FAN MILK PLC

Un-Audited Financial Statements for the six months ended June 30, 2021
Statement of Comprehensive Income for the Statement of Cash Flows for the six month ended June 30,
six months ended June 30, 2021 2021 2020 2021 2020 2021 2021 2020
GH¢'000 GH¢'000 GH¢'000 GH¢'000 GH¢'000 GH¢'000

Revenue 239,106 184,744 EQUITY Cash Flows from Operating Activities

Cost of Sales (156,138) (118,169) Stated capital 10,000 10,000 Cash generated from Operations 17,144 687
Gross Profit 82,968 66,576 Retained earnings 257,009 250,293 Interest Paid (921) (1,217)
Sales and Distribution Costs (45,846) (38,991) TOTAL SHAREHOLDERS' EQUITY 267,009 260,293 Interest Received 1,327 1,292
Administrative Expenses (13,845) (11,629) LIABILITIES Tax Paid (4,300) (3,936)
Depreciation & Amortisation (16,040) (15,638) Non-current liabilities Net Cash Generated from Operating Activities 13,250 (3,174)
Other Income 1,085 545 Deferred Tax 9,349 11295 Cash Flows from Investing Activities
Operating Profit 8,322 863 9,349 11,295 Purchase of Property, Plant and Equipment (25,562) (9,794)
Finance Income 1,327 1,292 Right of Use - Lease Asset - 0
Finance Cost (921) (1,217) Current liabilities Proceeds from sale of Property, Plant and Equipment 1,511 616
Net Profit before tax 8,728 938 Trade and Other Payables 166,263 92,381 Net Cash used in Investing Activities (24,051) (9,178)
Taxation (1,823) (234) Tax - - Cash Flows from Financing Activities
Net Profit after tax 6,905 703 Dividends 3,001 3,033 Dividends Paid (5) (5)
Other Comprehensive Income - - 169,264 95,414 Net Cash used in Financing Activities (5) (5)
Total Comprehensive Income 6,905 703 TOTAL LIABILITIES 178,614 106,709 (Decrease) in Cash and Cash Equivalents (10,806) (12,357)
TOTAL EQUITY AND LIABILITIES 445,623 367,002 Cash and Cash Equivalents as at January 1 54,021 39,032
Number of Shares outstanding 116,207,288 116,207,288 Cash and Cash Equivalents as at June 30 43,215 26,675
Earnings per Share 0.06 0.01
Notes to the Financial Statement for the six months ended June 30, 2021
Statement of Financial Position as at June Statement of Changes in Equity
30, 2021 1. Summary of significant Accounting Policies
ASSETS The principal accounting policies applied in the preparation of these quarterly financial statements
Non-current assets Stated capital 10,000 10,000 are consistent to that of the most recent Annual Report and Accounts.
Property, Plant and Equipment 194,889 186,256 Retained earnings - January 1 250,104 249,590
194,889 186,256 Total comprehensive income 6,905 703 2. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).
Current Assets Dividend for previous year - -
Inventories 114,953 109,465 Retained earnings - June 30 257,009 250,293 3. Administrative expenses include: 2021 2020
Tax 7,191 6,305 Total equity 267,009 260,293 GH¢'000 GH¢'000
Trade and Other Receivables 85,375 38,303 Directors Remuneration 523 906
Bank and Cash Balances 43,215 26,675 Auditors Remuneration 155 127
250,734 180,747 Donation - 205
TOTAL ASSETS 445,623 367,002
4. Other Income
Profit/Loss on Sale of Fixed Assets 506 -
COMMENTS TO THE FINANCIAL STATEMENTS: Sale of Scraps 76 42
Fan Milk Plc grew its revenue by 29% compared to same period last year. This strong growth is as a result of recovery of its outdoor business and increase in export business to Rent Income 502 502
Franco countries. Material prices keep increasing, thus causing gross profit margin to reduce from about 36% last year to 34.7%, in spite of all the benefits derived from productivity
projects.Operating profit increased significantly, about 865% compared to same period last year.The company continues to drive cost efficiency in operation recording 18%
increase in Sales & Distribution expenses lower than growth in revenue of 29%.The increase in Administrative expense is due to forex losses.
Net Profit after tax grew by 882% compared to same period last year. TO THE BEST OF OUR KNOWLEDGE THE FINANCIAL STATEMENTS DO NOT
CONTAIN UNTRUE STATEMENTS, MISLEADING FACTS OR OMIT MATERIAL FACTS

Dr. Charles Mensa Ziobeieton Yeo

Board Chairman Managing Director