Oct 25, 2017 - DAAR COMMUNICATIONS. PLC. STATEMENT OF PROFIT OR LOSS AND OTHER ... 3,480,462. BANK OVERDRAFT. 8. 49 .... UNION DUES.
DAAR COMMUNICATIONS PLC RC: 117587 AIT CENTRE, LADI LAWAL DRIVE, KPADUMA HILL OFF T.Y. DANJUMA STREET, ASOKORO PHASE EXTENSION, ASOKORO DISTRICT ABUJA
FINANCIAL STATEMENT AS ENDED 30TH SEPTEMBER, 2017
DAAR COMMUNICATIONS PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 3OTH SEPT., 2017
JUL.to SEPT 2017 N'000 REVENUE
JAN.to SEPT. 2017 N'000
JUL. to SEPT.,2016 N'000
JAN. to SEPT. 2016 N'000
820,920
2,547,948
638,750
2,765,785
COST OF SALES
1,112,262
3,310,424
766,765
3,100,836
GROSS PROFIT
(291,342)
(762,476)
(128,015)
(335,051)
642
259
1,020
(290,999)
(761,834)
(127,756)
(334,031)
DISTRIBUTION COST
(15,013)
(49,294)
(23,098)
(48,024)
ADMIN EXPENSES
(422,471)
(1,142,457)
(334,314)
(1,031,391)
FINANCE COSTS
(17,913)
(57,561)
(27,391)
(83,550)
(746,396)
(2,011,146)
(512,559)
(1,496,996)
(10,101)
(121,078)
(162,446)
OTHER INCOME
343
PROFIT BEFORE TAXATION TAXATION PROFIT/(LOSS) FOR THE
13,804
YEAR EPS in kobo
(732,592)
(2,021,247)
(9)
(25)
(633,637) (8)
(1,659,442) (21)
DAAR COMMUNICATIONS PLC STATEMENT OF CHANGES IN EQUITY FOR SEPTEMBER 2016 SHARE PREMIUM N'000
SHARE CAPITAL N'000 BAL B/F
4,000,000
ADDITIONS DURING THE YEAR BALANCE AS AT JAN. SEPTEMBER
4,000,000
13,411,541
RETAINED INCOME N'000
TOTAL N'000
(5,242,971) 12,168,570
-
(1,659,442)
(1,659,442)
13,411,541
(6,902,413)
10,509,128
DAAR COMMUNICATIONS PLC STATEMENT OF CHANGES IN EQUITY FOR SEPTEMBER, 2017 SHARE PREMIUM N'000
SHARE CAPITAL N'000 BAL B/F ADDITIONS DURING THE YEAR BALANCE AS AT JAN-SEPT.
4,000,000 4,000,000
RETAINED INCOME N'000
TOTAL N'000
13,411,541
(6,129,703)
11,281,838
-
(2,021,247)
(2,021,247)
13,411,541
(8,150,950)
9,260,591
DAAR COMMUNICATIONS PLC STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPTEMBER, 2017 ASSETS NON CURRENT ASSETS
SEPT,2017 N'000
DEC, 2016 N'000
PROPERTY,PLANT & EQUIPMENT
8,956,717
10,842,230
OTHER INTANGIBLE ASSETS
26,030
29,748
INVESTMENT
97,000
97,000
OTHER NON CURRENT ASSETS
60,539
120,571
9,140,286
11,089,549
TRADE RECEIVABLES
3,624,326
3,152,098
DEFERRED TAX ASSET
3,725,300
3,725,300
CURRENT ASSETS INVENTORIES
OTHER DEBTORS & PREPAYMENTS
3
87,176
86,693
CASH & CASH EQUIVALENTS
4
48,766
58,477
TOTAL CURRENT ASSETS
7,485,568
7,022,568
TOTAL ASSETS
16,625,854
18,112,117
4,000,000
4,000,000
13,411,541
13,411,541
(8,150,950)
(6,129,703)
9,260,591
11,281,838
EQUITY AND LIABILITIES EQUITY ATTRIBUTABLE TO OWNERS SHARE CAPITAL
5
SHARE PREMIUM RETAINED EARNINGS TOTAL EQUITY
6
CURRENT LIABILITIES BANK LOAN SURBORDINATED LOAN
1,433,661
1,486,861
TRADE PAYABLES
1,241,371
1,345,272
OTHER PAYABLES
7
4,167,446
3,480,462
BANK OVERDRAFT
8
49
49
TAXATION
9
522,736
517,635
TOTAL CURRENT LIABILITIES
7,365,263
6,830,279
TOTAL EQUITY AND LIABILITIES
16,625,854
18,112,117
DATED 25th October, 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 30TH SEPT, 2017 SEPT. 2017 N'000
Cash flow from operating activities
SEPT, 2016 N'000
Profit/(Loss) before taxation Add back items not involving movement of funds
(2,011,146)
(1,496,996)
Depreciation
2,026,491
2,038,484
Amortisation
3,719
1,452
Adjustment of inventory -Decoders Prior year adjustment Impairment allowance on receivable
-
Finance cost Other income
37,172
78,936
Finance income
-
-
56,236
621,876
(Increase) /Decrease in Trade Receivables (Increase)/Decrease in Other Receivables and prepayments
(472,228)
(1,486,010)
(483)
135,949
(Increase)/Decrease in Stocks
-
Increase/(Decrease) in Trade and other payables
583,083
754,538
110,372
(595,523)
Tax Paid
(5,000)
(277,468)
Net cash from operating activities Cash flows from investing activities
161,608
(251,115)
(Purchase)/Sale of fixed assets Investment in MTS
(80,946)
(164,557)
Working capital changes
-
45,000
(Increase)/Decrease in intangible assets
(1)
(12,684)
Net cash used in investing Cash flows from financing activities
(80,947)
(132,241)
Bank loan received
-
-
Bank loan repaid
-
Surbordinated Loan Repaid
(53,200)
(500)
Finance cost
(37,172)
(78,936)
Net Cash used in financing activities
(90,372)
(79,436)
Net(decrease)/increase in cash and cash equivalent
(9,711)
Cash and cash equivalents at 1 January
58,428
185,612
Cash and cash equivalents at 30th Sept Represented by:
48,717
(277,179)
Bank and cash balances
48,766
94,384
Bank Overdraft
(49)
(371,563)
Cash and cash equivalent at 30th Sept
48,717
(277,179)
-
(462,791)
-
DAAR COMMUNICATIONS PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPT., 2017
1
REVENUE
30TH SEPT, 2017 N'000
30TH SEPT, 2016 N'000
Television United Kingdom
2,160,511
2,385,117
Daar News
81,299
79,923
Radio
306,138
300,745
Pay TV
-
-
2,547,948
2
3
4
-
2,765,785
31ST DEC 2016
Profit before taxation This is stated after charging the following: Directors' remuneration -Fees -Others Auditors remuneration
15,000
20,000
Amortisation
3,719
7,437
Depreciation
2,026,491
2,685,123
Staff Loans and Advances
42,036
46,769
Other Receivables
45,140
39,924
87,176
86,693
Main cash
23,530
8,429
Petty Cash
2,740
1,826
UBA
12,685
12,689
GTB Pool GTB (Domiciliary)
3,508
55
Guaranty Trust Transit
(8,116)
(8,115)
Guaranty Trust Bank Operations
1,756
845
Sterling Bank Zenith Bank Operations
860
1
Other receivables and prepayments
CASH & CASH EQUIVALENTS
14,174 Zenith Bank A/c 2 Zenith Bank Subscription Fidelity Bank Statutory
(1)
(1,986)
UBN Agege
15
15
FIDELITY IMPREST
(18,809)
5
FIDELITY FIRS
17
FIDELITY MASTER
93
7
FIDELITY CORPORATE GOVERNANCE
(260)
263
FIDELITY CAPITAL DEV.
(2,892)
14
FIDELITY SATELLITE EXP.
38
47
FIDELITY VENDOR
2
162
FIDELITY OPERATIONS
17,530
(2,671)
FIDELITY CONTENT ACQUISITION
1
7
FIDELITY OUTSIDE BROADCAST EXP.
184
FIDELITY SPECIAL PROJECT
1
126
FIDELITY PERSONAL PAID ADVERT
10
6,679
FIDELITY DIRECT SALES
10
202
FIDELITY AGENCY SALES
5
11
FIDELLITY INDEPENDENT SALES
2
FIDELITY INTERNAL SALES
1
3
FIDELITY SCROLL MESSAGES
1
1
FIDELITY DEDICATED MEDIA COVERAGE
1
FIDELITY PROGRAM APPEARANCE
2
FIDELITY OUTSIDE BROADCAST INCOME
37
FIDELITY STAFF COST
(28,589)
FIDELITY MARKETING & SALES FIDELITY ENGINNERING
(3,603) 9
6
6
FIDELITY LEGAL REGULATORY & INS.
