8, louis Solomon Close, Victoria Island, lagos. ... The accounting policies adopted are consistent with those of the pre
Chams Plc Unaudited Interim Financial Statements For the Nine Month Ended 30 September 2017
Chams Plc Unaudited Interim Financial Statements for the Nine Month ended 30th September 2017 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 Profit or Loss and other Comprehensive Income for the period ended September 30th , 2017
Revenue Cost of Sales Gross Profit Other operating Income Administrative Expenses Operating Profit/( Loss) Finance expense/Income
Notes Group Account Group Account Group Account Unaudited Unaudited Audited 2017 2016 2016 Q3 Q3 N' 000 N' 000 N' 000 9 1,488,682 1,107,483 1,482,037 10 (858,909) (558,947) (788,580) 629,773 548,536 693,457 11 122,546 213,485 407,161 12 (906,757) (816,329) (2,558,295) (154,438) (54,309) (1,457,677) 13 (6,864) 163,113 (14,240)
Profit/(Loss) before Taxation Taxation expense (Provision) Profit/(Loss) after Taxation
(161,301) (11) (161,312)
Other Comprehensive Income/ Loss Revaluation surplus on property, plant and equipment Disposal Profit on disposal of asset Other Income Total Comprehensive Income
108,804 (13,937) 94,867 -
(1,471,917) (46,696) (1,518,613)
Chams Plc Unaudited 2017 Q3 N' 000 375,746 (79,048) 296,698
Profit/Loss for the period attributable to : Owners of the company (154,035) Non controlling interest (7,277) (161,312) Total comprehensive income attributable to: Owners of Parent Non controlling interest
Chams Plc Audited 2016 N' 000 641,435
(168,106)
(273,689)
304,202
367,746
102,312
208,469
(573,699)
(498,592)
(2,623,514)
(174,688)
14,078
(1,858,318)
(5,327)
164,815
(15,520)
(180,015)
178,893
(1,873,838)
(180,015)
(161,312)
Chams Plc Unaudited 2016 Q3 N' 000 472,307
(13,435) 165,458
397,450
(34,595) (1,908,433)
-
94,867 90,587 4,280 94,867
(1,518,613)
(180,015)
165,458
(1,908,433)
(1,428,710) (89,903)
(180,015) -
(1,908,433) -
(1,518,613)
(180,015)
165,458 165,458
90,587 4,280 94,867
(1,428,710) (89,903) (1,518,613)
Basic (Loss) / earnings per share (kobo) Diluted (Loss)/ earnings per share (Kobo)
(25)k (30)k 3
(1,908,433) 1,908,433 1,908,433 (39)k (39)k
Chams Plc and Its Subsidiary Companies Consolidated and Separate Statement of Financial Position for the period ended September 30th , 2017 Notes Chams Group Chams Group Unaudited Unaudited Sept 2017 Sept 2016 N'000 N'000 Assets Non-current assets Property,plant and equipment 8-8a 2,882,173 2,974,801 Long term Investment Investment Project 15 138 177,283 Deposit for Investment Available for Sale financial Assets 16 100,000 100,000 Intangible Asset 17 163,394 132,989 Deferred Tax Asset 285,051 3,145,705 3,670,124 CURRENT ASSETS Inventory & Work In Progress 18 574,931 1,060,945 Trade and other receivable 19 2,501,657 4,455,173 Due from related Parties 357,181 Cash and Cash Equivalent 279,729 153,526 3,356,316 6,026,825 Asset held for sale Landed Property
Chams Plc Unaudited Sept 2017 N'000
6,502,021
Liabilities Non -current liabilities Long Term Loan Deferred Tax
9,696,949
20 21 22
4,353,204 25,817 450,280 4,829,301
881,108 155,747 18,490 4,584,533 607,853 6,247,730
Total liabilities
4,829,301
NET ASSETS
1,672,720
Chams Plc Unaudited Sept 2016 N'000
Chams Plc Audited 2016 N'000
2,936,146 100,000 157,140 3,193,286
2,150,481 1,845,986 138 1,207,092 100,000 69,277 5,372,974
2,280,547 1,521,333 177,283 100,000 77,565 285,051 4,441,778
2,262,419 1,845,985 1,207,092 100,000 75,652 5,491,148
287,582 2,369,241 183,327 2,840,150
89,806 1,597,797 205,408 1,893,011
332,973 4,305,882 1,567,020 103,695 6,309,570
99,662 2,198,220 122,022 2,419,904
-
Total Assets
