Caverton Offshore Support Group PlcNSENG: CAVERTON

Quarter 2 - financial statement for 2025

· Issued by Caverton Offshore Support Group Plc

1, Prince Kayode Akingbade

Victoria Island Annex

Lagos, Nigeria

Tel: +234 (1) 2705757

+234 (1) 2705656

+234 (1) 809 900 009

Fax: +234 (1) 461745



mail: info@caverton-offsho

https://www.caverton-offshore.co

CAVERTON OFFSHORE SUPPORT GROUP PLC

Lagos, Nigeria

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD END 30 JUNE 2025

Directors: Mr. Aderemi Makanjuola (Chairman), Olabode Makanjuola (CEO), Mr. Raymond Ihyembe (Independent director), Mr. Akin Kekere-Ekun (Non-executive director), Mallam Bello Gwandu (Non-executive director), Mr. Akinsola Falola (Non-executive director), HRM. Maduka Edmund Daukoru (Non-executive director),

Caverton Offshore Support Group Plc Registered in Nigeria No. 750603

Caverton Offshore Support Group

Unaudited Consolidated and Separate Financial Statements

Statement of Profit or Loss and Other Comprehensive Income

For the Period Ended 30 JUNE 2025

Group

Group

Company

April to June

January to June

April to June

January to June

April to June

January to June

January to June

2025

2025

2024

2024

2025

2025

2024

N 000

N 000

N 000

N 000

N 000

N 000

N 000

7,131,936

16,125,997

9,488,190

18,795,699

-

-

-

(1,611,496)

(7,112,658)

(7,554,217)

(15,937,043)

-

-

-

5,520,440

9,013,339

1,933,973

2,858,655

-

-

-

(2,274,271)

(4,885,882)

(1,977,278)

(4,941,989)

(17,685)

(17,685)

(14,498)

2,361,298

6,916,097

-

3,167,067

-

-

-

(1,552)

613,262

-

24,642

594,718

594,718

-

5,605,915

11,656,817

(43,305)

1,108,376

577,033

577,033

(14,498)

(4,836,697)

(9,542,669)

(2,189,957)

(4,811,147)

-

-

-

-

-

-

-

-

-

-

769,218

2,114,148

(2,233,262)

(3,702,772)

577,033

577,033

(14,498)

(15,900)

(31,800)

-

-

-

-

-

753,318

2,082,348

(2,233,262)

(3,702,772)

577,033

577,033

(14,498)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

753,318

2,082,348

(2,233,262)

(3,702,772)

577,033

577,033

(14,498)

-

745,785

2,061,524

(2,210,929)

(3,665,744)

-

-

-

7,533

20,823

(22,333)

(37,028)

-

-

-

753,318

2,082,348

(2,233,262)

(3,702,772)

-

-

-

Revenue

1

Operating expenses

2

Operating Profit

Administrative expenses

3

Net Exchange Difference

5

Other operating income

4

Total Operating Profit/(Loss)

Net Finance cost

6

Share of (loss)/profit of an associate

24

Profit/(loss) before income tax expense

Income tax expense

7

Profit/(loss) for the year

Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods (net of

Share of other comprehensive loss of an associate

24

Exchange differences on translation of foreign operations

Other comprehensive income/(loss) for the year, net of tax

Total comprehensive profit/(loss) for the oeriod, net of tax

Profit/(Loss) attributable to:

Owners of the Company

Non-controlling interests

Total comprehensive Profit/(loss) attributable to:

Owners of the Company

Non-controlling interests

Notes



Olabode Makanjuola - Chief Executive Officer

FRC/2013/IODN/00000002456

Adedeji Adeola - Chief Finance Officer

FRC/2019/PRO/00000019090

745,785

2,061,524

(2,210,929)

(3,665,744)

7,533

20,823

(22,333)

(37,028)

753,318

2,082,348

(2,233,262)

(3,702,772)

-

0.22

0.62

(0.54)

(0.54)

-

-

-

-

-

-

-

-

-

-

-

0.01

0.01

0.01

Basic Earnings per share (N)

9

1

Caverton Offshore Support Group

Unaudited Consolidated and Separate Financial Statements

Statement of Financial Position As At 30 June 2025

Notes

Group

Statement of Financial Position As At 30 June 2025

January To June

2025

Dec-24

Movement

%

N'000

N'000

N'000

Change

Assets

Non current assets

Property, plant and equipment

11

17,184,602

19,016,753

(1,832,151)

