1,297. 2,503. Trade and other receivables. 12. 15,886,875. 13,142,648. 1857320. 1,891,911. Prepayments. 14. 95,612. 27,0
CAVERTON OFFSHORE SUPPORT GROUP PLC Lagos, Nigeria UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2018
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements For the period ended 31 March 2018
Table of Contents Page Statement of Profit or Loss and Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements
1 2 3 4 5-12
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Statement of profit or loss for the period ended 31 March 2018 Group Notes March 2018 March 2017 N 000 N 000
Company March 2018 March 2017 N 000 N 000
Revenue
1
4,560,466
5,104,434
-
-
Operating expenses
2
(2,749,896)
(3,461,952)
-
-
1,810,570
1,642,482
-
-
Operating Profit Administrative expenses
3
(961,404)
(920,340)
(33,124)
(34,690)
Other operating income
4
37,822
59,697
-
-
886,988
781,839
6,615
9,802
Total Operating Profit Finance Income
5
Finance cost
6
Profit before income tax expense Income tax expense
7.1
Profit for the year Profit attributable to: Owners of the Company Non-controlling interests
Basic Earnings per share (N)
-33,124
-34,690
-
-
(417,083)
(436,258)
-
476,520
355,383
(33,124)
(34,692)
(182,987)
(140,564)
(11,112)
(4,188)
293,533
214,819
(44,236)
(38,880)
290,155 3,378 293,533
212,671 2,148 214,819
-
-
0.09
0.06
-0.01
-0.01
8
Olabode Makanjuola - Chief Executive Officer FRC/2013/IODN/00000002456
(2)
Adigun Titilola - Chief Finance Officer FRC/2013/ICAN/00000002398
1
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Statement of financial position at as 31 March 2018 Notes Assets Non current assets Property, plant and equipment Intangible assets Deffered Tax assets Goodwill Investment in subsidiaries
Group March 2018 December N'000 N'000
55,587
55,587
28,217,985
22,071,147 11,489 285,278 6,026,909 28,394,823
8,514,000 8,569,587
8,514,000 8,569,587
1,377,641 15,886,875 95,612 2,235,687
2,430,494 13,142,648 27,095 2,251,103
1,297 1857320 -
2,503 1,891,911 -
19,595,815
17,851,340
1,858,617
1,894,414
47,813,800
46,246,163
10,428,204
10,464,001
15 16
1,675,255 6,616,991 7,707,996 96,978 16,097,220
1,675,255 6,616,991 7,417,841 93,600 15,803,687
1,675,255 6,616,991 594,374 8,886,620
1,675,255 6,616,991 638,610 8,930,856
17 7.4 18
13,658,701 724,100 196,706 14,579,507
12,680,699 724,100 196,706 13,601,505
11,966,132 3,251,478 605,474 1,313,989 17,137,073
11,322,344 3,769,407 618,218 1,131,002 16,840,971
1,153,938 387,646 1,541,584
1,156,611 376,534 1,533,145
Total liabilities
31,716,580
30,442,476
1,541,584
1,533,145
Total equity and liabilities
47,813,800
46,246,163
10,428,204
10,464,001
Current assets Cash and bank Trade and other receivables Prepayments Inventories
9 10 7.4
13.1 12 14 11
Total assets Equity and liabilities Equity Ordinary share capital Share premium Retained earnings Non-Controlling Interest Total equity Non-current liabilities Interest-bearing loans and borrowings Deferred tax liabilities Deferred revenue
Current liabilities Trade and other payables Interest-bearing loans and borrowings Deferred revenue Income tax payable
19 17 20 7.2
21,896,901 8,897 285,278 6,026,909
Company March 2018 December N'000 N'000
Olabode Makanjuola - Chief Executive Officer FRC/2013/IODN/00000002456
-
-
-
-
Titi Adigun - Chief Finance Officer FRC/2013/ICAN/00000002398 2
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Statement of Changes in Equity as at 31 March 2018
Issued Share N 000
Share N 000
GROUP Retained Total N 000 N 000
Non N 000
Total Equity N 000
Issued Share N 000
COMPANY Share Retained N 000 N 000
Total N 000
As at 1 January 2018 Profit for the year Dividend to NCI from CHL At 31 March 2018
1,675,255 1,675,255
6,616,991 6,616,991
7,417,841 290,155 7,707,996
15,710,087 290,155 16,000,242
93,600 3,378 96,978
15,803,687 293,533 16,097,220
1,675,255 -
6,616,991 -
638,610 (44,236)
1,675,255
6,616,991
594,374
8,930,856 (44,236) 8,886,620
As at 1 January 2016 Profit for the year Dividend toNCI from CHL At 31 Dec 2016
1,675,255 -
6,616,991 -
71,698 8,624 (3,050) 77,272
12,584,625 612,284 (3,050) 13,193,859
6,616,991 -
6,616,991