Current liabilities Trade and other Payable Loan & Borrowing Deposit for Shares Other payable & Accruals Taxation
Chams Group Audited 2016 N'000
6,033,436
3,289,812 226,194
7,265,985
-
10,751,348
-
7,911,052
-
681,689 4,197,695
1,989,589 380,187 2,369,776
546,385 129,930 10,030 2,371,518 543,370 3,601,233
2,113,369 97,447 624,013 2,834,829
6,247,730
4,197,695
2,369,776
3,601,233
2,834,829
3,449,219
1,835,741
4,896,209
7,150,115
5,076,223
4 Chams Plc Unaudited Interim Financial Statements for the nine Months ended 30 September 2017
Statement of Financial Position (Continued) As at September 30th, 2017 Notes
Chams Group Unaudited Sept 2017 N'000 Issued capital and reserves attributable to owners of the parent Share Capital 2,348,030 Share Premium 5,458,751 Plant, Property & Equipment Revaluation Reserve 959,065 Capital Reserve 145,522 Revenue Reserve (6,575,692) Equity Attributable to Owners of the Parent 2,335,676 Non-Controlling Interest (662,956) TOTAL EQUITY 1,672,720
Chams Group Unaudited Sept 2016 N'000
Chams Group Audited 2016 N'000
Chams Plc Unaudited Sept 2017 N'000
Chams Plc Unaudited Sept 2016 N'000
Chams Plc Audited 2016 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 5,458,751 959,065 145,522 (6,429,119) 2,482,249 (646,507) 1,835,741
2,348,030 5,458,751 959,065 (3,869,637) 4,896,209
2,348,030 5,458,751 959,065 (1,615,731) 7,150,115
2,348,030 5,458,750 959,065 (3,689,622) 5,076,223
4,896,209
7,150,115
The Financial statements on Pages 2 to 5 were approved for issue by the board of Directors on 25th September 2017 and signed on its behalf by :
____________________ Olufemi S. Williams Managing Director FRC/2013/NSE/000000043337
___________ Mayowa Olaniyan Finance Director FRC/2013/ICAN/00000004330
5
5,076,223
Chams Plc and Its Subsidiary Companies Consolidated and Separate Statement of Changes in Equity For nine Month Ended 30th September 2017 Group
Balance as at 1st January 2017 Loss for the year Other Comprehensive Income Total Comprehensive Loss Transactions with owners recorded directly in equity: Dividend Balance as at 30 September, 2017
Group
Balance as at 1st January 2016 Loss for the year Other Comprehensive Income Total Comprehensive Loss
Issued Share capital
Share Premium
Revaluatio n Reserve
Capital Reserve
Retained Earnings
N'000 2,348,030
N'000 5,458,750
N'000 959,065
N'000 145,522
N'000 (6,429,119)
-
-
(146,573) (146,573)
-
-
(6,575,692)
2,348,030
5,458,750
959,065
145,522
Issued Share capital
Share Premium
Revaluatio n Reserve
Capital Reserve
Retained Earnings
N'000 2,348,030
N'000 5,458,750
N'000 959,065
N'000 145,522
N'000 (5,000,410)
-
Transactions with owners recorded directly in equity: Dividend Balance as at 31 December, 2016 2,348,030
-
(1,428,710) (1,428,710)
-
(6,429,120)
5,458,750
959,065
145,522 6
Total NonAttributable Controlling to Equity Interest Holders of parent 2,482,249
(646,508)
(146,573)
(16,448)
(146,573)
(16,448)
Total N'000 1,835,741 (163,021) (163,021)
2,335,677
(662,956)
Total NonAttributable Controlling to Equity Interest Holders of parent 3,910,959
(556,605)
(1,428,710)
(89,903)
(1,428,710)
(89,903) -
2,482,249
(646,508)
1,672,720
Total N'000 3,354,354 (1,518,613) (1,518,613) 1,835,741
Chams Plc and Its Subsidiary Companies Consolidated and Separate Statement of Equity For nine Month Ended 30th September 2017 Company Balance as at 1st January 2017
Issued Share capital N'000 2,348,030
Share Premium N'000 5,458,750
Revaluation Reserve N'000 959,065
Retained Earnings N'000 (3,689,622)
Profit for the year Other Comprehensive Income Total Comprehensive Loss
-
-
(180,015) (180,015)
Transactions with owners recorded directly in equity:
-
-
(3,869,637)
Dividend Balance as at 30 September, 2017
