1, Prince Kayode Akingbade Close |
Victoria Island Annex |
Lagos, Nigeria |
Tel: +234 (1) 2705757 |
+234 (1) 2705656 |
+234 (1) 809 900 0092 |
Fax: +234 (1) 461745 |
mail: info@caverton-offshore.com |
https://www.caverton-offshore.com |
CAVERTON OFFSHORE SUPPORT GROUP PLC |
Lagos, Nigeria |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FULL YEAR UNAUDITED 31 DECEMBER 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 Full Year 31 DECEMBER 2025 |
Group | Company | ||||||
October to December | January to December | October to December | January to December | October to December | January to December | January to December | |
2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | |
N 000 | N 000 | N 000 | N 000 | N 000 | N 000 | N 000 | |
3,743,965 | 25,755,867 | 13,113,635 | 40,181,110 | - | - | - | |
(1,735,648) | (10,223,917) | (7,884,146) | (31,759,245) | - | - | - | |
2,008,317 | 15,531,951 | 5,229,489 | 8,421,865 | - | - | - | |
(2,003,793) | (9,746,317) | (3,129,892) | (10,328,093) | (28,637) | 458,233 | (160,395) | |
(3,399,717) | (4,818,813) | (7,788,937) | (30,429,425) | - | - | - | |
203,190 | 5,780,919 | (253) | 1,542,952 | (2,682) | - | - | |
(3,192,003) | 6,747,740 | (5,689,594) | (30,792,701) | (31,319) | 458,233 | (160,395) | |
(4,156,988) | (18,520,805) | (2,151,510) | (22,932,744) | - | - | - | |
- | - | 54,476 | - | - | |||
- | - | - | 165,255 | - | - | - | |
(7,348,991) | (11,773,065) | (7,841,104) | (53,505,714) | (31,319) | 458,233 | (160,395) | |
(15,900) | (63,600) | - | (356,406) | - | - | - | |
(7,364,891) | (11,836,665) | (7,841,104) | (53,862,120) | (31,319) | 458,233 | (160,395) | |
- | - | - | - | - | - | ||
- | 2,303 | - | - | - | |||
- | - | - | - | - | |||
- | - | - | - | - | |||
(7,364,891) | (11,836,665) | (7,841,104) | (53,859,817) | (31,319) | 458,233 | (160,395) | |
- | |||||||
(7,311,643) | (11,751,086) | (7,784,412) | (53,472,697) | - | - | - | |
(53,248) | (85,579) | (56,691) | (389,423) | - | - | - | |
(7,364,891) | (11,836,665) | (7,841,104) | (53,862,120) | - | - | - | |
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 |
Finance Income | |
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 | |
Olabode Makanjuola - Chief Executive Officer |
FRC/2013/IODN/00000002456 |
Adedeji Adeola - Chief Finance Officer |
FRC/2019/PRO/00000019090 |
(7,311,643) | (11,751,086) | (7,784,412) | (54,254,066) |
(53,248) | (85,579) | (56,691) | 394,249 |
(7,364,891) | (11,836,665) | (7,841,104) | (53,859,817) |
- | |||
(2.18) | (3.51) | (2.32) | (15.96) |
- | - | - |
- | - | - |
- | - | |
- | - | - |
Basic Earnings per share (N) | 9 |
Caverton Offshore Support Group | - | ||||
Unaudited Consolidated and Separate Financial Statements | |||||
Statement of Financial Position As At 31 December 2025 | |||||
Notes | Group | ||||
Statement of Financial Position As At 31 December 2025 | Dec-25 | Dec-24 | Movement | % | |
N'000 | N'000 | N'000 | Change | ||
Assets | |||||
Non current assets | |||||
Property, plant and equipment | 11 | 69,722,174 | 19,016,753 | 50,705,421 | 266.64% |
Intangible Assets | 11.1 | - 0 | 17,741 | (17,741) | -100.00% |
Right of Use Assets | 22 | 1,502,481 | 3,297,125 | (1,794,644) | 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 | 800,000 | - | 800,000 | 0.00% |
