Guardian Media : 15 Mar 2023 – Guardian Media Limited – Audited Financial Results for the Year ended December 31st, 2022

AUDITED RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER, 2022

Trinid d & Tobago
Guardian
CHAIRMAN'S STATEMENT		spend, and drove the reversal of Guardian	re-defined its strategic objectives to achieve
		Media Limited's Q3 year to date loss before	delivery of enhanced shareholder value. Your
The year 2022 opened without the much-	taxation of $6.5M, and the delivery of its full	Board of Directors is pleased to announce a
anticipated levels of commercial recovery and	year result.	final ordinary dividend of 4 cents per share

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

activity. The Russia-Ukraine war, supply chain	In similar fashion to 2021, the final quarter's	(2021 - 7 cents). Preference shareholders
challenges and financial market pressures	will receive a final dividend of 3%. Dividends
forced businesses to focus on survival	performance was very strong. In 2022, for the	will be paid on 15 June, 2023.
instead of advertising campaigns. As part of	quarter ended 31 December, Guardian Media	In accordance with section 110(1)(a)(i) of
our 105th year celebrations, we at Guardian	Limited reported profit before taxation of
Media Limited, spared no effort to re-connect	$10.3M, just behind last year's fourth quarter	the Companies Act 1995, the Directors have
advertisers with their customers by investing	result of $11.5M profit before taxation. These	fixed 22 May, 2023 as the Record Date for
heavily in irresistible content, whilst continuing	results were driven primarily by our successful	payment of this final dividend. The Register of
to be the trusted media partner across all	2022 FIFA World Cup Finals campaign.	Members will be closed on both 25 May and
platforms.	For the year ending 31 December 2022,	26 May, 2023.
During the year our branded Radio	Guardian Media Limited reported profit before	The Board extends its sincerest gratitude to
campaigns included the Caura Fest, Sangeet	taxation of $3.9M compared to a $6.5M profit	our loyal employees and the management
Premier League, bar crawls and other outside	before taxation in the prior year. Revenues	team for their unwavering dedication, focus
broadcasts, through which our loyal listeners	reported for the year were $117.8M ($104.7M	and commitment during 2022. We look
were again able to connect with their favourite	- 2021) reflecting an increase of $13M or	forward to the continuous support of all our
on-air personalities. After introducing our	12.5% in advertising revenues. Operating	stakeholders as we position ourselves to take
citizens to iconic global motivational speaker	expenses increased year over year due to our	advantage of all opportunities whilst focusing
Sadhguru in August, we covered the 2022	efforts to stimulate commercial interest, and	on our key strategic imperatives and sound
Caribbean Premier League, and acquired the	in order to fund growth strategies across all	governance.
rights for the 2022 FIFA World Cup finals in	business segments.
Qatar, as well as the English Premier League.	In spite of the challenging commercial
The steady contribution of our newspaper
was re-enforced by our hugely popular	environment, we remain resolute in our
special publications and increasingly popular	conviction that the business is well positioned	Peter Clarke
digital presence. Combined, these campaigns	to face the future. It has bravely weathered
stimulated increased activity and advertising	the pandemic, stabilized its operations and	Chairman

Balance at 1 January, 2022

Net profit for the year

Other comprehensive loss

Dividends

Balance at 31 December, 2022 (Audited)

Balance at 1 January, 2021

Net profit for the year

Other comprehensive (loss)/income Dividends

Balance at 31 December, 2021 (Audited)

$'000	$'000	$'000	$'000	$'000
Stated	Treasury	Other	Retained	Total
Capital	Shares	Reserves	Earnings	Equity
27,288	(1,554)	268	233,822	259,824
-	-	-	2,462	2,462
-	-	(101)	(5,133)	(5,234)
-	-	-	(2,888)	(2,888)
27,288	(1,554)	167	228,263	254,164
27,288	(1,554)	415	219,832	245,981
-	-	-	4,202	4,202
-	-	(147)	11,876	11,729
-	-	-	(2,088)	(2,088)
27,288	(1,554)	268	233,822	259,824