12,512,927 603,660 13,116,587
1,675,255 -
1,675,255
4,220,681 603,660 4,824,341
1,675,255
6,616,991
(390,235) 51,804 (338,431)
7,902,011 51,804 7,953,815
As at 1 January 2017 Profit for the year Dividend to NCI from CHL At 31 December 2017
1,675,255 -
6,616,991 -
77,272 28,328 (12,000) 93,600
13,193,859 2,621,828 (12,000) 15,803,687
6,616,991 -
(338,431) 977,041
6,616,991
13,116,587 2,593,500 15,710,087
1,675,255 -
1,675,255
4,824,341 2,593,500 7,417,841
1,675,255
6,616,991
638,610
7,953,815 977,041 8,930,856
3
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Statements of cash flows for the period ended 31 March 2018
Notes Operating activities Profit/(loss) before tax Non-cash adjustment to reconcile profit before Depreciation of property, plant and equipment Amortisation and impairment of intangible assets Amortisation of government grant Effect of foreign exchange differences Gain on sale of PPE Impairment loss Interest Income Finance costs - interest Effect of foreign exchange differences on cash Profit on sale of property, plant and equipment Asset written off Intangible asset written off Working capital adjustments: (Increase)/Decrease in trade and other receivables Increase in due from related parties Increase in prepayments Increase in inventories Increase /(decrease) in trade and other payables Increase/(Decrease) in Due to related parties Tax charged/provision Increase (decrease) in deferred revenue (Increase)/Decrease in provisions Decrease in other deferred revenue
9 10
Group March December 2018 2017 N 000 N 000 476,519
3,907,099
(33,124)
265,658 2,592 -
941,467 10,371 (191,521) (960,702) (472,953) 467,647 (38,052) 1,423,699 -
-
-
-
-
(1,838,632) (969,398) (4,199) (400,927) 732,803 (73,434) -
34,591 (2,673) -
(369,316) (550,158) (2,315) (40,938) -
(1,369,566)
2,533,268 (190,478)
(1,206)
(1,369,566)
2,342,790
(1,206)
39,983 (40,338) (355)
(91,410) 6,615
472,953 (2,423,563) 38,052
-
-
(84,795)
(1,912,558)
-
-
1,223,939 (417,083)
3,127,966 (2,585,268) (1,423,699) (12,000)
-
-
806,856
(893,001)
-
-
(647,505)
(462,769)
(1,206) 2,503 1,297
(355) 2,858 2,503
(6,615) 417,083 -
(1,588,238) (1,125,035) (68,518) 15,416 (292,680) 1,437,957 (614,373) (289,332) -
Tax Paid during the period Net cash flows from operating activities
Company March December 2018 2017 N 000 N 000 1,002,710
Investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Purchase of intangible assets Finance Income
9
Net cash flows from/(used in) investing activities
Financing activities Proceeds from borrowings Repayment of borrowings Interest paid Dividend paid NCI
Net cash flows from/(used in) financing activities Net increase/(decrease) in cash and cash equivalents Effect of foreign exchange differences on cash Cash and cash equivalents at 31 December Cash and cash equivalents at 31 March
-
2,024,011
2,486,780
1,376,506
2,024,011
4
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Notes to the Financial Statements 1 Revenue
Helicopter Charter Helicopter maintenance Helicopter/ Airplane contract Vessel Time charter Dividend Income Agency Service Others
2 Operating expenses
Aircraft insurance premium Aircraft rentals Crew Salaries Consumables Charter hire Other direct costs - Boat Landing and Navigational expenses Aviation fuel and spare parts Others
3 Administrative expenses
Others Audit fee Employee benefit expense Business development Depreciation Amortisation Intangible Asset write off Communication Exchange loss Donations Management expenses Fuel and diesel Insurance Legal and professional fees Licence and levy Printing
Group March March 2018 2017 N 000 N 000 30,197 414,095 3,033 1,202 4,476,800 4,574,646 87,364 25,461 27,127 24,975 4,560,466 5,104,434 March March 2018 2017 N 000 N 000 154,186 108,531 1,025,060 1,227,151 1,031,190 1,138,240 24,239 23,263 63,875 3,007 2,896 61,779 131,314 440,602 745,661 9,833 21,021 2,749,896 3,461,952 March 2018 N 000
March 2017 N 000
319,815 3,999 265,658 2,592 22,576 820 12,236 14,391 16,775 757
212,322 5,705 225,205 2,593 479 14,586 (1,540) (84) 41,613 98 3,821 610
5
Company March 2018 N 000 -
March 2017 N 000 -
-
-
March 2018 N 000 -
March 2017 N 000 -