-9.63%

Intangible Assets

11.1

- 0

17,741

(17,741)

-100.00%

Right of Use Assets

22

1,190,138

3,297,125

(2,106,987)

0.00%

Goodwill

6,026,909

6,026,909

-

82.79%

Investment in Associate

24

177,390

181,065

(3,675)

-2.03%

Other Investment - Bonds

12

904,137

-

904,137

0.00%

Total Non-Current Assets

25,483,175

28,539,593

(3,056,418)

-10.71%

Current assets

-

Inventories

12

9,387,955

9,387,955

(0)

0.00%

Trade and other receivables

13

39,654,555

37,168,069

2,486,486

6.69%

Prepayments

16

561,208

21,065

540,143

2564.17%

Cash and bank

14

1,662,275

447,864

1,214,411

271.16%

51,265,993

47,024,953

4,241,040

9.02%

Asset classified as held for sale

13.0

599,142

599,142

(0)

0.00%

Total Current Assets

51,865,135

47,624,095

4,241,040

8.91%

Total assets

77,348,309

76,163,688

1,184,621

1.56%

Equity and liabilities

Equity

Ordinary share capital

17

1,675,255

1,675,255

-

0.00%

Share premium

17

6,616,991

6,616,991

-

0.00%

Retained earnings

(60,410,707)

(62,493,055)

2,082,348

-3.33%

Foreign Currency Translation Reserve

2,303

2,303

-

0.00%

Equity attributable to equity holders of the parent

(52,116,158)

(54,198,506)

2,082,348

-3.84%

Non-Controlling Interest

(388,122)

(408,945)

20,823

-5.09%

Total Equity

(52,504,280)

(54,607,451)

2,103,171

-8.93%

Non-current liabilities

Interest-bearing loans and borrowings

19

29,167,351

27,031,849

2,135,502

7.90%

Deferred Income

371,323

(371,323)

-100.00%

Lease Liabilities

23

7,555,794

8,378,715

(822,921)

-9.82%

Total Non-Current Liabilities

36,723,145

35,781,887

941,258

-9.82%

Current liabilities

Trade and other payables

20

53,189,526

58,888,060

(5,698,534)

-9.68%

Interest-bearing loans and borrowings

19

34,239,934

27,643,149

6,596,785

23.86%

Deferred Income

51,961

(51,961)

-100.00%

Income tax payable

8

-

1,334,637

(1,334,637)

-100.00%

Lease Liabilities

23

5,699,985

7,071,445

(1,371,460)

-19.39%

Total Current Liabilities

93,129,444

94,989,252

- 1,859,808

-205.21%

-

Total liabilities

129,852,589

130,771,139

- 918,550

-215.03%

-

-

-

Total equity and liabilities

77,348,309

76,163,688

1,184,621

-223.96%

Approved by the Board of Directors on the 30th of July, 2025 and signed on its behalf by:



Olabode Makanjuola - Chief Executive Officer

FRC/2013/IODN/00000002456

2

Adedeji Adeola - Chief Finance Officer

FRC/2019/PRO/00000019090

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2025

COMPANY

As at 1 January 2025

Profit/(Loss) for the period

Other comprehensive Income

Total Comprehensive Income/(Loss)

Dividend Paid

At 30 June 2025

Issued Share

Capital

Share premium

Retained Earnings

Foreign

currency translation Reserve

Total

Non controlling interest

Issued Share Retained

Total Equity Capital Share premium Earnings Total

N 000

N 000

N 000

N 000

N 000

N 000

N 000 N 000 N 000 N 000 N 000

1,675,255

6,616,991

(62,493,055)

2,303

(54,198,506)

(408,945)

(54,607,451) 1,675,255 6,616,991 473,472 8,765,718

-

-

2,082,348

-

2,082,348

20,823

2,103,171 - - (14,498) (14,498)

-

-

-

-

-

-

- - - - -

-

-

2,082,348

-

2,082,348

20,823

2,103,171 - - (14,498) (14,498)

-

-

-

-

-

- - - - -

1,675,255

6,616,991

(60,410,707)

2,303

(52,116,158)

(388,122)

