GLOBAL SPECTRUM ENERGY SERVICES : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

GLOBAL SPECTRUM ENERGY SERVICES PLC STATEMENT OF FINANCIAL POSITION PERIOD ENDED 31ST

NOTES	Jan-Mar 2022	Jan-Dec 2021
Assets	N	N
NON CURRENT ASSETS
Property, Plant and Equipment	1	1,244,431,467	1,268,448,437
Investment Property	23	2,514,155,000	2,514,155,000
CURRENT ASSETS
Bank and cash balances	7	538,491,879	605,872,540
Intangible Assets	2
Inventory	3	0	0
Trade Receivables	4	1,171,634,930	825,859,582
Other Receivables	5	370,463,216	402,379,200
Prepayments	6	12,477,836	3,416,667
Other Assets	8	283,743,445	250,206,126
Total Assets (A)	6,135,397,773	5,870,337,552
LONG-TERM LIABILITIES
Borrowings	9	0	0
Trade payables	10	723,812,945	550,016,653
Other Payables	11	25,406,181	25,379,000
Tax payable	12	121,592,944	91,636,139
Deferred Tax	13	141,066,000	141,066,000
Total Liabilites (B)	1,011,878,071	808,103,045
Net Assets (A-B)	5,123,519,702	5,062,234,506
Equity
Share Capital	15	400,000,000	400,000,000
Deposit for Shares	14	2,486,440,000	2,486,440,000
Retained earnings	16	2,237,079,702	2,175,794,506
Revaluation Reserves	17	0	0
Total Equity	5,123,519,702	5,062,234,506

AKINDELE WASIU FRC/2018/ICAN/00000018056

Managing Director

CLEMENT AKANIBO FRC/2014/ICAN/00000008266 Director

IWUJI AUGUSTINE Chief Financial Officer

FRC/2021/001/00000024230

BOARD APPROVAL DATED 29TH APRIL, 2022

GLOBAL SPECTRUM ENERGY SERVICES PLC STATEMENT OF COMPREHENSIVE INCOME

PERIOD ENDED 31ST

Jan- Mar 2022	Jan-Mar 2021
NOTES	N	N
Revenue	18	670,746,394	346,385,456
Direct cost	19	481,516,626	251,886,056
Gross profit	189,229,768	94,499,400
Other Income	3,969	0
Administrative expenses	20	67,796,086	70,820,787
Other operating expenses	21	-	0
Operating profit	121,437,651	23,678,613
Finance costs	22	1,610,430	1,341,376
Profit before taxation	119,827,221	22,337,237
Taxation	12	29,956,805	7,147,916
Other comprehensive income	-	-
-
-
-
15,189,321

Exchange differences on translation of foreign operations Income tax effect

Other comprehensive income for the quarter,net of tax

Total comprehensive income for the quarter

- - -

89,870,416

GLOBAL SPECTRUM ENERGY SERVICES PLC STATEMENT OF CASHFLOW

PERIOD ENDED 31ST MARCH 2022	Jan - Mar 2022
N'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before Taxation	119,827	22,337
Adjustment for:
- Depreciation	24,017	23,882
143,844	46,219
Changes in trade & Other receivables	-313,859	21,925
Changes in prepayments	-9,061	-34,901
Changes in other assets	-33,537	0
Changes in Inventory	0	3,210
Changes in trade & Other payables	173,823	-90,602
-182,634	-100,368
Prior Yr PAYE tax paid/Income tax paid	0	2,552
Prior Yr Reserves Adjustment	28,588	-
NET CASH FLOWS FROM OPERATING ACTIVITIES	-67,378	-56,703
CASHFLOWS FROM INVESTMENT ACTIVITIES
Acquisition of property,plant and equipment	0	0
WIP ADJUSTED	-27,783
Proceeds from sale of property and equipment	-
NET CASH FLOWS FROM INVESTING ACTIVITIES	0	-27,783
CASHFLOWS FROM FINANCING ACTIVITIES
Proceeds from Issue of Shares	0
Deposit for Shares	0
Loan Repayment	0
Dividend Paid	-
NET CASH FROM FINANCING ACTIVITIES	0	0
NET INCREASE IN CASH AND CASH EQUIVALENTS	-67,378	-84,486
Cash and Cash Equivalents at beginning of quarter	605,870	325,227
Cash and Cash Equivalents at end of quarter	538,492	240,742

N'000

Jan-Mar 2021

GLOBAL SPECTRUM ENERGY SERVICES PLC STATEMENT OF CHANGES IN EQUITY

FOR THE QUARTER ENDED 31 MARCH 2022

Issued Share	Retained	Total
Capital	Earnings	Equity
N'000	N'000	N'000
As at 1 January 2021	400,000	2,048,771	4,935,211
Changes in 2021
Adjustment in Retained Earning	0	-2,553
Profit for the Quarter	0	15,189	-	15,189
As at 31 Mar, 2021	400,000	2,061,407	2,486,440	4,950,400
Changes in 2022
As at 1 January 2022	400,000	2,175,799	2,486,440	5,062,239
Adjustment in Retained Earning	-28,591
Profit for the period	89,870	0	89,870
As at 31 MARCH, 2022	400,000	2,237,078	2,486,440	5,123,518

Deposit for

Shares

2,486,440

0

GLOBAL SPECTRUM ENERGY SERVICES PLC NOTES TO THE ACCOUNTS

PERIOD ENDED 31ST MARCH 2022 1. PROPERTY,PLANT & EQUIPMENTCost

Balance as at Jan 01, 2022 Additions

Disposals

Balance as at end of quarter

Depreciation and impairment losses Balance as at previous quarter Depreciation for the quarter impairment losses Disposals

Balance as at end of quarter

Carrying amounts

Balance as at end of quarter Balance as at Dec 31, 2021

2. INTANGIBLE ASSETSCost

Balance as at previous quarter Acquisition

Internal development

Balance as at end of quarter

Depreciation and impairment losses Balance as at previous quarter Amortization for the quarter impairment losses

Balance as at end of quarterCarrying amounts

Balance as at end of quarter Balance as at previous quarter

& BUILDING

LAND

350,000,000

350,000,000

118,825,000 4,375,000

123,200,000

226,800,000 231,175,000

N

EQUIPMENT

MARINE

1,485,470,200

1,485,470,200

1,009,175,596 1,027,743,987

N

457,726,213 18,568,391

476,294,604

& MACH

PLANT

15,997,199

15,997,199

11,859,880 444,860

12,304,740

N

3,692,459 4,137,319

VEHICLES

MOTOR

10,932,000 0

WIP	FURNITURE	TOTAL
& FITTINGS
& OFFICE
EQUIPMENT
N
13,697,875	1,876,097,274
0
13,697,875	1,876,097,274
8,793,244	607,648,837
506,844	24,016,970
9,300,088	631,665,807
0
0
4,397,787	1,244,431,467
4,904,631	1,268,448,437

N

10,932,000 0

10,444,500 0

121,875 0

10,566,375 0

365,625 0

487,500 0

GOODWILL

PURCHASED SOFTWAREDEVELOPED SOFTWARE

N

N

N

0	0	0
0	0	0
0	0	0
0	0	0
0	0	0
0	0	0