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)
