CHAMS : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

Chams Holding Company Plc

Unaudited Consolidated and Seperate Financial Statements For the Nine Month Ended 30 September 2023

Chams Holding Company Plc

Unaudited Consolidated and Seperate Financial Statements for the Nine Month ended 30th September 2023

Contents	Page
Statement of Profit & Loss & Other Comprehensive Income	3
Statement of Financial Position	4-5
Statement of Changes in Equity	6-7
Statement of Cash Flow	8
Notes to the Financial Statement	9-13

2

Chams Holding Company Plc and its Subsidiaries
Unaudited Consolidated and Separate Statement of Profit or Loss and other Comprehensive Income
for the period ended 30th September , 2023
					GROUP				COMPANY
		Unaudited	Unaudited	Unaudited	Unaudited	Audited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
		2023	2022	2023	2022	2022	2023	2022	2023	2022	2022
	Notes	Jul-Sept.	Jul-Sept.	Jan-Sept.	Jan-Sept.	Dec.	Jul-Sept.	Jul-Sept.	Jan-Sept.	Jan-Sept.	Dec.
		N' 000	N' 000	N' 000	N' 000	N' 000	N' 000	N' 000	N' 000	N' 000	N' 000
Revenue	1	2,171,657	1,057,006	7,509,556	3,171,916	5,066,147		391	637,562	51,749	51,983
Cost of Sales	2	(1,738,871)	(835,751)	(5,674,478)	(2,519,551)	(4,061,357)	(3)	(14,524)	(198,114)	(56,380)	(74,510)
Gross Profit		432,786	221,255	1,835,079	652,365	1,004,790	(3)	(14,133)	439,448	(4,631)	(22,527)
Other operating Income	3	9,673	22,655	13,037	142,358	124,257	13,445	57,437	33,217	146,323	181,219
Administrative Expenses	4	(399,860)	(373,602)	(1,523,863)	(845,745)	(1,134,504)	(83,980)	(135,368)	(562,321)	(251,434)	(8,926)
Operating Profit/( Loss)		42,599	(129,692)	324,253	(51,022)	(5,458)	(70,538)	(92,063)	(89,656)	(109,742)	149,766
Group Contribution							40,500		121,500
Finance expense	5	(29,329)	(65,766)	(175,159)	(138,057)	(188,660)	(23,170)	(23,161)	(93,155)	(72,221)	(90,670)
Finance Income		7,993	908	106,003	53,274	65,062		1,978	9,312	8,488	9,716
Profit/(Loss) before Taxation		21,263	(194,550)	255,096	(135,805)	(129,056)	(53,208)	(113,246)	(51,999)	(173,475)	68,812
Taxation credit/ (expense)						(246,184)					(214,292)
Profit/(Loss) after Taxation		21,263	(194,550)	255,096	(135,805)	(375,240)	(53,208)	(113,246)	(51,999)	(173,475)	(145,481)
Loss/ profit attributable to :
Owners of the parent		17,722	(162,148)	212,610	(113,187)	(325,495)
Non- Controlling Interest	14(i)	3,541	(32,402)	42,486	(22,618)	(49,745)
		21,263	(194,550)	255,096	(135,805)	(375,240)		-		-	-
Basic (Loss) / earnings per share (kobo)		0.38	(3.45)	4.53	(2.41)	(6.93)	(1.13)	(2.41)	(1.11)	(3.69)	(3.10)
Diluted (Loss)/ earnings per share (Kobo)		(1.30)	(3.45)	4.53	(2.41)	(6.93)	(1.13)	(2.41)	(1.11)	(3.69)	(3.10)
Other Comprehensive Income/ Loss
Revaluation of intangible asset in the year				891,376		1,771,138
Loss on investment securities at fair value through
other comprehensive income						(8,373)					(8,373)
Other Comprehensive Income Income/ Loss		-	-	891,376	-	1,762,766				-	(8,373)
Total Comprehensive Income		21,263	(194,550)	1,146,472	(135,805)	1,387,526	(53,208)	(113,246)	(51,999)	(173,475)	(153,853)
Profit/Loss for the period attributable to :
Owners of the company		18,226	(166,765)	891,376	(116,410)	1,762,765				(173,475)	(8,373)
Non controlling interest		3,037	(27,785)		(19,395)
		21,263	(194,550)	891,376	(135,805)	1,762,765		-		(173,475)	(8,373)
Total comprehensive income attributable to:
Owners of Parent		13,496	(123,488)	1,103,986	(86,201)	1,437,270				(173,475)	(153,853)
Non controlling interest		7,767	(71,062)	42,486	(49,605)	(49,745)				-
		21,263	(194,550)	1,146,472	(135,805)	1,387,525		-		(173,475)	(153,853)
					3

