Tantalizers PlcNSENG: TANTALIZER

Quarter 2 - financial statement for 2025

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‌Tantalizers Plc Management Account PERIOD ENDED 30TH JUNE 2025

‌TANTALIZERS PLC

STATEMENT OF PROFIT OR

LOSS AND OTHER COMPREHENSIVE INCOME FOR

THE PERIOD ENDED 30TH JUNE

2025

Jun-25

Dec-24

N

N

SYSTEM REVENUE 1,395,628,219

2,902,588,052

TANTALIZERS NET REVEN 620,279,209

1,198,497,681

Cost of sales (415,159,054)

(773,334,566)

Gross Profit for the year 205,120,155

425,163,115

Other Income 94,977,377

123,289,785

Distribution costs 4,809,329

(3,147,414)

Write-Backs 27,061,641

90,615,451

Administrative Expenses (379,822,739)

(825,852,587)

Operating Profit/ Loss (47,854,237)

(189,931,650)

Net Finance Costs 21,957,100

(69,661,692)

Profit/Loss before Tax (25,897,138)

(259,593,342)

Taxation

(5,992,488)

-

Profit/Loss after Taxation transferred

to Revenue Reserve (25,897,138)

(265,585,830)

Earnings per share (basic) Ko (1)

(5)

Earnings per share(diluted) K (1)

(5)

The notes on pages 12 to 25 form an integral part of these financial statements.

TANTALIZERS PLC STATEMENT OF FINANCIAL POSITION

AS AT 30TH JUNE 2025

NON CURRENT ASSETS

NOT E

Jum25 N

Dec 24 N

Prooerty, Plant and Equipment

1,735, 835.994

1,742.7*9 01?

Long Term Receivables

71.2 99,869

8B.285,.54 5

1.807,135 863

1,g31.024.554

CURRENT ASSETS

Inventories

7

57.118,62/2

07.633.36*

Trade and other receivables



167.891 831



20°.7 7.fir g

Short Term Deposit

416,892.98?

Cash and Bank equivalents



212,148,864

854,O52,3OS

TOTAL ASSETS

2,861,188,188

3 596,021

EQUITY & LIABILITIES

EOUITY

Share Capital

13

2.500.000.000

2.f00.119U6

Share Premium

14

2,249,914.606

2,249.91450C

Revaluation reserve

938,335,517

938.3855*

Revenue Reserve

15

(4,544,072,101)

(4,/:18,174*3*,

1,144,178, 023

1,170 075 184

NON CURRENT LIABILITIES

Frovisions and deferred income

77,784, 630



11,499.8g9

BOrrOwings

Term loans/Finance Lea6es

12

16,000.000

83.784,630

CURRENT LIABILITIES

Trade and other payables

10

1,067.297,282

Provisions and deferred income

11

280,995 53B

Borrowings

Uverdrafts

l-erm loans/Finance leases





34.091 1

Taxation

6

74,932,693

1,423,225. 513

TOTAL EQUITY & LIABILITIE 5

2,661,188,166

2,953,596.021



Mr Charles Ifidon

ki Ban»deie O*e

Managing Oirector

FRC/2025/PRO/DIR/003/361380

Finance Director FRC.'204/ICAN'0000000 23*

‌TANTALIZERS PLC STATEMENT OF CASH FLOW FOR THE PERIOD ENDED 30TH JUNE 2025

Jun-25

Dec-24

CASH FLOW FROM OPERATING ACTIVITIES:

N

N

Cash received from customers

768,068,042

1,338,403,218

Cash paid to suppliers and employees

(495,836,064)

(912,583,055)

Tax paid

(2,364,526)

(53,254,393)

Net cash (used in)/generated from operating activities

269,867,453

372,565,770

CASH FLOW FROM INVESTING ACTIVITIES:

Interest Received

46,747,286

50,497,102

Short Term Deposit

(416,892,985)

(594,158,209)

Purchase of property, plant and equipment

(33,597,858)

(2,473,413)

Proceeds from disposal of Property, plant and equipment -

Net cash used in investing activities

(403,743,557)

(546,134,520)

CASHFLOW FROM FINANCING ACTIVITIES:

Repayments of borrowings

(282,965,110)

(87,464,685)

Increase in Share premium

178,837,209

Equity Injection

894,186,047

Interest paid

(24,790,186)

(120,158,794)

Net cash provided by financing activities

(307,755,296)

865,399,777

NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS

(24,738,415)

212,965,978

Cash & Cash Equivalents at beginning of the year

236,887,280

23,921,302

Cash & Cash Equivalents at end of the period

212,148,864

236,887,280

REPRESENTED BY:-

Cash at Bank and in Hand

212,148,864

236,887,280

Bank Overdraft

-

-

Cash & Cash Equivalents

212,148,864

236,887,280

‌TANTALIZERS PLC

NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH JUNE 2025

1

SYSTEM REVENUE

Jun-25

N

Dec-24

N

COMPANY OWNED OUTLET SALES

641,988,981

1,224,119,602

FRANCHISEE OWNED OUTLET SALES

753,639,238

1,414,769,390

1,395,628,219

2,638,888,992

2 OTHER INCOME

Jun-25

N

Dec-24

N

Rent income

47,926,418

51,902,256

Other income

571,000

15,600,105

Franchise Income

44,979,959

75,886,709

Profit on disposal of fixed assets

1,500,000

8,629,255

94,977,377

152,018,325

3 DISTRIBUTION COST

Advertising/promotions

2,958,560

16,295,737

2% Franchisees contribution

(8,480,389)

(8,982,557)

E-commerce service charge

-

6,607,781

Sample products

692,000

275,970

Product development

20,500

82,550

Staff competition incentives

0

832,500

(4,809,329)

15,111,981

4

WRITE-BACKS/PROVISIONS NO LONGER REQUIRED

Jun-25

N

Dec-24

N

Write backs

27,061,641

107,774,868

27,061,641

107,774,868

OPERATING PROFIT/(LOSS)

Jun-25

Dec-24

N

N

is arrived at after charging/(crediting)

Directors' emoluments:

Fees

3,350,000

3,350,000

Other emoluments

53,400,000

53,400,000

Depreciation

40,500,883

142,635,265

Auditors' Remuneration

2,500,000

2,500,000

(Profit)/Loss on sale of fixed assets

1,500,000

323,878,686

5 FINANCE COSTS

Jun-25

N

Dec-24

N

This comprises of

Interest on Term Loan

22,564,800

95,525,166

Interest income

46,747,286

-

Other Charges (COT etc)

2,225,386

9,799,997

21,957,100

105,325,163

6 TAXATION

  1. Per Profit and loss acount Income Tax

Jun-25

-

Dec-24

5,819,102

Education Tax

Capital Gain Tax

-

16,482,491

(ii) Per Statement of Financial Position

-

22,301,593

As at the beginning of the year

77,297,219

124,559,124

Tax Charge

-

5,992,488

Payment During the year

77,297,219

130,551,612

-

WHT Credit Notes Utilised during the Year

(2,364,526)

(53,254,393)

74,932,693

77,297,219

‌NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH JUNE 2025

7 INVENTORIES

Jun-25

N

Dec-24

Raw Materials & Finished Products

35,696,126

52,672,113

Printing & Stationery

2,046,793

1,884,489

Engineering, kitchen & Staff uniform/Marketing store

8,849,870

3,575,258

Packaging Materials

1,233,445

0

Gift cards

4,238,400

4,238,400

Work-in-Progress

0

0

Merketing Stores

4,396,489

4,605,561

Cleaning Materials

56,948

57,105

Gas & Diesel

600,556

800,844

57,118,626

67,833,770

8 TRADE AND OTHER RECEIVABLES NON - CURRENT

Jun-25 N

Dec-24 N

Rent prepaid

71,299,869

88,285,545

This consist of rents paid in advance on outlets that would last more than 12 months.

