Chams Plc Unaudited Interim Financial Statements For the Nine ...

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Sep 30, 2016 - Card personalisation & Printing. 233,740. Payment Systems Solutions ... Software Transport Ammortisat
Chams Plc Unaudited Interim Financial Statements For the Nine Month Ended 30 September 2016

Chams Plc Unaudited Interim Financial Statements for the Nine Month ended 30 September 2016 Contents

Page

Statement of Profit & Loss & Other Comprehensive Income

3

Statement of Financial Position

4-5

Statement of Changes in Equity

6-7

Statement of Cash Flow

8

Notes to the Financial Statement

9

2

Chams Plc and Its Subsidiaries Consolidated and Separate Statement of P&L and other Comprehensive Income for the period ended September 30th , 2016

Revenue Cost of Sales Gross Profit Other operating Income Administrative Expenses Operating Profit/( Loss) Finance expense/Income Profit/(Loss) before Taxation Taxation expense (Provision) Profit/(Loss) after Taxation Other Comprehensive Income/ Loss Revaluation surplus on property, plant and equipment Disposal Profit on disposal of asset Other Income Total Comprehensive Income Profit/Loss for the period attributable to : Owners of the company Non controlling interest Total comprehensive income attributable to: Owners of Parent Non controlling interest

Notes Group Account Group Account Group Account Unaudited Unaudited Audited 2016 2015 2015 Q3 Q3 N' 000 N' 000 N' 000 9 1,107,483 855,475 1,610,478 10 (558,947) (485,173) (1,221,521) 548,536 370,302 388,957 11 213,485 143,322 158,260 12 (816,329) (943,738) (3,778,776) (54,309) (430,114) (3,231,559) 13 163,113 (134,481) (161,461) 108,804 (564,596) (3,393,020) (13,937) (12,296) 94,867 (564,596) (3,405,316) -

Chams Plc Chams Plc Unaudited 2016 Q3 N' 000 472,307

90,587 4,280 94,867

Chams Plc Audited 2015 N' 000 914,929

(168,106)

(305,852)

(757,571)

304,202

259,756

157,358

208,469

88,245

(498,592)

(682,447)

(2,694,774)

14,078

(334,446)

(2,361,237)

164,815

(133,635)

(155,538)

178,893

(468,081)

(2,516,775)

(13,435) 165,458

35,349 94,867

Chams Plc Unaudited 2015 Q3 N' 000 565,608

176,179

(2,399) (468,081)

(2,519,174)

35,349

(529,247) (414,978) (114,269) (529,247)

(3,405,316)

165,458

(432,732)

(2,519,174)

(3,251,697) (153,619)

165,458 -

(2,519,174) -

(3,405,316)

165,458

(432,732) (432,732)

(414,978) (114,269) (529,247)

(3,251,697) (153,619) (3,405,316)

(2,519,174) (2,519,174)

(69)k (69)k

(54)k (54)k

Basic (Loss) / earnings per share (kobo) Diluted (Loss)/ earnings per share (Kobo) 3

(2,519,174)

Chams Plc and Its Subsidiary Companies Consolidated and Separate Statement of Financial Position for the period ended September 30th , 2016 Notes Chams Group Unaudited Sept 2016 N'000 Assets Non-current assets Property,plant and equipment 8-8a 2,974,801 Long term Investment Investment Project 15 177,283 Goodwill on acquisition Available for Sale financial Assets 16 100,000 Intangible Asset 17 132,989 Deferred Tax Asset 285,051 3,670,124 CURRENT ASSETS Inventory & Work In Progress 18 1,060,945 Trade and other receivable 19 4,455,173 Due from related Parties 357,181 Cash and Cash Equivalent 153,526 6,026,825 Asset held for sale Landed Property

Chams Group Audited 2015 N'000

Chams Plc Unaudited Sept 2016 N'000 2,280,547 1,521,333 177,283

101,500 101,483 249,495 3,306,213

3,106,027 224,048 100,000 84,641 285,051 3,799,767

398,612 7,254,498 824,117 40,865 8,518,092

1,057,726 3,210,073 335,358 157,445 4,760,602

2,523,669 176,018 154,049

9,696,949

Liabilities Non -current liabilities Long Term Loan Deferred Tax

11,824,305

20 21 22 23

881,108 155,747 18,490 4,584,533 607,853 6,247,730

3,077,077 425,628 1,053,602 672,403 5,228,711

Total liabilities

6,247,730

NET ASSETS

3,449,219

Chams Plc Unaudited Sept 2015 N'000

100,000 77,565 285,051 4,441,778

100,000 83,303 285,051 4,566,558

332,973 4,305,882 1,567,020 103,695 6,309,570

175,395 8,043,490 228,778 13,232 8,460,895

335,127 4,303,389 1,528,388 99,930 6,266,834

8,560,369

1,057,822 553,358

Chams Plc Audited 2015 N'000

2,085,352 1,845,985 154,049 101,500 101,483 249,495 4,537,864

-

Total Assets

Current liabilities Trade Payable Loan & Borrowing Deposit for Shares Other payable & Accruals Taxation

Chams Group Unaudited Sept 2015 N'000

10,751,348

-

12,998,759

2,786,207 425,628 53,602

2,028,171 1,845,985 224,048

10,833,392

-

2,947,206 647,631 5,206,017

546,385 129,930 10,030 2,371,518 543,370 3,601,233

640,555 427,931

568,304 3,833,741

2,189,832 590,418 3,848,736

5,228,711

5,206,017

3,601,233

3,833,741

3,848,736

6,595,594

3,354,352 4

7,150,115

9,165,019

6,984,656

Chams Plc Unaudited Interim Financial Statements for the Nine Months ended 30 September 2016

Statement of Financial Position (Continued) As at September 2016 Notes

Issued capital and reserves attributable to owners of the parent Share Capital Share Premium Plant, Property & Equipment Revaluation Reserve Capital Reserve Revenue Reserve Equity Attributable to Owners of the Parent Non-Controlling Interest TOTAL EQUITY

Chams Group Unaudited Sept 2016 N'000

Chams Group Unaudited Sept 2015 N'000

Chams Group Audited 2015 N'000

Chams Plc Unaudited Sept 2016 N'000

Chams Plc Unaudited Sept 2015 N'000

Chams Plc Audited 2015 N'000

2,348,030 5,458,750 959,065 145,522 (4,905,543) 4,005,824 (556,605) 3,449,219

2,348,030 5,458,751 959,065 147,280 (2,006,181) 6,906,945 (311,350) 6,595,594

2,348,030 5,458,751 959,065 145,522 (5,000,410) 3,910,958 (556,606) 3,354,352

2,348,030 5,458,751 959,065 (1,615,731) 7,150,115

2,348,030 5,458,750 959,065 399,174 9,165,019

2,348,030 5,458,750 959,065 (1,781,189) 6,984,656

7,150,115

9,165,019

The Financial statements on Pages 2 to 5 were approved for issue by the board of Directors on 20th October 2016 and signed on its behalf by :

______________________________ Very Rev. Ayodeji Richards Chairman FRC/2013/ICAN/00000004386

______________________________ Mayowa Olaniyan Chief Financial Officer FRC/2013/ICAN/00000004330

_______________________________________

Olufemi S. Williams Managing Director FRC/2013/NSE/000000043337

5

6,984,656

Chams Plc and Its Subsidiary Companies Consolidated and Separate Statement of Equity For Nine Month Ended 30th September 2016 Group

Balance as at 1st January 2016 Profit for the year Other Comprehensive Income Total Comprehensive Loss Transactions with owners recorded directly in equity: Dividend Balance as at 30 September, 2016

Group

Balance as at 1st January 2015 Profit for the year Other Comprehensive Income Total Comprehensive Loss

Issued Share capital N'000 2,348,030

Share Premium

Revaluati on Reserve

Capital Reserve

N'000 5,458,750

N'000 959,065

N'000 145,522

-

-

-

-

2,348,030

959,065

Issued Share capital

Share Premium

Revaluati on Reserve

Capital Reserve

N'000 2,348,030

N'000 5,458,750

N'000 959,065

N'000 145,522

Transactions with owners recorded directly in equity: Dividend Balance as at 30 September, 2016 2,348,030

N'000 (5,000,410) 94,867 94,867

5,458,750

-

Retained Earnings

145,522

(4,905,543)

Retained Earnings N'000 (1,654,792)

-

(3,251,697) (3,251,697)

-

(93,921) (5,000,410)

5,458,750

959,065

145,522 6

Total NonAttributable Controlling to Equity Interest Holders of parent 3,910,957

(556,605)