Chams Holding Company Plc and its Subsidiaries
Unaudited Consolidated and Separate Statement of Financial Position
for the period ended September 30 , 2022
			GROUP		COMPANY
		Chams Group	Chams Group	Chams Group	Chams Plc	Chams Plc	Chams Plc
		Unaudited	Unaudited	Audited	Unaudited	Unaudited	Audited
	NOTES	SEPT 2023	SEPT 2022	DEC. 2022	SEPT 2023	SEPT 2022	DEC. 2022
		N'000	N'000	N'000	N'000	N'000	N'000
Assets
Non-current assets
Right of Use of Asset				15,300
Property,plant and equipment	6	2,322,526	2,243,534	2,249,038	1,679,479	1,734,202	1,717,134
Investment Project		17,375	17,835			460
Deposit for Investment
Available for Sale financial Assets			-
Intangible Asset	7	7,226,986	5,350,567	7,144,798		1,132
Investment in Subsidiaries					4,231,190	3,548,164	4,400,059
Investment in associates		75,000	75,000	75,000	75,000	75,000	75,000
Investment in Joint Ventures		425,044	-	425,044
Investment securities at fair value through other
Comprehensive Income		84,454	92,827	84,454	84,454	92,827	84,454
		10,151,384	7,779,763	9,993,636	6,070,122	5,451,785	6,276,647
CURRENT ASSETS
Inventory & Work In Progress	8	877,479	516,449	372,908		282
Trade and other receivable	9	4,243,222	1,659,251	3,904,067	371,014	904,383	415,625
Due from related Parties
Short term investment		18,603	14,578
Prepayments	11		173,487		9,898
Cash and Cash Equivalent	14	2,982,214	2,669,604	2,018,270	119,338	4,111	2,736
		8,121,519	5,033,369	6,295,245	500,250	908,776	418,360
Total Assets		18,272,903	12,813,132	16,288,880	6,570,372	6,360,561	6,695,007
Liabilities
Non -current liabilities				10,680
Lease liabilities			-	1,251,940			983,995
Long Term Loan	12	818,933	1,277,649	156,454	702,195	998,207	156,454
Deferred Tax/ Income		156,454	-		156,454	-	-
		975,386	1,277,649	1,419,073	858,649	998,207	1,140,449
Current liabilities
Trade and other Payable	10	4,138,506	6,040,071	4,837,288	1,566,965	1,546,861	1,705,503
Loan & Borrowing		154,539	-	370,228	154,539
Deposit for Shares	13	843,046	314,283
Other Customer deposits		1,443,120
Defered Income		3,377	431,621	50,679
Due to Related Party
Taxation		119,003	150,679	162,160	106,346	106,580	120,521
		6,701,591	6,936,654	5,420,354	1,827,850	1,653,440	1,826,024
Total liabilities		7,676,978	8,214,303	6,839,427	2,686,500	2,651,647	2,966,473
NET ASSETS		10,595,925	4,598,829	9,449,453	3,883,872	3,708,914	3,728,534
				4

Chams Holding Company Plc and its Subsidiaries

Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2022

Statement of Financial Position (Continued)

As at September 30, 2022

			GROUP			COMPANY
		Chams Group	Chams Group	Chams Group	Chams Plc	Chams Plc	Chams Plc
		Unaudited	Unaudited		Audited	Unaudited	Unaudited	Audited
		SEPT 2023	SEPT 2022		Dec. 2022	SEPT 2023	SEPT 2022	Dec. 2022
		N'000	N'000		N'000	N'000	N'000	N'000
Issued capital and reserves attributable to
owners of the parent
Share Capital		2,348,030	2,348,030		2,348,030	2,348,030	2,348,030	2,348,030
Share Premium		35,008	35,008		35,008	35,008	35,008	35,008
Revaluation Reserve		5,646,683	3,887,450		4,755,307	1,463,364	1,463,364	1,463,364
Capital Reserve		145,522	145,522		145,522
Retained Earnings	13(ii)	(2,063,036)	(3,000,734)		(2,275,646)	(154,320)	(130,314)	(102,321)
Revenue Reserve						207,336
Fairvalue Reserve		(15,546)	(7,173)		(15,546)	(15,546)	(7,173)	(15,546)
Equity Attributable to Owners of the Parent		6,096,661	3,408,103		4,992,676	3,883,872	3,708,914	3,728,535
Non-Controlling Interest		4,499,264	1,190,726		4,456,777
TOTAL EQUITY		10,595,925	4,598,829		9,449,453	3,883,872	3,708,914	3,728,535

The Financial statements on Pages 2 to 5 were approved for issue by the Board of Directors on October 30, 2023 and signed on its behalf by :

____________________
Mayowa Olaniyan	Ifeoma N. Obasanya
Group Managing Director	Head, Finance & Account
FRC/2013/ICAN/00000004330	FRC/2022/PRO/NIM/002/191239

5

Chams Holding Company Plc

Unaudited Consolidated and Separate Statement of Equity

For the period ended September 30 2023

	Issued	Share	Revaluation	Retained	Capital	Fairvalue		Non-
Group		controlling	Total
Share capital	Premium	Reserve	Earnings	Reserve	Reserve
		Interest
	N'000	N'000	N'000	N'000	N'000	N'000		N'000	N'000
Balance as at 1st January 2022	2,348,030	35,008	3,887,450	(2,887,546)	145,522	(7,173)	1,213,344	4,734,635
Profit /(Loss) for the Period	-			(325,495)			(49,745)	(375,240)
Negative retained earnings written off				741,541			494,361	1,235,902
Impact of balance sheet restructuring				195,854			(63,885)	131,969
Other Comprehensive Income	-	-		-					-
Fairvalue loss in the year						(8,373)			(8,373)
Revaluation gain on intangible asset			867,857				903,280	1,771,137
Total Comprehensive Profit	-	-	867,857	611,900	-	(8,373)	1,284,011	2,755,395
Transactions with owners recorded directly in equity:	-	-		-					-
Balance Adjustment on Beginning Balance Equity				-			1,959,423	1,959,423
	-	-		-					-
Dividend				-
Balance as at 31 December 2022	2,348,030	35,008	4,755,307	(2,275,646)	145,522	(15,546)	4,456,778	9,449,453
	Issued	Share	Revaluation	Retained	Capital	Fairvalue		Non-
Group		controlling	Total
Share capital	Premium	Reserve	Earnings	Reserve	Reserve
		Interest
	N'000	N'000	N'000	N'000	N'000	N'000		N'000	N'000
Balance as at 1st January 2023	2,348,030	35,008	4,755,307	(2,275,646)	145,522	(15,546)	4,456,778	9,449,453
Profit /(Loss) for the Period	-			212,610			42,486	255,096
Other Comprehensive Income	-	-		-					-
Fairvalue loss in the year									-
Revaluation gain on intangible asset			891,376						891,376
Total Comprehensive income	-	-	891,376	212,610	-	-	42,486	1,146,472
Transactions with owners recorded directly in equity:	-	-		-					-
Balance Adjustment on Beginning Balance Equity	-	-	-	-	-	-	-	-
				-
Balance as at September 30, 2023	2,348,030	35,008	5,646,683	(2,063,036)	145,522	(15,546)	4,499,264	10,595,925
				6

Chams Holding Company Plc

Unaudited Consolidated and Separate Statement of Equity

For the period ended September 30 2023

Company	Issued Share	Share	Revaluation	Revenue	Retained	Fairvalue	Total
capital	Premium	Reserve	Reserve	Earnings	Reserve
		N'000	N'000	N'000		N'000	N'000	N'000
Balance as at 1st January 2022		2,348,030	35,008	1,463,364	-	43,159	(7,173)		3,882,388
Profit /(Loss) for the Period	-							-
Other Comprehensive Income		-	-			(145,480)			(145,480)
Fairvalue loss in the year							(8,373)		(8,373)
Revaluation gain on intangible asset									-
Total Comprehensive Profit		-	-	-		(145,480)	(8,373)		(153,853)
Transactions with owners recorded directly in eq		-	-			-			-
Balance Adjustment on Beginning Balance Equity					-			-
		-	-			-			-
						-
Balance as at 31 December 2022	2,348,030	35,008	1,463,364	-	(102,321)	(15,546)		3,728,535
Company	Issued Share	Share	Revaluation	Revenue	Retained	Fairvalue	Total
capital	Premium	Reserve	Reserve	Earnings	Reserve
		N'000	N'000	N'000	N'000	N'000	N'000	N'000
Balance as at 1st January 2023	2,348,030	35,008	1,463,364	-	(102,321)	(15,546)		3,728,535
Profit /(Loss) for the Period	-				(51,999)			(51,999)
Other Comprehensive Income		-	-						-
Revenue Reserve					207,336				207,336
Total Comprehensive Loss		-	-	-	207,336	(51,999)			(51,999)
Transactions with owners recorded directly in eq	-	-			-			-
		-	-	-	-	-	-		-
						-
Balance as at September 30, 2023	2,348,030	35,008	1,463,364	207,336	(154,320)	(15,546)		3,883,872
					7

Chams Holding Company Plc

Unaudited and Separate Statement of Cashflows for the period ended September 30, 2023

	Group	Company
	2023 Unaudited	2022 Audited	2023	2022 Audited
	Unaudited
	N'000	N'000	N'000	N'000
Cash flows from operating activities
(Loss)/profit after tax	255,096	(375,240)	(51,999)	(145,480)
Adjustment for:
Depreciation of property, plant and equipment	73,488	105,937	39,134	55,328
Depreciation of right-of-use-assets		6,600		0
Amortisation of intangible assets		931		0
Impairment charge/(write back) on financial asset		(146,360)		(335,729)
Write off trade and other receivables		(246,369)		0
Other movement in trade and other receivables	276,495	123,689	(29,845)	0
Impairment charge on property,plant and equipment				0
Other adjustment to the property,plant and eq		1,149		147
Profit on disposal of property, plant & eqipt		(2,809)		(2,809)
Dividend income		0		0
Interest		(65,062)		(9,716)
Finance cost/ Income	(69,156)	188,554	(83,842)	90,584
Deferred tax liabilities		0		0
Tax expense		89,728		57,838
	535,923	(319,250)	(126,552)	(289,837)
Changes in operating assets and liabilities	0
Inventories		(139,763)		0
Trade and other receivables	593,335	(2,668,062)	34,713	644,346
Deferred income		(11,110)		0
Trade and other payables	698,782	(470,649)	138,538	470,506
Tax paid	119,003	(37,175)	106,346	138,243
Witholding tax credit notes				0
Net cash from operating activities	1,947,042	(3,646,009)	153,045	963,258
Cash flows from investing activities
Purchase of right-of-use assets		0		0
Proceeds from sale of property, plant & equipt		2,809		2,809
Purchase of property,plant and equipment	(57,791)	(92,556)	(830)	(4,232)
Acquisition of intangible assets	(117,753)	(139,949)		(1,132)
Additions to investment in subsidiaries		0	185,067	(851,895)
Additions to investment in associates		(102)		(102)
Investment in Joint Ventures		(407,669)		0
Interest income	106,003	65,062	9,312	9,716
Net cash used in investing activities	(69,541)	(572,404)	193,549	(844,836)
Cash flows from financing activities
Proceeds from loans and borrowings		111,945		11,945
Repayment of loans and borrowings	(480,169)	(194,204)	(136,837)	(81,325)
Proceeds from shares issued during the year		0		0
Contribution from non-controlling interest	42,486	3,243,433		0
Lease liabilities		0		0
Interest paid	(106,003)	(188,660)	(93,155)	(90,670)
Net cash from/(used in) financing activities	(543,686)	2,972,513	(229,992)	(160,050)
Cash equivalents	1,333,815	(1,245,900)	116,602	(41,628)
Cash and cash equivalents at 1st January,2023	1,648,399	2,894,300	2,736	44,363
Cash and cash equivalents at September 30, 2023	2,982,214	1,648,399	119,338	2,736