CURRENT

Trade Receivables

57,106,759

60,107,695

Rent prepaid

13,321,248

11,494,872

Non Trade Receiveables

0

0

Amortization

76,118,602

97,889,985

Others

0

0

Witholding Tax Receiveable

20,829,254

27,617,553

Staff Debtors

515,968

6,607,506

167,891,831

203,717,611

9 CASH AND CASH EQUIVALENTS

Jun-25

Dec-24

N

N

Cash Balances

8,738,286

4,373,614

Bank Balances

203,410,577

232,513,666

Cash & Cash equivalents

212,148,864

236,887,280

Bank Overdrafts

-

0

Cash and cash equivalents in cashflow statement

212,148,864

236,887,280

‌TANTALIZERS PLC

NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH JUNE 2025

10 TRADE AND OTHER PAYABLES

Jun-25

N

Dec-24

N

Trade Creditors

58,392,066

92,523,675

Other payables

1,008,905,216

965,627,902

1,067,297,282

1,058,151,577

The company's policy on payment of creditors is to agree terms of payment prior to commencing trade with a supplier and to abide by those terms on the timely submission of invoices and other required confirmation of supply documents.

11 PROVISIONS AND DEFERRED INCOME Jun-25 Dec-24 N N

Non - Current

Deferred income 44,430,351 5,185,110

Retro-Franchise Deposits 33,354,278 6,314,770

77,784,630 11,499,880

This relates to amounts received as rental income for unutilized spaces in various outlets that would expire after 12 months.

Current

Provisions & Accruals

224,179,871

281,958,052

Provision for Directors fee

41,736,667

40,570,000

Retro-Franchise Deposits

4,879,000

4,879,000

Deposit on Rent

10,200,000

10,200,000

280,995,538

337,607,052

Deferred income relates to amounts received as rental income for unutilized spaces in various outlets that would expire within 12 months.

Provision for Directors fee of N41,153,333 has been outstanding for the past five years. Directors are yet to be paid.

BORROWINGS

Jun-25 N

Dec-24 N

12

Non - Current Secured Loans

Eco-Bank Plc Restructured Loan due year 2031

0

264,873,396

CFS Lease

16,000,000

6,935,240

16,000,000

271,808,636

Ecobanl loan was fully paid in the month of June 2025.

‌TANTALIZERS PLC NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH JUNE 2025

Jun-25

Dec-24

Bank Overdrafts

-

0

Current Secured Loans

0

Eco-Bank plc Restructured Loan due year 2022

0

34,091,714

0

34,091,714

13 SHARE CAPITAL

1. Authorised:

Jun-25 N

Dec-24 N

5,000,000,000 Ordinary Shares of 50k each

2,500,000,000

2,500,000,000

2. Issued and fully paid:

N

N

5,000,000,000 Ordinary Shares of 50k each

2,500,000,000

1,605,813,953

14 SHARE PREMIUM

This represents the excess of consideration paid over the nominal value of the 1,026,630,526 shares issued during the private placement offer in year 2008, 261,627,906 shares issued during the

special placement offer in year 2010 and 1,788,372,094 shares issued during private placement offer in year 2025.

‌TANTALIZERS PLC

NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH JUNE 2025

  1. REVENUE RESERVE Jun-25 Dec-24

    N N

    At 1st January 2025 (4,518,174,963) (4,252,589,110)

    Profit/Loss for the year (25,897,138) (265,585,853)

    Balance Transferred to Statement of Financial Position (4,544,072,101) (4,518,174,963)

  2. CHANGES IN EQUITY

    Share

    Capital

    Share

    Premium

    Revaluation

    Reserve

    Retained

    Deficit

    Total

    N

    N

    N

    N

    N

    As at 1st Jan 2024

    1,605,813,953

    2,071,077,399

    938,335,517

    (4,252,589,108)

    362,637,761

    Loss for the period

    (25,897,138)

    (25,897,138)

    Movement in revaluation reserve

    Movement in Share Capital

    894,186,047

    178,837,207

    1,073,023,254

    2,500,000,000

    2,249,914,606

    938,335,517

    (4,278,486,246)

