AFROMEDIA : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

AFROMEDIA PLC MANAGEMENT REPORT FOR THE PERIOD ENDED

31 DECEMBER 2021

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AFROMEDIA PLC

MANAGEMENT REPORT FOR THE PERIOD ENDED 31 DECEMBER 2021

TABLE OF CONTENTS

Statement of Profit or Loss Account
and Other Comprehensive Income	2
Statement of Financial Position	3
Statement of Changes in Equity	4
Statement of Cash Flows	5
Notes to the Financial Statements	6
OTHER NATIONAL DISCLOSURES:
Statement of Value Added	8
Five-year financial Summary	9
Notes to the Financial Statements	10 - 29

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AFROMEDIA PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2021

			12-Month ended		15-Month ended
	Notes	Dec-2021		Dec-2020
			₦'000		₦'000
Revenue	1		320,365	388,708
Cost of Sales	2		(151,867)	(134,128)
Gross Profit			168,499	254,580
Other Income	3		13,193	15,890
Operating Expenses	4		(275,099)	(249,039)
EBITDA			(93,408)	21,431
Depreciation and Amortisation	5		(105,564)	(127,904)
Profit Before Tax			(198,971)	(106,473)
Other Comprehensive Income			350,595	595,376
Total Comprehensive Income			151,624		488,903

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AFROMEDIA PLC

STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 31 DECEMBER 2021

		As at		As at
	Notes	Dec-2021		Dec-2020
		₦'000		₦'000
Assets
Non-Current Assets
Property, Plant and Equipment	6	1,098,857	1,113,503
Intangible Assets		5,947	5,936
Investment		20,750		21,336
Total Non-Current Assets		1,125,554	1,140,776
Current Assets
Trade and Other Receivables	7	566,164	675,944
Cash and Cash Equivalent		3,378		66,882
Total Current Assets		569,542	742,827
Total Assets		1,695,096	1,883,602
Equity and Liabilities
Equity and Reserves
Share Capital		2,757,277	2,757,277
Reserves		(5,968,305)		(6,119,929)
Total Equity and Reserves		(3,211,027)	(3,362,652)
Current Liabilities
Trade and Other Payables	8	1,407,732	1,939,249
Short-Term Loan		50,000	40,123
Overdraft		-		-
Total Current Liabilities		1,457,732	1,979,372
Non-Current Liabilities
Long-Term Liabilities	9	3,448,391		3,266,881
Total Non-Current Liabilities		3,448,391		3,266,881
Total Liabilities		4,906,123	5,246,254
Total Equity and Liabilities		1,695,096	1,883,602
Approved by the board of directors on 27th January 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 31 DECEMBER 2021

	Issued	Share	Other	Available-
The Company	share	Accumulated	Total
premium	reserve	for-sale
	capital	Loss
			reserve

		₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
As at 1 October 2019	2,219,524	537,754	2,853,605		(9,518,462)	(3,907,579)
Profit / (Loss) for the period	-	-	-	-	542,927	542,927
Other comprehensive income	-	-	-	-	-	-
As at 31 December 2020
(audited)	2,219,524	537,754	2,853,605	-	(8,973,535)	(3,362,652)
Profit / (Loss) for the period	-	-	-	-	(198,971)	(198,971)
Other comprehensive income	-	-	-	-	350,595	350,595
As at 31 Dec 2021
2,219,524	537,754	2,853,605	-	(8,821,911)	(3,211,028)
(unaudited)

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