Total Non-Current Assets | 78,228,954 | 28,539,593 | 49,689,361 | 174.11% | |
Current assets | - | ||||
Inventories | 12 | 9,341,634 | 9,387,955 | (46,321) | -0.49% |
Trade and other receivables | 13 | 27,963,400 | 37,168,069 | (9,204,669) | -24.76% |
Prepayments | 16 | 41,540 | 21,065 | 20,475 | 97.20% |
Cash and bank | 14 | 690,524 | 447,864 | 242,660 | 54.18% |
38,037,097 | 47,024,953 | (8,987,856) | -19.11% | ||
Asset classified as held for sale | 13.0 | - | 599,142 | (599,142) | -100.00% |
Total Current Assets | 38,037,097 | 47,624,095 | (9,586,998) | -20.13% | |
Total assets | 116,266,051 | 76,163,688 | 40,102,363 | 52.65% | |
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 | (74,329,720) | (62,493,055) | (11,836,665) | 18.94% | |
Revaluation Surplus | 56,836,598 | 56,836,598 | |||
Foreign Currency Translation Reserve | 2,303 | 2,303 | - | 0.00% | |
Equity attributable to equity holders of the parent | (9,198,574) | (54,198,506) | 44,999,932 | -83.03% | |
Non-Controlling Interest | (494,524) | (408,945) | (85,579) | 20.93% | |
Total Equity | (9,693,098) | (54,607,451) | 44,914,353 | -62.10% | |
Non-current liabilities | |||||
Interest-bearing loans and borrowings | 19 | 30,262,002 | 27,031,849 | 3,230,153 | 11.95% |
Deferred Income | - | 371,323 | (371,323) | -100.00% | |
Lease Liabilities | 23 | 6,178,190 | 8,378,715 | (2,200,525) | -26.26% |
Total Non-Current Liabilities | 36,440,192 | 35,781,887 | 658,305 | -26.26% | |
Current liabilities | |||||
Trade and other payables | 20 | 49,333,258 | 58,888,060 | (9,554,802) | -16.23% |
Interest-bearing loans and borrowings | 19 | 35,524,958 | 27,643,149 | 7,881,809 | 28.51% |
Deferred Income | - | 51,961 | (51,961) | -100.00% | |
Income tax payable | 8 | - | 1,334,637 | (1,334,637) | -100.00% |
Lease Liabilities | 23 | 4,660,740 | 7,071,445 | (2,410,705) | -34.09% |
Total Current Liabilities | 89,518,957 | 94,989,252 | - 5,470,295 | -221.80% | |
- | |||||
Total liabilities | 125,959,149 | 130,771,139 | - 4,811,990 | -248.07% | |
- | - | - | |||
Total equity and liabilities | 116,266,051 | 76,163,688 | 40,102,363 | -310.17% | |
Check | - | - | - | ||
Approved by the Board of Directors on the 30th of January, 2026 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 31 DECEMBER 2025 |
As at 1 January 2025 |
Profit/(Loss) for the period |
Other comprehensive Income |
Total Comprehensive Income/(Loss) |
Dividend Paid |
At 31 December 2025 |
Issued Share Capital | Share premium | Retained Earnings | Revaluation Surplus | 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 |
- | - | (11,836,665) | - | - | (11,836,665) | (85,579) | (11,922,244) - - (160,395) (160,395) |
- | - | - | 56,836,598 | - | 56,836,598 | - | 56,836,598 - - - - |
- | - | (11,836,665) | 56,836,598 | - | 44,999,932 | (85,579) | 44,914,353 - - (160,395) (160,395) |
- | - | - | - | - | - - - - - | ||
1,675,255 | 6,616,991 | (74,329,720) | 56,836,598 | 2,303 | (9,198,574) | (494,524) | (9,693,098) 1,675,255 6,616,991 313,077 8,605,323 |
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 |
NOTES TO THE FINANCIAL STATEMENTS |
Group
1 | Revenue |
Helicopter Charter | |
Helicopter maintenance | |
Helicopter/ Airplane contract | |
Vessel Time charter/Boat Income | |
Vessel Agency Service | |
Other Revenue (CATC) |
Company
Year to December 2025 | Year to December 2024 |