(52,504,280) 1,675,255 6,616,991 458,974 8,751,220

As at 1 January 2024

1,675,255

6,616,991

(8,927,415)

(93,322)

(728,491)

(19,143)

(747,634)

1,675,255

6,616,991

546,360

8,838,606

Profit/(Loss) for the period

-

-

(53,565,640)

93,322

(53,472,318)

(389,802)

(53,862,120)

-

-

(72,888)

(72,888)

Other comprehensive Income

-

-

-

2,303

2,303

-

2,303

-

-

-

-

Total Comprehensive Income/(Loss)

-

-

(53,565,640)

95,625

(53,470,015)

(389,802)

(53,859,817)

-

-

(72,888)

(72,888)

Dividend

-

-

-

-

-

-

-

-

-

-

At 31 December 2024

1,675,255

6,616,991

(62,493,055)

2,303

(54,198,506)

(408,945)

(54,607,451)

1,675,255

6,616,991

473,472

8,765,718

3

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 JUNE 2025

Group

Company

January to June

January to December

January to

June

January to

December

2025

2024

2025

2024

N 000

N 000

N 000

N 000

-

-

2,082,348

(53,670,583)

-

-

-

-

-

-

1,289,759

2,361,911

-

-

2,106,988

1,900,805

-

-

-

-

-

-

-

70,964

-

-

-

(30,661)

-

164,866

6,916,097

20,859,302

-

-

-

(165,255)

-

2,991,353

-

385,806

-

(1,885,525)

-

-

(159,889)

-

-

9,542,669

12,577,951

-

-

613,262

(51,996)

-

-

-

-

-

(7,557,001)

(23,577,846)

-

-

-

-

-

-

(540,143)

20,078

-

-

-

(95,709)

-

-

(5,698,534)

34,061,860

-

-

-

101,263

-

-

-

-

-

-

8,755,444

(4,141,305)

-

-

-

-

-

-

-

456,430

-

-

1,366,437

(10,001)

-

-

10,121,881

(3,694,876)

-

-

-

-

-

-

(567,743)

(1,442,869)

-

-

490,138

-

-

-

-

-

-

-

51,996

-

-

-

-

-

-

-

(567,743)

(900,735)

-

2,586,941

18,429,934

-

-

(8,732,287)

(18,942,763)

-

-

(2,194,382)

(11,321,036)

-

-

-

(2,383,510)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(8,339,727)

(14,217,375)

-

-

1,214,411

(18,812,986)

-

-

447,864

19,260,850

-

20,145

1,662,275

447,864

20,145

Notes

Operating activities

Profit/(loss) before tax

Non-cash adjustment to reconcile profit before tax to net

cash flows

Depreciation of property, plant and equipment

11

Depreciation of right of use assets

11

Other non-financial liabilities

Amortisation and impairment of intangible assets

Adjustment to PP&E and intangible assets

Minimum tax

Net foreign exchange difference

Share of profit or loss of an associate

Impairment loss on financial assets

Modification of right of use assets

Impact of lease termination

Amortisation of government grant

Finance costs - interest

6

Finance income

4

Working capital adjustments:

(Increase)/Decrease in trade and other receivables

(Increase)/Decrease in due from related parties

(Increase)/Decrease in prepayments

(Increase)/Decrease in inventories

Increase /(decrease) in trade and other payables

Increase/(Decrease) in contract assets

Increase/(Decrease) in contract liabilities

Total Operating activities after working capital adjustment

Cash received - deffered income

Income tax paid

Net cash flows from operating activities

Investing activities

Proceeds from sale of property, plant and equipment

Purchase of property, plant and equipment

11&22

Investment liquidated in the year

Proceeds from scrapped sales

Purchase of intangible assets

Interest received

Government grant

Net cash flows from/(used in) investing activities

Financing activities

Proceeds from borrowings

19.1

Repayment of borrowings

19.1

Repayment of principal portion of lease liabilities

21

Interest paid

6

Dividend paid

Dividend paid on NCI

Dividend paid

Net cash flows from/(used in) financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at 1 January

Cash and cash equivalents at 30th June 2025

4

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

Group Company

1

Revenue

Helicopter Charter

Helicopter maintenance

Helicopter/ Airplane contract

Vessel Agency Service

Other Revenue (CATC)