94,867 94,867

-

4,005,824

(556,605)

Total NonAttributable Controlling to Equity Interest Holders of parent 7,256,575 (3,251,697) (3,251,697)

(402,987)

N'000 3,354,352 94,867 94,867 3,449,219

Total N'000 6,853,588

(153,619) (3,405,316) (153,619) (3,405,316) -

(93,921) 3,910,957

Total

(556,606)

(93,921) 3,354,351

Chams Plc and Its Subsidiary Companies Consolidated and Separate Statement of Equity For Nine Month Ended 30th September 2016 Issued Share Company capital N'000 Balance as at 1st January 2016 2,348,030

Share Premium N'000 5,458,750

Profit for the year Other Comprehensive Income Total Comprehensive Loss

-

-

Transactions with owners recorded directly in equity:

-

-

Dividend Balance as at 30 September, 2016

Company Balance as at 1st January 2015

Revaluation Reserve N'000 959,065

Retained Earnings N'000 (1,781,189) 165,458 165,458

2,348,030

5,458,750

959,065

Issued Share capital N'000 2,348,030

Share Premium N'000 5,458,750

Revaluation Reserve N'000 959,065

(1,615,731)

Retained Earnings N'000 831,906

Total N'000 6,984,656 165,458 165,458 7,150,115

Total N'000 9,597,751

Profit for the year Other Comprehensive Income Total Comprehensive Loss

-

-

(2,519,174) (2,519,174)

(2,519,174) (2,519,174)

Transactions with owners recorded directly in equity:

-

-

(93,921) (1,781,189)

(93,921) 6,984,656

Dividend Balance as at 30 September, 2016

2,348,030 7

5,458,750

959,065

Chams Plc and its Subsidiary Company Statement of Cash Flows for the period ended September 30th , 2016 Notes

Group 2016 2015 Unaudited Audited N'000 N'000

25 Cash Flows from Operating Activities Profit After Tax Adjustment for: Loss on sale of Property, Plant and Equipment Gain on Sale of Property Plant and Equipment Finance Costs Finance Income Tax Expense Depreciation Amortisation of intangible assets Adjustment on Property Plant & Equipment Changes in assets and Liabilities Decrease/(increase) in inventories Decrease/(increase) in trade and other receivables (Decrease)/increase in trade and other payables Total Adjustment Tax Paid Net Cash provided by operating activities

94,867

(3,405,316)

Company 2016 2015 Unaudited Audited N'000 N'000 165,458

(2,519,174)

15,589 (178,702) 13,937 187,174 8,692

1,297 (350) 161,512 (51) 12,296 249,477 30,444

13,887 (178,702) 13,435 72,775 5,738 (324,653)

1,297 155,538 2,399 76,570 7,650

(3,213) 1,245,100 (1,092,414) 291,030 (3,538) 287,492

406,622 2,825,025 (89,008) 191,948 (12,000) 179,948

2,154 2,493 87,516 (139,898) (1,038) (140,936)

38,254 2,675,161 (124,684) 313,011 (12,000) 301,011

(55,947) (46,765) 48,348 178,702 124,338

(25,471) (73,013) (10,470) 27,959 51 (80,944)

324,653 (46,765) 178,702 456,590

(13,279) (73,013) 27,200 (59,092)

(20,137) 2,000

(161,512)

(13,887)

(155,538)

(93,921) (255,433) (156,429) (239,484) (395,913)

(13,887) 301,766 (328,001) (26,235)

(93,921) (249,459) (7,540) (320,461) (328,001)

Cash Flows from Investing Activities Purchase of Property, Plant and Equipment Addition to Investment projects Purchase of intangible assets Proceeds from sale of property, plant and equipment Finance Income Net Cash used in investing activities

Cash Flows from Financing Activities Finance Expenses Deposit for shares Dividends Long term loan repaid Net Cash provided by financing activities Net (decrease)/Increase in cash and cash equivalents Cash and Cash equivalents at the beginning of the year Cash & Cash equivalent at the end of the period

24

8

(18,137) 393,692 (395,913) (2,221)

Chams Plc Unaudited Interim Financial Statements for the Nine month ended 30th September 2016

