OMATEK VENTURES : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

Omatek Ventures PLC

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER, 2022

Olukayode Aina & Co.

(Chartered Accountants)

Plot 5, Olusola Harris Way

Lekki Peninsula Scheme II

Lagos

OMATEK VENTURES PLC

Table of Contents
Corporate Information	1
Operational Highlights	2
Report of the Directors	3
Report of the Audit Committee	7
Report of Independent Auditors	8
Consolidated Statement of Financial Position	11
Consolidated Statement of Profit or Loss and Other Comprehensive Income	12
Consolidated Statement of Changes in Equity	13
Consolidated Statement of Cashflows	15
Notes to the Consolidated Financial Statements	16
Statement of Value Added	32
Consolidated Financial Summary	33

OMATEK VENTURES PLC

CORPORATE INFORMATION

1 BOARD OF DIRECTORS

	Dr. Timothy Farinre	- Company Chairman Omatek Ventures Plc.,
			Director OVDL, OCL
	Mr. Yemi Ogundipe, FCA	- Company MD/CEO Omatek Ventures Plc.,
			Director OVDL, OCL, OESL
	Mr. Temidayo Seriki	- Director Omatek Ventures Plc.,
			Director OVDL, OCL, OESL
	Alh. Nakande Dasuki	- Director Omatek Ventures Plc., OCL
	OVDL		- Omatek Ventures Distribution Limited
	OESL	-	- Omatek Engineering Services Limited
	OCL	-	- Omatek Computers Limited
2	COMPANY SECRETARY	- Femi David Ikotun Esq.,
			Ikotun Temowo & Co
			Suite 201, 2nd Floor, Copper House
			Plot 4, Algiers Street, Zone 5 Wuse, Abuja
3	CORPORATE HEADQUARTERS	Plot 11, Kudirat Abiola Way, Oregun, Ikeja
			Lagos, Nigeria.
4	MAIN BANKERS	- Standard Chartered Bank Limited
			First Bank of Nigeria Limited
			Bank of Industry
5	AUDITORS	- Olukayode Aina & Co.
			(Chartered Accountants)

Plot 5, Olusola Harris Way

Lekki Peninsula Scheme II

Lagos

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OMATEK VENTURES PLC

OPERATIONAL HIGHLIGHTS

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER, 2022

	GROUP			COMPANY
	2022		2021		2022	2021
	N'M		N'M		N'M	N'M
Revenue	0.54		3.75		-	-
Other Income	(95.38)		(95.38)		(95.38)	(95.38)
Total Comprehensive Income	(1,930)		(1,751)		(1,692)	(1,514)
Total Non Current Assets	4,673		4,711		4,720	4,864
Total Non Current Liabilities	7,205		5,724		7,234	5,725
Total Equity	(13,098)		(11,170)		(9,331)	(7,639)
Earnings/(Loss) Per Share (NGN)	(0.66)		(0.60)		-	-

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OMATEK VENTURES PLC

REPORT OF THE DIRECTORS

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST

DECEMBER, 2022

The directors submit their report together with the financial statements of Omatek Ventures Plc. for the year ended 31st December, 2022.

1 LEGAL FORM

The Company which commenced operation in Nigeria in 1988, was incorporated as a limited liability Company in Nigeria in 1988. It was converted into a Public Company in 2008 and its name was subsequently amended to reflect its status as a public company. The company's shares are quoted and traded on the Nigerian Stock Exchange.

1. PRINCIPAL ACTIVITIES AND CORPORATE DEVELOPMENT
   The Company has interests in subsidiaries and associates involved in manufacturing, distribution, selling and servicing of computer equipment and also provides engineering services.
2. BUSINESS REVIEW AND FUTURE DEVELOPMENT

The Company carried out business activities in accordance with its Memorandum and Articles of Association. A Comprehensive review of the business for the year and the prospects for the ensuing year are contained in the Managing Director's Report.

4 PROPERTY, PLANT & EQUIPMENT

Movement in property, plant & equipment during the year 2022 is shown in note 5 of the Notes to the Financial Statement herein. In the opinion of the directors, the market value of the Company's property plant & equipment is not less than the value shown in the accounts.

5 DIVIDEND

In respect of the current year, the Directors do not recommend any dividend.

1. DIRECTORS
2. 1. The directors who were in office during the year are listed on page 1.
   2. The re-election of nine Non-Executive Directors is presented to the members for approval.
3. STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors of Omatek Ventures Plc "the company" accept responsibility for the preparation of the financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of the profit or loss and cash flows for that year. In preparing these financial statements, the directors have selected suitable accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent and in accordance with International Financial Reporting Standards (IFRSs), Companies and Allied Matters Act 2020, Securities and Exchange Commission Act 2007 as well as Corporate Governance Code of the Securities and Exchange Commission 2011, guidelines and circulars issued by the Nigerian Stock Exchange and other relevant regulators.

The directors accept responsibilities for ensuring that the company keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the company. The directors are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities.

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