Year to June Year to June

Year to June 2025

Year to June 2024

2025

2024

N 000

N 000

N 000

N 000

3,505,227

6,164,172

-

-

2,122,364

1,060,926

-

-

7,624,375

10,544,877

-

-

52,424

931,219

-

-

2,821,607

94,505

16,125,997

18,795,699

-

-

2

Operating expenses

Aircraft insurance premium

Right to use- Aircraft

Right to use others

Crew Salaries

Consumables

Aviation fuel, spare parts

Landing and Navigational expenses

Others

Vessel Charter hire

1,611,182

910,636

-

-

2,106,988

3,271,885

-

-

-

53,708

-

-

3,328,438

6,299,727

-

-

-198,082

-

-

-

5,177,530

-

-

242,109

2,963

-

-

22,023

220,594

-

-

-

-

-

-

7,112,658

15,937,043

-

-

3

Administrative expenses

Amortisation

Audit fees

Business development

Commission

Communication

Depreciation

Donations

Electricity & Power

Employee benefit expense

Entertainment

Fuel and diesel

Freight and courier

General Office Expenses

Insurance

IT/ Internet

Intangible assets written off

Land Use Charge

17,741

35,482

-

-

45,138

12,596

-

-

46,300

93,903

-

-

103,013

-

-

-

517

830

-

-

1,264,409

1,095,052

-

-

10,500

827,409

-

-

108,807

-

-

-

517,195

697,821

-

-

22,206

-

-

-

87,162

179,677

-

34,850

-

14,138

-

-

-

3,781

42,646

-

-

31,520

52,854

-

-

-

1,280

-

-

-

2,273,707

3,038,269

0

34,850

-

Caverton Offshore Support Group

Unaudited Consolidated and separate financial statements

Notes to the Financial Statements -Continued

Group Company

Year to June Year to June

Legal and professional fees

Licences & Permits - Motor Vehicle

Licences & Permits - Operations

Management expenses

Medical

NAF BASE Maintenance Charges

Other Taxes

Printing & Stationery

Regulatory

Rent

Repairs & Maintenance- Aircraft

Repairs and maintenance

Safety

Sanitation

Security

Subscriptions

Training

Transport and travels

Water & Gas

MRO Operational Expenses

CATC Operational Expenses

Other Consultancy

Other expenses

Year to June 2025

Year to June 2024

2025

2024

N 000

N 000

N 000

N 000

17,861

549,730

-

-

1,260

-

-

-

19,454

50,670

-

-

255,489

214,961

13,222

-

871

-

-

-

7,154

28,456

4,445

-

344,446

-

-

-

36,390

69,923

6,157

-

10,833

-

32,447

-

54,859

-

-

-

8,982

-

-

-

461,439

394,333

2,519

-

-

-

496

-

-

-

355,604

481,496

-

3,019

337,282

-

640,965

114,151

2,612,174

1,903,720

0

3,019

4,885,882

4,941,989

0

37,869

4

Other operating income

Interest Income

Profit on disposal of property plant and equipment

Investment profit

Exchange gain/(loss)

Sundry

Grant income

Other Interest Income

594,718

24,642

-

-

-

-

-

-

-

-1,540

-

-

-

-

-

20,084

-

-

-

613,262

24,642

-

-

5

Net foreign exchange difference

Realized Exchange gain/(loss)

(263,928)

2,678,772 - -

Unrealized Exchange gain/(loss)

7,180,025

488,295 - -

6,916,097

3,167,067 - -

6

Finance cost

Interest on debts and borrowings

Other bank charges

Net Finance cost

Finance Income

6,517,508

4,811,147 - -

3,025,160

-

9,542,669

4,811,147 - -

7

Income tax

Current income tax:

-

-

-

Current income tax charge

31,800

-

-

Education tax

-

-

-

-

Under provision of previous year

-

-

-

Deferred tax charge

-

-

-

-

Payment during the year

-

Income tax expense reported in the income statement

31,800

-

-

0.00

6

Caverton Offshore Support Group

Unaudited Consolidated and separate Financial Statements

Notes to the Financial Statements -Continued

Group Company

Year to June Year to June

8

Reconciliation of current tax liabilities

Opening balance at 1 January

Tax charge in the statement of profit or loss

Under/(Over) provision in prior year

Payment during the year

Witholding tax credit utilized

Closing balance at December 31st 2024

Year to June 2025

Year to June 2024

2025

2024

N 000

N 000

N 000

N 000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

9

Reconciliation of deferred tax liabilities net

Deferred tax (asset) and liabilities

Balance at the beginning of the year

Charged for the year

Balance at the end of period

-

-

-

-

-

-

-

-

-

-

-

-

-

9.1

Net deferred tax assets/(liabilities)