    1,409,763,877

    ‌TANTALIZERS PLC
  3. SHAREHOLDING STRUCTURE AS AT 30TH JUNE 2025

NAME

ADDRESS

HOLDING

%

1 BOSE AYENI

MAKAY PLAZA 21 ROAD, I CLOSE FESTAC TOWN,LAGOS

447,339,387

9

2 AYENI MOFOLUSO OLUYEMI

MAKAY PLAZA 21 ROAD, I CLOSE FESTAC TOWN,LAGOS

708,846,660

14

3 GOLDEN ANKHS INTEGRATED SERVICES

2ND FLOOR MAKAY PLAZA 21 ROAD 1 CLOSE FESTAC TOWN,LAGOS

686,452,253

14

4 FOOD SPECIALTIES

MAKAY PLAZA 21 ROAD, I CLOSE FESTAC TOWN,LAGOS

1,788,372,094

36

5 BANK LINK AFRICA

1,368,989,606

27

TOTAL

5,000,000,000

100

FREE FLOAT NIL

‌TANTALIZERS PLC

NOTES TO THE FINANCIAL STATEMENT FOR THE PERIOD ENDED 30TH JUNE 2025

PROPERTY, PLANT AND EQUIPMENT

ASSET IN

RESTAURANT FURNITURE &

OFFICE FURNITURE &

PLANT &

MOTOR

SOFTWARE

LAND

BUILDING

PROGRESS

EQUIPMENT

EQUIPMENT

MACHINERY

VEHICLES

EQUIPMENT

T O T A L

COST

N

N

N

N

N

N

N

N

N

As at 1st January 2025

1,053,229,940

1,664,705,790

0

1,663,406,610

277,906,863

734,704,777

288,968,815

295,092,678

Additions during the period

4,320,000

8,475,350

20,802,508

5,978,015,473

33,597,858

0

Reclassification -

Revaluation 0

1,053,229,940 1,669,025,790

0

1,663,406,610

286,382,213

755,507,285

288,968,815

295,092,678

6,011,613,331

- 1,191,561,327

-

1,599,521,878

276,466,356

721,337,760

286,880,986

159,508,147

4,235,276,454

21,390,722

5,413,462

819,733

6,600,705

422,916

5,853,345

40,500,883

-

-

- 1,212,952,049

-

1,604,935,340

277,286,089

727,938,465

287,303,902

165,361,492

4,275,777,337

1,053,229,940 456,073,741

0

58,471,270

9,096,124

27,568,819

1,664,913

129,731,186

1,735,835,994

Disposal during the period - -As At 30th June 2025

DEPRECIATION

As At 1st January 2025 Charge for the period

Reclassification Disposal in the period As At 30th June 2025

NET BOOK VALUE AS

As At 30th June 2025



CERTIFICATION PURSUANT TO SFP.TlttN 60[2] OF INVESTMENT AND

SECURITY ACT NO. 29 OF 2007

We the undersigned he ehy ce Iify the fnll‹›wing with reyard s f‹› the Fin anc ipj Report r r the

Period Ended 10'!' lune 2TZW N1at:

  1. We have reviewed the eyort;

    {b} Yn the best of nur I‹nnwlerIge, the reyort rl‹›es nnt «›nta›n:

    1. Any untrue statement of a material (act, ‹›r

Il. Umit tc state a matera fact, which wuuld make the statement, mis!eadi ng in the

light of' the circumstance under which such statements were make.

  1. To the hert of o t I‹nowIedge, the financial statement and other financ al infnrmat nn included in the repurt fairly present irt all material respects the rinancia1 condition and results of operation of the Company as uf, and for the period presented in the report.

  2. We:

    1. Are responsible for establishing and maintaining internal controls;

      11. Have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiary is made known to such officers by other within those entities particularly during the period in which the periodic reports are being prepared;

      tAl. Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;

      lV. Have presented in the report our conclusion about the effectiveness of our internal controls based on our evaluation as of date.

  3. We have disclosed to the auditors of the Company and audit committee:

    1. All significant deficiency in the design or operation of internal controls which woulrt adversely affect the Companys ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and

      11. Any fraud, whether or not material, that involves management or other employees who have significant role in the Company's internal controls: and

  4. We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequently to the date of our evaluation, including any corrective actions with regards to significant deficiencies and material weaknesses.



Managing D1rector/CEO

Mr. Charles lfidon

Executive Director, Finance

Mr. Bamidele Oke

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