One Caribbean Media : 04 Nov 2022 – One Caribbean Media Limited – Consolidated Unaudited Financial Results for Quarter ended September 30, 2022

ONE CARIBBEAN MEDIA LIMITED

CONSOLIDATED UNAUDITED RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30TH, 2022

CHAIRMAN'S STATEMENT

The Group reported a creditable performance at the end of the third quarter. Revenues of TT$241.3M (US$35.5M) and NPBT of TT$21.5M (US$3.2M) reflected growth of 11% and 7% respectively. Earnings per share increased from TT$0.16 (US$0.02) in 2021 to TT$0.19 (US$0.03) in 2022.

The performance of the Group's media segment has shown healthy recovery and it is anticipated that this trend will continue as activity within the Entertainment sector returns to pre-pandemic levels.

In Barbados, the investments in Renewable Energy technology and services have made a positive contribution to the Group's performance and it is anticipated that the recently constructed 1MW solar farm will be fully commissioned by the end of November. Additionally, the investment property acquired in December 2021 has been able to deliver the budgeted return on investment.

The management team remains optimistic that recovery will continue into the fourth quarter. This, together with the commitment to operational excellence, positions the Group to deliver sustained growth over last year.

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

Faarees Hosein

Chairman

3rd November, 2022

CONSOLIDATED BALANCE SHEET

	UNAUDITED	UNAUDITED	AUDITED
		9-MONTH		9-MONTH12-MONTH
		Sept-22		Sept-21	Dec-21
		TT$'000		TT$'000	TT$'000
ASSETS	652,644	583,289		655,396
Non-current assets
	235,968		287,590		268,868
Current assets
888,612	870,879		924,264
TOTAL ASSETS
EQUITY AND LIABILITIES
Capital and Reserves	390,916	390,916		390,916
Share captial
(6,700)	(6,700)		(6,700)
Redemption liability
37,823	29,635		37,700

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	UNAUDITED	UNAUDITED UNAUDITED UNAUDITED		AUDITED
		3RD QTR		3RD QTR		9-MONTH	9-MONTH		12-MONTH
		Sept-22		Sept-21		Sept-22	Sept-21		Dec-21
		TT$'000		TT$'000		TT$'000	TT$'000		TT$'000
Revenue	82,078	78,117	241,263		217,368	307,659
Cost of providing services		(58,619)		(56,784)		(177,236)		(160,464)		(217,784)
Gross profit	23,459	21,333	64,027		56,904	89,875
Administrative expenses	(14,670)	(12,119)	(41,920)		(38,804)	(56,689)
Marketing expenses		(438)		(428)		(999)		(992)		(1,912)
Operating profit	8,351	8,786	21,108		17,108	31,274
Net impairment gains / (losses) on financial assets	19	(367)	(572)		(777)	(1,257)
Impairment losses on other assets	-	-	-		-	(1,974)
Dividend income	129	14	153		30	77
Interest income	344	413	1,100		1,200	1,563
Finance costs	(1,508)	(2,321)	(4,722)		(5,499)	(7,387)
Share of profit of associate and joint venture		1,625		2,613		4,403		7,989		5,129
Profit before tax	8,960	9,138	21,470		20,051	27,425

Other reserves	276,670		241,508		279,361
Retained earnings
698,709		655,359	701,277
Non-controlling interests	29,124		26,454	26,764
(43,591)		(49,095)		(49,106)
Unallocated shares held by ESOP
684,242		632,718		678,935
TOTAL EQUITY
	128,329		135,578	132,299
Non-current liabilities
76,041		102,583		113,030
Current liabilities
204,370		238,161		245,329
TOTAL LIABILITIES
888,612		870,879	924,264
TOTAL EQUITY AND LIABILITIES

CONSOLIDATED STATEMENT OF CASH FLOWS

Taxation	(2,362)		(2,297)		(6,573)		(6,918)	(7,522)
Profit for the period	6,598			6,841		14,897				13,133		19,903
Other comprehensive income:
Items that will not be reclassified to profit or loss
Remeasurement of Net Defined Benefit Asset	-		-	-				-	26,672
Deferred taxation	-		-	-				-	(7,105)
(Loss) / gain on financial assets	-		-	-				(19)	1
		-				-			-				(19)			19,568
Items that may be subsequently reclassified to profit or loss
Currency translation differences	(47)		(1)	123				219	87
Revaluation of land and building	-		-	-				-	20,035
		(47)				(1)			123				219			20,122
Total comprehensive income for the period	6,551		6,840	15,020				13,333	59,593
Attributable to:
- Non-controlling interests	734		1,131	2,360				2,721	3,063
- Owners of the parent	5,817		5,709	12,660				10,612	56,530
Total comprehensive income for the period	6,551				6,840		15,020				13,333		59,593
Earnings per share basic		TT $0.10				TT $0.11			TT $0.20			TT $0.16			TT $0.27
Earnings per share fully diluted		TT $0.08				TT $0.11			TT $0.19			TT $0.16			TT $0.26

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	UNAUDITED	UNAUDITED	AUDITED
		9-MONTH		9-MONTH12-MONTH
		Sept-22		Sept-21	Dec-21
		TT$'000		TT$'000	TT$'000
Balance at begining of period	678,935		629,138			629,138
Total comprehensive income for the period	15,020		13,333			59,593
Allocation of ESOP shares	1,374		-			-
Repurchase of ESOP shares	(233)	(213)			(224)
Non-controlling interest on investment	-		-			(4)
Dividends to equity holders	(10,854)	(9,540)			(9,568)
Balance at end of period		684,242			632,718			678,935

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED SEPTEMBER 30TH, 2022 The accompanying notes form an integral part of these consolidated financial statements.

UNAUDITED
			9-MONTH
			Sept-22
			TT$'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax	21,470
Adjustments for:
Depreciation	14,940
Amortisation	1,916
Interest income	(1,100)
Finance costs	4,722
Dividend income	(153)
Impairment losses on other assets	-
Loss on disposal of property, plant and equipment	16
Share of profit in associate and joint venture	(4,403)
Profit on disposal of financial assets	-
Allocation of ESOP shares	1,374
Repurchase of ESOP shares	(233)
Net change in retirement benefit asset	-
Net change in operating assets and liabilities	(16,179)
Interest paid	22,370
(805)
Taxation refunds	3,507
Taxation payments	(4,984)
Net cash generated from / (used in) operating activities		20,088
Net cash (used in) / generated from investing activities	(6,303)
Net cash (used in) / generated from financing activities	(21,186)
Net (decrease) / increase in cash and cash equivalents
	(7,401)
Cash and cash equivalents
At beginning of period	28,996
At end of period
	21,595
Represented by:
Cash and cash equivalents	26,331
Bank overdrafts	(4,736)
			21,595

UNAUDITED AUDITED 9-MONTH12-MONTH

Sept-21Dec-21

TT$'000 TT$'000

20,051 27,425

15,025 19,375

735 2,578

(1,200) (1,563)

5,499 7,387

1. (77)

• 1,974
• 281

(7,989) (5,129)

• (367)
• -

1. (224)
   100 (75)

(27,016) (20,089)

4,962 31,496

1. (5,793)
   1,350 1,350

(8,836) (11,164)

(3,452) 15,889

1,253 (28,412)

4,855 1,124

2,656 (11,399)

40,395 40,395

43,051 28,996

45,988 33,031

(2,937) (4,035)

43,051 28,996

1. Basis of preparation
   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

Director:Director: