An April 2010 report by analysts at HSBC’s Global Research team expected FMN’s main rival Dangote Flour Mills to remain a “distant second” to FMN, which it predicted to retain a 46% market share until 2013. In its annual report for the year ended 31st March 2009 FMN reported a turnover of NGN 180.07 (US$1=NGN146 as of 3/31/2009) billion and a profit before tax of NGN 11.92 billion. This was revised to NGN 5.47 billion after “exceptional item” tax and NGN 3.89 billion after tax. FMN paid a dividend of 50 kobo per share, amounting to NGN 854.19 million. In February 2011 FMN announced pre-tax profits for the first nine months of its financial year ending 31st March 2011 of NGN 12.5 billion. Turnover rose over the period to NGN 117.5 billion as compared to NGN 112.2 billion the previous year. It expected profits for the year to reach NGN 16.5 billion. FMN is audited by Akintola Williams Deloitte. Capital Raising & Expansion FMN raised NGN 37.5 billion through a December 2010 corporate bond issue, the first in Nigeria outside the banking sector for a number of years. The issue was oversubscribed with the Group claiming to have received NGN 49.8 billion in bids from banks and a variety of other institutional investors. The issue was the first of a planned NGN 70 billion debt programme. Following the issue, Treasury Director Vlassis Liakouris (“Liakouris”) was quoted in the media stating that FMN was aiming to invest at least NGN 20 billion per year in expansion and acquisitions before 2014. The plans included adding four to six new mills to increase daily production capacity at its Apapa facility to over 8,000 tons.
An April 2010 report by analysts at HSBC’s Global Research team expected FMN’s main rival Dangote Flour Mills to remain a “distant second” to FMN, which it predicted to retain a 46% market share until 2013. In its annual report for the year ended 31st March 2009 FMN reported a turnover of NGN 180.07 (US$1=NGN146 as of 3/31/2009) billion and a profit before tax of NGN 11.92 billion. This was revised to NGN 5.47 billion after “exceptional item” tax and NGN 3.89 billion after tax. FMN paid a dividend of 50 kobo per share, amounting to NGN 854.19 million. In February 2011 FMN announced pre-tax profits for the first nine months of its financial year ending 31st March 2011 of NGN 12.5 billion. Turnover rose over the period to NGN 117.5 billion as compared to NGN 112.2 billion the previous year. It expected profits for the year to reach NGN 16.5 billion. FMN is audited by Akintola Williams Deloitte. Capital Raising & Expansion FMN raised NGN 37.5 billion through a December 2010 corporate bond issue, the first in Nigeria outside the banking sector for a number of years. The issue was oversubscribed with the Group claiming to have received NGN 49.8 billion in bids from banks and a variety of other institutional investors. The issue was the first of a planned NGN 70 billion debt programme. Following the issue, Treasury Director Vlassis Liakouris (“Liakouris”) was quoted in the media stating that FMN was aiming to invest at least NGN 20 billion per year in expansion and acquisitions before 2014. The plans included adding four to six new mills to increase daily production capacity at its Apapa facility to over 8,000 tons.
37348_110307%20Bunge-FlourMillsofNigeria.docx