March 2018 N 000
March 2017 N 000
26,296
3,325
24,584 5,808 -
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Notes to the Financial Statements -Continued Repairs and maintenance Transport and travels Other expenses and overheads
4 Other operating income
Exchange gain/(loss) Sundry Grant income Others
5 Finance Income Interest Income
6 Finance cost Interest on debts and borrowings
7.1 Income tax Current income tax: Current income tax charge Education tax Income tax expense reported in the income statement
7.2 Reconciliation of current tax liabilities Opening balance at 1 January 2017 Tax charge in the statement of profit or loss Under provision in prior year adjustment Payment during the year Witholding tax credit utilized Closing balance at 31 March 2016
Group 24,761 29,284 94,576 96,290 182,448 289,358 961,404 920,340
Company
3,503 33,124
610 3,688 34,690
March 2018 N 000 11,041 12,509 12,744 1,528 37,822
March 2017 N 000 57,612 2,085 59,697
March 2018 N 000 -
March 2017 N 000 -
March 2018 N 000 6,615
March 2017 N 000 9,802
March 2018 N 000 -
March 2017 N 000 -
March 2018 N 000 417,083
March 2017 N 000 436,258
March 2018 N 000 -
March 2017 N 000 -
March 2018 N 000
March 2017 N 000
March 2018 N 000
March 2017 N 000
172,420 10,567
132,711 7,853
11,112
4,188 -
182,987
140,564
11,112
4,188
March December 2018 2017 N 000 N 000 1,131,002 740,559 182,987 791,230
March 2018 N 000 376,534 11,112
December
1,313,989
6
37,904 (190,478) (248,213) 1,131,002
387,646
2017 N 000 365,811 45,934 35,322 (40,338) (30,195) 376,534
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Notes to the Financial Statements -Continued
7.3 Reconciliation of deferred tax liabilities net Deferred tax (asset) and liabilities Balance at the beginning of the year Charged for the year Balance at the end of year
Group March December 2018 2017 N 000 N 000 (17,315) 456,137 438,822
(55,587) -55,587
(55,587) -55,587
March December 2018 2017 N 000 N 000 724,100 (151,565) (55,587) (78,126) 438,822
March 2018 N 000 -
December
March December 2018 2017 N 000 N 000
December
7.4 Net deferred tax assets/(liabilities) Reflected in the statement of financial position as follows Deferred tax assets (285,278)
March 2018 N 000
(285,278)
(55,587)
(55,587)
Deferred tax liabilities
724,100
724,100
-
-
Net deferred tax assets /liabilities
438,822
438,822
(55,587)
(55,587)
March December 2018 2017
March 2018
December
Deferred tax relates to the following Accelerated depreciation for tax purposes Unutilised tax credit Unrealised tax loss Unrealised exchange difference As at 31 December
8 Earnings per Share
Average number of shares outstanding Net Income attributable to equity holders Basic earnings per share in Naira
438,822 438,822
Company March December 2018 2017 N 000 N 000
3,350,510
3,350,510
293,533
214,819
0.09
0.06
7
3,350,510 (44,236) -
0.01 -
2017 N 000
(55,587) (55,587)
2017 N 000
2017 3,350,510 (38,880) 0.01
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Notes to the Financial Statements -Continued 9 Property,plant and equipment
Cost At 1 January 2018 Additions Disposals Transfer At 31 March 2018 Depreciation At 1 January 2018 Charge for the period Depreciation on disposals At 31 March 2018 Net book value At 31 March 2018 At 31 March 2017 At 31 December 2017
Land N 000
Building N 000
Aircraft N 000
Plant and N 000
Aircraft N 000
Motor N 000
Furniture N 000
5,470,965 -
3,623,528 -
12,336,953 -
69,940 -
87,633 -
151,756 33,999
375,587 1,925
5,470,965
3,623,528
12,336,953
69,940
87,633
185,755
377,512
261,944 14,283
1,679,214 41,362
50,695 1,804
68,586 465
147,947 890
359,208 2,260
-
276,227
1,720,576
4,645,553 204,594 4,850,147
52,499
69,051
148,837
361,468
-
5,194,738 5,318,731 5,209,021
1,902,952 2,233,975 1,944,314
7,486,806 6,464,389 7,691,400
17,441 14,793 19,245
18,582 33,657 19,047
36,918 31,769 3,809
16,044 48,066 16,379
Cost At 1 January 2018 Additions Disposals At 31 March 2018
March 2018 N'000 45,899 45,899
Amortisation At 1 January 2018 Charge for the period At 31 March 2018
34,410 2,592 37,002
Net book value At 31 March 2018 At 31 December
8,897 11,489
10 Intangible assets
8
Construction N 000
