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 |
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Disclaimer
Guardian Media Ltd. published this content on 15 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2023 19:31:00 UTC.