ETranzact International : E-TRANZACT INTERNATIONAL PLC- QUARTER 4 - FINANCIAL STATEMENT FOR 2022

eTRANZACT INTERNATIONAL PLC

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

eTRANZACT INTERNATIONAL PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31ST DECEMBER 2022

	Unaudited	Unaudited	Unaudited	Unaudited
	31/12/2022	31/12/2021	Q4 2022	Q4 2021
	N'000	N'000	N'000	N'000
Continuing operations
Revenue	22,378,353	23,466,118	6,185,344	6,002,952
Cost of sales	(16,711,471)	(20,559,844)	(4,119,291)	(4,967,036)
Gross profit	5,666,881	2,906,275	2,066,053	1,035,916
Selling and Marketing costs	(208,091)	(118,397)	(167,184)	(74,751)
Administrative expenses	(3,472,353)	(2,368,334)	(1,105,458)	(708,801)
Operating profit	1,986,437	419,545	793,412	252,364
Other Income	400	137,973	400	113,664
Finance Cost	(24,487)	(23,605)	(8,016)	(5,918)
Investment income	47,619	73,585	21,307	9,715
Profit before tax	2,009,969	607,498	807,104	369,824
Taxation	(643,190)	(194,399)	(258,273)	(118,344)
Profit for the period	1,366,779	413,099	548,830	251,480

There is no other comprehensive income for the period, hence the profit for the period is equal to the total comprehensive income.

1

eTRANZACT INTERNATIONAL PLC

STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2022
		Unaudited	Audited
		31/12/2022	31/12/2021
	Note	N'000	N'000
Non-current assets
Property, plant and equipment	1	992,746	789,103
Investment property	2	136,810	136,810
Intangible assets	3	95,568	149,280
Deposit for shares		456,755	456,755
Total non-current assets		1,681,880	1,531,948
Current assets
Inventories	6	2,966,877	1,278,609
Trade and other receivables	7	882,736	963,497
Other assets	5	2,833,561	1,240,463
Cash and cash equivalents	8	9,510,282	5,896,939
Total current assets		16,193,456	9,379,508
Total assets		17,875,336	10,911,456
Non-Current liabilities
Deferred tax liability	4	-	-
Deferred Grant Income	10	107,447	107,447
Long term Loan	10	298,070	368,779
		405,517	476,226
Current liabilities
Trade and other payables	9	7,250,843	7,802,480
Current tax liabilities	11	751,342	219,059
Total current liabilities		8,002,185	8,021,539
Total liabilities		8,407,702	8,497,765
Equity
Share capital	12	4,600,000	3,317,283
Share premium account	13	7,374,272	2,969,824
Retained earnings	15	(2,506,637)	(3,873,416)
Total equity attributable to owners of the company	9,467,634	2,413,691
Total equity and Liabilities		17,875,336	10,911,456

The financial statements was approved by the Board of Directors on January 30, 2023 and signed on its behalf by:

	……………………………..
Mr Niyi Toluwalope	Mr Emmanuel Ogunji
Chief Executive Officer	Chief Financial Officer
FRC/2013/ICAN/00000002251	FRC/2014/ICAN/00000007266

2

eTRANZACT INTERNATIONAL PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER 2022

		Share	Convertible	Retained
	Share capital	premium	Debenture	earnings	Total
	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2021	2,100,000	646,875	-	(4,329,165)	(1,582,290)
Additions through right issue	1,217,283	2,322,949	-	-	3,540,232
Profit for the year	-	-	-	455,749	455,749
Other comprehensive income	-	-	-	-	-
Total comprehensive income	-	-	-	455,749	455,749
Balance at 31 December 2021	3,317,283	2,969,824	-	(3,873,416)	2,413,691
Balance at 1 January 2022	3,317,283	2,969,824	-	(3,873,416)	2,413,691
Additions through debenture issue	-	-	5,772,225	-	5,772,225
Issue Cost	-	-	(58,064)	-	(58,064)
Conversion of debenture to ordinary shares	1,282,717	4,431,444	(5,714,161)	-	-
Conversion Cost	-	(26,997)	-	-	(26,997)
Profit for the year	-	-	-	1,366,779	1,366,779
Other comprehensive income for the period	-	-	-	-	-
Total comprehensive income	-	-	-	1,366,779	1,366,779
Balance at 31 December 2022	4,600,000	7,374,272	-	(2,506,637)	9,467,634

3

eTRANZACT INTERNATIONAL PLC

CASHFLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2022

			31/12/2022	31/12/2021
		Note	N'000	N'000
Cashflow from operating activities
Cash receipt from customers		22,481,116	23,323,576
Cash paid to suppliers and employees		(23,846,943)	(24,549,221)
Cash generated from operations		(1,365,827)	(1,225,645)
Income taxes paid	11	(110,907)	(10,709)
Net cash used in operating activities		(1,476,734)	(1,236,354)
Cashflow from investing activities
Purchase of property, plant and equipment	1	(541,935)	(408,601)
Additions to intangible assets	3	(7,256)	(47,404)
Interest received and similar income		47,619	111,348
Interest on Loan		(24,487)	(34,202)
Proceeds from sale of Investment Property		-	268,155
Proceeds from sale of Property, plant and equipment		400	-
Net cash used in investing activities		(525,659)	(110,705)
Cashflow from financing activities
Net Proceeds from Debenture Issue		5,772,225	3,540,232
Issue Cost			(58,064)	-
Conversion cost of debenture to ordinary shares		(26,997)	-
Repayment of	Loan Principal		(71,429)	(35,714)
Repayment of	Interest on Loan		-	(23,138)
Loan obtained		10	-	100,000
Net cash generated by financing activities		5,615,736	3,581,380
Net increase in cash and cash equivalents		3,613,343	2,234,319
Effects of exchange rate on year end bank balances		-	23,910
Cash and cash equivalents at beginning of year		5,896,939	3,638,710
Cash and cash equivalents at end of the period	8	9,510,282	5,896,939

4