Total N 000
7,167,933 29,284,295 55,487 91,411 7,223,420 29,375,706 7,213,147 265,658 0 7,478,805
7,223,420 21,896,901 5,939,805 20,085,182 7,167,933 22,071,148
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Notes to the Financial Statements -Continued
11 Inventories
Consumable spares Rotary spares Shell Project AW 139 Jet A1 Aviation fuel Lagos
12 Trade receivables and Other receivables
Trade receivables Witholding Tax Receivable Staff advances Due from related parties Advance payments Other receivables
Group March December 2018 2017 N 000 N 000 1,178,942 149,820 1,006,132 2,025,963 66,029 59,904
Company March December 2018 2017 N 000 N 000 -
2,235,687
2,251,103
-
-
March 2018 N 000 4,578,796 2,918,522 42,458 969,398 6,961,807 415,894 15,886,875
December 2017 N 000 3,277,518
March 2018 N 000
December 2017 N 000
2,722,687 6,947 969,398 5,403,078 763,020 13,142,648
1,413,733 443,587 1,857,320
1,448,324 443,587 1,891,911
March 2018 N 000 1,377,641
December 2017 N 000 2,430,494
March 2018 N 000 1,297
December 2017 N 000
13.1 Cash and bank balance
Cash and bank balance
2,503
13.2 Cash and cash equivalent For purposes of cashflows, cash and cash equivlents consist of cash and bank balances as defined bove net of
Cash and bank balance Overdraft Cash and Cash equivalent ( per cashflow statement)
Group March December 2018 2017 N 000 N 000 1,377,641 2,430,494 (406,483) -1,135 1,376,506 2,024,011
9
Company March December 2018 2017 N 000 N 000 1,297 2,503
1,297
2,503
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Notes to the Financial Statements -Continued 14 Prepayments
Rent prepaid Insurance prepaid
15 Ordinary share capital Authorised shares 5,000,000,000 ordinary shares of 50k each Issued and fully paid 3,350,509,759 ordinary shares of 50k each 16 Share premium
March 2018 N 000 95,477 135 95,612
December 2017 N 000 16,545 10,550 27,095
March 2018 N 000 -
December 2017 N 000
March 2018 N 000 2,500,000
December 2017 N 000 2,500,000
March 2018 N 000
December 2017 N 000
1,675,255
1,675,255
6,616,991
6,616,991
10
2,500,000 1,675,255 6,616,991
-
2,500,000 1,675,255 6,616,991
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Notes to the Financial Statements -Continued
Non-current Bank overdrafts Term Loan - Access Bank - N1.16b Term Loan - Access Bank - N3.6b Term Loan - Access Bank - N2.17b Term Loan - Access/BOI - $17,391,550 Access Bank N6.93b Loan Current Account $10m Access Bank Loan Access uk Loan - Chevron Tasmania Investments Ltd Long View Assets Management (LAAM) LECON Financial services Term Loan - Nexim Heritage Bank USD $2.250M Total Current - interest bearing loans
Group March December 2018 2017 N 000 N 000 1,135 406,483 318,759 361,814 2,000,000 2,302,309 1,980,514 1,980,514 2,101,158 2,273,617 538,462 156,491 3,060,000 3,060,000 3,975,750 3,060,000 262,984 1,319,430 1,408,344 653,139 741,686 97,500 97,500 601,348 601,348 16,910,179 16,450,106
Total non-current interest-bearing loans and borrowings Total Current - interest bearing loans Total interest bearing loans -non current
13,658,701 3,251,478 16,910,179
17 Interest bearing loans & Borrowings
18 Deferred Revenue
SPDC advance At 1 January Movement during the year
19 Trade and other payables
Trade payables Due to Related Parties Other payables Withholding Tax Payable
Company March December 2018 2017 N 000 N 000 -
-
-
-
12,680,699 3,769,407 16,450,106
-
-
March 2018 N 000 196,706
December 2017 N 000 196,706
March 2018 N 000 -
196,706 196,706
(1,602,072)
1,798,778 196,706
Group March December 2018 2017 N 000 N 000 8,109,231 9,859,627 25,704 26,977 3,745,645 1,343,362 85,552 92,378 11,966,132 11,322,344
11
December 2017 N 000 -
-
-
Company March December 2018 2017 N 000 N 000 1,108,016 45,922
1,108,261 48,350
1,153,938
1,156,611
Caverton Offshore Support Group Unaudited Consolidated and separate financial statements Notes to the Financial Statements -Continued 20 Deferred revenue
At 1 January Deferred during the period Release to the Statement of Profit or loss At 31 March
March 2018 N 000 618,218 -
December 2017 N 000 652,989 -
(12,744)
(34,771)
605,474
12
618,218
March 2018 N 000 -
December 2017 N 000 -