8

Chams Holding Company Plc and its Subsidiaries

NOTES TO UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS for the period ended September 30, 2023

		N '000
1	Revenue
	Verification. Data Management	637,562
	Printer Solutions and Access	3,450,446
	Card personalisation & Printing	1,996,495
	Payment Systems Solutions	1,082,164
	Agency banking, mobile money operation	342,889
		7,509,556
2	COST OF SALES
	Verification. Data Management	(198,114)
	Printer Solutions and Access	(2,627,476)
	Card personalisation & Printing	(1,632,212)
	Payment Systems Solutions	(1,050,717)
	Agency banking, mobile money operation	(165,958)
		(5,674,478)
3	OTHER INCOME
	Verification. Data Management	3,217
	Printer Solutions and Access	6,812
	Card personalisation & Printing	2,555
	Payment Systems Solutions	426
	Agency banking, mobile money operation	27
		13,037
4	ADMINISTRATIVE EXPENSES
	Verification. Data Management	(562,321)
	Printer Solutions and Access	(421,691)
	Card personalisation & Printing	(249,909)
	Payment Systems Solutions	(179,781)
	Agency banking, mobile money operation	(110,160)
		(1,523,863)
5	FINANCE EXPENSE/INCOME
	Verification. Data Management	(93,155)
	Printer Solutions and Access	(16,374)
	Card personalisation & Printing	(26,128)
	Payment Systems Solutions	(39,502)
	Agency banking, mobile money operation	-
		(175,159)
	Finance Income
	Interest on Fixed Deposit	106,002
	Net	(69,157)
		9

NOTES TO UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS for the period ended September 30, 2023 (Continued)

1. PROPERTY, PLANT & EQUIPMENT Verification. Data Management Printer Solutions and Access
   Card personalisation & Printing Payment Systems Solutions
   Agency banking, mobile money operation
2. Intangible Asset Verification. Data Management Printer Solutions and Access Card personalisation & Printing Payment Systems Solutions
   Agency banking, mobile money operation
3. INVENTORIES/ WORK IN PROGRESS Verification. Data Management
   Printer Solutions and Access Card personalisation & Printing Payment Systems Solutions
   Agency banking, mobile money operation
4. RECEIVABLES
   TRADE & OTHER RECEIVABLES Verification. Data Management Printer Solutions and Access
   Card personalisation & Printing Payment Systems Solutions
   Agency banking, mobile money operation

1. Trade & Other Payables Verification. Data Management Printer Solutions and Access Card personalisation & Printing Payment Systems Solutions
   Agency banking, mobile money operation Other Payables and accruals
2. Longterm Loan

1,679,479

64,460

536,137

27,649

14,801

2,322,526

6,983

664

4,249,616

2,969,723

7,226,986

358,370

500,051

19,058

-

877,479

380,912

1,569,485

418,396

1,721,016

153,413

4,243,222

1,566,965

1,260,703

698,048

467,838

144,952

4,138,506

	Verification. Data Management	702,195
	Printer Solutions and Access
	Card personalisation & Printing	116,737
	Payment Systems Solutions	-
	Agency banking, mobile money operation	-
		818,933
12	Deposit for Share
	Card Centre	108,931
	Cham Switch	734,115
	ChamsMobile	-
		843,046

10A