Guardian Media : 11 May 2023 – Guardian Media Limited – Unaudited Financial Results for the quarter ended March 31st, 2023

UNAUDITED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH, 2023

GuardianTrinid d & Tobago

CHAIRMAN'S STATEMENT

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

During the first quarter of 2023 the country Despite a year-over-year increase in operating experienced a healthy and commercially expenses, management remains focused on buoyant Carnival season. Pursuant to our driving efficiencies and the continuous reduction strategy, we invested in our platforms to of controllable expenses. Cash balances as at enhance our product and service offerings and the quarter's end have improved by $5M over we have augmented our salesforce to improve the 31 December 2022 position of $17M. We our commercial capability. We are confident maintain robust capital levels and our balance that these initiatives will yield the expected sheet remains healthy.

results over the upcoming months.

	I am confident that our strategies will deliver a
Revenues for the quarter ending 31 March	turnaround in our financial performance during
2023 were $22.7M, an increase of $.6M or 3%	the three remaining quarters of 2023. We again
over the corresponding quarter in 2022. A loss	wish to thank our shareholders, customers
before taxation of $6M was incurred versus	and employees for their loyalty and continuing
a loss before tax of $3.2M in the prior year.	support.
Multi-media segment revenue in the quarter
increased $.5M or 5% compared with the prior
year. This growth was partially offset by sports
programming rights and higher entertainment
rights costs due to an increase in content	Peter Clarke
availability compared to the prior year.	Chairman

Balance at 1 January, 2023

Net loss for the period

Other comprehensive income Other transfers and movements Dividends

Balance at 31 March, 2023 (Unaudited)

Balance at 1 January, 2022 Net loss for the period Other comprehensive loss Other transfers and movements Dividends

$'000	$'000	$'000	$'000	$'000
Stated	Treasury	Other	Retained	Total
Capital	Shares	Reserves	Earnings
27,288	(1,554)	167	228,263	254,164
-	-	-	(4,697)	(4,697)
-	-	31	-	31
-	-	-	-	-
-	-	-	-	-
27,288	(1,554)	198	223,566	249,498
27,288	(1,554)	268	233,822	259,824
-	-	-	(3,956)	(3,956)
-	-	(10)	-	(10)
-	-	-	(27)	(27)
-	-	-	(2,837)	(2,837)

SUMMARY CONSOLIDATED		$'000	$'000	$'000
STATEMENT OF		Unaudited	Unaudited	Audited
COMPREHENSIVE LOSS		Qtr Ended	Qtr Ended	Year Ended
	31-Mar-23	31-Mar-22	31-Dec-22
Third party revenue			22,653	22,054	117,788
(Loss)/profit from operating activities			(5,808)	(2,999)	4,616
Finance costs			(214)	(167)	(733)
(Loss)/profit before taxation			(6,022)	(3,166)	3,883
Taxation credit/(charge)			1,325	(790)	(1,421)
(Loss)/profit for the period			(4,697)	(3,956)	2,462
Other comprehensive income/(loss), net of taxation		31	(10)	(5,234)
Total comprehensive loss for the period		(4,666)	(3,966)	(2,772)
Basic earnings per share			-	-	0.06
Dividends paid per share			-	-	0.04
SUMMARY CONSOLIDATED		$'000	$'000	$'000
STATEMENT OF		Unaudited	Unaudited	Audited
	Balance as at	Balance as at	Balance as at
FINANCIAL POSITION		31-Mar-23	31-Mar-22	31-Dec-22
ASSETS
Fixed assets			63,345	69,594	65,696
Other long term assets			139,230	134,639	138,203
			202,575	204,233	203,899
Current assets			126,873	129,633	130,606
Total Assets			329,448	333,866	334,505
EQUITY AND LIABILITIES
Stated capital			27,288	27,288	27,288
Reserves			222,210	225,706	226,876
Total equity			249,498	252,994	254,164
Non-current liabilities			53,510	52,378	54,312
Current liabilities			26,440	28,494	26,029
Total Equity and Liabilities			329,448	333,866	334,505
Peter Clarke	Dr. Karrian Hepburn Malcolm
Chairman	Managing Director

Balance at 31 March, 2022 (Unaudited)	27,288	(1,554)	258	227,002	252,994
SUMMARY CONSOLIDATED	$'000		$'000	$'000
Unaudited		Unaudited	Audited
STATEMENT OF CASH FLOWS	3 Months Ended	3 Months Ended	Year Ended
		31-Mar-23		31-Mar-22	31-Dec-22
Cash flows from operating activities
(Loss)/profit before taxation			(6,022)		(3,166)	3,883
Adjustment for items not affecting working capital		3,684		3,353	11,294
Operating (loss)/income before working capital changes		(2,338)		187	15,177
Net change in working capital			8,995		1,339	(14,355)
Cash generated from operations			6,657		1,526	822
Interest received			-		455	92
Interest paid			(214)		(167)	(733)
Taxation paid			(528)		(2,152)	(3,777)
Net cash generated from/(used in) operating activities		5,915		(338)	(3,596)
Net cash generated from/(used in) investing activities		91		(588)	(4,534)
Net cash used in financing activities			(892)		(722)	(6,401)
Net increase/(decrease) in cash and cash equivalents		5,114		(1,648)	(14,531)
Cash and cash equivalents at the beginning of the period/year		17,051		31,582	31,582
Cash and cash equivalents at the end of the period/year		22,165		29,934	17,051

NOTES TO THE SUMMARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 31 MARCH, 2023

The accompanying notes form an integral part of these summary consolidated financial statements.

Note 1. Basis of preparation:

The summary consolidated financial statements are prepared in accordance with criteria developed by management. Under management's established criteria, management discloses the summary consolidated statement of financial position, summary consolidated statement of comprehensive income, summary consolidated statement of changes in equity and summary consolidated statement of cash flows.

Note 2. Significant accounting policies:

These summary consolidated financial statements have been prepared in accordance with the accounting policies set out in "Note 2" of the 31 December 2022 audited consolidated financial statements consistently applied from period to period. The Group has adopted all the new and revised accounting standards and interpretations that are mandatory for annual accounting periods on or after 1 January 2023 and which are relevant to the Group's operations.

Note 3. Stated Currency:

Rounded to the nearest thousand Trinidad & Tobago Dollars.

Note 4. Segment information:

The Group's segments are organised and managed separately according to the nature of these services provided by each segment. The reportable segments are the Print and Multi-Media segments. The Print segment is mainly involved in newspaper circulation and other printing services for other publishers. The Multi-Media segment provides broadcasting services through its seven (7) radio stations, the live television station and other business lines.

		Print Segment	Multi-media Segment		Total
	Unaudited	Audited	Unaudited	Audited	Unaudited		Audited
	3 Months Ended	Year Ended	3 Months Ended	Year Ended	3 Months Ended		Year Ended
	2023	2022	2022	2023	2022	2022	2023	2022		2022
Revenue	11,829	11,716	50,852	10,824	10,338	66,936	22,653	22,054		117,788
(Loss)/profit
before taxation	(2,105)	(1,635)	117	(3,917)	(1,531)	3,766	(6,022)	(3,166)		3,883
Assets	171,313	170,272	167,053	158,135	163,594	167,452	329,448	333,866		334,505
Liabilities	35,977	36,392	36,153	43,972	44,480	44,188	79,950	80,872		80,341
Depreciation and
amortisation	1,974	2,416	10,133	1,635	1,081	4,270	3,609	3,497		14,403
Capital expenditure	99	505	2,178	500	476	3,067	599	981		5,245