N 000 | N 000 |
- | - |
- | - |
- | - |
- | - |
- | - |
Year to December 2025 | Year to December 2024 |
N 000 | N 000 |
7,616,980 | 8,151,108 |
2,781,831 | 3,367,500 |
9,207,071 | 20,031,010 |
- | 1,508,481 |
1,631,026 | 171,469 |
4,518,959 | 6,951,542 |
25,755,867 | 40,181,110 |
- | - |
2 | Operating expenses |
Aircraft insurance premium | |
Right to use- Aircraft | |
Depreciation of PPE | |
Crew Salaries | |
Consumables | |
Training certificate and expenses | |
Landing and Navigational expenses | |
Others |
2,521,321 | 3,870,217 - - |
1,794,644 | 1,862,636 - - |
- | 322,924 - - |
5,265,140 | 10,726,932 - - |
52,519 | 11,033,455 - - |
- | 1,827,011 - - |
356,330 | - - - |
233,963 | 2,116,070 - - |
10,223,917 | 31,759,245 - - |
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 | 70,964 | - | - |
75,193 | 75,644 | - | - |
93,937 | 94,193 | - | - |
134,518 | - | - | - |
698 | 132,537 | - | - |
3,967,554 | 2,077,156 | - | - |
51,949 | 107,711 | 18,000 | - |
212,236 | - | - | - |
1,099,959 | 2,892,074 | - | - |
89,758 | 34,176 | - | - |
169,281 | 399,117 | - | 34,850 |
- | |||
58,642 | 41,767 | - | - |
8,318 | 54,756 | - | - |
68,850 | - | - | - |
- | |||
5,122 | - | - | - |
6,053,757 | 5,980,095 | 18,000 | 34,850 |
Caverton Offshore Support Group |
Unaudited Consolidated and separate financial statements |
Notes to the Financial Statements -Continued |
Group Company
Year to
-
Year to
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 December 2025 | Year to December 2024 | December 2025 | December 2024 |
N 000 | N 000 | N 000 | N 000 |
52,809 | 886,519 | - | - |
3,438 | - | - | - |
23,620 | 70,780 | - | - |
576,602 | - | ||
27,432 | - | ||
1,709 | - | ||
- | 130,702 | ||
15,853 | 31,290 | ||
6,245 | - | ||
636,448 | - | ||
- | - | ||
69,776 | 141,994 | ||
5,355 | - | ||
20,438 | 25,605 | ||
59,864 | 115,163 | ||
63,638 | 77,013 | - | - |
15,627 | - | - | - |
744,567 | 817,503 | ||
3,828 | - | - | - |
1,857 | - | - | - |
532,637 | - | - | 3,019 |
606,418 | 707,402 | ||
224,403 | 1,344,027 | ||
3,692,560 | 4,347,998 | 0 | 3,019 |
9,746,317 | 10,328,093 |
18,000 | 37,869 |
4 | Other operating income | ||||
Interest Income | 299,054 | - | - | - | |
Profit on disposal of property plant and equipment | 5,435,695 | 871,697 | - | - | |
Investment profit | - | - | |||
Exchange gain/(loss) | -0 | - | |||
Sundry | - | 511,366 | |||
Grant income | - | 159,889 | - | - | |
Other Interest Income | 46,170 | - - - | |||
5,780,919 | 1,542,952 - - | ||||
5 | Net foreign exchange difference | ||||
Impairment of Financial assets | (12,000,000) | (2,991,353) | |||
Realized Exchange gain/(loss) | (1,144,250) | 1,209,292 | - | - | |
Unrealized Exchange gain/(loss) | 8,325,438 | (28,647,364) | - | - | |
(4,818,813) | (30,429,425) | - | - | ||
6 | Finance cost |
Interest on debts and borrowings | |
Exchange loss on borrowing | |
Other bank charges | |
Net Finance cost | |
Finance Income |
15,323,846 | 5,219,590 | - | - | |
12,189,809 | ||||
3,204,503 | 5,523,345 | |||
18,528,349 | 22,932,744 | - | - | |
- | ||||
- | ||||
- | ||||
- | 0 | - | - | |
63,600 | -356400 | - | - | |
- | - | - | - | |
- | - | - | ||
- | - | - | - | |
- | ||||
63,600 | -356,400 - 0.00 | |||
7 | Income tax |
Current income tax: | |
Current income tax charge | |
Education tax | |
Under provision of previous year | |
