Fan Milk Limited Annual Report 2009

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FAN MILK LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009

FAN MILK LIMITED Year ended December 31, 2009

Contents Corporate information

Pages 1

Report of the directors

2-3

Corporate governance

4-5

Report of the independent auditor

6-7

Financial statements:

i.

Statement of comprehensive income

8

ii.

Statement of financial position

9

iii.

Statement of changes in equity

10

iv.

Statement of cash flows

11

v.

Notes

12 - 30

0

FAN MILK LIMITED Year ended December 31, 2009

CORPORATE INFORMATION Directors Charles Mensa (Dr.) Jesper Bjorn Jeppesen Kodjo Biamawu Aziagbe Einar Mark Christensen Jens Jorgen Kollerup George H. Okai Thompson Peace Ayisi-Okyere Lennap & Co. P.O. Box 37 Accra PricewaterhouseCoopers Chartered Accountants No. 12 Airport City Una Home, 3rd Floor PMB CT 42 Cantonments Accra No.1 Dadeban Road North Industrial Area P.O. Box 6460 Accra-North Quist, Brown, Wontumi & Associates P.O. Box 7566 Accra National Trust Holding Company Limited Martco House P.O. Box 9563 Airport, Accra Barclays Bank of Ghana Limited Ecobank Ghana Limited SG-SSB Bank Limited Prudential Bank Limited Agricultural Development Bank Limited Ghana Commercial Bank Limited Standard Chartered Bank Ghana Limited (Chairman) (Managing Director)

Secretary

Auditor

Registered Office

Solicitor

Registrar & Transfer Office

Bankers

1

FAN MILK LIMITED Year ended December 31, 2009

REPORT OF THE DIRECTORS The directors submit their report together with the audited financial statements of Fan Milk Limited for the year ended December 31, 2009. Statement of directors’ responsibilities The directors are responsible for the preparation of financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss and cash flows for that period. In preparing these financial statements, the directors have selected suitable accounting policies and then applied them consistently, made judgements and estimates that are reasonable and prudent and followed International Financial Reporting Standards (IFRS). The directors are responsible for ensuring that the company keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the company. The directors are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities. Principal activity The principal activity of the company is the manufacturing and distribution of dairy products and fruit drinks. Financial results The financial results of the company are set out below: 2009 GH¢‘000 Profit before tax for the year is from which is deducted tax of giving a profit after tax for the year of to which is added balance brought forward on retained earnings of from which is deducted approved dividend of giving a balance carried forward on retained earnings of 20,175 (5,019) 15,156 15,410 (1,484) 29,082

The company’s net worth increased from GH¢21.4 million as at January 1, 2009 to GH¢35.1 million at December 31, 2009.

2

FAN MILK LIMITED Year ended December 31, 2009

REPORT OF THE DIRECTORS (continued) Dividends The directors recommend a dividend of GH¢0.10 per share (2008: GH¢0.0750 per share) in respect of the year ended December 31, 2009. Auditor The auditor, PricewaterhouseCoopers, has expressed willingness to continue in office in accordance with Section 134 (5) of the Companies Code, 1963 (Act 179).

BY ORDER OF THE BOARD:

Name of Director:……………………..

Name of Director:…………………………..

Signature:……………………………… Date:……………………………………...

Signature:……………..…………………… Date:………………..……………………….

3

FAN MILK LIMITED Year ended December 31, 2009

CORPORATE GOVERNANCE Introduction Fan Milk Limited is committed to the principles and implementation of good corporate governance. The Company...
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