Reflected in the statement of financial position as follows

Deferred tax assets

Deferred tax liabilities

Net deferred tax assets /(liabilities)

-

- - 0

-

- - -

-

- - -

10

Earnings per Share

Average number of shares outstanding

Net Income attributable to equity holders

Basic earnings per share in Naira

3,350,510

3,350,510

3,350,510

3,350,510

2,061,524

-3,665,744

0

0

0.62

-1.09

-

0.00

7

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS - Continued

11

Property,Plant and Equipment

Land

Building structures

Aircraft

Computer Equipment

Plant and Machinery

Aircraft Equipments

Motor Vehicles

Furniture fittings and

office equipments

Construction WIP

Simulator

N 000

N 000

N 000

N 000

N 000

N 000

N 000

N 000

N 000

N 000

Cost

At 1 January 2025

6,005,965

7,115,520

3,003

42,517

5,762,555

1,926,824

361,798

1,551,364

5,067,615

951,154

Additions

-

2,117,575

800

-

2,884,774

-

3,010

46,612

610,075

-

Disposals

-

(44,797)

-

-

(2,525,986)

-

(1,505)

(23,528)

(3,634,774)

-

Reclassification

-

-

-

-

-

-

-

-

-

-

At 30th June 2025

6,005,965

9,188,298

3,803

42,517

6,121,343

1,926,824

363,303

1,574,448

2,042,917

951,154

Depreciation

At 1 January 2025

385,721

3,697,170

0

24,259

2,939,303

943,914

333,089

1,257,876

-

190,231

Charge for the year

17,833

262,654

-

186

601,034

161,462

9,369

142,107

-

95,115

Depreciation on disposals

-

-

-

-

-

-

-

-

-

-

Reclassification

-

(25,350)

-

-

-

-

-

-

-

-

At 30th June 2025

403,554

3,934,474

0

24,445

3,540,336

1,105,375

342,459

1,399,982

0

285,346

At 30th June 2025

5,602,411

5,253,824

3,803

18,072

2,581,007

821,449

20,845

174,466

2,042,917

665,808

At 31st December 2024

5,300,517

3,738,078

3,003

0

2,823,252

982,910

28,710

311,745

5,067,616

760,923

11.1

Intangible assets

As at Current

Period

As at

December

2024

Cost

At 1 January 2025

Additions

Disposals

At 30th June 2025

N'000

N'000

337,589

337,589

-

-

337,589

337,589

Amortisation

At 1 January 2025

Charge for the year

Exchange Difference

At 30th June 2025

319,848

247,126

17,741

70,964

1,758

337,589

319,848

Net book value

At 30th June 2025

0

17,741

8

13

Trade receivables and Other receivables

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS -Continued

12

Inventories

Consumable spares

Inventory spares

Shell Project AW 139

Jet A1 Aviation fuel Lagos

Group

Company

Year to June 2025

Deceember 2024

Year to June 2025 Deceember 2024

N 000

N 000

N 000 N 000

-

- -

9,319,762

9,319,762

- -

-

-

- -

68,193

68,193

- -

9,387,955

9,387,955

- -

Trade receivables

35,846,490

15,989,007

282,185

-

Withholding Tax Receivable

8,589,732

8,072,122

-

-

Staff advances

(70,448)

9,247

-

-

Due from related parties

45,898

-

-

332,086

VAT Output

279,262

42,826

-

-

Dividend receivable

-

-

-

-

Other receivables

- 2,950

13,054,867

-

-

44,687,983

37,168,069

282,185

332,086

Less: Due from related parties

-

-

Less: Allowance for expected credit loss

-

-

-

0

44,687,983

37,168,069

282,185

332,086

-

-

-

-

Asset classified as held for sale

599,142

599,142

-

-

Cash and bank balance

-

-

-

-

13b

Cash and bank balance

1,662,275

447,864

-

-

-

-

-

Cash and cash equivalent

-

-

-

-

For purposes of cashflows, cash and cash equivlents consist of cash and bank balances as defined bove net of outstanding bank overdraft as at the end of the period.

