One Caribbean Media : 01 Apr 2022 – One Caribbean Media Limited – Audited Consolidated Financial Results for the year ended December 31st, 2021 (Summary)

ONE CARIBBEAN MEDIA LIMITED

CONSOLIDATED AUDITED RESULTS FOR FINANCIAL YEAR ENDED DECEMBER 31ST, 2021

CHAIRMAN'S STATEMENT

We are pleased to report a significantly improved performance for 2021.

Revenues of TT$307M (US$45M) were relatively flat compared to the prior year, while Profit Before Tax and Impairment increased by 22% from TT$24.1M (US$3.5M) in 2020 to TT$29.4M (US$4.3M) in 2021.

The Group also reflected growth in its Total Assets of 7% and Earnings per Share increased from TT$0.05 (US$0.01) to TT$0.27 (US$0.04) in 2021.

These results, in the main, were from the efficiencies realised from the restructuring of operations in the prior year and the gradual easing of restrictions associated with the Pandemic.

Our Non-Media assets, which include Information and Communications Technology (ICT) and Renewable Energyinvestments, continued to make a meaningful contribution to the Group's performance.

We are cautiously optimistic that the Group's businesses will continue to show improved performance as Covid-19 restrictions are eased and regional economies embark on recovery.

Your Directors have approved a dividend of TT$0.17 per share, payable on 30th June 2022.

......................................................................

Faarees Hosein Chairman

28th March, 2022

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMECONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Balance at begining of year 629,138

Total comprehensive income for the year 59,593

Allocation of ESOP sharesRepurchase of ESOP shares (224)

AUDITED	AUDITED	UNAUDITED	UNAUDITED
12-MONTH	12-MONTH	3-MONTH	3-MONTH
DEC 21	DEC 20	DEC 21	DEC 20
TT$'000	TT$'000	TT$'000	TT$'000
Revenue	307,659	310,698	90,291	87,939
Cost of providing services	(217,784)	(225,224)	(57,320)	(64,540)
Gross profit	89,875	85,474	32,971	23,399
Administrative expenses	(56,689)	(65,086)	(17,885)	(22,035)
Marketing expenses	(1,912)	(1,566)	(920)	(990)
Operating profit	31,274	18,822	14,166	374
Net impairment (losses)/gains on financial assets	(1,257)	2,310	(480)	5,337
Impairment losses on other assets	(1,974)	(11,863)	(1,974)	(11,863)
Dividend income	77	619	47	(377)
Interest income	1,563	1,546	363	383
Finance costs	(7,387)	(6,666)	(1,888)	(2,009)
Share of profit / (loss) of associate and joint venture	5,129	7,476	(2,860)	2,053
Profit / (loss) before tax	27,425	12,244	7,374	(6,102)
Taxation	(7,522)	(8,574)	(604)	(896)
Profit / (loss) for the year	19,903	3,670	6,770	(6,998)
Other comprehensive income:
Items that will not be reclassified to profit or loss
Remeasurement of Net Defined Benefit Asset	26,672	14,052	26,672	14,052
Deferred taxation	(7,105)	(4,435)	(7,105)	(4,435)
Gain / (loss) on disposal of financial assets	1	(1,701)	20	(1,701)
19,568	7,916	19,587	7,916
Items that may be subsequently reclassified to profit or loss
Currency translation differences	87	(106)	(132)	(728)
Revaluation of land and buildings	20,035	-	20,035	-
20,122	(106)	19,903	(728)
Total comprehensive income for the year	59,593	11,480	46,260	190
Attributable to:
- Non-controlling interests	3,063	624	342	110
- Owners of the parent	56,530	10,856	45,918	80
Total comprehensive income for the year	59,593	11,480	46,260	190
Earnings / (loss) per share basic	TT $0.27	TT $0.05	TT $0.11	TT ($0.11)
Earnings / (loss) per share fully diluted	TT $0.26	TT $0.05	TT $0.10	TT ($0.11)
AUDITED
12-MONTH
DEC 20
TT$'000
615,593
11,480
2,563
(469)
(29)
-
629,138

Dividends to equity holders Balance at end of year

AUDITED 12-MONTH

DEC 21 TT$'000

-

Non-controlling interest on investment (4)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED DECEMBER 31ST, 2021

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

• 1. Basis of preparation

  (9,568) 678,935

  These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), under the historical cost convention as modified by the revaluation of land and buildings and available-for-sale financial assets.

• 2. Significant accounting policies

  The principal accounting policies adopted in the preparation of these consolidated financial statements are consistent with those used in the annual financial statements for the year ended December 31, 2021

CONSOLIDATED BALANCE SHEET

ASSETS Non-current assets Current assets TOTAL ASSETS

EQUITY AND LIABILITIES Capital and Reserves

Share captial Redemption liability Other reserves Retained earningsNon-controlling interests

Unallocated shares held by ESOP

TOTAL EQUITY

Non-current liabilities Current liabilities TOTAL LIABILITIES

TOTAL EQUITY AND LIABILITIES

AUDITED 12-MONTH

DEC 21 TT$'000

AUDITED 12-MONTH

DEC 20 TT$'000

655,396 597,826

268,868 265,924

924,264 863,750

390,916 390,916

(6,700) 37,700

(6,700) 29,435

279,361 240,636

701,277 654,287

26,764 23,733

(49,106)

(48,882)

678,935 629,138

132,299 106,129

113,030 128,483

245,329 234,612

924,264 863,750

CONSOLIDATED STATEMENT OF CASH FLOWS

CASH FLOW FROM OPERATING ACTIVITIES

Profit before tax

Adjustments for:

Depreciation Amortisation Interest income Finance costs Dividend income

Impairment losses on other assets

Loss on disposal of property, plant and equipment Share of profit in associate and joint venture Profit on disposal of financial assets Allocation of ESOP shares Repurchase of ESOP shares

Net change in retirement benefit asset Net change in operating assets and liabilitiesInterest paid Taxation refunds Taxation payments

Net cash generated from operating activities Net cash used in investing activities

Net cash generated from/(used in) financing activities

Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents

At beginning of year

At end of year Represented by:

Cash and cash equivalents Bank overdrafts

Director:

AUDITED 12-MONTH

DEC 21 TT$'000

AUDITED 12-MONTH

DEC 20 TT$'000

27,425 12,244

19,375 22,875

2,578 2,623

(1,563) (1,546)

7,387 6,666

(77) (619)

1,974 11,863

281 662

(5,129) (7,476)

(367) (182)

- 2,563

(224) (469)

(75) (74)

(20,089)

31,496

(5,793)

1,350

(22,641)

26,489

(5,359)

-

(11,164)

(6,999)

15,889

14,131

(28,412) (3,453)

1,124 (10,644)

(11,399)

34

40,395 40,361

28,996 40,395

33,031 44,508

(4,035) 28,996

(4,113) 40,395

Director: