GLOBAL SPECTRUM ENERGY SERVICES : AUDITED FINANCIAL STATEMENT FOR 2021

GLOBAL SPECTRUM ENERGY SERVICES PLC

2021

ANNUAL AUDITED REPORT

AND

FINANCIAL STATEMENTS

GLOBAL SPECTRUM ENERGY SERVICES PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
CONTENT	PAGE
RESULTS AT A GLANCE	3
COMPANY PROFILE	4
CORPORATE INFORMATION	5
CHAIRMAN'S STATEMENT	6
ABOUT GLOBAL SPECTRUM ENERGY SERVICES PLC.	9
DIRECTORS' REPORT	11
CORPORATE GOVERNANCE REPORT	19
STATEMENT OF THE DIRECTORS RESPONSILITIES	31
REPORT OF THE STATUTORY AUDIT COMMITTEE	32
INDEPENDENT AUDITORS REPORT	33
STATEMENT OF COMPREHENSIVE INCOME	38
STATEMENT OF FINANCIAL POSITION	39
STATEMENT OF CHANGES IN EQUITY	40
STATEMENT OF CASHFLOW	41
NOTES TO THE FINANCIAL STATEMENTS	42
NON-IFRS FINANCIAL STATEMENTS	71

RESULTS AT A GLANCE

Statement of Income:	2021	2020
N'000	N'000
Revenue	1,954,292	2,219,882	(265,590)	(11.96)
Profit before income tax	261,060	328,520	(67,460)	(20.53)
Income and Deferred Tax expense	(134,041)	(118,701)	(15,340)	(12.92)
Profit for the year	127,024	209,819	(82,795)	(39.46)
Statement of Financial Position:
Total Assets	5,870,337	5,761,442	108,895	1.89
Total Liabilities	808,098	826,228	18,130	2.19
Net Assets	5,062,239	4,935,215	127,024	2.57
Total Equity	5,062,239	4,935,215	127,024	2.57
Total Equity & Liabilities	5,870,337	5,761,442	108,895	1.89
Paid-up share capital	400,000	400,000	0	0
Shareholders' funds	5,062,239	4,935,215	127,024	2.57
Number of shares in issue(units) @ 50k each	800,000	800,000	0	0
Per Share Data:
Basic Earnings per share -kobo	15.88	26.23	10.35	39.45
Adjusted Earnings Per Share(kobo)	15.88	26.23	10.35	39.45
Total Assets Per Share (N)	7.34	7.20	0.14
1.94
Net assets per share (N)	6.33	6.16	0.17	2.76
Market Value Per Share (N)	3.78	4.19	(0.41)	(9.78)

Increase/(Decrease)

N'000 %

GLOBAL SPECTRUM ENERGY SERVICES PLC ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2021

BOARD MEMEBERS

PROFILE

Mr. Osahon Idemudia RAdm. Austin Oyagha Mr. Wasiu Akindele Mr. Clement Akanibo Mr. Mustapha Shuaibu Mr. Chidolue Okonkwo Mrs. Comfort Otera Chigbue RAdm. Dickson Ikechukwu Olisemenogor

Mr. Idemudia is a seasoned Lawyer called to the Nigerian Bar in 1988, with a Law Degree from the University of Benin (1987). He joined Libra Law Office, the firm of Mrs. Hariat Aderinsola Balogun, as a Counsel where he grew to become a Partner in 1993 and in 2020, he started his own firm known as Iroghama Legal Practitioners where he is the Principal Partner. RAdm. Oyagha is a retired veteran Senior Naval Officer, with over 35 years' experience in maritime affairs and security. During his unblemished and illustrious career, he was the Flag Officer Commanding Logistics Command, Chief of Training and Operations at Naval Headquarters and Chief of Administration at the Defence Headquarters. He is also a legal practitioner called to the Nigerian bar. Mr. Akindele is an Accountant. He was an Audit Senior in the employment service of the accounting and consulting firm, Itunu Rewane & Co. He was also the account executive of CFAO Technologies (Nig.) Ltd between 2004 and 2007. Mr. Akanibo is a Chartered Accountant of over twenty-seven (27) years in Accounting / Taxation areas of the Financial Sector, whose experience spans both the Public and Private sectors. Most notably for the Rivers State government, FIRS, NDIC, SPDC, John Holt and Adamac Group. Mr. Shuaibu is an astute businessman and a key player in the Oil & Gas operations, marine services, and insurance. He is an extremely talented and solution-driven business executive having over 20 years of working experience in a private firm through change, start-ups, turnaround, revitalization, and accelerated growth. Mr. Okonkwo is a legal practitioner called to the Nigerian Bar, and the Principal Partner of Okonkwo Chido & Associates, a thriving law practice in Abuja covering areas of practice that include Energy, Maritime and Oil and Gas. He is an alumnus of Enugu State University of Science. Mrs. Chigbue is a graduate of Law from the University of Maiduguri, Borno State. She was called to the Nigerian Bar in 1988 and obtained a master's degree in International Law & Diplomacy from the University of Lagos in 1991. Mrs. Otera Chigbue is exposed to corporate governance and compliance. RAdm. Olisemenogor is a retired veteran Senior Naval Officer, with over 32 years' experience in maritime affairs and security. During his unblemished and meritorious career, he had the privilege of working in various capacity within the Nigerian Navy, Armed Forces Defence Headquarters and United Nations Peace Support operations. He was also actively involved in numerous maritime security operations within

Nigerian and foreign waters in conjunction with personnel from other navies and international security organisations.

CORPORATE INFROMATION

Registered Head Office

49a Chris Madueke Drive, Lekki Phase 1, Lagos.

Company Registration Number

RC 648014

Company Secretary/Solicitors Rayfield Associates

49a Chris Madueke Drive, Lekki Phase 1, Lagos.

Registrar

African Prudential Registrars 220b, Ikorodu Rd, Lagos.

Auditors

Olufemi Fajuyi & Co. (Chartered Accountants)

4, Olowu Street, Off Obafemi Awolowo Way Ikeja, Lagos

Bankers

Sterling bank Fidelity Bank Plc.

Zenith Bank Plc Polaris Bank Limited