-

-

-

-

-

-

-

-

Cash and bank balance

1,662,275

447,864

3,357

245

Overdraft

-

-

-

-

Cash and Cash equivalent ( per cashflow statement)

1,662,275

447,864

3,357

245

14

15

16 Prepayments

Rent prepayments

262,737

11,958

-

-

Internet prepayments

561

-

-

-

Medical prepayments

17,500

-

Other Prepayment

4,748

-

Insurance prepayments

275,661

9,107

561,208

21,065

-

-

16 Contract assets

-

-

-

-

Advance payments

-

-

-

-

-

-

-

-

-

-

As at 1 January

Payment received

Additional advance payments

-5,030,317

1,470,459

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,030,317

1,470,459

-

-

As at 31 December

9

16

Financial Assets

Deposits for rents and other advance

OTHER PROVISION /RISK AND CHARGE

Gaurantees For Other Operations

CAUTIONS FOR CUSTOM DUTIES

STANDARD CHARTERED DEPOSIT

PROVISION FOR DEPOSIT & CAUTIONS

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

18

Contract Assets

At 1 January

Payment received

Additional advance payments

At 31st December

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Caverton Offshore Support Group

Unaudited Consolidated and Separate Financial statements

Notes to the Financial Statements -Continued

Group

Company

Year to June 2025

Deceember 2024

Year to June 2025

Deceember 2024

N 000

N 000

N 000

N 000

-

-

-

-

-

-

-

-

3,250,000

3,250,750

2,500,000

2,500,000

-

-

-

-

1,675,255

1,675,255

1,675,255

1,675,255

-

-

-

-

6,616,991

6,616,991

6,616,991

6,616,991

17

Ordinary share capital

Authorised shares

5,000,000,000 ordinary shares of 50k each

Issued and fully paid

3,350,509,759 ordinary shares of 50k each

Share premium

10

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS - continued

19

Interest bearing loans & Borrowings

Bank Overdraft Wema Bank- N850m

White Rock Global

INTEREST PAYABLE - NEXIM

Wema Bank Plc Naira Account - 0124181177

Accrued Interest On Loans

Interest Free Short Term Loan (68,288,568.73)

Interest Free Short Term Loan ($297,565.76)

Interest Free Short Term Loan (N154,718,378.25)

Tasmania Investment Ltd - Others

Capt. Josiah Choms Loan

Bode Makanjuola

Capt. Bello Ibrahim Loan Account

Tolu Osunsanya Loan Acct

Term Loan Access Bank - Viking Air Ltd

Access Bank Plc (Heliport) NGN 005 9302 348

Wema Bank (BOI) Loan - $3.1million

Bank of Industry Loan Current Account - $17.39m

Adur Investment Ltd

Saleh Bala

Hassan Modibo

Term Loan Access Bank UK-$1.08M Facility

Shearwater Aero Capital

Dividend Payable - COSG (99%)

Access Bank Invoice Discounting - USD

Access Bank Invoice Discounting - NGN

Access Bank Plc - NGN -0003382684

Term loan -CDL

Current Account -CDL

N50m Afribank Term Loan BOI

N776m Afribank Term Loan BOI

Term Loan Zenith / BOI - N825m

Access Bank N373m Loan -(N2.173b BOI Accrued Interest)

$12m Access Bank Loan

Zenith Bank A/C (PHCT) 1010963929

Zenith USD A/C 5000016163

Term Loan USD Converted 9.9B

INTEREST PAYABLE - Heritage Bank USD

Access Bank UK $1.2m ($5.3m Term Loan)

Access Bank UK $6.5m ($5.4m WC)

