OLYMPIA CAPITAL CORPORATION LIMITED
ABRIDGED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2021 2021
2020
Revenue Cost of Sales Gross Profit
39,859,084.00
43,760,039.00
(28,419,428) 11,439,656
(29,644,532) 14,115,507
Other Income Operating Expenses
1,441,369.00
1,341,324.00
(12,401,834) (12,181,952)
(10,960,465) (10,840,628)
Operating Profit
Investment Income Finance costs
479,191 71,937
3,274,879 278,884
(244,434) (302,502)
Net Finance income/(cost) Profit/(loss) before taxation
(172,497) (23,618)
306,694
3,251,261
Income tax expense Profit/(loss) for the year
(254,588)
(661,983)
52,106 2,589,278
Other comprehensive income (net of tax)
- 1,745,784
Total comprehensive income / (loss) for the year
52,106 4,335,062
Earnings per Share (thebe)
- 6
OLYMPIA CAPITAL CORPORATION LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021
2021 2020
ASSETS
Non-current assets
Property, plant and equipment 21,013,666 21,197,281
Investment properties 14,187,000 14,187,000
Intangible assets 1,284,488 1,284,488 36,485,154 36,668,769
Current assets
Inventories 13,190,294 9,811,823
Trade and other receivables 6,429,236 6,179,764
Other financial assets Current tax receivable Cash and bank balances
160,000 575,654
- 723,592
Total assets
4,148,776 7,513,489 24,503,960 24,228,668 60,989,114 60,897,437
EQUITY AND LIABILITIES
Stated capital 27,803,195 27,803,195
Reserves 11,595,705 11,595,705
Retained Income 9,852,027 9,922,567
Shareholders equity Non-current liabilities
49,250,927 49,321,467
Borrowings 1,884,424 2,192,532
Deferred income tax liability 3,436,154 3,436,154 5,320,578 5,628,686
Current liabilities
Loans from shareholders
-
64,919
Trade and other payables 4,011,657 5,131,197
Bank Overdraft Borrowings
1,873,261 39,643 532,691 711,525
6,417,609 5,947,284
Total liabilities
11,738,187 11,575,970
Total equity and liabilities
60,989,114 60,897,437
OLYMPIA CAPITAL CORPORATION LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
Cash flows from operating activities Cash generated from operations Investment Income
Finance Cost Income tax paid
Net cash generated from / (utilised) in operating activities
Cash flows from investing activities
Acquisition of property, plant and equipment & Investment Property Funds invested in other financial assets
Net cash generated from / (utilised in) investing activities
Cash flows from financing activities Proceeds on share issue
2021 (3,578,592)
71,937
2020 3,627,422 278,884
(244,434) (302,502)
(106,650) (523,844)
Repayment of borrowings (486,942) (2,715,374)
Movement on shareholders loan (64,919) (16,410,389)Finance Lease Payments
Net cash generated from / (utilised in) financing activities
Total Cash movement for the year
Cash and and cash equivalents at the beginning of the year Effect of exchange rate movement
Cash and and cash equivalents at the end of the Period.
Notes to the Abridged Audited Financial Statements 1. Basis of preparation and accounting policies
This financial report is an extract from the audited consolidated annual financial statements. The abridged consolidated annual financial statements for the year ended 31 December 2021, have been prepared in accordance with International Financial Reporting Standards ("IFRS"), and presented according to the disclosure requirements of accounting standard IAS 34. The accounting policies applied in the preparation of the consolidated annual financial statements are consistent with those accounting policies applied in the preparation of the previous year's consolidated annual financial statements. The abridged consolidated annual financial statements for the year ended 31 December 2021 were approved for issue by the board on 25 March 2022.
2. Commentary
The OCCL group faced numerous challenges in 2021 arising from supply chain interruptions, the steep rise in cost of factor inputs, high freight costs and revenue generation interruptions that arose due to the strict Covid 19 measures/protocols taken by governments in the markets we operate as a result of a surge in infections.
Sales for the year stood at P 39.86million, down by 10% of the sales for the year ended 31 December 2020. We are however pleased to note that operating expenses remained contained. Our operating profit for the year dropped significantly to P479,191 from P3.251'261 in the previous period. The disruptions of 2021 forced the company to procure materials at higher costs and also end up stocking up on scarce production inputs and this has significantly impacted our cash and bank balance where we had P7.5million and an overdraft of P39,643 in 2020 compared to P4.1million with an overdraft of P1.9million in 2021.
Dr Christopher Obura
Group Chairman
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Olympia Capital Corporation (Botswana) Limited published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 08:13:04 UTC.