Company Balance as at 1st January 2016
2,348,030
Issued Share capital N'000 2,348,030
5,458,750
Share Premium N'000 5,458,750
959,065
Revaluation Reserve N'000 959,065
Retained Earnings N'000 (1,781,189)
Loss for the year Other Comprehensive Income Total Comprehensive Loss
-
-
(1,908,433) (1,908,433)
Transactions with owners recorded directly in equity:
-
-
(3,689,622)
Dividend Balance as at 31 December, 2016
2,348,030 7
5,458,750
959,065
Total N'000 5,076,224 (180,015) (180,015) 4,896,209
Total N'000 6,984,656 (1,908,433) (1,908,433) 5,076,223
Chams Plc and its Subsidiary Company Statement of Cash Flows for the period ended September 30th , 2017 Notes
Group 2017 2016 Unaudited Audited N'000 N'000
25 Cash Flows from Operating Activities Profit/Loss 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 Impairment allowance for investment project Transfer of Investment project Transfer of Property Plant & Equipment Loss on asset written off 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
Company 2017 2016 Unaudited Audited N'000 N'000
(161,312)
(1,518,613)
(180,015)
(1,908,433)
6,864 11 150,764 6,375 -
15,909 (1,669) 46,695 202,005 20,296 177,832 1,722
5,327 113,576 6,375 -
15,520 34,595 109,933 7,650 177,832 47,086 (324,630) 1,573
(287,349) (132,416) 755,857 338,794 (2,000) 336,794
770,145 1,461,241 (715,216) 460,348 (12,637) 447,711
9,856 358,437 (123,780) 189,777 (2,000) 187,777
235,465 3,918,608 (717,018) 1,598,180 (1,000) 1,597,180
(33,151) -
(33,847) (870) (92,795) 47,086 1,669 (78,757)
(1,617) (1,617)
(21,122) (870) (1,207,092) (1,229,084)
(15,909)
(5,327)
(15,520)
(15,909) 353,045 (395,913) (42,867)
(5,327) 180,833 24,575 205,408
(15,520) 352,576 (328,001) 24,575
Cash Flows from Investing Activities Purchase of Property, Plant and Equipment Addition to Investment projects Purchase of intangible assets Project investment transferred Proceeds from sale of property, plant and equipment Finance Income Deposit for Investment Net Cash used in investing activities
(33,151)
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
(6,864) -
24
(6,864) 296,779 (42,867) 253,912
Chams Plc Unaudited Interim Financial Statements for the nine month ended 30th September 2017
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 30th September 2017 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 2016, 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 2016. 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 2017
8
Group Property, plant and Equipment Land Cost/Valuation Balance at 1 January 2017 Additions Disposal Balance at 30 September 2017 Balance at 1 January 2016 Additions Transfers Acc depreciation on assets transferred Write off Balance at 31 December 2016 Accumulated depreciation Balance at 1 January 2017 Depreciation Charge for the year Disposal Balance at 30 September 2017 Balance at 1 January 2016 Depreciation Charge for the year Accumulated depreciation on assets transferred Write off Balance at 31 December 2016 Carrying amount as at: 30 September 2017 31 December 2016
Building
Plant and Machinery
Fixtures IT and Fittings equipment
Motor Equipment Vehicle
Total
N'000 76,667
N'000 2,000,000
N'000 902,703 10,000
N'000 342,751 703
N'000 437,881 -
N'000 1,458,217 22,448
N'000 171,048
76,667 76,667
2,000,000 2,000,000
343,454 341,999 752
437,881 416,025 22,081
1,480,665 1,160,219 716 324,630
171,048 199,154 9,720
76,667
2,000,000
912,703 1,896,961 578 (324,630) (670,206) 902,703
342,751
(225) 437,881
(27,348) 1,458,217
(37,826) 171,048
N'000 5,389,267 33,151 5,422,418 6,091,025 33,847 (670,206) (65,399) 5,389,267
86,812 33,405
322,046 17,289
341,751 1,950
401,006 5,914
1,151,815 25,252
