Mar 31, 2017 - Guaranty Trust Bank Operations. 5,539. 845. Sterling Bank. 699. 1. Zenith Bank Operations. Zenith Bank A/c 2. Zenith Bank Subscription ...
DAAR COMMUNICATIONS PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31ST MARCH, 2017
Three months to March 2017 N'000
Three months to March,2016 N'000
REVENUE
904,610
794,029
COST OF SALES
1,171,927
1,052,080
GROSS PROFIT
(267,317)
(258,051)
OTHER INCOME
1,871
164
(265,446)
(257,887)
DISTRIBUTION COST
(21,731)
(15,207)
ADMIN EXPENSES
(374,899)
(386,446)
FINANCE COSTS PROFIT BEFORE TAXATION
(19,774)
(28,369)
(681,850)
(687,909)
TAXATION PROFIT/(LOSS) FOR THE YEAR
(10,125)
(3,259)
(691,975)
(691,168)
EPS in kobo
(9)
(9)
DAAR COMMUNICATIONS PLC STATEMENT OF CHANGES IN EQUITY FOR MARCH 2016 SHARE CAPITAL N'000 BAL B/F ADDITIONS DURING THE YEAR
4,000,000
BALANCE AS AT MARCH
4,000,000
SHARE PREMIUM N'000
RETAINED INCOME N'000
13,411,541
-
-
TOTAL N'000
(6,532,945)
10,878,596
(691,168)
(691,168)
13,411,541 (7,224,113)
10,187,428
DAAR COMMUNICATIONS PLC STATEMENT OF CHANGES IN EQUITY FOR MARCH 2017 SHARE CAPITAL N'000 BAL B/F ADDITIONS DURING THE YEAR
4,000,000
BALANCE AS AT MARCH
4,000,000
-
SHARE PREMIUM N'000
RETAINED INCOME N'000
13,411,541 -
TOTAL N'000
(6,129,703) 11,281,838 (691,975)
13,411,541 (6,821,678)
(691,975) 10,589,863
DAAR COMMUNICATIONS PLC STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH, 2017 ASSETS NON CURRENT ASSETS
MARCH,2017 N'000
DEC, 2016 N'000
PROPERTY,PLANT & EQUIPMENT
10,289,393
10,842,230
OTHER INTANGIBLE ASSETS
29,748
29,748
INVESTMENT
97,000
97,000
OTHER NON CURRENT ASSETS
106,424
120,571
10,522,565
11,089,549
TRADE RECEIVABLES
3,353,456
3,152,098
DEFERRED TAX ASSET OTHER DEBTORS & PREPAYMENTS
3,725,300
3,725,300
3
79,317
86,693
CASH & CASH EQUIVALENTS
4
117,329
58,477
TOTAL CURRENT ASSETS
7,275,402
7,022,568
TOTAL ASSETS
17,797,967
18,112,117
4,000,000
4,000,000
13,411,541
13,411,541
CURRENT ASSETS INVENTORIES
EQUITY AND LIABILITIES EQUITY ATTRIBUTABLE TO OWNERS SHARE CAPITAL
5
SHARE PREMIUM RETAINED EARNINGS TOTAL EQUITY
6
(6,821,678) 10,589,863
(6,129,703) 11,281,838
CURRENT LIABILITIES BANK LOAN SUBORDINATED LOAN
1,486,861
1,486,861
TRADE PAYABLES
1,397,359
1,345,272
OTHER PAYABLES
7
3,801,075
3,480,462
BANK OVERDRAFT
8
49
49
TAXATION
9
522,760
517,635
TOTAL CURRENT LIABILITIES
7,208,104
6,830,279
TOTAL EQUITY AND LIABILITIES
17,797,967
18,112,117
DATED 31st MARCH, 2017
Tony A. Akiotu
Stanley Sagboje
GMD/CEO
ED, Finance & Accounts/CFO
FRC/2014/NIM/0000000895
FRC/2016/ICAN/00000015580
DAAR COMMUNICATIONS PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31ST MARCH, 2017 Mar-17 N'000
Cash flow from operating activities
Mar-16 N'000
Profit/(Loss) before taxation Add back items not involving movement of funds
(681,851)
(687,909)
Depreciation
675,741
698,774
Amortisation
484
Adjustment of inventory -Decoders Prior year adjustment Impairment allowance on receivable
-
Finance cost Other income
19,774
26,318
Finance income
-
-
13,664
37,667
(Increase) /Decrease in Trade Receivables (Increase)/Decrease in Other Receivables and prepayments
(201,358)
197,808
7,376
2,248
(Increase)/Decrease in Stocks
