IKEJA HOTEL : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

IKEJA HOTEL PLC

Contents	Page
Certification	2
Statement of Financial Position	3
Satement of Comprehensive Income	4
Statement of Changes in Equity	5
Statement of Cash Flows	6
Notes to Financial Statement	7-25
Operating Summary	26

IKEJA HOTEL PLC

Certification of Financial Statements

In compliance with Section 60(2) of the Investment and Securities Act, 2007, we have reviewed the unaudited interim Financial Statements of the Group for the first quarter ended 31 March 2023.

The Financial Statements, based on our knowledge, does not contain any untrue statement of any material fact or contain any misleading information in any respect.

The Financial Statements, and other financial information included therein, present fairly in all material respects the consolidated statement of financial position, consolidated statement of financial performance and consolidated statement of cash flows of the Group for the first quarter ended 31 March 2023.

We are responsible for designing the internal controls and procedures surrounding the financial reporting process and assessing these controls in accordance with Section 60(2) of the Investment and Securities Act, 2007 and have designed such internal controls and procedures, or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the Company is made known to us by others within the entity. The controls, which are properly prepared, have been operating effectively during the year under reference.

Based on the foregoing, we, the undersigned, hereby certify that to the best of our knowledge and belief, the information contained in the unaudited interim Financial Statements of Ikeja Hotel Plc for the first quarter ended 31March 2023 are complete, accurate and free from any material misstatement.

Theophilus E. Netufo	Zacchaeus O. Adeyemo
Managing Director/CEO	Controller of Finance
FRC/2013/ICAN/00000004775	FRC/2018/ICAN/00000017858
20 April 2023	20 April 2023

2

IKEJA HOTEL PLC

Consolidated Statement of Financial Position
As at 31 March 2023
			The Group	The Company
	Notes	31-Mar-23	31-Dec-22	31-Mar-23				31-Dec-22
			N'000	N'000	N'000				N'000
Non-Current Assets
Property, plant and equipment	7		7,119,993				6,927,608				7,119,993	6,927,608
Capital work in progress	9		66,677				67,842				66,677	67,842
Intangible asset	10		19,281				18,329				19,281	18,329
Investment in subsidiaries	35		-				-				4,444,518	4,444,518
Investment accounted for using the equity
method	36		-				-				798,722	798,722
Total Non-Current Assets			7,205,951				7,013,779				12,449,191	12,257,019
Current Assets
Inventories	20		207,462				223,605				207,462	223,605
Trade Receivables	18		1,009,952				863,604				1,007,677	863,604
Other Receivables and Prepayment	19		874,786				872,080				874,786	869,787
Loan to related party	21		9,952,308				9,952,308				9,952,308	9,952,308
Amount due from related parties	22		-				-				267,586	643,739
Financial investment	37		-				2,332,655				-	-
Cash and Cash Equivalents	23		10,385,620				8,605,724				5,293,158			5,494,754
Total Current Assets			22,430,127				22,849,976				17,602,977		18,047,796
Total Assets			29,636,077				29,863,755				30,052,168	30,304,815
Equity and Liabilities
Share Capital	31.2		1,039,398				1,039,398				1,039,398	1,039,398
Share Premium	32		1,381,072				1,381,072				1,381,072	1,381,072
Retained Earnings	33		5,569,314				5,551,514				5,694,664	5,686,510
Capital reserve			1,832				1,832					-
Equity attributable to equity holders
of Parent			7,991,617				7,973,816				8,115,134	8,106,980
Non-Controlling interest	34		(185,708)			(190,903)			-			-
			7,805,908				7,782,913				8,115,134	8,106,980
Liabilities
Non-Current Liabilities
Amount Due to Related Parties	27		10,181,425				9,888,824				10,961,142	10,668,541
Retirement Benefits Obligation	30.		799,866				533,726				682,747	533,726
Deferred Tax	29.2		159,133				159,133				159,133			159,133
Non-Total Current Liabilities			11,140,423				10,581,683				11,803,022	11,361,400
Current Liabilities
Trade and Other Payables	25		1,681,808				2,506,564				1,299,570	2,004,704
Deferred Income	24		8,741,666				8,742,793				8,599,411	8,600,538
Deposit for Shares	26		93,600				93,600				93,600	93,600
Dividend Payable	28		16,691				16,691				16,691	16,691
Current Tax Payable	29.1		155,977				139,511				124,740			120,902
Total Current Liabilities			10,689,742				11,499,159				10,134,012			10,836,435
Total Liabilities			21,830,166				22,080,842				21,937,033			22,197,835
Total Equity and Liabilities			29,636,077				29,863,755				30,052,168	30,304,815

These consolidated financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 20 April 2023.

Chief Anthony Idigbe, SAN	Alhaji Abatcha Bulama	Mr. Theophilus E. Netufo	Mr. Zacchaeus O. Adeyemo
Chairman	Director	Managing Director/CEO	Controller of Finance
FRC/2014/NBA/00000010414	FRC/2014/ICAN/000006535	FRC/2013/ICAN/00000004775	FRC/2018/ICAN/00000017858

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

3

IKEJA HOTEL PLC

Consolidated Statement of Comprehensive Income
For The First Quarter Ended 31 March 2023
		The Group	The Company
		Year to date	Year to date
	Note	31-Mar-23	31-Mar-22	31-Mar-23	31-Mar-22
		N'000	N'000	N'000	N'000
Revenue	11	2,056,959	3,320,708	2,056,959	2,031,195
Cost of Sales	12	(1,506,392)	(2,262,820)	(1,506,392)	(1,148,028)
Gross Profit		550,566	1,057,888	550,566	883,167
Other Income	13	58,909	17,760	57,300	1,614
Sales and Distribution Expenses	16	(80,344)	(73,490)	(80,344)	(73,490)
Administrative and General Expenses	15	(285,478)	(575,073)	(224,540)	(401,572)
Operating Profit/(Loss)		243,653	427,086	302,982	409,719
Finance Income	14	89,799	1,111	3,001	775
Finance Costs	17	(293,992)	(267,400)	(293,992)	(267,736)
Share of loss in investment accounted
for using equity		-	-	-	-
Profit/(Loss) Before Taxation		39,460	160,797	11,991	142,759
Current Tax (Expense)/Income	29.3	(16,465)	(49,969)	(3,837)	(45,683)
Profit/(Loss) After Taxation
	22,996	110,828	8,154	97,076
Profit/(Loss) Attributable to:
Equity Holders of the Parent		17,801	102,336	8,154	97,076
Non-Controlling Interest		5,195	8,492	-	-
		22,996	110,828	8,154	97,076
Other Comprehensive
Income/(Loss) for the Period:
Re-measurement gain/(Loss of Defined
Benefit Plan)		-	-		-
Other Comprehensive Income for the
Period		-	-	-	-
Total Comprehensive Income for
the Period		22,996	110,828	8,154	97,076
Total Comprehensive Income for
the Period Attributable to:
Equity holders of the Parent		17,801	102,336	8,154	97,076
Non-Controlling Interest		5,195	8,492	-	-
Total Comprehensive Income for
the Period Attributable to:		22,996	110,828	8,154	97,076
Basic Earnings Per Share (kobo)		1	5	0	5

4