DAAR COMMUNICATIONS : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

RC No. 117587

No. 1 Ladi Lawal Drive, Kpaduma Hills, off T.Y.Danjuma Street, Asokoro Abuja

DAAR COMMUNICATIONS PLC 2022 THIRD QUARTER UNAUDITED

FINANCIAL STATEMENTS AS AT 30TH SEPTEMBER, 2022

DAAR COMMUNICATIONS PLC

STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPT, 2022

		Sept.,
ASSETS		2022		Dec, 2021
NON CURRENT ASSETS		N'000		N'000
PROPERTY,PLANT & EQUIPMENT		7,379,717	7,898,411
OTHER INTANGIBLE ASSETS		25,123	26,793
INVESTMENT		179,285	171,295
DEFERRED TAX ASSETS		2,796,087	2,796,087
		10,380,212	10,892,586
CURRENT ASSETS
TRADE RECEIVABLES		2,990,838	3,065,649
OTHER DEBTORS & PREPAYMENTS	3	68,174	157,839
CASH & CASH EQUIVALENTS	4	143,335	85,049
TOTAL CURRENT ASSETS		3,202,347	3,308,537
TOTAL ASSETS		13,582,559	14,201,123
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
SHARE CAPITAL	5	4,000,000	4,000,000
SHARE PREMIUM		13,411,541	13,411,541
		-	-
RETAINED EARNINGS	6	15,012,721	14,504,240
TOTAL EQUITY		2,398,820	2,907,301
Non-Current Liabilities
Accrued Gratuity		804,771		760,922
Total Non-Current Liabilities		804,771	760,922
CURRENT LIABILITIES
SURBORDINATED LOAN		345,775	649,485
TRADE PAYABLES		1,148,607	1,101,557
OTHER PAYABLES	7	8,063,276	7,960,548
TAXATION	9	821,311	821,311
TOTAL CURRENT LIABILITIES		10,378,968	10,532,900
TOTAL EQUITY AND LIABILITIES		13,582,559	14,201,123

Dated 24th October, 2022

Tony A. Akiotu	Stanley Sagboje
GMD/CEO	ED, Finance & Accounts/CFO
FRC/2014/NIM/0000000895	FRC/2016/ICAN/00000015580

DAAR COMMUNICATIONS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE QUARTER ENDED 30TH SEPT.
2022
	Nine mths	Three	Nine mths	Three
	to Sept.	mths to	to Sept.	mths to
	2022	Sept, 2022	2021	Sept. 2021
	N'000	N'000	N'000	N'000
Revenue	3,269,849	998,840	3,279,301	1,364,942
Cost of Sales	-2,194,111	(662,275)	-1,681,294	-604,599
Gross Profit	1,075,738	336,565	1,598,007	760,343
Other Income	77,582	19,924	17,702	940
	1,153,320	356,489	1,615,708	761,283
Selling Expenses	-66,016	(35,397)	-76,975	-30,250
Administration Expenses	-1,515,797	(534,904)	-1,307,380	-563,726
Finance Charges	-79,988	(54,120)	-71,646	-43,726
PROFIT BEFORE TAXATION	-508,481	(267,931)	159,707	123,580
TAXATION	0	-	0	0
PROFIT/(LOSS) FOR THE YEAR	-508,481	(267,931)	159,707	123,580
EPS in kobo	-6	(3)	2	2

DAAR COMMUNICATIONS PLC

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED

SEPTEMBER 30, 2022

	SHARE	SHARE	RETAINED
	CAPITAL	PREMIUM	INCOME	TOTAL
	N'000	N'000	N'000	N'000
			-
BAL B/F	4,000,000	13,411,541	14,504,240	2,907,301
PROFIT FOR THE PERIOD TO
SEPTEMBER	0	0	-508,481	-508,481
			-
BALANCE AS AT SEPT 2022	4,000,000	13,411,541	15,012,721	2,398,820
DAAR COMMUNICATIONS PLC
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED
SEPTEMBER 30, 2021
	SHARE	SHARE	RETAINED
	CAPITAL	PREMIUM	INCOME	TOTAL
	N'000	N'000	N'000	N'000
			-
BAL B/F	4,000,000	13,411,541	13,770,776	3,640,765
PROFIT FOR THE PERIOD TO
SEPTEMBER	0	0	36,127	36,127
			-
BALANCE AS AT SEPT 2021	4,000,000	13,411,541	13,734,649	3,676,892
DAAR COMMUNICATIONS PLC
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30TH SEPT,
2022
		Sept 30,		Dec. 31,
		2022		2021
Cash flow from operating activities:		N'000		N'000
Profit/(Loss) before taxation		-430,899		-641,942
Add back items not involving movement of
funds:
Depreciation		613,859		834,733
Amortisation		1,670		2,234
Adjustment for Tax		0		419,618
Write down of deferred Tax assets				913,423
Impairment allowance on receivable
Finance cost		79,988		42,069
Other income		-77,582		0
Gratuity		43,849		28,288
		230,884		1,598,423
Working capital changes:
(Increase) /Decrease in Trade Receivables		74,809		-645,366
(Increase)/Decrease in Other Receivables
and prepayments		89,665		-28,095
Increase/(Decrease) in Trade and other
payables		149,778		-47,985
		314,251		-721,446
Tax Paid		0		-166,975
Net cash from operating activities		545,136		710,002

	Cash flows from investing activities:
	(Purchase)/Sale of fixed assets	-95,162		-246,679
	Investment in MTS	-7,990		-5,123
	(Increase)/Decrease in intangible assets	0		-0
	Net cash used in investing	-103,152		-251,802
	Cash flows from financing activities:
	Bank loan received	0		0
	Bank loan repaid	0		0
	Surbordinated Loan Repaid	-303,710		-389,646
	Finance cost	-79,988		-42,069
	Net Cash used in financing activities	-383,698		-431,715
	Net(decrease)/increase in cash and cash
	equivalent	58,285		26,486
	Cash and cash equivalents at 1 January	85,049		58,563
	Cash and cash equivalents at 30th
	September	143,334		85,049
	Represented by:
	Bank and cash balances	143,335		85,049
	Cash and cash equivalents at 30th
	September	143,335		85,049
	DAAR COMMUNICATIONS PLC
	NOTES TO THE FINANCIAL
	STATEMENTS
	FOR THE YEAR ENDED 30TH SEPT,
	2022
		Sept 30,		Dec. 31,
		2022		2021
1	REVENUE	N'000		N'000
	Television	2,966,106		4,374,164
	Radio	303,743		431,847
		3,269,849	0	4,806,011
		Sept 30,		Dec. 31,
2	Profit before taxation	2022		2021
	This is stated after charging the
	following:	N'000		N'000
	Directors' remuneration -
	-Fees	21,750		32,500
	Auditors remuneration	11,250		15,000
	Amortisation	1,670		2,234
	Depreciation	613,859		831,609
3 Other receivables and prepayments	N'000		N'000
	Staff Loans and Advances	8,159		9,300
	Other Receivables	60,015		148,338
		68,174		157,638
4 CASH & CASH EQUIVALENTS	N'000		N'000
		143,335		85,049