AFROMEDIA PLC MANAGEMENT REPORT FOR THE PERIOD ENDED
31 DECEMBER 2021
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AFROMEDIA PLC
MANAGEMENT REPORT FOR THE PERIOD ENDED 31 DECEMBER 2021
TABLE OF CONTENTS
Statement of Profit or Loss Account | |
and Other Comprehensive Income | 2 |
Statement of Financial Position | 3 |
Statement of Changes in Equity | 4 |
Statement of Cash Flows | 5 |
Notes to the Financial Statements | 6 |
OTHER NATIONAL DISCLOSURES: | |
Statement of Value Added | 8 |
Five-year financial Summary | 9 |
Notes to the Financial Statements | 10 - 29 |
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AFROMEDIA PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2021
12-Month ended | 15-Month ended | ||||
Notes | Dec-2021 | Dec-2020 | |||
₦'000 | ₦'000 | ||||
Revenue | 1 | 320,365 | 388,708 | ||
Cost of Sales | 2 | (151,867) | (134,128) | ||
Gross Profit | 168,499 | 254,580 | |||
Other Income | 3 | 13,193 | 15,890 | ||
Operating Expenses | 4 | (275,099) | (249,039) | ||
EBITDA | (93,408) | 21,431 | |||
Depreciation and Amortisation | 5 | (105,564) | (127,904) | ||
Profit Before Tax | (198,971) | (106,473) | |||
Other Comprehensive Income | 350,595 | 595,376 | |||
Total Comprehensive Income | 151,624 | 488,903 |
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AFROMEDIA PLC
STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED 31 DECEMBER 2021
As at | As at | |||
Notes | Dec-2021 | Dec-2020 | ||
₦'000 | ₦'000 | |||
Assets | ||||
Non-Current Assets | ||||
Property, Plant and Equipment | 6 | 1,098,857 | 1,113,503 | |
Intangible Assets | 5,947 | 5,936 | ||
Investment | 20,750 | 21,336 | ||
Total Non-Current Assets | 1,125,554 | 1,140,776 | ||
Current Assets | ||||
Trade and Other Receivables | 7 | 566,164 | 675,944 | |
Cash and Cash Equivalent | 3,378 | 66,882 | ||
Total Current Assets | 569,542 | 742,827 | ||
Total Assets | 1,695,096 | 1,883,602 | ||
Equity and Liabilities | ||||
Equity and Reserves | ||||
Share Capital | 2,757,277 | 2,757,277 | ||
Reserves | (5,968,305) | (6,119,929) | ||
Total Equity and Reserves | (3,211,027) | (3,362,652) | ||
Current Liabilities | ||||
Trade and Other Payables | 8 | 1,407,732 | 1,939,249 | |
Short-Term Loan | 50,000 | 40,123 | ||
Overdraft | - | - | ||
Total Current Liabilities | 1,457,732 | 1,979,372 | ||
Non-Current Liabilities | ||||
Long-Term Liabilities | 9 | 3,448,391 | 3,266,881 | |
Total Non-Current Liabilities | 3,448,391 | 3,266,881 | ||
Total Liabilities | 4,906,123 | 5,246,254 | ||
Total Equity and Liabilities | 1,695,096 | 1,883,602 | ||
Approved by the board of directors on 27th January 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 31 DECEMBER 2021
Issued | Share | Other | Available- | |||
The Company | share | Accumulated | Total | |||
premium | reserve | for-sale | ||||
capital | Loss | |||||
reserve | ||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ||
As at 1 October 2019 | 2,219,524 | 537,754 | 2,853,605 | (9,518,462) | (3,907,579) | ||
Profit / (Loss) for the period | - | - | - | - | 542,927 | 542,927 | |
Other comprehensive income | - | - | - | - | - | - | |
As at 31 December 2020 | |||||||
(audited) | 2,219,524 | 537,754 | 2,853,605 | - | (8,973,535) | (3,362,652) | |
Profit / (Loss) for the period | - | - | - | - | (198,971) | (198,971) | |
Other comprehensive income | - | - | - | - | 350,595 | 350,595 | |
As at 31 Dec 2021 | |||||||
2,219,524 | 537,754 | 2,853,605 | - | (8,821,911) | (3,211,028) | ||
(unaudited) | |||||||
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