IKEJA HOTEL : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

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	7-25
Operating Summary	26

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 fourth quarter ended 31 December 2022.

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 thefourth quarter ended 31 December 2022.

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 fourth quarter ended 31 December 2022 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
17 January 2023	17 January 2023

2

IKEJA HOTEL PLC

Consolidated Statement of Financial Position
As at 31 December 2022
			The Group					The Company
	Notes	31-Dec-22	31-Dec-21				31-Dec-22				31-Dec-21
			N'000	N'000				N'000				N'000
Non-Current Assets
Property, plant and equipment	7		7,012,028					17,791,198	6,927,612	7,217,267
Investment Property	8		-					-	-	-
Capital work in progress	9		67,842					5,163,458	67,842	66,713
Intangible asset	10		3,697,443					4,487,149	18,332	16,938
Investment in subsidiaries	35		-					-	4,444,518	4,444,518
Investment accounted for using the
equity method	36		-					-	798,722	798,722
Deferred Tax Asset	29.2		220,393								220,392			220,392
Total Non-Current Assets			10,997,706					27,441,805	12,477,417	12,764,550
Current Assets
Inventories	20		223,605					247,297	223,605	191,704
Trade Receivables	18		921,415					1,083,143	919,121	627,068
Other Assets	19		747,625					822,108	747,625	501,394
Loan to related party	21		9,409,927					9,409,927	9,409,927	9,409,927
Amount due from related parties	22		-					-	643,739	734,581
Cash and Cash Equivalents	23		8,610,723					4,844,019			5,494,754			3,836,334
Total Current Assets			19,913,295					16,406,494		17,438,771		15,301,008
Total Assets			30,911,001					43,848,299	29,916,187	28,065,558
Equity and Reserves
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		3,964,114					6,413,223	5,884,673	5,448,269
Revaluation Reserve			727,496					3,121,799	-	-
Equity attributable to equity holders
of Parent			7,112,080					11,955,493	8,305,143	7,868,740
Non-Controlling interest	34		1,977,439					8,806,428			-			-
			9,089,518					20,761,921	8,305,143	7,868,740
Liabilities
Non-Current Liabilities
Due to Related Parties	27		10,266,272					8,833,554	11,045,989	10,124,918
Retirement Benefits Obligation	30.		865,536					454,864	525,896	454,864
Deferred Tax	29.2		-					758,146			-			-
Non-Total Current Liabilities			11,131,807					10,046,564	11,571,885	10,579,782
Current Liabilities
Trade and Other Payables	25		2,009,500					3,961,289	1,627,262	1,420,865
Deferred Income	24		8,200,413					8,241,618	8,058,157	8,062,665
Deposit for Shares	26		93,600					93,600	93,600	93,600
Dividend Payable	28		16,691					105,960	16,691	16,691
Current Tax Payable	29.1		369,469					637,348			243,446			23,215
Total Current Liabilities			10,689,672					13,039,815			10,039,156			9,617,036
Total Liabilities			21,821,479					23,086,379			21,611,042			20,196,818
Total Equity and Liabilities			30,911,001					43,848,299	29,916,188	28,065,558

These consolidated financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 17 January 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 Fourth Quarter Ended 31 December 2022
		The Group	The Company
		Year to date	Year to date
	Note 31-Dec-22	31-Dec-21	31-Dec-22	31-Dec-21
		N'000	N'000	N'000	N'000
Revenue	11	8,717,001	9,868,545	8,717,001	6,169,856
Cost of Sales	12	(5,569,374)	(7,212,209)	(5,569,374)	(3,909,399)
Gross Profit		3,147,627	2,656,336	3,147,627	2,260,457
Other Income	13	88,995	384,968	82,776	84,632
Sales and Distribution Expenses	16	(318,194)	(244,187)	(318,194)	(244,187)
Administrative and General Expenses	15	(1,674,647)	(1,661,721)	(1,078,645)	(939,258)
Operating Profit/(Loss)		1,243,781	1,135,397	1,833,564	1,161,645
Finance Income	14	110,391	11,535	6,464	11,535
Finance Costs	17	(1,079,259)	(945,997)	(1,079,259)	(966,528)
Profit/(Loss) Before Taxation		274,913	200,935	760,769	206,652
Current Tax (Expense)/Income	29.3	(324,366)	(381,548)	(324,366)	(63,691)
Profit/(Loss) After Taxation
	(49,452)	(180,613)	436,404	142,961
Profit/(Loss) Attributable to:
Equity Holders of the Parent		3,992	17,754	436,404	142,961
Non-Controlling Interest		(53,444)	(198,368)	-	-
		(49,452)	(180,613)	436,404	142,961
Other Comprehensive
Income/(Loss) for the Year:
Re-measurement Gain/(Loss of
Defined Benefit Plan)		-	126,921		126,921
		(49,452)	(53,692)	436,404	269,882
(Profit)/Loss Attributables to Non-
Controlling Interest		(53,444)	(198,368)	-	-
Profit/(Loss) Attributables to Equity
Holders of the Parent		3,992	17,754	436,404	269,882
Total Comprehensive Income for the
Year Attributable to:
Equity Holders of the Parent		3,992	144,675	436,404	269,882
Non-Controlling Interest		(53,444)	(198,368)	-	-
Total Comprehensive Income for the
Year Attributable to:		(49,452)	(53,692)	436,404	269,882

Basic Earnings Per Share (Kobo)	(2)	(3)	21	13

4