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

One Caribbean Media Limited

Consolidated Financial Statements

(Expressed in Trinidad and Tobago Dollars)

31 December 2021

One Caribbean Media Limited
Contents	Page
Statement of Management's Responsibilities	1
Independent Auditor's Report	2-7
Consolidated Balance Sheet	8-9
Consolidated Statement of Profit or Loss	10
Consolidated Statement of Other Comprehensive Income	11
Consolidated Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Notes to the Consolidated Financial Statements	14 - 76

Independent auditor's report

To the Shareholders of One Caribbean Media Limited

Report on the audit of the consolidated financial statements

Our opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of One Caribbean Media Limited (the Company) and its subsidiaries

(together 'the Group') as at 31 December 2021, and their consolidated financial performance and their consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards.

What we have audited

The Group's consolidated financial statements comprise:

• ● the consolidated balance sheet as at 31 December 2021;

• ● the consolidated statement of profit or loss for the year then ended;

• ● the consolidated statement of comprehensive income for the year then ended;

• ● the consolidated statement of changes in equity for the year then ended;

• ● the consolidated statement of cash flows for the year then ended; and

• ● the notes to the consolidated financial statements, which include significant accounting policies and other explanatory information.

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

PricewaterhouseCoopers, PO Box 550, 11-13 Victoria Avenue, Port of Spain, 100902, Trinidad, West Indies T: [phone], F: [phone],www.pwc.com/tt

Our audit approach

Overview

Materiality Group scoping Key audit matters	● Overall group materiality: $2.6 million, which represents 5% of the average adjusted profit before tax for the past four years.
● The Group audit included full scope audits of four significant components and audits of certain financial statement line items for seven components.
● Valuation of land and buildings.

Audit scope

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated financial statements. In particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including, among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.

How we tailored our group audit scope

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.

The following components (three wholly owned subsidiaries and one investment in associate) were considered individually financially significant to the Group and were subject to full scope audits for Group audit purposes:

• ● Caribbean Communications Network Limited

• ● The Nation Corporation

• ● Green Dot Limited

• ● Novo Technology Inc.

Three of the four significant components were audited by PwC Trinidad while for the one other significant component, a non-PwC firm was used. In addition, a further seven components were subject to an audit of specific account balances. The audits of these specific account balances were completed by PwC Trinidad for six of the components and by a non-PwC firm for one component.

In establishing the overall Group audit strategy and plan, we determined the type of work that is needed to be performed at the components by the Group engagement team and by component auditors. For the work performed by all component audit teams (both PwC and non-PwC) operating under our instructions, we determined the level of involvement we needed to have in the audit work at those components to be satisfied that sufficient audit evidence has been obtained for the purpose of our opinion. We maintained ongoing involvement with the component audit teams throughout the audit and we performed reviews of component working papers as applicable.

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