One Caribbean Media : 03 Apr 2023 – One Caribbean Media Limited – Audited Consolidated Financial Statements for the year ended December 31st, 2022 (Summary)

ONE CARIBBEAN MEDIA LIMITED

CONSOLIDATED AUDITED RESULTS FOR FINANCIAL YEAR ENDED DECEMBER 31ST, 2022

CHAIRMAN'S STATEMENT (2023 - 2025) and Radio regional rights (2023 - 2024).		successful	year with a number of residential and	continued valuable contributions.
	Premier	League	(CPL)	rights for Trinidad	and Grenada	MW. Innogen, our Renewable energy company, had a	and dedicated teams and		our stakeholders for their
I am pleased to report that the Group was able to achieve	The Group's ongoing diversification strategy has	been	commercial solar installations.			The Board is pleased to announce a final dividend of
strong growth in both its media and non-media portfolios.
Revenues of TT$328.1M (US$48.2M) increased by 7%	progressing well and is impacting positively on	the	The other	non-media investments in real	estate,	TT$0.20 per share (2021- TT$0.17) to be paid on 15 July
while Net Profit before tax of TT$36.9M (US$5.4M)	financial performance. Our Packaging Plant (Flexipac) that	technology	and internet services made a useful profit	2023.
increased by 22%. Earnings per share of $0.40 was up by	was formally commissioned in late 2019 was able	to	contribution and further opportunities are being pursued to
33% (2021 - $0.30).	deliver	revenue	growth of 35%	and make a	profit	ensure	sustainability and growth of these	business
contribution. This performance was achieved despite the	segments.
The gradual lifting of the COVID restrictions regionally was	serious	supply	chain	challenges	which	resulted	in	The Group has demonstrated great resilience in recovering
a key factor in the performance improvement of our	substantial increases in raw material and logistic costs.
from the pandemic and has been able to achieve growth
traditional media assets (newspapers, radio, television).	The initiatives that have been taken to improve operational
for the last 2 years. We are confident that our strategic	Faarees Hosein
This growth is expected to continue into 2023 with the	efficiencies along with the expanding customer base will
path is the right one and will support the growth objectives	Chairman
radio segment in particular, benefitting from the return of	position the Plant for continued growth.
						of the Group. The Board wishes to thank our committed	31st March, 2023
Carnival celebrations and other major entertainment	At the	end of	2022,	the Group	has installed	solar
events.	investments of 1.5 MW in Barbados with the 1 MW solar
					CONSOLIDATED BALANCE SHEET
In light of media consumption trends, management	farm being commissioned in Dec 2022. These	solar
continued its keen focus on its digital platforms which has	installations have been delivering on the projected returns
resulted in significant revenue growth over the last 2	and as such approvals are being sought for a further													RESTATED				RESTATED
years. Excitingly, the Group has secured the TV Caribbean	investment in Solar farms with an installed capacity of 3									AUDITED		AUDITED				AUDITED
																										12-MONTH12-MONTH12-MONTH
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME												Dec-22		Dec-21				Dec-20
											TT$'000		TT$'000				TT$'000
					RESTATED												ASSETS
		AUDITED	AUDITED	UNAUDITED	UNAUDITED			653,032		655,635	598,655
		Non-current assets
		12-MONTH12-MONTH			3-MONTH			3-MONTH
						Current assets				231,081		249,050		244,144
		Dec-22	Dec-21			Dec-22				Dec-21
							TOTAL ASSETS			884,113		904,685	842,799
		TT$'000	TT$'000			TT$'000			TT$'000
Revenue		328,152			307,659			86,889						90,291		EQUITY AND LIABILITIES
Cost of providing services		(231,856)			(217,784)				(54,620)					(57,320)		Capital and Reserves			390,916		390,916	390,916
Gross profit		96,296			89,875			32,269					32,971			Share captial
Administrative expenses		(54,078)			(55,735)			(12,158)					(17,885)			Other reserves			37,569		37,700	29,435
Marketing expenses		(2,769)			(1,912)			(1,770)						(920)			Retained earnings				219,382		214,269		173,217
																									647,867		642,885	593,568
Operating profit		39,449			32,228			18,341					14,166
											Non-controlling interests			29,995		26,764	23,733
Net (losses) / gains on financial assets		(1,672)			704			(1,100)						(480)
												Unallocated shares held by ESOP				(13,187)		(18,641)		(18,417)
Impairment losses on other assets			-			(1,974)						-						(1,974)
															TOTAL EQUITY			664,675		651,008	598,884
Dividend income		222			77						69						47
Interest income		1,396			1,563						296						363		Non-current liabilities			125,940		133,624	108,471
