AFROMEDIA : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

AFROMEDIA PLC

MANAGEMENT REPORT

FOR THE PERIOD ENDED

30 SEPTEMBER 2022

1

Public

AFROMEDIA PLC

MANAGEMENT REPORT FOR THE PERIOD ENDED 30TH SEPTEMBER 2022

TABLE OF CONTENTS

Statement of Profit or Loss And Other Comprehensive Income

	2
Statement of Financial Position	3
Statement of Changes in Equity	4
Statement of Cash Flows
Notes to Accounting Policies
OTHER NATIONAL DISCLOSURES:
Statement of Value Added	8
Five-year Financial Summary	9
Notes to the Financial Statements

2

Public

AFROMEDIA PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

	Notes	Sep/22		Dec-21
		₦'000		₦'000
Revenue	1	250,914	322,976
Cost of Sales	2	(147,236)	(228,855)
Gross Profit		103,678	94,121
Other Income	3	9,551	14,215
Operating Expenses	4	(167,645)	(275,015)
EBITDA		(54,416)	(166,678)
Depreciation and Amortisation	5	(30,402)	(17,296)
Profit Before Tax		(84,818)	(183,974)
Other Comprehensive Income		5,991	361,159
Total Comprehensive Income		(78,827)	144,236

3

Public

AFROMEDIA PLC

STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
		Sep/22		Dec-21
		₦'000		₦'000
Assets
Non-Current Assets
Property, Plant and Equipment	1,031,297	1,101,061
Intangible Assets	(886)	5,947
Investment	10,185		20,750
Total Non-Current Assets	1,040,596	1,127,757
Current Assets
Inventory	15	-
Trade and Other Receivables	694,228	612,672
Cash and Cash Equivalent	3,650		3,378
Total Current Assets	697,893	616,050
Total Assets	1,738,489	1,743,807
Equity and Liabilities
Equity and Reserves
Share Capital	2,757,277	2,757,277
Reserves	(6,054,519)		(5,975,693)
Total Equity and Reserves	(3,297,242)	(3,218,415)
Current Liabilities
Trade and Other Payables	1,418,799	1,315,886
Short-Term Loan	50,000	50,000
Overdraft	0		-
Total Current Liabilities	1,468,799	1,365,886
Non-Current Liabilities
Long-Term Liabilities	3,566,932		3,596,336
Total Non-Current Liabilities	3,566,932	3,596,336
Total Liabilites	5,035,731	4,962,222
Total Equity and Liabilities		1,738,489		1,743,807
Approved by the board of directors on the 30th
October, 2022

-------------------------------------	-------------------------------------
Otunba Akinlola Ire Olopade	Olaniyan Olanrewaju
Group Chief Executive Officer	Group Head, Audit & Internal Control
FRC/2013/APCON/00000005577	FRC/2014/ICAN/00000005622

4

Public

AFROMEDIA PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

		Share	Revaluation	Available-for-sale	Revenue
	Share Capital	Premium	Total Equity
	Reserve	Reserve	Reserve
		Acct
	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000`
Balance as at Beginning of the Prior Year	2,219,523.52	537,753.82	2,853,604.84		(8,973,534)	(3,362,652)
Profit or (Loss) for the year					(216,923)	(216,923)
Other Comprehensive Income					361,159.02	361,159.02
As at 31 December 2021	2,219,523.52	537,753.82	2,853,604.84		(8,829,297)	(3,218,416)
(audited)
Changes in Equity Current year:
Issued Share Capital
Adjustment to retain earnings
Profit or (Loss) for the year					(78,827)	(78,827)
As at 30 September 2022	2,219,523.52	537,753.82	2,853,604.84	-	(8,908,124)	(3,297,243))

5

Public