Deferred tax charge | |
Payment during the year | |
Income tax expense reported in the income statement |
6
Caverton Offshore Support Group |
Unaudited Consolidated and separate Financial Statements |
Notes to the Financial Statements -Continued |
Group Company
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 December 2025 | Year to December 2024 |
N 000 | N 000 |
- | - |
- | - |
- | - |
- | - |
- | - |
- | |
- | - |
Year to December 2025 | Year to December 2024 |
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 |
- | -138,752 | - | - | |
- | - | - | - | |
- | (138,752) | - | - |
-
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 | |
-11,751,086 | -7,784,412 | 0 | 0 | |
- | 3.51 | -2.32 | - | 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 | Total | ||
N 000 | 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 | 5,207,660 | 7,115,520 | 3,003 | 42,517 | 5,873,126 | 1,926,824 | 361,798 | 1,551,364 | 5,067,615 | 951,154 | 28,100,581 | |
Additions | - | 23,116,150 | 800 | - | 3,053,498 | - | 353,307 | 250,243 | 2,607,855 | 34,863,020 | 64,244,874 | |
Disposals | - | 44,797 | - | - | 2,531,810 | - | 10,115 | 23,528 | 3,634,774 | - | 6,245,024 | |
Write off | 2,220,652 | - | - | - | - | - | - | - | - | - | 2,220,652 | |
Reclassification | - | - | - | - | - | - | - | - | - | - | - | |
At 31st December 2025 | 2,987,008 | 30,186,874 | 3,803 | 42,517 | 6,394,814 | 1,926,824 | 704,990 | 1,778,079 | 4,040,696 | 35,814,174 | 83,879,779 | |
- | ||||||||||||
Depreciation | ||||||||||||
At 1 January 2025 | 385,721 | 3,697,170 | 0 | 24,259 | 2,939,303 | 943,914 | 333,089 | 1,257,877 | - | 190,231 | 9,771,563 | |
Charge for the year | 35,665 | 674,946 | - | 371 | 1,206,141 | 337,775 | 29,632 | 291,233 | - | 1,839,566 | 4,415,329 | |
Depreciation on disposals | - | - | - | - | - | - | - | - | - | - | 0 | |
Write off | - | - | - | - | - | - | - | - | - | - | 0 | |
Reclassification | - | (29,287) | - | - | - | - | - | - | - | - | (29,287) | |
At 31st December 2025 | 421,386 | 4,342,828 | 0 | 24,630 | 4,145,444 | 1,281,689 | 362,721 | 1,549,109 | 0 | 2,029,797 | 14,157,605 |
At 31st December 2025 | 2,565,622 | 25,844,045 | 3,803 | 17,886 | 2,249,370 | 645,135 | 342,270 | 228,970 | 4,040,696 | 33,784,378 | 69,722,174 |
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 | 19,016,754 |
11.1 | Intangible assets |
As at Current Period | As at December 2024 |
Cost |
At 1 January 2025 |
Additions |
Disposals |
At 31st December 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 31st December 2025 |
319,848 | 247,126 |
17,741 | 70,964 |
1,758 | |
337,589 | 319,848 |
Net book value |
At 31st December 2025 |
0 | 17,741 |
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 December 2025 | Dec-24 | Year to December 2025 | Dec-24 | |
N 000 | N 000 | N 000 | N 000 | |
- | - | - | ||
9,273,440 | 9,319,762 | - | - | |
- | - | - | - | |
68,193 | 68,193 | - | - | |
9,341,634 | 9,387,955 | - | - | |
Trade receivables | 23,952,987 | 15,989,007 | 303,473 | - | |
Withholding Tax Receivable | 8,852,066 | 8,072,122 | - | - | |
Staff advances | (1,732) | 9,247 | - | - | |
Due from related parties | 60,016 | - | - | 332,086 | |
VAT Output | 150,448 | 42,826 | - | - | |
Dividend receivable | - | - | - | - | |
Other receivables | - 2,950 | 13,054,867 | - | - | |
