AFROMEDIA : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

AFROMEDIA PLC

MANAGEMENT REPORT

FOR THE PERIOD ENDED

30 JUNE 2022

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AFROMEDIA PLC

MANAGEMENT REPORT FOR THE PERIOD ENDED 30 JUNE 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 30 JUNE 2022

Statement of Profit or Loss and Other

Comprehensive Income

	Notes	Jun-22		Dec-21
		₦'000		₦'000
Revenue	1	165,774	322,976
Cost of Sales	2	(105,578)	(228,855)
Gross Profit		60,196	94,121
Other Income	3	6,351	14,215
Operating Expenses	4	(113,567)	(275,015)
EBITDA		(47,020)	(166,678)
Depreciation and Amortisation	5	(16,518)	(17,296)
Profit Before Tax		(63,538)	(183,974)
Other Comprehensive Income		6,185	361,159
Total Comprehensive Income		(57,353)	144,236

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AFROMEDIA PLC

STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 30 JUNE 2022

	Jun-22		Dec-21
	₦'000		₦'000
Assets
Non-Current Assets
Property, Plant and Equipment	1,051,246	1,101,061
Intangible Assets	3,385	5,947
Investment	20,750		20,750
Total Non-Current Assets	1,075,381	1,127,757
Current Assets
Inventory	-	-
Trade and Other Receivables	692,034	612,672
Cash and Cash Equivalent	1,067		3,378
Total Current Assets	693,100	616,050
Total Assets
1,768,481	1,743,807
Equity and Liabilities
Equity and Reserves
Share Capital	2,757,277	2,757,277
Reserves	(6,033,045)		(5,975,693)
Total Equity and Reserves	(3,275,768)	(3,218,415)
Current Liabilities
Trade and Other Payables	1,425,990	1,315,886
Short-Term Loan	50,000	50,000
Overdraft	-		-
Total Current Liabilities	1,475,990	1,365,886
Non-Current Liabilities
Long-Term Liabilities	3,568,260		3,596,336
Total Non-Current Liabilities	3,568,260	3,596,336
Total Liabilites	5,044,249	4,962,222
Total Equity and Liabilities
1,768,481	1,743,807

Approved by the board of directors on 29th July 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 30 JUNE 2022

		Share	Revaluation	Available-	Revenue
	Share Capital	Premium	for-sale	Total Equity
	Reserve	Reserve
		Acct	Reserve
	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
Balance as at Beginning of the Prior Year	2,219,523.52	537,753.82	2,853,604.84		-8,973,534	-3,362,652
Profit or (Loss) for the year					-216,923	-216,923
Other Comprehensive Income					361,159.02	361,159.02
As at 31 December 2021	2,219,523.52	537,753.82	2,853,604.84		-8,829,297	-3,218,416
(audited)	-
Changes in Equity Current year:						-
Issued Share Capital						-
Adjustment to retain earnings						-
Profit or (Loss) for the year					-57,353	-57,353
As at 30 June 2022	2,219,523.52	537,753.82	2,853,604.84		-8,886,650	-3,275,769
	-

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