AFROMEDIA PLC
MANAGEMENT REPORT
FOR THE PERIOD ENDED
31ST DECEMBER 2022
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AFROMEDIA PLC
MANAGEMENT REPORT FOR THE PERIOD ENDED 31ST DECEMBER 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 31ST DECEMBER 2022
Notes | Dec-2022 | Dec-2021 | |||
₦'000 | ₦'000 | ||||
Revenue | 1 | 345,991 | 322,976 | ||
Cost of Sales | 2 | (199,247) | (228,855) | ||
Gross Profit | 146,745 | 94,121 | |||
Other Income | 3 | 12,751 | 14,215 | ||
Operating Expenses | 4 | (252,616) | (275,011) | ||
EBITDA | (93,120) | (166,675) | |||
Depreciation and Amortisation | 5 | (24,993) | (17,296) | ||
Finance Cost | (0), | (3) | |||
Profit Before Tax | (118,114) | (183,974) | |||
Taxation | (32,948) | ||||
Profit After Tax | (118,114) | (216,923) | |||
Other Comprehensive Income | (3,441) | 361,159 | |||
Total Comprehensive Income | (121,555) | 144,236 |
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AFROMEDIA PLC
STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED 31ST DECEMBER 2022
Statement of Financial Position | ||||
As at | As at | |||
Notes | Dec-2022 | Dec-2021 | ||
₦'000 | ₦'000 | |||
Assets | ||||
Non-Current Assets | ||||
Property, Plant and Equipment | 10 | 1,009,297 | 1,101,061 | |
Intangible Assets | 206 | 5,947 | ||
Investment | 10,750 | 20,750 | ||
Total Non-Current Assets | 1,020,253 | 1,127,757 | ||
Current Assets | ||||
Inventory | 0 | 0 | ||
Trade and Other Receivables | 6 | 624,706 | 612,672 | |
Cash and Cash Equivalent | 7 | 4,415 | 3,378 | |
Total Current Assets | 629,121 | 616,050 | ||
Total Assets | 1,649,374 | 1,743,807 | ||
Equity and Liabilities | ||||
Equity and Reserves | ||||
Share Capital | 2,757,277 | 2,757,277 | ||
Reserves | (6,097,247) | (5,975,693) | ||
Total Equity and Reserves | (3,339,970) | (3,218,415) | ||
Current Liabilities | ||||
Trade and Other Payables | 8 | 1,372,412 | 1,315,886 | |
Short-Term Loan | 50,000 | 50,000 | ||
Overdraft | 0 | 0 | ||
Total Current Liabilities | 1,422,412 | 1,365,886 | ||
Non-Current Liabilities | ||||
Long-Term Liabilities | 9 | 3,566,932 | 3,596,336 | |
Total Non-Current Liabilities | 3,566,932 | 3,596,336 | ||
Total Liabilites | 4,989,344 | 4,962,222 | ||
Total Equity and Liabilities | 1,649,374 | 1,743,807 |
Approved by the board of directors on the 31st March, 2023
------------------------------------- | ------------------------------------- |
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 31ST DECEMBER 2022
Share | Available- | |||||
Share | Premium | Revaluation | for-sale | Revenue | ||
Capital | Acct | Reserve | Reserve | Reserve | Total Equity | |
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Balance as at | ||||||
Beginning of the Prior | ||||||
Year | 2,219,524 | 537,754 | 2,853,605 | - | (8,829,297) | (3,218,415) |
Profit or (Loss) for the | ||||||
year | 1,126 | (1,126,026), | ||||
Other Comprehensive | ||||||
Income | 144 | (144,237), | ||||
As at 31 December | ||||||
2022 (audited) | 2,219,524 | 537,754 | 2,853,605 | - | (8,828,027) | (3,217,145) |
Changes in Equity | ||||||
Current year: | ||||||
Issued Share Capital | ||||||
Adjustment to retain | ||||||
earnings | ||||||
Profit or (Loss) for the | ||||||
year | (121,555) | (121,555) | ||||
As at 30 December | ||||||
2022 | ||||||
(unaudited) | 2,219,524 | 537,754 | 2,853,605 | - | (8,949,582) | (3,338,700) |
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