AFROMEDIA : YEAR END - FINANCIAL STATEMENT FOR 2022

AFROMEDIA PLC

MANAGEMENT REPORT

FOR THE PERIOD ENDED

31ST DECEMBER 2022

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AFROMEDIA PLC

MANAGEMENT REPORT FOR THE PERIOD ENDED 31ST DECEMBER 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 31ST DECEMBER 2022

	Notes	Dec-2022		Dec-2021
			₦'000		₦'000
Revenue	1		345,991	322,976
Cost of Sales	2		(199,247)	(228,855)
Gross Profit			146,745	94,121
Other Income	3		12,751	14,215
Operating Expenses	4		(252,616)	(275,011)
EBITDA			(93,120)	(166,675)
Depreciation and Amortisation	5		(24,993)	(17,296)
Finance Cost			(0),	(3)
Profit Before Tax			(118,114)	(183,974)
Taxation				(32,948)
Profit After Tax			(118,114)	(216,923)
Other Comprehensive Income			(3,441)	361,159
Total Comprehensive Income			(121,555)	144,236

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AFROMEDIA PLC

STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 31ST DECEMBER 2022

Statement of Financial Position
		As at		As at
	Notes	Dec-2022		Dec-2021
		₦'000		₦'000
Assets
Non-Current Assets
Property, Plant and Equipment	10	1,009,297	1,101,061
Intangible Assets		206	5,947
Investment		10,750		20,750
Total Non-Current Assets		1,020,253	1,127,757
Current Assets
Inventory		0	0
Trade and Other Receivables	6	624,706	612,672
Cash and Cash Equivalent	7	4,415		3,378
Total Current Assets		629,121	616,050
Total Assets		1,649,374	1,743,807
Equity and Liabilities
Equity and Reserves
Share Capital		2,757,277	2,757,277
Reserves		(6,097,247)		(5,975,693)
Total Equity and Reserves		(3,339,970)	(3,218,415)
Current Liabilities
Trade and Other Payables	8	1,372,412	1,315,886
Short-Term Loan		50,000	50,000
Overdraft		0		0
Total Current Liabilities		1,422,412	1,365,886
Non-Current Liabilities
Long-Term Liabilities	9	3,566,932		3,596,336
Total Non-Current Liabilities		3,566,932		3,596,336
Total Liabilites		4,989,344	4,962,222
Total Equity and Liabilities		1,649,374		1,743,807

Approved by the board of directors on the 31st March, 2023

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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 31ST DECEMBER 2022

		Share		Available-
	Share	Premium	Revaluation	for-sale	Revenue
	Capital	Acct	Reserve	Reserve	Reserve	Total Equity
	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
Balance as at
Beginning of the Prior
Year	2,219,524	537,754	2,853,605	-	(8,829,297)	(3,218,415)
Profit or (Loss) for the
year					1,126	(1,126,026),
Other Comprehensive
Income					144	(144,237),
As at 31 December
2022 (audited)	2,219,524	537,754	2,853,605	-	(8,828,027)	(3,217,145)
Changes in Equity
Current year:
Issued Share Capital
Adjustment to retain
earnings
Profit or (Loss) for the
year					(121,555)	(121,555)
As at 30 December
2022
(unaudited)	2,219,524	537,754	2,853,605	-	(8,949,582)	(3,338,700)

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