GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES | |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED | |
31 DECEMBER 2022 | |
C O N T E N T S | Page |
Independent Auditor's Report | 2 - 6 |
Consolidated Statement of Financial Position | 7 & 8 |
Consolidated Statement of Comprehensive (Loss)/Income | 9 |
Consolidated Statement of Changes in Equity | 10 |
Consolidated Statement of Cash Flows | 11 & 12 |
Notes to the Consolidated Financial Statements | 13 - 82 |
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Ernst & Young Services Limited | Tel: +1 868 628 1105 |
P.O. Box 158 | Fax: +1 868 622 1153 |
5/7 Sweet Briar Road | www.ey.com |
St. Clair, Port of Spain | |
Trinidad |
INDEPENDENT AUDITOR'S REPORT
TO THE SHAREHOLDERS OF GUARDIAN MEDIA LIMITED
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Guardian Media Limited and its subsidiaries ("the Group"), which comprise the consolidated statement of financial position as at 31 December 2022, and the consolidated statement of comprehensive (loss)/income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2022 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards ("IFRSs").
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing ("ISAs"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' ("IESBA") International Code of Ethics for Professional Accountants (including International Independence Standards) ("IESBA Code"), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.
2
The signature "EY" in this report represents only Ernst & Young Services Limited, a limited liability company established under the laws of Trinidad and Tobago. The contents of this document are provided solely by Ernst & Young Services Limited and any liability arising therefrom is limited to Ernst & Young Services Limited.
INDEPENDENT AUDITOR'S REPORT
TO THE SHAREHOLDERS OF GUARDIAN MEDIA LIMITED
Report on the Audit of the Consolidated Financial Statements (continued)
Key Audit Matters (continued)
Key Audit Matters | How our audit addressed the key audit matter |
Estimation uncertainty involved in impairment testing of goodwill and other intangibles with indefinite lives
Refer to related disclosures in notes 3 and 6, and | Our audit procedures focused on the assessment of | |||||||||||||||
accounting policy note 2 (xxii) to the | the key assumptions utilized by management | |||||||||||||||
consolidated financial statements. As described | including the cash-flow projections and the discount | |||||||||||||||
in these notes, impairment tests are performed | rate. We also evaluated whether the value in use | |||||||||||||||
annually on goodwill and certain indefinite life | impairment test model met the requirements of IAS | |||||||||||||||
licences. | 36. | |||||||||||||||
As required by IAS 36: "Impairment of Assets", | To this end our procedures included, amongst others, | |||||||||||||||
evaluating | and | testing | the | assumptions, | ||||||||||||
management performed an impairment test on | ||||||||||||||||
methodologies, | Cash | Generating | Unit | (CGU) | ||||||||||||
these assets. Based on | the impairment | test | ||||||||||||||
determination, discount rate and other key data used | ||||||||||||||||
performed during the year, no impairment was | ||||||||||||||||
by management. We also assessed the assumptions | ||||||||||||||||
recorded in 2022. | ||||||||||||||||
by comparing to historical performance of the entity, | ||||||||||||||||
Impairment | tests | on | goodwill and | other | local | economic | conditions and other alternative | |||||||||
independent sources of information. In so doing we | ||||||||||||||||
intangibles involve significant estimation and | ||||||||||||||||
evaluated the sensitivity of the key assumptions to | ||||||||||||||||
the application of a high level of judgement | ||||||||||||||||
reasonable | possible | changes, | especially with | the | ||||||||||||
relative | to | key | assumptions such | as | the | |||||||||||
added estimation uncertainty | brought on | by | the | |||||||||||||
applicable discount rate and future cash-flows. | ||||||||||||||||
pandemic which could cause the carrying amount of | ||||||||||||||||
In determining future cash-flow projections, | the CGU to exceed its recoverable amount. | |||||||||||||||
management uses assumptions and estimates in | We involved our EY valuation specialist to assist | |||||||||||||||
respect | of | future | market conditions, | future | ||||||||||||
with | our | audit | of | the | impairment | test | model, | |||||||||
economic growth, expected market share and | ||||||||||||||||
including the cash flows, discount rate and long-term | ||||||||||||||||
gross margins including | the possible | current | ||||||||||||||
growth rates. | ||||||||||||||||
and future negative effects of the pandemic. The | ||||||||||||||||
outcome of the impairment testing is sensitive | We | also | assessed | the appropriateness | of | the | ||||||||||
to these assumptions and estimates, such that | ||||||||||||||||
disclosures in the notes to the consolidated financial | ||||||||||||||||
changes | in | these | assumptions/estimates | may | ||||||||||||
statements, | with | reference to | that prescribed | by | ||||||||||||
result in different impairment test conclusions. | ||||||||||||||||
IFRSs. | ||||||||||||||||
3
The signature "EY" in this report represents only Ernst & Young Services Limited, a limited liability company established under the laws of Trinidad and Tobago. The contents of this document are provided solely by Ernst & Young Services Limited and any liability arising therefrom is limited to Ernst & Young Services Limited.
INDEPENDENT AUDITOR'S REPORT
TO THE SHAREHOLDERS OF GUARDIAN MEDIA LIMITED
Report on the Audit of the Consolidated Financial Statements (continued)
Other information included in the Group's 2022 Annual Report
Other information consists of the information included in the Group's 2022 Annual Report, other than the consolidated financial statements and our auditor's report thereon. Management is responsible for the other information. The Group's 2022 Annual Report is expected to be made available to us after the date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
Responsibilities of Management and the Audit Committee for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The Audit Committee is responsible for overseeing the Group's financial reporting process.
4
The signature "EY" in this report represents only Ernst & Young Services Limited, a limited liability company established under the laws of Trinidad and Tobago. The contents of this document are provided solely by Ernst & Young Services Limited and any liability arising therefrom is limited to Ernst & Young Services Limited.
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Guardian Media Ltd. published this content on 24 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2023 13:01:07 UTC.