Term loan Access Bank UK- $3m Facility

BPI Loan for Thales

Term Loan Access Bank UK -$2.4m Facility

Term Loan Access Bank UK-$459,431.38 Facility

Term Loan Access Bank UK - $15m Facility

Term Loan Access Bank -$4.28m Facility

Term Loan Access Bank- N8.45b

Wema Bank Caverton Helicopters Limited A/C 0122612516

Wema Bank CHL DSRA A/C- 0621543296

Standard Chartered Bank 000 2027 939 Training

Access Bank Security Deposit

Standard Chartered Bank (N)- 0000203513

Access Bank USD Salary Acct - 068 9433 984

Access Bank USD(Twin Otter Ops)-0058450383

Caverton Helicopters Proj-Acct GTB (USD) A/C:0008690242

Access Bank USD Account -0727064310

Access Bank Plc - NGN -0003382684

Access Bank UK Account 2 USD 00868201

Access Bank UK(USD)

Access Bank 1473797253 Agip Project Naira

Wema Bank Caverton Helicopters USD 0620145569

Term Loan -Bank of Industry $10m

Term loan Access Bank - $2.5m

Term loan Access Bank - $1.212m

Term loan Access Bank - $1m

Group

Company

Jun-25

Jun-24

Jun-25

Jun-24

N 000

N 000

N 000

N 000

-

-

-

-

(0)

-

-

-

-

-

-

-

-

-

-

-

3,986,363

-

-

-

68,289

-

-

-

471,415

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,555,829

1,410,686

-

21,157

41,935

8,038

-

231,340

-

9,433

-

-

-

-

-

-

-

-

-

-

-

-

296,300

-

-

-

-

-

-

-

-

-

-

-

-

-

(0)

-

(519)

-

(2,728)

-

(505,083)

(505,083)

10,441,987

-

4,900,514

-

(0)

-

-

-

-

-

-

-

(0)

(0)

3,968,707

1,931,837

(0)

(100,685)

(0)

(0)

(0)

(69,668)

-

1,537,574

(0)

-

2,240,137

2,240,137

-

-

893

-

-

-

23,433

-

-

-

-

-

-

-

96

-

-

-

(244)

(87)

-

-

-

(5)

-

-

-

-

-

-

-

(1)

-

-

-

61

-

-

-

(323,423)

-

-

-

(45,876)

-

-

-

-

4,553,001

-

-

Term Loan - Access Bank Land Cruiser

-

959,430

-

-

Term Loan Access Bank-Acct 0727064310

-

438,497

-

-

Term Loan Wema Bank- N2.17b

-

332,453

-

-

Term Loan Wema Bank- $295k

-

15,000

-

-

Term Loan Wema Bank - $2.183m

-

8,322,352

-

-

Term Loan Lecon (Loan) Wema Bank - N2.171b

2,265,375

2,265,375

-

-

Wema Bank Temporary Short term Loan $910000

0

183,159

-

-

Access Bank UK $6.5 Million Loan

(0)

1,168,925

-

-

Access Bank UK $1.289 Million Loan

722,280

1,964,989

-

-

34,107,285

26,917,947

-

-

Total interest-bearing loans and borrowings:

(a) Current interest-bearing loans and borrowings

-

27,643,149

-

-

(b) Non-current interest-bearing loans and borrowings 34,107,285 27,031,849 - -

34,107,285 54,674,998 - -

20

Trade and other payables

Trade payables

30,029,892

37,735,915

-

646,005

Other payables

22,616,475

20,380,007

646,005

-

Withholding Tax Payable

503,634

501,739

4,985

4,983

Dividend payable

-

-

-

-

VAT Output

-

270,399

-

-

53,150,001

58,888,060

650,990

650,988

Due to related parties

Chairman's Current A/C

0

-

-

-

Intercompany Caverton Aviation Cameroon

(28,157)

-

-

-

Intercoy - Caverton Helicopters Cameroon

-

-

-

-

Intercoy- Caverton Marine Limited

(1,485,070)

-

-

-

Chairman's Current Account

-

-

-

-

Intercompany - Caverton Helicopters

-

-

-

-

Intercoy- C Cylinders

-

-

-

-

Remi Makanjuola - NGN Loan

6,369

-

-

-

Intercompany CATC

-

-

-

-

Intercompany FTZ

-

-

-

-

Intercompay- COSG Dividend - USD

-

-

Intercompany Caverton Offshores Supprot Group

-

1,785,271

-

-

-

-

Rotimi Makanjuola

366,184

-

-

-

Total Due to related parties

644,596

-

11

Caverton Offshore Support Group

Unaudited Consolidated and separate financial statements

Notes to the Financial Statements -Continued

Group Company

21

Contract Liabilities

At 1 January

Deferred during the period

Movement during the period

At 30th June

Jun-25

Jun-24

Jun-25 Jun-24

N 000

N 000

N 000 N 000

-

-

- -

-

-

- -

-

-

- -

-

-

- -

Right of use Assets

Sep-24

Sep-23

Sep-24

Sep-23

N 000

N 000

N 000

N 000

As at 1 January

15,879,285

15,879,285

-

-

Impact of IFRS 16

-

-

-

-

Additions

-

-

-

-

Depreciation expense

(14,689,147)