149,691 3,315
2,453,121 87,125
120,217 40,000 46,812
339,335 913,625 78,627
343,701 340,307 1,444
406,920 393,839 7,241
1,177,067 1,123,055 54,565
153,006 174,172 13,317
2,540,246 2,984,998 202,006
86,812
(670,206) 322,046
341,751
(74) 401,006
(25,805) 1,151,815
(37,798) 149,691
(63,677) 2,453,121
30,961 36,875
303,598 306,402
18,042 21,358
2,882,173 2,936,147
-
76,667 76,667
1,879,783 1,913,188
573,368 580,657
(247) 1,000
8a
Company Property, plant and Equipment Land Cost/Valuation Balance at 1 January 2017 Additions Disposal Balance at 30 September 2017 Balance at 1 January 2016 Additions Transfer in Write off Balance at 31 December 2016 Accumulated depreciation Balance at 1 January 2017 Depreciation Charge for the year Disposal Balance at 30 September 2017 Balance at 1 January 2016 Depreciation Charge for the year Disposal Balance at 31 December 2015 Carrying amount as at: 30 September 2017 31 December 2016
Building
Plant and Machinery
Fixtures IT and Fittings equipment
N'000 20,230
N'000 2,000,000
N'000 78,231
N'000 247,283 703
N'000 73,216
20,230 20,230
2,000,000 2,000,000
78,231 78,232
247,986 246,783 500
73,216 73,216 20,622
20,230
2,000,000
78,232
247,283
86,812 33,406
76,931 23
120,218 40,000 46,812
20,230 20,230
Motor Equipment Vehicle
Total
N'000 1,261,274 914
N'000 116,443
116,443 154,268
93,838
1,262,188 943,347 324,630 (27,348) 1,240,629
(37,826) 116,442
N'000 3,796,677 1,617 3,798,294 3,516,076 21,122 324,630 (65,174) 3,796,654
245,393 932
59,207 4,629
959,255 67,659
106,638 6,928
1,534,237 113,576
246,325 244,157 1,236
63,836 55,971 6,243
86,812
76,954 75,263 1,666 76,929
245,393
62,214
1,026,914 937,444 44,608 (25,805) 956,247
113,566 135,070 9,368 (37,798) 106,640
1,647,813 1,487,905 109,933 (63,603) 1,534,235
1,879,782 1,913,188
1,277 1,303
1,661 1,890
9,380 31,624
235,274 284,382
10
2,876 9,803
2,150,480 2,262,420
NOTE TO GROUP FINANCIAL STATEMENTS for the period ended September 30th , 2017 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
14
COST OF SALES Identity Management,Business Process Outsourcing & Membership solutions Printer Solutions and Access Card personalisation & Printing Payment Systems Solutions
OTHER INCOME Chams Plc: Miscellenous 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
PROPERTY, PLANT & EQUIPMENT Chams Plc Chams Access Cardcentre ChamsSwitch
375,746 597,383 457,766 57,787 1,488,682 1,488,682
79,048 396,426 369,719 13,716 858,909
102,312 10,166 2,928 7,140 122,546
573,699 119,792 160,966 52,300 906,757
5,327 1,001 536 0 6,864
2,150,481 36,521 691,402 3,769 2,882,173
NOTE TO GROUP FINANCIAL STATEMENTS for the period ended September 30th , 2017 (Continued) 15
16
17
18
19
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 & OTHER RECEIVABLES Chams Plc Chams Access Cardcentre Chams Switch
138 138
100,000 100,000
47,887 16,216 28,618 9,529 22,740 360 (37,313) (18,760) 94,118 163,394
89,806 42,595 436,018 6,512 574,931
1,597,797 369,518 399,269 135,072 2,501,657 2,501,657
NOTE TO GROUP FINANCIAL STATEMENTS for the period ended September 30th , 2017 (Continued) 20
Trade & Other Payables Chams Plc Chams Access Cardcentre Chams Switch
21 Loan & Borrowing Chams Plc Chams Access Cardcentre Chams Switch
1,989,589 156,537 1,666,125 540,952 4,353,204 4,353,204
`
25,817 25,817
24 Cash and Cash Equivalents Group
Cash at Bank and in hand Fixed Deposit
Short term Loan Bank Overdrafts Cash & Cash equivalent as at the end of the Period
30 Sept 2017 31 December 2016 N'000 N'000 175,676 183,327 104,053 279,729 183,327 (25,817)
(226,194)
253,912
(42,867)
Company 31 December 30 Sept 2017 2016 N'000 N'000 101,355 122,022 104,053 205,408 122,022 205,408
(97,447)
24,575
