the Company.””

3. That MR. EYO ASUQUO, a director retiring at this meeting be and is hereby re-
elected a Director of the Company.”

4. That, MR. AZUBUIKE OKPALAOKA, ELDER N.C.U. OKORO, MR. ADEMOLA
OLUGBOYEGA, MR. AFOLABI AIYEOLA, MR. VITALIS ANYIAM, and MR. EYO
ASUQUO be and are hereby elected as members of the Audit Committee of the
Company”

5. “That the firm of ERNST & YOUNG be re-appointed as Auditors of the Company
and that the remuneration of the auditors be fixed by the Board of Directors of the
Company”.

2019 ANNUAL REPORT & FINANCIAL STATEMENTS 105

PROXY FORM cont’d

NOTE: IF YOU ARE UNABLE TO ATTEND THE MEETING, READ THE
FOLLOWING INSTRUCTIONS VERY CAREFULLY:
1. A member (shareholder) entitled to attend and vote at
the General Meeting is entitled to appoint a proxy in his a) Write your name in BLOCK LETTERS on the proxy form
stead. The above proxy form has been prepared to enable where marked * in the case of joint shareholders, any
you exercise your right to vote in case you cannot one of them may complete this form but the names of all
personally attend the meeting. joint holders must be inserted.

2. However, in line with the Company's obligation to b) Write the name of your proxy (if any) where marked **
comply with the restriction on mass gatherings and social c) The above Proxy form when completed, must be
distancing guidelines prescribed by the Federal
Government and Lagos State Government in the conduct deposited to the office of the Registrar of the Company,
of the meeting, members are encouraged to jointly Apel Registrars Limited, 8, Alhaji Bashorun Street, off
appoint proxies for the meeting as only 15 shareholders Norman Williams Crescent, South-West, Ikoyi not less
will be allowed to be physically present at the venue. For than 48 hours before the time fixed for the meeting.
this purpose, the selected proxies include the following:
a. Elder N.C.U Okoro d) The Proxy form should be duty stamped in line with the
b. Mr Afolabi Aiyeola provisions of the Stamp Duty Act, CAP A8, LFN 2004,
c. Mr Eyo Asuquo that any instrument of proxy to be used for the purpose
d. Mr Fidelis Ajayi of voting by any person entitled to vote at any meeting of
e. Mr Alkimos Makaronidis shareholders must be duty stamped.
f. Mr Azubuike Okpalaoka
g. Mr Vitalis Anyiam e) If executed by a corporate body, the proxy form should
h. Mr Ademola Olugboyega; be sealed with the Common seal.
i. Anyiam-Osigwe Raymond and
f) The proxy must produce the admission form to obtain
j. Greenwich Securities Limited. entrance to the building.

The meeting will also be accessible to members virtually This proxy form should NOT be completed and sent to the
should such members wish to participate directly without Company if the member will be attending the meeting.
the use of proxies. Members can thus personally join the
meeting via Zoom using log-in details which will be
provided prior to the meeting.

Before posting the above form, please tear off this part and retain it for admission to the meeting.

ADMISSION FORM

ARBICO PLC

Please admit only the shareholder named on this form or his duly appointed Proxy to the 42ND Annual General
Meeting being held at Plot D, Block 7, Industrial Crescent, Ilupeju, Lagos .

Admission Slip must be produced by the shareholder or his proxy in order to obtain entrance to the Annual General
Meeting.

Name of shareholder (s)

Signature of Person attending ***

NOTE
*** You are requested to sign this form at the entrance to the venue at the Annual General Meeting.

106 ARBICO PLC | BUILDING & CIVIL ENGINEERING CONTRACTORS

E-DIVIDEND
MANDATE FORM

Mandate Form for E-Dividend Payment

To:
Apel Asset Limited
8 Alhaji Bashorun Street,
Off Norman Williams St,
Ikoyi 100186, Lagos
Tel: 01-293 2121
I/ We hereby request that from now on, all dividends due or which may be due to me/us from my/our
holding in Arbico Plc, be paid directly to my/our Bank Account named below:
Surname/Company's Name:
Other Names (for Individual Shareholders):
Current Postal Address:
E-mail Address:
Mobile No(s):
Name of Bank:
Bank Branch:
Bank Branch Address:
Bank Account Number:
Bank Sort Code:

Shareholder's Right Signature or Thumbprint

Corporate Shareholder:
Authorized Signature(s)

Company Seal/Incorporation Number (Corporate Shareholder)

BANK AUTHORISED SIGNATURE AND BANK STAMP 107

PLEASE COMPLETE AND RETURN TO THE REGISTRARS

2019 ANNUAL REPORT & FINANCIAL STATEMENTS

108 ARBICO PLC | BUILDING & CIVIL ENGINEERING CONTRACTORS







ARBICO PLC

Building & Civil Engineering Contractors

Plot D, Block 7,
Industrial Crescent Ilupeju,
Lagos - Nigeria

E: [email protected]
www.arbico.ng