SUMMARY CONSOLIDATED	$'000	$'000	$'000	$'000
Unaudited	Unaudited	Audited	Audited
STATEMENT OF	Qtr Ended	Qtr Ended	Year Ended	Year Ended
COMPREHENSIVE INCOME/(LOSS)	31-Dec-22	31-Dec-21	31-Dec-22	31-Dec-21
Third party revenue	41,778	31,620	117,788	104,713
Profit from operating activities	10,574	11,695	4,616	7,245
Finance costs	(206)	(173)	(733)	(706)
Profit before taxation	10,368	11,522	3,883	6,539
Taxation	(1,450)	(2,416)	(1,421)	(2,337)
Net profit for the period	8,918	9,106	2,462	4,202
Other comprehensive (loss)/income net of taxation	(5,234)	11,915	(5,234)	11,729
Total comprehensive income/(loss) for the period	3,684	21,021	(2,772)	15,931
Basic earnings per share			0.06	0.10
Dividends per share			0.04	0.07
SUMMARY CONSOLIDATED		$'000	$'000
	Audited	Audited
STATEMENT OF FINANCIAL POSITION	Balance as at Balance as at

SUMMARY CONSOLIDATED STATEMENT	$'000	$'000
Audited	Audited
OF CASH FLOWS	Year Ended	Year Ended
	31-Dec-22	31-Dec-21
Cash flows from operating activities
Profit before taxation	3,883	6,539
Adjustment for items not affecting working capital	11,294	11,506
Operating income before working capital changes	15,177	18,045
Net change in working capital	(14,355)	2,446
Cash generated from operations	822	20,491
Interest received	92	661
Interest paid	(733)	(706)
Taxation paid	(3,777)	(2,048)
Net cash (used in)/generated from operating activities	(3,596)	18,398
Net cash used in investing activities	(4,534)	(15,858)
Net cash used in financing activities	(6,401)	(5,215)
Net decrease in cash and cash equivalents	(14,531)	(2,675)
Cash and cash equivalents at the beginning of the year	31,582	34,257
Cash and cash equivalents at the end of the year	17,051	31,582

REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY

CONSOLIDATED FINANCIAL STATEMENTS

		31-Dec-22	31-Dec-21
ASSETS
Fixed assets	65,696	71,261
Other long term assets	138,203	135,676
		203,899	206,937
Current assets	130,606	134,933
Total Assets		334,505	341,870
EQUITY AND LIABILITIES
Stated capital	27,288	27,288
Reserves	226,876	232,536
Total equity		254,164	259,824
Non-current liabilities	54,312	51,350
Current liabilities	26,029	30,696
Total Equity and Liabilities		334,505	341,870
Peter Clarke	Dr. Karrian Hepburn Malcolm
Chairman	Managing Director

TO THE SHAREHOLDERS OF GUARDIAN MEDIA LIMITED

Opinion

The summary consolidated financial statements, which comprise the summary consolidated statement of financial position as at 31 December 2022, the summary consolidated statement of comprehensive income/(loss), summary consolidated statement of changes in equity and summary consolidated statement of cash flows for the year then ended, and related notes, are derived from the complete audited consolidated financial statements of Guardian Media Limited and its subsidiaries (the "Group") for the year ended 31 December 2022.

In our opinion, the accompanying summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements, on the basis described in Note 2.

Summary Consolidated Financial Statements

The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards ("IFRSs"). Reading the summary consolidated financial statements and the auditor's report thereon, therefore, is not a substitute for reading the audited consolidated financial statements and auditor's report thereon. The summary consolidated financial statements and the audited consolidated financial statements do not reflect the effects of events that occurred subsequent to the date of our report on the audited consolidated financial statements.

The Audited Consolidated Financial Statements and Our Report Thereon

We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated 13 March 2023. That report also includes the communication of Key Audit Matters. Key Audit Matters are those matters that, in our professional judgment, were most significant in our audit of the consolidated financial statements of the current period.

Responsibilities of Management for the Summary Consolidated Financial Statements

Management is responsible for the preparation of the summary consolidated financial statements in accordance with IFRSs.

Auditor's Responsibilities for the Audit of the Summary Consolidated Financial Statements

Our responsibility is to express an opinion on whether the summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements based on our procedures, which were conducted in accordance with International Standards on Auditing (ISA) 810 (Revised), "Engagements to Report on Summary Financial Statements".

Port of Spain,

TRINIDAD:

13 March 2023

NOTES TO THE SUMMARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2022

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/(loss), 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 2022 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 organized 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	Total
	Audited	Audited	Audited	Audited	Audited	Audited
	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	2022	2021	2022	2021	2022	2021
Revenue	50,852	46,966	66,936	57,747	117,788	104,713
Profit
before taxation	117	303	3,766	6,236	3,883	6,539
Assets	167,053	172,394	167,452	169,476	334,505	341,870
Liabilities	36,153	36,921	44,188	45,125	80,341	82,046
Depreciation and
amortization	10,133	9,545	4,270	4,625	14,403	14,170
Capital expenditure	2,178	1,654	3,067	1,561	5,245	3,215