IKEJA HOTEL : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

IKEJA HOTEL PLC

Contents	Page
Certification	2
Statement of Financial Position	3
Satement of Comprehensive Income	4
Statement of Changes in Equity	5
Statement of Cash Flows	6
Notes to Financial Statement	7-24
Operating Result Summary	25

IKEJA HOTEL PLC

Certification of Financial Statements

In compliance with Section 60(2) of the Investment and Securities Act, 2007, we have reviewed the unaudited interim Financial Statements of the Group for the Second Quarter Ended 30 June 2023.

The Financial Statements, based on our knowledge, does not contain any untrue statement of any material fact or contain any misleading information in any respect.

The Financial Statements, and other financial information included therein, present fairly in all material respects the consolidated statement of financial position, consolidated statement of financial performance and consolidated statement of cash flows of the Group for the Second Quarter Ended 30 June 2023.

We are responsible for designing the internal controls and procedures surrounding the financial reporting process and assessing these controls in accordance with Section 60(2) of the Investment and Securities Act, 2007 and have designed such internal controls and procedures, or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the Company is made known to us by others within the entity. The controls, which are properly prepared, have been operating effectively during the year under reference.

Based on the foregoing, we, the undersigned, hereby certify that to the best of our knowledge and belief, the information contained in the unaudited interim Financial Statements of Ikeja Hotel Plc for the Second Quarter Ended 30 June 2023 are complete, accurate and free from any material misstatement.

Theophilus E. Netufo	Zacchaeus O. Adeyemo
Managing Director/CEO	Controller of Finance
FRC/2013/ICAN/00000004775	FRC/2018/ICAN/00000017858
20 July 2023	20 July 2023

2

IKEJA HOTEL PLC

Consolidated Statement of Financial Position
As at 30 June 2023
			The Group	The Company
	Notes	30-Jun-23	31-Dec-22	30-Jun-23				31-Dec-22
			N'000	N'000	N'000				N'000
Non-Current Assets
Property, plant and equipment	7		7,033,943				6,927,608				7,033,943	6,927,608
Capital work in progress	9		66,713				67,842				66,713	67,842
Intangible asset	10		20,319				18,329				20,319	18,329
Investment in subsidiaries	35		-				-				4,444,518	4,444,518
Investment accounted for using the
equity method	36		-				-				798,722	798,722
Total Non-Current Assets			7,120,977				7,013,779				12,364,216	12,257,019
Current Assets
Inventories	20		225,797				223,605				225,797	223,605
Trade Receivables	18		1,311,101				863,604				1,308,617	863,604
Other Receivables and Prepayment	19		863,008				872,080				863,008	869,787
Loan to related party	21		9,952,308				9,952,308				9,952,308	9,952,308
Amount due from related parties	22		-				-				268,442	643,739
Financial investment	37		-				2,332,655				-	-
Cash and Cash Equivalents	23		11,885,586				8,605,724				6,716,735			5,494,754
Total Current Assets			24,237,799				22,849,976				19,334,907		18,047,796
Total Assets			31,358,776				29,863,755				31,699,123	30,304,815
Equity and Liabilities
Share Capital	31.2		1,039,398				1,039,398				1,039,398	1,039,398
Share Premium	32		1,381,072				1,381,072				1,381,072	1,381,072
Retained Earnings	33		5,913,941				5,551,514				5,983,728	5,686,510
Capital Reserve			1,832				1,832					-
Equity attributable to equity
holders of Parent			8,336,243				7,973,816				8,404,198	8,106,980
Non-Controlling interest	34		(155,791)			(190,903)			-			-
			8,180,452				7,782,913				8,404,198	8,106,980
Liabilities
Non-Current Liabilities
Amount Due to Related Parties	27		10,477,277				9,888,824				11,250,383	10,668,541
Retirement Benefits Obligation	30.		714,553				533,726				713,919	533,726
Deferred Tax	29.2		159,133				159,133				159,133			159,133
Non-Total Current Liabilities			11,350,963				10,581,683				12,123,434	11,361,400
Current Liabilities
Trade and Other Payables	25		2,334,872				2,506,564				1,840,128	2,004,704
Deferred Income	24		9,135,971				8,742,793				8,993,715	8,600,538
Deposit for Shares	26		93,600				93,600				93,600	93,600
Dividend Payable	28		16,691				16,691				16,691	16,691
Current Tax Payable	29.1		246,227				139,511				227,357			120,902
Total Current Liabilities			11,827,361				11,499,159				11,171,490			10,836,435
Total Liabilities			23,178,324				22,080,842				23,294,924			22,197,835
Total Equity and Liabilities			31,358,776				29,863,755				31,699,123	30,304,815

These consolidated financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 20 July 2023.

Chief Anthony Idigbe, SAN	Alhaji Abatcha Bulama	Mr. Theophilus E. Netufo	Mr. Zacchaeus O. Adeyemo
Chairman	Director	Managing Director/CEO	Controller of Finance
FRC/2014/NBA/00000010414	FRC/2014/ICAN/000006535	FRC/2013/ICAN/00000004775	FRC/2018/ICAN/00000017858

The accompanying notes form an integral part of these consolidated financial statements.

3

IKEJA HOTEL PLC

Consolidated Statement of Comprehensive Income
For The Six Months Ended 30 June 2023
		The Group	The Company
		Year to date	Year to date
	Note	30-Jun-23	30-Jun-22	30-Jun-23	30-Jun-22
		N'000	N'000	N'000	N'000
Revenue	11	4,567,983	6,892,323	4,567,983	4,015,547
Cost of Sales	12	(3,057,608)	(5,062,363)	(3,057,608)	(2,669,448)
Gross Profit		1,510,375	1,829,960	1,510,375	1,346,099
Other Income	0	127,606	46,607	124,342	4,645
Sales and Distribution Expenses	16	(166,690)	(259,525)	(166,690)	(148,896)
Administrative and General Expenses	15	(608,088)	(872,171)	(519,034)	(479,900)
Operating Profit/(Loss)		863,203	744,870	948,993	721,947
Finance Income	0	267,548	1,934	81,175	1,934
Finance Costs	17	(589,844)	(536,137)	(589,844)	(536,137)
Share of Loss in Investment
Accounted for Using Equity		-	-	-	-
Profit/(Loss) Before Taxation		540,907	210,668	440,324	187,745
Current Tax (Expense)/Income	29.3	(143,367)	(90,189)	(143,105)	(79,603)
Profit for the Period
	397,540	120,478	297,218	108,142
Profit/(Loss) Attributable to:
Equity Holders of the Parent		362,427	112,860	297,218	108,142
Non-Controlling Interest		35,112	7,618	-	-
		397,540	120,478	297,218	108,142
Other Comprehensive
Income/(Loss) for the Period:
Re-measurement Gain/(Loss of
Defined Benefit Plan)		-	-		-
Other comprehensive income for the		-	-	-	-
Period
Total Comprehensive Income for the
Period		397,540	120,478	297,218	108,142
Total Comprehensive Income for the
Period Attributable to:
Equity Holders of the Parent		362,427	112,860	297,218	108,142
Non-Controlling Interest		35,112	7,618	-	-
Total Comprehensive Income for the
Period Attributable to:		397,540	120,478	297,218	108,142
Basic Earnings Per Share (kobo)		19	6	14	5

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