-
Increase/(Decrease) in Trade and other payables
372,700
(514,536)
178,718
(314,480)
Working capital changes
Tax Paid
(5,000)
Net cash from operating activities Cash flows from investing activities
187,382
(276,813)
(Purchase)/Sale of fixed assets
(108,757)
(27,061)
Investment in MTS
-
(Increase)/Decrease in intangible assets
-
(2,500)
Net cash used in investing Cash flows from financing activities
(108,757)
(29,561)
Bank loan received
-
-
Bank loan repaid
-
Surbordinated Loan Repaid
-
Finance cost
(19,774)
(26,318)
Net Cash used in financing activities
(19,774)
(26,318)
Net(decrease)/increase in cash and cash equivalent
58,852
Cash and cash equivalents at 1 January
58,428
200,726
Cash and cash equivalents at 31st march Represented by:
117,280
(131,966)
Bank and cash balances
117,329
167,189
Bank Overdraft
(49)
(299,155)
Cash and cash equivalent at 31st march
117,280
(131,966)
-
(332,692)
DAAR COMMUNICATIONS PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2017
1
REVENUE Television United Kingdom
31ST MARCH, 2017 N'000 791,595
31ST MARCH, 2016 N'000 737,910
Daar News
23,856
18,168
Radio
89,158
37,951
Pay TV
904,609
2
Profit before taxation This is stated after charging the following: Directors' remuneration -Fees -Others Auditors remuneration
3
4
-
794,029
31ST DEC 2016
5,000
Amortisation Depreciation
-
20,000 7,437
675,741
2,685,123
Other receivables and prepayments Staff Loans and Advances
46,533
46,769
Other Receivables
32,784
39,924
79,317
86,693
Main cash
10,374
8,429
Petty Cash
1,257
1,826
12,685
12,689
CASH & CASH EQUIVALENTS
UBA GTB Pool GTB (Domiciliary) Guaranty Trust Transit Guaranty Trust Bank Operations Sterling Bank Zenith Bank Operations Zenith Bank A/c 2 Zenith Bank Subscription
58
(8,115) 5,539 699
55
(8,115) 845 1
Zenith Bank Statutory
(1)
(1,986)
UBN Agege
15
15
FIDELITY IMPREST
5
FIDELITY FIRS
17
FIDELITY MASTER FIDELITY CORPORATE GOVERNANCE FIDELITY CAPITAL DEV. FIDELITY SATELLITE EXP. FIDELITY VENDOR FIDELITY OPERATIONS FIDELITY CONTENT ACQUISITION
19,817 240
FIDELITY PERSONAL PAID ADVERT FIDELITY DIRECT SALES
263
14,919
14
38
47
2
162
11,376 1
FIDELITY OUTSIDE BROADCAST EXP. FIDELITY SPECIAL PROJECT
7
(2,671) 7 184
1 10 410
126 6,679 202
FIDELITY AGENCY SALES
5
11
FIDELLITY INDEPENDENT SALES
1
2
FIDELITY INTERNAL SALES
1
3
FIDELITY SCROLL MESSAGES
1
1
FIDELITY DEDICATED MEDIA COVERAGE
1
1
FIDELITY PROGRAM APPEARANCE
2
FIDELITY OUTSIDE BROADCAST INCOME
37
FIDELITY STAFF COST FIDELITY MARKETING & SALES
(2,252)
(3,603) 9
FIDELITY ENGINNERING
6
6
FIDELITY LEGAL REGULATORY & INS.
3
FIDELITY DIESEL & ELECTRICITY
8
FIDELITY NEWS GATHERING
1
1
FIDELITY VAT
96
96
FIDELITY SUBORDINATED LOAN
(1)
26
Cheque in Transit Zenith Master Fidelity Bank Domiciliary Account Fidelity Bank Plc Fidelity Pool A/C Zenith Capital Dev Fidelity Capital Account HSBC Bank
ZENITH OPERATIONS
17,283 7 9,219
72 3 7,525 476
19,999
97 9,219
70 (10) 7,525 527
4,266
ZENITH LEGAL REGULATORY
3
4
ZENITH NBC LICENCE
4
4
ZENITH REVENUE RESERVE
3
3
ZENITH AIT INCOME
12,045
4,538
ZENITH SUBORDINATED LOAN
10
1
ZENITH FIRS
29
30
1
4
ZENITH CORPORATE GOVERNANCE ZENITH STAFF COST ZENITH DIESEL & ELECT.