1 General Information Chams Plc (The Company) was incorporated as a limited liability Company on 10 September 1985 and became a public Company on 4 September 2008. The Company was listed on the floor of the Nigerian Stock Exchange on 8 September 2008. The principal activities of Chams Plc and its subsidiaries (The Group) include identity management, payment collections and transactional systems. The Company's registered office is located at 8, louis Solomon Close, Victoria Island, lagos. 2 Basis of Preparation These unaudited interim financial statements for the nine months ended 30 September 2016 have been prepared in accordance with IAS 34. 'Interim financial reporting'. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which have been in accordance with IFRS. 3 Significant accounting policies The accounting policies adopted are consistent with those of the previous financial year 4 Estimates The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing these condensed interim financial statements, the significant judgements made by managment in applying the group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2015. 5 Revenue recognition Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is the fair value of the consideration received net of taxes and discounts. Revenue from sales of goods is recognised when delivery has taken place and transfer of risks and reward of ownership has been completed. Revenue from service rendered is recognised immediately the service is completed and a service delivery form is issued. When services are provided in phases, revenue is recognised on completion of each phase of the project. 6 Property, plant and equipment Items of property. Plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly atttributable costs and the estimated present value of any future unavoidable costs of dismanting and removing items. The corresponding liability is recognised within provisions. 7 Cash and Cash equivalent Cash and Cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less. For the purpose of the statement of Cashflows bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.

9

Chams Plc Unaudited Interim Financial Statements for the Nine month ended 30th September 2016

8

Group Property, plant and Equipment Land Cost/Valuation Balance at 1 January 2016 Additions Disposal Balance at 30 September 2016 Balance at 1 January 2015 Additions Disposal Balance at 31 December 2015 Accumulated depreciation Balance at 1 January 2016 Depreciation Charge for the year Disposal Balance at 30 September 2016 Balance at 1 January 2015 Depreciation Charge for the year Disposal Balance at 31 December 2015 Carrying amount as at: 30 September 2016 31 December 2015

8a

Building

Plant and Machinery

Fixtures IT and Fittings equipment

Motor Equipment Vehicle

Total

N'000 76,667

N'000 2,000,000

N'000 1,896,961

N'000 341,999 500

N'000 416,025 55,447

N'000 1,160,219 -

N'000 199,154

76,667 105,009

2,000,000 2,000,000

1,896,961 1,903,166

342,499 339,893 2,106

471,472 403,120 12,905

1,160,219 1,156,259 3,960

199,154 192,654 6,500

(6,205) 1,896,961

341,999

416,025

1,160,219

199,154

N'000 6,091,025 55,947 6,146,972 6,100,101 25,471 (34,547) 6,091,025

40,000 33,406

913,625 93,054

340,307 982

393,839 2,410

1,123,055 50,296

174,172 7,026

2,984,998 187,174

73,406 40,000

1,006,679 761,535 158,141 (6,051) 913,625

341,289 336,544 3,763

396,249 371,155 22,684

1,173,351 1,108,517 14,538

181,198 163,821 10,351

340,307

393,839

1,123,055

174,172

3,172,172 2,741,572 249,477 (6,051) 2,984,998

1,210 1,692

75,223 22,186

17,956 24,982

2,974,801 3,106,027

(28,342) 76,667 2,000,000

76,667 76,667

40,000 1,926,594 1,960,000

890,282 983,336

(13,132) 37,164

Company Property, plant and Equipment Land Cost/Valuation Balance at 1 January 2016 Additions Disposal Balance at 30 September 2016 Balance at 1 January 2015 Additions Disposal Balance at 31 December 2015 Accumulated depreciation Balance at 1 January 2016 Depreciation Charge for the year Disposal Balance at 30 September 2016 Balance at 1 January 2015 Depreciation Charge for the year Disposal Balance at 31 December 2015 Carrying amount as at: 30 September 2016 31 December 2015