33,010,835 | 37,168,069 | 303,473 | 332,086 | ||
Less: Due from related parties | (17,119) | - | |||
Less: Allowance for expected credit loss | - | - | - | 0 | |
32,993,716 | 37,168,069 | 303,473 | 332,086 | ||
- | - | - | - | ||
Asset classified as held for sale | - | 599,142 | - | - | |
Cash and bank balance | - | - | - | - |
13b
Cash and bank balance | 690,524 | 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 | 690,524 | 447,864 | 279 | 245 |
Overdraft | - | - | - | - |
Cash and Cash equivalent ( per cashflow statement) | 690,524 | 447,864 | 279 | 245 |
14
1516 Prepayments
Rent prepayments | 6,750 | 11,958 | - | - | |
Internet prepayments | 13,046 | - | - | - | |
Medical prepayments | 8,133 | - | |||
Other Prepayment | 12,855 | - | |||
Insurance prepayments | 756 | 9,107 | |||
41,540 | 21,065 | - | - | ||
16 Contract assets | - | - | - | - | |
Advance payments | - | - | - | - | |
- | - | ||||
- | - | ||||
- | - |
As at 1 January |
Payment received |
Additional advance payments |
-5,030,317 | - | |||
- | - | - | - | |
- | - | - | - | |
- | - | - | - | |
- | - | - | - | |
-5,030,317 | - | - | - | |
As at 31 December
916 | 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 December 2025 | Dec-24 | Year to December 2025 | Dec-24 | |
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 |
CAVERTON OFFSHORE SUPPORT GROUP | |||
UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS | |||
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 | |||
Group | |||
Year to December 2025 | January to December | ||
Notes | 2025 | 2024 | |
N 000 | N 000 | ||
Operating activities | |||
Profit/(loss) before tax | (11,836,665) | (53,670,583) | |
Non-cash adjustment to reconcile profit before tax to net cash flows | - | - | |
Depreciation of property, plant and equipment | 11 | 4,415,329 | 2,361,911 |
Depreciation of right of use assets | 11 | 1,794,644 | 1,900,805 |
Other non-financial liabilities | - | - | |
Amortisation and impairment of intangible assets | - | 70,964 | |
Adjustment to PP&E and intangible assets | - | (30,661) | |
Minimum tax | - | 164,866 | |
Net foreign exchange difference | (4,818,813) | 20,859,302 | |
Share of profit or loss of an associate | - | (165,255) | |
Impairment loss on financial assets | - | 2,991,353 | |
Modification of right of use assets | - | 385,806 | |
Impact of lease termination | - | (1,885,525) | |
- | |||
Amortisation of government grant | - | (159,889) | |
Finance costs - interest | 6 | 18,528,349 | 12,577,951 |
Finance income | 4 | 5,780,919 | (51,996) |
Working capital adjustments: | - | ||
(Increase)/Decrease in trade and other receivables | 4,776,047 | (23,577,846) | |
(Increase)/Decrease in due from related parties | - | - | |
(Increase)/Decrease in prepayments | (20,475) | 20,078 | |
(Increase)/Decrease in inventories | - | (95,709) | |
Increase /(decrease) in trade and other payables | (9,554,802) | 34,061,860 | |
Increase/(Decrease) in contract assets | - | 101,263 | |
Increase/(Decrease) in contract liabilities | - | - | |
Total Operating activities after working capital adjustment | 9,064,533 | (4,141,305) | |
- | - | ||
Cash received - deffered income | - | 456,430 | |
Income tax paid | 1,398,237 | (10,001) | |
Net cash flows from operating activities | 10,462,770 | (3,694,876) | |
Investing activities | |||
