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1. Head Office:
Oba Akran Avenue,
Industrial Estate,
P. M. B. 21092, Ikeja, Lagos.
Tel: 234-01-4972570-7
Fax: 234-01-4972563
Website: www.vitafoamng.com
2. Nature of Business:
Manufacturing and Distribution of Polyether Form,
Reconstituted
Foam, Rigid Foam, Polyester and Vitabond.
3. Date of Incorporation:
4th August, 1962
4. Date Listed on The Exchange:
November, 1978
5. NSE Classification:
Industrial and Domestic Products
6. Board of Directors:
Chief S. O. Bolarinde (Chairman)
Mr. Akin Akinbowale (MD/CEO)
Mr. T. U. Iwegbulem
Dr. B. O. Makanjuola
Mr. B. A. Lasisi
Malam Turi
Muhammadu
Prof. (Mrs.) A. E. Uduebo
7. Company Secretary:
Mr. Oluwole Adisa
8. Auditors:
PricewaterhouseCoopers
(Chartered Accountants)
Plot 252E Muri Okunola Street
Victoria Island, Lagos.
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9. Company Registrars:
UAC Registrars Limited
1/5, Odunlami Street,
P. O. Box
2183, Lagos.
Tel: 234-01-2663241, 2666229
E-mail: uacregistrar@uacnplc.com
10. Subsidiaries/Associates:
NIPOL Limited, Ibadan
11. End of Accounting Year
30th September.
12. Number of Employees
578
13. Capital Structure
i. Authorised: N600,000,000.00
ii.Paid-Up N327,600,000.00
14. Analysis of Shareholding
Individuals - 31.2%
Employees - 22.5%
Institutions - 46.3%
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FIVE-YEAR FINANCIAL SUMMARY
BALANCE
SHEETS 2005 2004 2003 2002 2001
N‘000 N‘000 N‘000 N‘000 N‘000
Share Capital 327,600 327,600 327,600 218,400 218,400
Reserves 457,836 444,469 369,264 367,505 283,540
———— ———— ———— ———— ————
Shareholders’ funds 785,436 772,069 696,864 585,905 501,940
======= ======= ======= ======= ======
Fixed Assets 501,610 559,456 586,963 565,577 454,848
Investments 100 100 100 32,812 32,812
Current Assets 1,437,108 1,503,076 1,977,205 1,299,235 1,071,477
Current Liabilities (822,355) (946,208) (1,519,539) (1,024,679) (842,254)
Deferred tax (114,166) (118,000) (122,000) (117,200) (99,500)
Deferred pension liabilities (216,861) (226,355) (225,865) (169,840) (115,443)
———— ———— ———— ———— ————
Total Net Assets 785,436 772,069 696,864 585,905 501,940
======= ====== ====== ====== ======
TURNOVER, PROFIT, TAX
AND DIVIDENDS
Turnover 3,525,480 3,650,990 3,887,025 3,391,283 3,364,194
------------- ------------- ------------- ------------- -----------
Profit before taxation 173,492 402,234 485,659 413,601 396,781
Taxation (61,845) (130,000) (178,800) (155,200) (139,500)
———— ———— ———— ———— ————
Profit After Taxation 111,647 272,234 306,859 258,401 257,281
Dividends (98,280) (196,560) (196,560) (174,720) (174,720)
------------- ------------- ------------ ------------ ------------
Profit retained 13,367 75,674 110,299 83,681 82,561
===== ===== ===== ===== =====
Dividends per share of 50k 15k 30k 30k 40k 40k
- Adjusted - - - 26.00k 26.00k
Earning per share of 50 kobo 17k 41k 47.00k 59.00k 59.00k
- Adjusted - - - 39.00k 39.00k
Net assets per share (kobo) 120k 118k 106k 134k 115k
- Adjusted - - - 89.00k 76.00k
NOTES:
Earnings, dividends and net
assets per share of 50 kobo are based on the profit after taxation.
Dividend Proposed and shareholders funds are based on the number of shares
in issue as at 30th September, 2004 resulting in the figures for 1999 to
2002 being adjusted accordingly.
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