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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