Finance costs		(6,898)			(7,387)			(2,176)						(1,888)
											Current liabilities				93,498		120,053		135,444
Share of profit of associate and joint venture		4,457			5,129						54						(2,860)
														TOTAL LIABILITIES				219,438		253,677		243,915
Profit before tax		36,954			30,340			15,484						7,374
											TOTAL EQUITY AND LIABILITIES			884,113		904,685	842,799
Taxation		(8,363)			(8,110)			(1,791)						(604)
Profit for the year		28,591			22,230			13,693						6,770
Other comprehensive income:
																					CONSOLIDATED STATEMENT OF CASH FLOWS
Items that will not be reclassified to profit or loss
Remeasurement of Net Defined Benefit Asset		(4,855)			26,672			(4,855)						26,672																RESTATED
Deferred taxation		(544)			(7,105)						(544)						(7,105)												AUDITED
Loss on disposal of financial assets			-			-						-						20															AUDITED
																									12-MONTH				12-MONTH
		(5,399)			19,567			(5,399)					19,587
Items that may be subsequently reclassified to profit or loss																				Dec-22				Dec-21
																												TT$'000				TT$'000
Currency translation differences		287			87						164						(132)
Revaluation of land and buildings			-			20,035						-						20,035		CASH FLOW FROM OPERATING ACTIVITIES
(Loss) / gain on disposal of financial assets		(38)			1						(38)						-			Profit before tax							36,954	30,340
		249			20,123						126					19,903			Adjustments for:
Total comprehensive income for the year		23,441			61,920						8420					46,260			Depreciation							18,550	19,375
														Amortisation							2,552	2,578
Attributable to:																					Interest income							(1,396)	(1,563)
																				Finance costs							6,898	7,387
- Non-controlling interests		3,253			3,063						893						342
															Dividend income							(222)	(77)
- Owners of the parent		20,188			58,857				7,527						45,918
												Impairment losses on other assets					-	1,974
Total comprehensive income for the year		23,441			61,920			8,420					46,260
											(Profit) / Loss on disposal of property, plant and equipment	(40)	281
Earnings per share basic		TT $0.40	TT $0.30			TT $0.20			TT $0.11		Share of profit in associate and joint venture					(4,457)	(5,129)
						Profit on disposal of financial assets					(294)	(367)
Earnings per share fully diluted
	TT $0.39	TT $0.29			TT $0.50			TT $0.10
						Allocation of ESOP shares							1,375	-
																					Repurchase of ESOP shares							(295)	(224)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
									Net change in retirement benefit asset					(1,377)	(75)
																RESTATED		Net change in operating assets and liabilities					(14,883)	(23,528)
											AUDITED			AUDITED											43,365				30,972
											12-MONTH		12-MONTH		Interest paid							(5,521)	(5,793)
											Dec-22			Dec-21		Taxation refunds							3,507	1,350
											TT$'000			TT$'000		Taxation payments							(6,814)	(11,164)
Balance at begining of year									651,008					629,138			Net cash generated from operating activities					34,537			15,365
														Net cash used in investing activities							(14,220)	(28,412)
Restatement												-					(30,254)
																	Net cash (used in) / generated from financing activities	(25,134)	1,124
Total comprehensive income for the year									23,441					61,920
																						(4,817)	(11,923)
Allocation of ESOP shares												1,375						-
																	Net decrease in cash and cash equivalents
Repurchase of ESOP shares												(295)						(224)
																	Cash and cash equivalents							28,472	40,395
Non-controlling interest on investment												-						(4)
																		At beginning of year
																								23,655	28,472
Dividends to equity holders										(10,854)						(9,568)
															At end of year
Balance at end of year									664,675					651,008
													Represented by:							29,981	32,507
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED DECEMBER 31ST, 2022													Cash and cash equivalents							(6,326)	(4,035)
												Bank overdrafts
The accompanying notes form an integral part of these consolidated financial statements.																										23,655			28,472
1. Basis of preparation
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). under the historical cost
convention as modified by the revaluation of land and buildings and available-for-sale financial assets.
2. Significant accounting policies																					Director:				Director:
The principal accounting policies adopted in the preparation of these consolidated financial statements are consistent with those used in the annual financial
statements for the year ended December 31, 2022