OMATEK VENTURES : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

Omatek Ventures Plc

31ST DECEMBER 2022

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Table of Contents

CORPORATE INFORMATION	1
OPERATIONAL HIGHLIGHTS	2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	3
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	5
CONSOLIDATED STATEMENT OF CASH FLOWS	6
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	7 - 20
CONSOLIDATED FINANCIAL SUMMARY	21
CONSOLIDATED STATEMENT OF VALUE ERODED	22

CORPORATE INFORMATION

BOARD OF DIRECTORS
Dr. Timothy Farinre	-	Group Chairman Plc.,Director OVDL, OCL
	-	Group MD/CEO Plc.,Director OVDL, OCL
Alh. Dasuki Nakande	-	Director Plc., OCL
Temidayo Seriki		Director OVPlc
OVDL	-	Omatek Ventures Distribution Limited
OCL	-	Omatek Computers Limited
OESL		Omatek Engineering Services Limited
COMPANY SECRETARY
Ikotun Temowo & Co,
Suite 201, 2nd Floor, Cooper House,
Plot 4, Algera Street, Zone 5,
ABUJA fct
CORPORATE HEADQUARTERS
Plot 11 Kudirat Abiola Way
Oregun Ikeja
Lagos
SHORT TERM LOANS & BORROWINGS
BANKERS
Bank of Industry
Standard Chartered Bank Limited
First Bank of Nigeria Plc.
Skye Bank Plc.
AUDITORS
Olukayode Aina & Co.
(Chartered Accountants)
Plot 5, Olusola Harris Way
Lekki Scheme II
Lagos

1

OMATEK VENTURES PLC

CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER 2022 OPERATIONAL HIGHLIGHTS

	GROUP			COMPANY
	31-Dec-22	31-Dec-21		31-Dec-22	31-Dec-21
	N'M	N'M		N'M	N'M
Revenue	3.50	4.10		-	-
Total Comprehensive Income	(1,299)	(1,289)		(1,217.00)	(1,217.00)
Total Non Current Assets	4,005	4,005		1,645	1,645
Total Equity	(12,007)	(10,708)		(4,581)	(4,581)
Earnings/(Loss) Per Share (NGN)	(0.44)	(0.44)

2

2

OMATEK VENTURES PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2022

		GROUP	GROUP		COMPANY	COMPANY
		31ST	31ST		31ST	31ST
		DECEMBER	DECEMBER		DECEMBER	DECEMBER
	NOTE	2022	2021	2022	2021
		N'M	N'M		N'M	N'M
ASSETS
PROPERTY,PLANT & EQUIPMENT	8	1,622	1,622	1,661	1,661
INVESTMENT PROPERTY	9	2,200	2,200	2,200	2,200
INVESTMENTS	10	132	132	(2,216)	(2,216)
DEFFERED TAX ASSET	11	51	51
TOTAL NON CURRENT ASSETS		4,005	4,005	1,645	1,645
INVENTORIES	12	609	609
TRADE & OTHER RECEIVABLES	13	100	107	3,487	3,487
PREPAYMENTS	14
CASH & CASH EQUIVALENTS	15	29	36
TOTAL CURRENT ASSETS		738	752		3,487	3,487
TOTAL ASSETS		4,743	4,757	5,132	5,132
EQUITY
SHARE CAPITAL	16	1,471	1,471	1,471	1,471
SHARE PREMIUM	17	4,376	4,376	4,376	4,376
RETAINED EARNINGS		(15,143)	(13,928)	(11,043)	(11,043)
REVALUATION RESERVE	18	615	615	615	615
NON CONTROLLING INTEREST		(3,326)	(3,242)
TOTAL EQUITY		(12,007)	(10,708)	(4,581)	(4,581)
SHORT TERM LOANS & BORROWINGS
LONG TERM LOANS & BORROWINGS	19	3,909	3,909	3,909	3,909
DEFFERED TAX LIABILITY	11	516	516		-	-
TOTAL NON CURRENT LIABILITIES		4,425	4,425	3,909	3,909
BANK OVERDRAFT	15	447	447
TRADE & OTHER PAYABLES	20	10,886	9,601	5,732	5,732
ACCRUED TAX	11	216	216	72	72
SHORT TERM LOANS & BORROWINGS	26	776	776
TOTAL CURRENT LIABILITIES		12,325	11,040		5,804	5,804
TOTAL LIABILITIES		16,750	15,465	9,713	9,713
TOTAL EQUITIES & LIABILITIES		4,743	4,757	5,132	5,132

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

……………………………………	…………………………….	…………………………….
Dr. Timothy Farinre	Mr Yemi Ogundipe, FCA	Mr. Anthony O. Omhenke
Group Chairman	Group Managing Director	Chief Financing Officer
FRC/2014/COREN/0000007564	FRC/2013/ICAN/00000001615	FRC/2014/ICAN/00000008200

THE NOTES FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS 3

3