OLYMPIA CAPITAL CORPORATION LIMITED

ABRIDGED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2021 2021

2020

Revenue Cost of Sales Gross Profit

39,859,084.00

43,760,039.00

(28,419,428) 11,439,656

(29,644,532) 14,115,507

Other Income Operating Expenses

1,441,369.00

1,341,324.00

(12,401,834) (12,181,952)

(10,960,465) (10,840,628)

Operating Profit

Investment Income Finance costs

479,191 71,937

3,274,879 278,884

(244,434) (302,502)

Net Finance income/(cost) Profit/(loss) before taxation

(172,497) (23,618)

306,694

3,251,261

Income tax expense Profit/(loss) for the year

(254,588)

(661,983)

52,106 2,589,278

Other comprehensive income (net of tax)

- 1,745,784

Total comprehensive income / (loss) for the year

52,106 4,335,062

Earnings per Share (thebe)

- 6

OLYMPIA CAPITAL CORPORATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

2021 2020

ASSETS

Non-current assets

  • Property, plant and equipment 21,013,666 21,197,281

  • Investment properties 14,187,000 14,187,000

  • Intangible assets 1,284,488 1,284,488 36,485,154 36,668,769

Current assets

  • Inventories 13,190,294 9,811,823

  • Trade and other receivables 6,429,236 6,179,764

Other financial assets Current tax receivable Cash and bank balances

160,000 575,654

- 723,592

Total assets

4,148,776 7,513,489 24,503,960 24,228,668 60,989,114 60,897,437

EQUITY AND LIABILITIES

  • Stated capital 27,803,195 27,803,195

  • Reserves 11,595,705 11,595,705

  • Retained Income 9,852,027 9,922,567

Shareholders equity Non-current liabilities

49,250,927 49,321,467

  • Borrowings 1,884,424 2,192,532

  • Deferred income tax liability 3,436,154 3,436,154 5,320,578 5,628,686

Current liabilities

Loans from shareholders

-

64,919

Trade and other payables 4,011,657 5,131,197

Bank Overdraft Borrowings

1,873,261 39,643 532,691 711,525

6,417,609 5,947,284

Total liabilities

11,738,187 11,575,970

Total equity and liabilities

60,989,114 60,897,437

OLYMPIA CAPITAL CORPORATION LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Cash flows from operating activities Cash generated from operations Investment Income

Finance Cost Income tax paid

Net cash generated from / (utilised) in operating activities

Cash flows from investing activities

Acquisition of property, plant and equipment & Investment Property Funds invested in other financial assets

Net cash generated from / (utilised in) investing activities

Cash flows from financing activities Proceeds on share issue

2021 (3,578,592)

71,937

2020 3,627,422 278,884

(244,434) (302,502)

(106,650) (523,844)

  • Repayment of borrowings (486,942) (2,715,374)

  • Movement on shareholders loan (64,919) (16,410,389)Finance Lease Payments

Net cash generated from / (utilised in) financing activities

Total Cash movement for the year

Cash and and cash equivalents at the beginning of the year Effect of exchange rate movement

Cash and and cash equivalents at the end of the Period.

Notes to the Abridged Audited Financial Statements 1. Basis of preparation and accounting policies

This financial report is an extract from the audited consolidated annual financial statements. The abridged consolidated annual financial statements for the year ended 31 December 2021, have been prepared in accordance with International Financial Reporting Standards ("IFRS"), and presented according to the disclosure requirements of accounting standard IAS 34. The accounting policies applied in the preparation of the consolidated annual financial statements are consistent with those accounting policies applied in the preparation of the previous year's consolidated annual financial statements. The abridged consolidated annual financial statements for the year ended 31 December 2021 were approved for issue by the board on 25 March 2022.

2. Commentary

The OCCL group faced numerous challenges in 2021 arising from supply chain interruptions, the steep rise in cost of factor inputs, high freight costs and revenue generation interruptions that arose due to the strict Covid 19 measures/protocols taken by governments in the markets we operate as a result of a surge in infections.

Sales for the year stood at P 39.86million, down by 10% of the sales for the year ended 31 December 2020. We are however pleased to note that operating expenses remained contained. Our operating profit for the year dropped significantly to P479,191 from P3.251'261 in the previous period. The disruptions of 2021 forced the company to procure materials at higher costs and also end up stocking up on scarce production inputs and this has significantly impacted our cash and bank balance where we had P7.5million and an overdraft of P39,643 in 2020 compared to P4.1million with an overdraft of P1.9million in 2021.

Dr Christopher Obura

Group Chairman

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Olympia Capital Corporation (Botswana) Limited published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 08:13:04 UTC.