1,639 (1,001)
16 (986)
ZENITH SATELLITE EXP. ZENITH VAT
1
84
110
395
FCMB
2
First Bank Plc
117,329
5
58,476
Share Capital Authorised 8,000,000,000 ordinary shares of 50k each
Issued and fully paid
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
At 1 January Issue of shares during the year
6 RETAINED EARNINGS
7
At 1 january Prior year adjustment Retained Profit/(Loss)
(6,129,703)
At end of period
(6,821,678)
(691,975)
(3,990,114) (2,139,589) (6,129,703)
Other payables Accrued salary
1,127,104
1,066,989
PAYE
257,426
255,744
Pension fund
898,359
866,128
Daar Investment Holding Coy Ltd
333,128
346,552
NHF
34,394
32,053
Customer Deposits NHIS UNION DUES
71,214 199,563 1,267
516
ITF
34,382
31,963
NSITF
34,545
32,371
Audit fee
32,000
32,000
VAT
86,446
47,350
Co-operative Society
14,636
14,636
Withholding tax
20,448
18,955
Gratuity
348,376
353,735
NBC Charges
120,040
119,312
Accrued Expenses
187,747
76,526
3,801,075 8
185,633
Bank Overdraft Barclays Bank
-
3,480,463
49
49
49
49
GTB (Transit)
9
Taxation
At 1st Jan. Charged for the period Paid during period At end of period DAAR COMMUNICATIONS PLC VALUE ADDED STATEMENT
2016 N'000 517,635 10,125 5,000 522,760
2016 (AUDITED) N'000 632,786 45,489 (160,640) 517,635
Mar-17 N'000
Mar-16 N'000
%
%
TURNOVER
904,610
794,029
-
OTHER INCOME
1,870
164
906,480
794,193
LOCAL
(455,398)
(343,142)
FOREIGN
(124,544)
(122,264)
VALUE ADDED
326,538
100
328,787
100
Salaries, Pension,Welfare PROVIDER OF CAPITAL
314,062
96
291,120
89
Finance Cost TO GOVERNMENT
18,586
6
26,318
8
Taxation 10,125 PROVIDED for ASSET REPLACEMENT Depreciation of Property, Plant and
3
3,259
1
-
BOUGHT IN MATERIALS
DISTRIBUTED AS FOLLOWS: EMPLOYEES:
Equipment
675,741
207
Amortisation/Provisions Retained for the year
698,774 484
(691,976) 326,538
DAAR COMMUNICATIONS PLC FIVE YEAR SUMMARY
(212) 100
(691,168) 328,787
212 0 (210) 100
Mar-17 N'000
2016 N'000
2015 N'000
2014 N'000
2013 N'000
Assets Employed Property, Plant & Equipment
10,395,817
10,962,800
13,564,961
16,069,435
18,570,076
Intangible Assets
29,748
29,748
7,744
-
270,767
Investment
97,000
97,000
142,000
142,000
-
Deferred Tax Assets
3,725,300
3,725,300
511,193
686,597
854,826
Net Current Assets
(3,658,003)
(3,533,010)
(3,347,302)
(4,987,887)
(7,111,901)
Loan
-
-
-
-
(566,609)
Net Assets
10,589,862
11,281,838
10,878,596
11,910,145
12,017,159
SHARE CAPITAL
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
SHARE PREMIUN
13,411,541
13,411,541
13,411,541
13,411,541
13,411,541
GENERAL RESERVE
(6,821,679)
(6,129,703)
(6,532,945)
(5,501,396)
(5,394,382)
SHAREHOLDERS FUND
10,589,862
11,281,838
10,878,596
11,910,145
12,017,159
TURNOVER
904,610
3,732,527
7,089,393
6,973,359
5,607,544
PROFIT/(LOSS) BEFORE TAX
(681,851)
(3,001,230)
(1,047,936)
428,363
(2,702,921)
TAX
(10,125)
861,641
(467,936)
(535,377)
(715,033)
PROFIT AFTER TAX
(691,976)
(2,139,589)
(1,515,112)
(107,014)
(3,417,954)
FUNDS EMPLOYED
EARNINGS PER SHARE
Mar-17 N'000
2016 N'000
(9)
2015 N'000
(27)
2014 N'000
(19)
2013 N'000
(1)
(43)
10,395,817
10,962,800
13,564,961
16,069,435
18,570,076
29,748
29,748
7,744
-
270,767
97,000
97,000
142,000
142,000
-
3,725,300
3,725,300
511,193
686,597
854,826
(3,658,003)
(3,533,010)
(3,347,302)
(4,987,887)
(7,111,901)
-
-
-
-
(566,609)
10,589,862
11,281,838
10,878,596
11,910,145
12,017,159
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
13,411,541
13,411,541
13,411,541
13,411,541
13,411,541
(6,821,679)
(6,129,703)
(6,532,945)
(5,501,396)
(5,394,382)
10,589,862
11,281,838
10,878,596
11,910,145
12,017,159