AFROMEDIA PLC
MANAGEMENT REPORT
FOR THE PERIOD ENDED
30 SEPTEMBER 2022
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AFROMEDIA PLC
MANAGEMENT REPORT FOR THE PERIOD ENDED 30TH SEPTEMBER 2022
TABLE OF CONTENTS
Statement of Profit or Loss And Other Comprehensive Income
2 | |
Statement of Financial Position | 3 |
Statement of Changes in Equity | 4 |
Statement of Cash Flows | |
Notes to Accounting Policies | |
OTHER NATIONAL DISCLOSURES: | |
Statement of Value Added | 8 |
Five-year Financial Summary | 9 |
Notes to the Financial Statements |
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AFROMEDIA PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
Notes | Sep/22 | Dec-21 | ||
₦'000 | ₦'000 | |||
Revenue | 1 | 250,914 | 322,976 | |
Cost of Sales | 2 | (147,236) | (228,855) | |
Gross Profit | 103,678 | 94,121 | ||
Other Income | 3 | 9,551 | 14,215 | |
Operating Expenses | 4 | (167,645) | (275,015) | |
EBITDA | (54,416) | (166,678) | ||
Depreciation and Amortisation | 5 | (30,402) | (17,296) | |
Profit Before Tax | (84,818) | (183,974) | ||
Other Comprehensive Income | 5,991 | 361,159 | ||
Total Comprehensive Income | (78,827) | 144,236 |
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AFROMEDIA PLC
STATEMENT OF FINANCIAL POSITION | ||||
FOR THE PERIOD ENDED 30 SEPTEMBER 2022 | ||||
Sep/22 | Dec-21 | |||
₦'000 | ₦'000 | |||
Assets | ||||
Non-Current Assets | ||||
Property, Plant and Equipment | 1,031,297 | 1,101,061 | ||
Intangible Assets | (886) | 5,947 | ||
Investment | 10,185 | 20,750 | ||
Total Non-Current Assets | 1,040,596 | 1,127,757 | ||
Current Assets | ||||
Inventory | 15 | - | ||
Trade and Other Receivables | 694,228 | 612,672 | ||
Cash and Cash Equivalent | 3,650 | 3,378 | ||
Total Current Assets | 697,893 | 616,050 | ||
Total Assets | 1,738,489 | 1,743,807 | ||
Equity and Liabilities | ||||
Equity and Reserves | ||||
Share Capital | 2,757,277 | 2,757,277 | ||
Reserves | (6,054,519) | (5,975,693) | ||
Total Equity and Reserves | (3,297,242) | (3,218,415) | ||
Current Liabilities | ||||
Trade and Other Payables | 1,418,799 | 1,315,886 | ||
Short-Term Loan | 50,000 | 50,000 | ||
Overdraft | 0 | - | ||
Total Current Liabilities | 1,468,799 | 1,365,886 | ||
Non-Current Liabilities | ||||
Long-Term Liabilities | 3,566,932 | 3,596,336 | ||
Total Non-Current Liabilities | 3,566,932 | 3,596,336 | ||
Total Liabilites | 5,035,731 | 4,962,222 | ||
Total Equity and Liabilities | 1,738,489 | 1,743,807 | ||
Approved by the board of directors on the 30th | ||||
October, 2022 |
------------------------------------- | ------------------------------------- |
Otunba Akinlola Ire Olopade | Olaniyan Olanrewaju |
Group Chief Executive Officer | Group Head, Audit & Internal Control |
FRC/2013/APCON/00000005577 | FRC/2014/ICAN/00000005622 |
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AFROMEDIA PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
Share | Revaluation | Available-for-sale | Revenue | |||
Share Capital | Premium | Total Equity | ||||
Reserve | Reserve | Reserve | ||||
Acct | ||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000` | |
Balance as at Beginning of the Prior Year | 2,219,523.52 | 537,753.82 | 2,853,604.84 | (8,973,534) | (3,362,652) | |
Profit or (Loss) for the year | (216,923) | (216,923) | ||||
Other Comprehensive Income | 361,159.02 | 361,159.02 | ||||
As at 31 December 2021 | 2,219,523.52 | 537,753.82 | 2,853,604.84 | (8,829,297) | (3,218,416) | |
(audited) | ||||||
Changes in Equity Current year: | ||||||
Issued Share Capital | ||||||
Adjustment to retain earnings | ||||||
Profit or (Loss) for the year | (78,827) | (78,827) | ||||
As at 30 September 2022 | 2,219,523.52 | 537,753.82 | 2,853,604.84 | - | (8,908,124) | (3,297,243)) |
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