(12,220,260)

-

-

Exchange Difference

-

-

361,900

-

1,190,138

3,297,125

-

-

22

23

Lease Liabilities

Jun-25

Jun-24

Jun-25

Jun-24

N 000

N 000

N 000

N 000

As at 1 January

15,449,534

15,450,160

-

-

Impact of IFRS 16 Reclassification

-

-

-

-

Additions

(4,750,441)

-

-

-

Accretion of interest

2,556,686

-

-

Payments

-

-

-

-

Exchange Difference

-

-

-

-

As at 30 June

13,255,778

15,450,160

-

-

Current

5,699,985

1,651,395

-

-

Non-current

7,555,794

5,259,804

-

-

13,255,778

6,911,199

-

-

24

Investment in Associates

177,390

181,065

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,673

3,673

3,673

177,390

184,738

3,673

3,673

Caverton Aviaiton Cameroon

Non-current assets

Current assets

Non-current liabilities

Current liabilities

Equity/net asset

Share in equity - 49%

Share in equity - 49%

Caverton Offshore Support Group-Ghana

#

Company Name:

Caverton Offshore Support Group

Board Listed:

Main Board

Year End:

December

Reporting Period:

Period Ended March 2025

Share Price:

N7.74 (2024: N1.30)

Shareholding Structure/Free Float

Current Year

Previous Year

Description

Unit

Percentage

Unit

Percentage

Issued Share Capital

3,350,509,750.00

100%

3,350,509,750.00

100%

Substantial Shareholdings (5% and above)

Tasmania Investments Limited

1,810,199,025.00

54.03%

1,810,199,025.00

54.03%

Mola Vessels Limited

251,050,000.00

7.49%

251,050,000.00

7.49%

Aderemi Makanjuola

410,022,219.00

12.24%

410,022,219.00

12.24%

Total Substantial Shareholding

2,471,271,244.00

73.76%

2,471,271,244.00

73.76%

Directors' Shareholdings (direct and Indirect), excluding directors with substantial interests

Mallam Bello Gwandu (Direct)

10,000,000.00

0.30%

10,000,000.00

0.30%

Mr. Sola Falola (Direct)

20,000,000.00

0.60%

20,000,000.00

0.60%

Mr Akin Kerere-Ekun (Direct and Indirect)

20,100,000.00

0.60%

20,000,000.00

0.60%

Mr Bashiru Bakare (Direct)

20,000,000.00

0.60%

20,000,000.00

0.60%

HRM Edmund Daukoru (Direct)

15,000,000.00

0.45%

15,000,000.00

0.45%

Mr Olabode Makanjuola (Direct and Indirect

64,805,000.00

1.93%

64,805,000.00

1.93%

Total Directors' Shareholding

149,905,000.00

4.47%

149,805,000.00

4.47%

Other influential Shareholdings

N/A

-

-

-

-

N/A

-

-

-

-

N/A

-

-

-

-

Total Other Influential Shareholdings

-

-

-

-

Free Float in Units and Percentage

729,333,506.00

21.77%

729,433,506.00

21.77%

Free Float in Value

NGN 1,677,467,063.80

NGN 765,905,181.30

Share price at Reporting period

2.30

1.05

Declaration:

(A) Caverton Offshore Support Group PLC with a free float percentage of 21.77% as at 30 September 2024, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

(B) Caverton Offshore Support Group PLC with a free float value of N948,133,557.80 as at 30th June 2024, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

Trading Policy

The company has complied with the provisions of the Section 14 of the Amended Listing Rules of the Nigerian Stock Exchange by adopting a code of conduct regarding securities transactions by its Directors and all staff. All Directors and all staff have complied with the Listing rules and the Issuers' code of conduct regarding securities transactions.

13

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