TRANSCORP HOTELS : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

TRANSCORP HOTELS PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

CORPORATE INFORMATION

Country of incorporation and domicile	Nigeria
Directors:	Mr. Emmanuel Nnorom	Chairman
	Mrs. Dupe Olusola	Managing Director/Chief Executive Officer
	Mrs. Owen Omogiafo	Non-Executive Director
	Mr. Peter Elumelu	Non-Executive Director
	Mr. Alex Okoh	Non-Executive Director
	Mr. Alexander Adeyemi	Non-Executive Director (Resigned 9 January 2023)
	Mrs. Helen Iwuchukwu	Non-Executive Director
	Mr. Udechukwu Obi Osakwe	Non-Executive Director (Appointed 16 February 2023)
	Ms. Bolanle Onagorowa	Independent Non-Executive Director
Acting Group Company Secretary:	Mrs. Funmi Olofintuyi
Registered office:	1 Aguiyi Ironsi Street, Maitama
	Federal Capital Territory
	Abuja, Nigeria.
Holding Company:	Transnational Corporation Plc.
Registration number:	RC 248514
Registrars:	Africa Prudential Plc
	220B Ikorodu Road
	Palmgrove, Lagos.
Principal banker:	United Bank for Africa Plc
	UBA House
	57 Marina, Lagos
	Nigeria.
Auditors:	Deloitte & Touche
	Chartered Accountants
	Civic Towers, Plot GA 1 Ozumba Mbadiwe Avenue
	Victoria Island, Lagos
	Nigeria.
Investors Relations Manager:	Mrs. Oluwatobiloba Ojediran
	[e-mail]
Investors Relations Portal:	https://www.transcorphotels.com/investor-relations/

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TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2023

					Group				Company
	Note	Jan - March 2023			Jan - March 2022		Jan - March 2023		Jan - March 2022
		N'000			N'000		N'000		N'000
Revenue	5.	8,250,015		7,041,004	8,030,647		6,821,538
Cost of sales	6.	(2,447,494)	(1,915,419)	(2,363,218)	(1,836,662)
Gross profit		5,802,521			5,125,585		5,667,429		4,984,876
		161,812	158,437	184,082	158,405
Other operating income	7.
Impairment (losses)/gains on financial assets	9.	-		(665)	-		-
Operating expenses	10.	(4,127,740)	(3,179,543)	(3,897,469)	(2,977,760)
Operating profit		1,836,593			2,103,814		1,954,042		2,165,521
	8.1	(997,238)	(1,041,951)	(997,238)	(1,041,951)
Finance costs
Finance income	8.2	2,241		6,109	9,573		12,482
Profit before tax		841,596			1,067,972		966,377		1,136,053
		(379,991)	(214,290)	(379,991)	(214,290)
Income tax	11.
Profit for the period		461,605			853,682		586,386		921,763
Total comprehensive income for the period		461,605			853,682		586,386		921,763
Profit for the period attributable to:
Owners of the Company		474,497	880,291	586,386	921,763
Non-controlling interests		(12,892)	(26,609)	-	-

		461,605		853,682
Earnings per share
	5	9
Basic earnings per share (kobo)	12.
Diluted earnings per share (kobo)	12.
5	9

586,386921,763

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The accounting policies on pages 8 to 9 and the notes on pages 10 to 26 form an integral part of the unuadited consolidated and separate financial statements.

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TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		Group		Company
Note	31 March 2023 31 December 2022		31 March 2023 31 December 2022

		N'000		N'000
Assets
Non-current assets
Property, plant and equipment	13.	107,858,298	107,971,345
Investment property	14.	-	-
Goodwill	16.	1,974,756	1,974,756
Intangible assets	15.	163,170	158,856
Investment in subsidiaries	4.	-	-
Investment in financial asset	21.	300,075	300,075
Long term receivables	30 L	-		-
		110,296,299	110,405,032
Current assets
Inventories	18.	582,714	616,624
Trade and other receivables	19.	3,384,913	3,220,475
Prepayments	20.	1,462,800	1,062,154
Cash and bank balances	22.	5,882,012		5,183,097
		11,312,439	10,082,350
Total assets		121,608,738		120,487,382

N'000		N'000
93,054,969	93,369,335
1,717,765	1,717,765
-	-
111,912	119,265
3,529,841	3,529,841
300,075	300,075
8,652,570		8,418,588
107,367,132	107,454,869
490,525	529,871
3,982,549	3,793,545
1,430,879	1,036,980
5,896,911		5,101,419
11,800,864	10,461,815
119,167,996		117,916,684

Equity and Liabilities
Equity
Share capital	23.	5,121,264	5,121,264
Share premium	23.	12,548,859	12,548,859
Retained earnings		45,681,508	45,207,011
Equity attributable to Owners of the
Company		63,351,631	62,877,134
Non-controlling interests		(100,412)		(87,520)
Total equity		63,251,219	62,789,614
Liabilities
Non-current liabilities
Borrowings	17.	15,603,769	16,113,199
Deferred income	25.	1,548,613	1,544,322
Contract liabilities	26.	2,139,554	2,139,555
Deposit for shares	29.	2,410,000	2,410,000
Defined benefit liability	31.	192,348	161,705
Deferred tax liability	11.	6,023,475		6,023,475
		27,917,759	28,392,256
Current liabilities
Trade and other payables	27.	21,074,502	20,125,593
Current tax liabilities	11.	974,484	594,493
Contract liabilities	26.	276,693	258,284
Borrowings	17.	7,748,073	7,846,378
Deferred income	25.	333,000	447,756
Defined benefit liability	31.	33,008		33,008
		30,439,760	29,305,512
Total liabilities		58,357,519		57,697,768
Total equity and liabilities		121,608,738		120,487,382

5,121,264	5,121,264
12,548,859	12,548,859
45,964,898		45,378,512
63,635,021	63,048,635
-		-
63,635,021	63,048,635
15,603,769	16,113,199
1,548,613	1,544,322
2,139,554	2,139,555
-	-
192,348	161,705
6,023,475		6,023,475
25,507,759	25,982,256
20,665,011	19,710,927
969,431	589,440
276,693	258,284
7,748,073	7,846,378
333,000	447,756
33,008		33,008
30,025,216	28,885,793
55,532,975		54,868,049
119,167,996		117,916,684

The Unaudited Consolidated and Separate Financial Statements on pages 3 to 26 were approved by the Board of Directors on the 19th of April 2023 and were signed on its behalf by:

Mr. Emmanuel Nnorom		Mrs. Oluwatobiloba Ojediran		Mrs. Dupe Olusola
Chairman		Chief Finance Officer		Managing Director/CEO
FRC/2014/ICAN/00000007402		FRC/2020/001/00000020314		FRC/2020/003/00000021104

The accounting policies on pages 8 to 9 and the notes on pages 10 to 26 form an integral part of the unuadited consolidated and separate financial statements.

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TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY AS AT 31 MARCH 2023

								Total
								attributable to		Non-
						Retained		owners of the		controlling
		Share capital		Share premium		earnings		parent		interests		Total equity
		N'000		N'000		N'000		N'000		N'000		N'000
Group
Balance as at 1 January 2022	5,121,264		12,548,859		44,577,786		62,247,909		(27,684)		62,220,225
Profit for the period		-		-		2,677,730	2,677,730	(59,836)	2,617,894
Other comprehensive income		-		-	-		-		-		-
Total comprehensive income for the		-	-
period		2,677,730	2,677,730	(59,836)	2,617,894
Other comprehensive income		-		-		-		-		-		-
Dividends for 2021		-		-		(716,977)		(716,977)		-		(716,977)
Dividends for 2022		-	-	(1,331,529)	(1,331,529)	-	(1,331,529)
Total contributions by and									-
distributions to Owners of Company		-	-	(2,048,506)	(2,048,506)	(2,048,506)
Balance at 31 December 2022	5,121,264		12,548,859		45,207,011		62,877,134		(87,520)		62,789,614
Balance as at 1 January 2022	5,121,264		12,548,859		44,577,786		62,247,909		(27,684)		62,220,225
Profit for the period		-		-		868,941		868,941		(15,259)		853,682
Other comprehensive income		-	-	-	-	-	-
Total comprehensive income for the
period		-		-		868,941		868,941		(15,259)		853,682
Dividends		-	-	-	-	-	-
Total contributions by and
distributions to Owners of Company		-	-	868,941	868,941	(15,259)	853,682
Balance at 31 March 2022	5,121,264		12,548,859		45,446,727		63,116,850		(42,943)		63,073,907
Balance as at 1 January 2023	5,121,264		12,548,859		45,207,011		62,877,134		(87,520)		62,789,614
Profit for the year		-		-		474,497	474,497	(12,892)	461,605
Other comprehensive income		-		-	-		-		-		-
Total comprehensive income for the		-	-
period			474,497		474,497		(12,892)		461,605
Dividends		-	-	-	-	-	-
Total contributions by and
distributions to Owners of Company		-	-	474,497	474,497	-	474,497
Balance at 31 March 2023	5,121,264		12,548,859		45,681,508		63,351,631		(100,412)		63,264,111

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