Proceeds from sale of property, plant and equipment | - | - | |
Purchase of property, plant and equipment | 11&22 | - | (1,442,869) |
Investment liquidated in the year | - | 490,138 | |
Proceeds from scrapped sales | 5,503,082 | - | |
Purchase of intangible assets | - | - | |
Interest received | - | 51,996 | |
Government grant | - | - | |
- | - | ||
Net cash flows from/(used in) investing activities | 5,503,082 | (900,735) | |
Financing activities | |||
Proceeds from borrowings | 19.1 | - | 18,429,934 |
Repayment of borrowings | 19.1 | (11,111,962) | (18,942,763) |
Repayment of principal portion of lease liabilities | 21 | (4,611,230) | (11,321,036) |
Interest paid | 6 | - | (2,383,510) |
Dividend paid | - | - | |
Dividend paid on NCI | - | - | |
Dividend paid | - | - | |
- | - | ||
Net cash flows from/(used in) financing activities | (15,723,192) | (14,217,375) | |
Net increase/(decrease) in cash and cash equivalents | 242,660 | (18,812,986) | |
Cash and cash equivalents at 1 January | 447,864 | 19,260,850 | |
Cash and cash equivalents at 30th September 2025 | 690,524 | 447,864 | |
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 | |
Reagal Energy | |
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 | |
Theo Musa (Bralewood) | |
Access Bank Plc - NGN -0003382684 | |
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 | |
$12m Access Bank Loan | |
Zenith Bank A/C (PHCT) 1010963929 | |
Zenith USD A/C 5000016163 | |
Access Bank Chevron Project NGN -0709583154 | |
Access Bank Term Loan 10Billion Naira | |
Access Bank Term Loan 4.6 Billion Naira | |
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 | |
Standard Chartered Bank 000 2027 939 Training | |
Access Bank Security Deposit | |
Standard Chartered Bank (N)- 0000203513 | |
UBA (PH) 101-5212-941 | |
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 UK Account 2 USD 00868201 | |
Access Bank UK Account 3 -00868202 | |
Access Bank UK(USD) | |
Access Bank 1473797253 Agip Project Naira | |
Wema Bank Caverton Helicopters USD 0620145569 |
Group | Company | ||
Dec-25 | Dec-24 | Dec-25 | Dec-24 |
N 000 | N 000 | N 000 | N 000 |
- | - | - | - |
(0) | - | - | - |
- | - | - | - |
- | - | - | - |
6,066,084 | - | - | - |
68,289 | - | - | - |
471,415 | - | - | - |
- | - | - | - |
- | - | - | - |
6,000,000 | - | - | - |
- | - | - | - |
- | - | - | - |
- | - | - | - |
- | - | - | - |
- | - | ||
4,940,460 | 1,410,686 | ||
- | 21,157 | ||
41,935 | 8,038 | ||
- | 231,340 | ||
- | 9,433 | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
(103) | - | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
(0) | - | ||
3 | - | ||
(2,560) | - | ||
(2,364,729) | (2,364,729) | ||
10,441,987 | - | ||
4,325,514 | - | ||
(0) | - | ||
- | - | ||
- | - | ||
- | - | ||
(0) | (0) | ||
3,732,492 | 1,931,837 | ||
(0) | (100,685) | ||
(0) | (0) | ||
(0) | (69,668) | ||
- | 1,537,574 | ||
(0) | - | ||
110,901 | 110,901 | - | - |
893 | |||
23,433 | - | - | - |
- | - | - | - |
96 | - | - | - |
(229) | - | - | - |
(82) | |||
0 | - | - | - |
- | - | - | - |
(1) | - | - | - |
61 | - | - | - |
(5) | - | - | - |
- | - | - | - |
Term Loan -Bank of Industry $10m | - | |||||
Term loan Access Bank - $2.5m | - | |||||
Term loan Access Bank - $1.212m | - | |||||
Term loan Access Bank - $1m | - | |||||
Term Loan - Access Bank Land Cruiser | - | |||||
Term Loan Access Bank-Acct 0727064310 | - | |||||
Term Loan Wema Bank- N2.17b | 2,265,375 | |||||
Term Loan Wema Bank- $295k | 0 | |||||
Term Loan Wema Bank - $2.183m | (0) | - | - | - | ||
Term Loan Lecon (Loan) Wema Bank - N2.171b | 364,218 | 4,553,001 | - | - | ||
Term Loan - Access Bank - N2.17b | 29,300,000 | 959,430 | - | - | ||
Wema Bank Temporary Short term Loan $910000 | - | 438,497 | - | - | ||
Access Bank UK $6.5 Million Loan | - | 332,453 | - | - | ||
Access Bank UK $1.289 Million Loan | - | 15,000 | - | - | ||
65,786,960 | 9,024,265 | - | - | |||
Total interest-bearing loans and borrowings: | ||||||
(a) Current interest-bearing loans and borrowings | 35,524,958 | 27,643,149 | - | - | ||
(b) Non-current interest-bearing loans and borrowings | 30,262,002 | 27,031,849 | - | - | ||
65,786,960 | 54,674,998 | - | - | |||
20 | Trade and other payables | |||||
Trade payables | 25,583,907 | 37,735,915 | - | 631,556 | ||
Other payables | 22,404,809 | 20,380,007 | - | 14,206 | ||
Withholding Tax Payable | 502,865 | 501,739 | - | 243 | ||
Dividend payable | - | - | - | - | ||
VAT Output | - | 270,399 | - | - | ||
48,491,581 | 58,888,060 | 0 | 646,005 | |||
Due to related parties | ||||||
Chairman's Current A/C | 0 | - | - | - | ||
Intercompany Caverton Aviation Cameroon | (348,569) | - | - | - | ||
Intercoy - Caverton Helicopters Cameroon | - | - | - | - | ||
Intercoy- Caverton Marine Limited | (873,838) | - | - | - | ||
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 | - 312,316 | - - | - | - | ||
Rotimi Makanjuola | 376,184 | - | - | - | ||
Total Due to related parties | (527,539) | - | ||||
11 | ||||||
Caverton Offshore Support Group |
Unaudited Consolidated and separate financial statements |
Notes to the Financial Statements -Continued |
21 | Contract Liabilities |
At 1 January | |
Deferred during the period | |
Movement during the period | |
At 30th June |
Dec-25 | Dec-24 | Dec-25 | Dec-24 | |||
N 000 | N 000 | N 000 | N 000 | |||
- | - | - | - | |||
- | - | - | - | |||
- | - | - | - | |||
- | - | - | - |
Right of use Assets | |||||||
Dec-25 | Dec-24 | Dec-25 | Dec-24 | ||||
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 | (14,376,804) | (12,220,260) | - | - | |||
Exchange Difference | - | - | 361,900 | - | |||
1,502,481 | 3,297,125 | - | - | ||||
22
23 | Lease Liabilities | ||||||
Dec-25 | Dec-24 | Dec-25 | Dec-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 | (8,581,129) | - | - | - | |||
Accretion of interest | 3,970,525 | - | - | ||||
Payments | - | - | - | - | |||
Exchange Difference | - | - | - | - | |||
As at 30 June | 10,838,930 | 15,450,160 | - | - | |||
Current | 4,660,740 | 1,651,395 | - | - |
Non-current | 6,178,190 | 5,259,804 | - | - |
10,838,930 | 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: | Year ended December 2025 | ||||
Share Price: | N7.15 (2025: N5.40) | ||||
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 3,938,400,932.40 | NGN 765,905,181.30 | |||
Share price at Reporting period | 5.40 | 1.05 | |||
Declaration: | |||||
(A) Caverton Offshore Support Group PLC with a free float percentage of 21.77% as at December 2025, 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 N3,938,400,932.40 as at 31st of December 2025, 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 | |||||