3
FIDELITY DIESEL & ELECTRICITY
8
FIDELITY NEWS A/C
5
FIDELITY NEWS GATHERING
-
1
FIDELITY VAT
96
96
FIDELITY SUBORDINATED LOAN
(1)
26
Cheque in Transit
17,283
Zenith Master
2
97
Fidelity Bank Domiciliary Account Fidelity Bank Plc
9,219
9,219
Fidelity Pool A/C
70
70
Zenith Capital Dev
(43)
(10)
Fidelity Capital Account
7,525
7,525
HSBC Bank ZENITH AIT IMPREST ACCOUNT
476
527
ZENITH OPERATIONS
1,873
4,266
ZENITH LEGAL REGULATORY
306
4
ZENITH NBC LICENCE
4
4
ZENITH REVENUE RESERVE
3
3
ZENITH AIT INCOME
2,101
4,538
ZENITH SUBORDINATED LOAN
4
1
ZENITH FIRS
27
30
ZENITH CORPORATE GOVERNANCE
1
4
ZENITH STAFF COST
7,186
16
ZENITH DIESEL & ELECT.
2
(986)
ZENITH SATELLITE EXP.
2
84
ZENITH VAT
1,609
395
FCMB
2
First Bank Plc
5
48,766
58,476
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
Share Capital Authorised 8,000,000,000 ordinary shares of 50k each
Issued and fully paid At 1 January Issue of shares during the year
6
7
RETAINED EARNINGS
At 1 january Prior year adjustment
(6,129,703)
(3,990,114)
Retained Profit/(Loss)
(2,021,247)
(2,139,589)
At end of period
(8,150,950)
(6,129,703)
Other payables Accrued salary
1,292,280
1,066,989
PAYE
271,271
255,744
Pension fund
958,279
866,128
Daar Investment Holding Coy Ltd
261,255
346,552
NHF
38,881
32,053
Customer Deposits
12,506
NHIS
226,231
UNION DUES
2,710
ITF
39,104
31,963
NSITF
39,500
32,371
Audit fee
26,000
32,000
VAT
128,554
47,350
Co-operative Society
14,636
14,636
Withholding tax
26,903
18,955
Gratuity
345,096
353,735
NBC Charges
120,372
119,312
Accrued Expenses
363,868
76,526
4,167,446
8
185,633 *
-
516
3,480,463
Bank Overdraft Barclays Bank
49
49
49
49
GTB (Transit)
9 Taxation
SEPT.2017
2016 (AUDITED) N'000
N'000 At 1st Jan.
517,635
632,786
Charged for the period
10,101
45,489
Paid during period
(5,000)
(160,640)
At end of period
522,736
517,635
DAAR COMMUNICATIONS PLC VALUE ADDED STATEMENT SEPT, 2017 N'000
%
SEPT, 2016 N'000
%
TURNOVER
2,547,948
2,765,785
-
OTHER INCOME
642
1,020
2,548,590
2,766,805
LOCAL
(1,177,242)
(1,072,919)
FOREIGN
(346,081)
(183,197)
VALUE ADDED
1,025,267
100
1,510,689
100
Salaries, Pension,Welfare PROVIDER OF CAPITAL
952,442
93
890,265
59
Finance Cost TO GOVERNMENT
53,762
5
78,936
5
Taxation
10,101
1
162,446
11
-
BOUGHT IN MATERIALS
DISTRIBUTED AS FOLLOWS: EMPLOYEES:
PROVIDED for ASSET REPLACEMENT Depreciation of Property, Plant and Equipment
2,026,491
Amortization/Provisions
3,718
Retained for the year
(2,021,247)
198
2,037,032
0
1,452
(197)
1,025,267
135
100
0
(1,659,442)
(110)
1,510,689
100
DAAR COMMUNICATIONS PLC FIVE YEAR SUMMARY Assets Employed
SEPT, 2017 N'000
2016 N'000
2015 N'000
2014 N'000
2013 N'000
Property, Plant & Equipment
9,017,256
10,962,800
13,564,961
16,069,435
18,570,076
Intangible Assets
26,030
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
(3,604,995)
(3,533,010)
(3,347,302)
(4,987,887)
(7,111,901)
-
-
-
(566,609)
9,260,591
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
(8,150,950)
(6,129,703)
(6,532,945)
(5,501,396)
(5,394,382)
SHAREHOLDERS FUND
9,260,591
11,281,838
10,878,596
11,910,145
12,017,159
Loan Net Assets
-
FUNDS EMPLOYED