Building

Plant and Machinery

Fixtures IT and Fittings equipment

Motor Equipment Vehicle

Total

N'000 20,230

N'000 2,000,000

N'000 78,231

N'000 246,783 500

N'000 73,216

N'000 943,347 324,653

N'000 154,268

20,230 48,572

2,000,000 2,000,000

78,231 84,437

247,283 245,298 1,485

73,216 63,088 10,128

1,268,000 941,681 1,666

154,268 154,268

(6,205) 78,232

246,783

73,216

943,347

154,268

N'000 3,516,074 325,153 3,841,227 3,537,344 13,279 (34,547) 3,516,076

40,000 33,406

75,265 1,646

244,157 982

55,971 2,002

937,444 27,713

135,069 7,026

1,487,906 72,775

73,406 40,000

76,911 74,919 6,395 (6,051) 75,263

245,139 242,623 1,534

57,973 41,328 14,643

965,157 932,985 4,459

142,095 125,531 9,539

244,157

55,971

937,444

135,070

1,560,681 1,417,386 76,570 (6,051) 1,487,905

2,144 2,626

15,243 17,245

302,843 5,903

12,173 19,198

2,280,547 2,028,171

(28,342) 20,230 2,000,000

20,230 20,230

40,000 1,926,594 1,960,000

1,320 2,969

10

NOTE TO GROUP FINANCIAL STATEMENTS for the period ended September 30th , 2016 N 000 9

Revenue Identity Management,Business Process Outsourcing & Membership solutions Printer Solutions and Access Card personalisation & Printing Payment Systems Solutions Intercompany Sales

10

11

12

13

COST OF SALES Identity Management,Business Process Outsourcing & Membership solutions Printer Solutions and Access Card personalisation & Printing Payment Systems Solutions

OTHER INCOME Chams Plc: Exchange gain,Discount received,recovery of excess bank charges Chams Access: Sundry Card Centre : Discount Received ChamsSwitch: Intrest from Fixed deposit

ADMINISTRATIVE EXPENSES Chams Plc Chams Access Cardcentre ChamsSwitch

FINANCE EXPENSE/INCOME Chams Plc Chams Access Cardcentre ChamsSwitch Finance Income Savings on Loan Net

14

PROPERTY, PLANT & EQUIPMENT Chams Plc Chams Access Cardcentre ChamsSwitch

472,307 362,209 233,740 39,226 1,107,483 1,107,483

168,106 198,531 180,353 11,957 558,947

208,469 281 4,479 256 213,485

498,592 171,174 118,271 28,293 816,329

13,887 927 775 0 15,589 178,702 163,113

2,280,547 1,551 691,402 1,302 2,974,801

NOTE TO GROUP FINANCIAL STATEMENTS for the period ended September 30th , 2016 (Continued) 15

16

17

18

19 A

B

PROJECTS INVESTMENT Chams Varsity Chams Moblie NIMC

Available for sale financial Asset JKK

Intangible Asset Software devpt Software petrcard Software tranpt Software NHIS Software IDPAy Software NOK amortisation Software Transport Ammortisation Chams Switch

INVENTORIES Chams Plc Chams Access Cardcentre ChamsSwitch

RECEIVABLES TRADE RECEIVABLES Chams Plc Chams Access Cardcentre Chams Switch

Receivables & prepayment Chams Plc Chams Access Cardcentre Chams Switch Inter-company debt

4,083 27,620 145,580 177,283

100,000,000 100,000,000

47,887 16,216 28,618 9,529 22,740 360 (31,886) (15,898) 55,424 132,989

332,973 152,456 568,616 6,900 1,060,945

3,972,548 188,809 185,426 108,389 4,455,173 4,455,173

5,539,568 201,464 185,426 121,639 6,048,096 (1,592,924) 4,455,173

-

NOTE TO GROUP FINANCIAL STATEMENTS for the period ended September 30th , 2016 (Continued) 20

Trade Payables Chams Plc Chams Access Cardcentre Chams Switch

546,385 214 187,060 147,449 881,108 881,108

21 Loan & Borrowing Chams Plc Chams Access Cardcentre Chams Switch

129,930 25,817 155,747

22 Deposit for Shares Chams Plc Chams Access Cardcentre Chams Switch

23

`

10,030 8,460 18,490

OTHER ACCOUNT PAYABLES Chams Plc Chams Access Card Centre ChamsSwitch

2,371,518 149,458 1,477,357 586,199 4,584,533

24 Cash and Cash Equivalents Group

Cash at Bank and in hand Fixed Deposit

30 September 2016 31 December 2015 N'000 N'000 153,526 157,445

Short term Loan Bank Overdrafts Cash & Cash equivalent as at the end of the Period

153,526

157,445

(155,747)

(553,358)

(2,221)

(395,913)

Company 30 September 31 December 2016 2015 N'000 N'000 103,695 99,930 103,695 99,930 (129,930) (26,235)

(427,931) (328,001)