Upload
vuongthien
View
214
Download
0
Embed Size (px)
Citation preview
IKEJA HOTEL PLC
Contents Page
The Company 1
Statement of Financial Position 2
Satement of Comprehensive Income 3
Statement of Changes in Equity 4
Statement of Cash Flows 5
Notes to Financial Statement 6
Income Statement Forecast 12
Operating Summary 13
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
IKEJA HOTEL PLC
The GroupThe group comprise Ikeja Hotel Plc and its subsidiary Hans-Gremlin Limited, a special purpose vehicle which holds
51% of the ordinary shares in Capital Hotels Plc.
The Company
Principal activities
The principal activities of the group are the operation of hotels and restaurants, apartment letting, recreational
facilities, night clubs and business centre, advisory and consultancy services to undertakes advisory management
on all type of businesses.
Accounting Policies
Statement of Compliance
Going Concern Status
The financial statements have been prepared in accordance with Interim Financial Reporting (IAS 34) under the
International Financial Reporting Standards.
The consolidated financial statements have been prepared on a going concern basis, which assumes that the entity
will be able to meet its financial obligations as at when they fall due. There are no significant financial obligations
that will impact on the entity's resources which will affect the going concern of the entity. Management is satisfied
that the entity has adequate resources to continue in operational existence for the foreseable future. For this
reason, the going concern basis has been adopted in preparing the consolidated financial statements.
Ikeja Hotel Plc., formerly Properties Development Limited, was incorporated on 18 November, 1972. It owns the
Sheraton Lagos Hotel, a core investor in Hans Gremlin Nigeria Limited and a shareholder in the Tourist Company
of Nigeria Plc. (Owners of Federal Palace Hotel & Casino, Lagos).
The registered office of the company is located at 84 Opebi Road, Ikeja, Lagos. The hotel is managed and operated
by Starwood Eame License and Services Company BVBA (now Marriot)
The same accounting policies and methods of computation are followed in the interim financial statements for the
quarter ended 31 March, 2017 as were followed in the most recent financial statements.
1
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
Statement of Financial Position As at 31 March, 2017
Notes 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
N'000 N'000 N'000 N'000
Non-Current Assets
Property, plant and equipment 1 6,421,148 6,562,469 4,078,780 4,101,119
Capital Work in Progress 2 4,451,730 4,268,744 3,927,927 3,744,941
Intangible Asset 3 30,697 32,767 11,702 12,208
Investment in Subsidiaries 27 - - 4,440,919 4,440,919
Investments in Joint Venture 28 798,722 798,722 798,722 798,722
Loans and Receivables 13 7,061,733 6,950,683 6,061,732 5,950,682
Due from Related Party 14 329,191 328,624 501,915 501,348
Total Non-Current Assets 19,093,221 18,942,010 19,821,698 19,549,940
Current Assets
Inventories 12 569,673 579,880 284,089 291,132
Trade and Other Receivables 10 1,388,578 1,221,820 620,161 388,959
Other Assets 11 1,062,299 1,008,025 970,960 894,541
Cash and Cash Equivalents 15 4,611,742 3,520,114 546,107 635,418
Total Current Assets 7,632,292 6,329,840 2,421,317 2,210,051
Total Assets 26,725,513 25,271,850 22,243,015 21,759,990
Equity and Reserves
Share Capital 24 1,039,398 1,039,398 1,039,398 1,039,398
Share Premium 25 1,381,072 1,381,072 1,381,072 1,381,072
Retained Earnings 26 4,325,472 4,285,004 5,165,495 5,152,827
Equity attributable to equity holders of
Parent 6,745,943 6,705,475 7,585,965 7,573,297
Non-Controlling interest 26.1 2,354,654 2,275,200 - - 9,100,596 8,980,674 7,585,965 7,573,297
Liabilities
Non-Current Liabilities
Due to Related Parties 20 5,167,315 5,016,810 6,804,700 6,694,896
Employee Benefits 23 2,224,892 2,445,299 1,517,545 1,414,572
Deferred Tax 22 993,897 676,248 295,835 295,835
Non-Total Current Liabilities 8,386,105 8,138,357 8,618,080 8,405,303
Current Liabilities
Trade and Other Payables 18 3,288,559 2,477,201 538,622 556,772
Deferred Income 17 4,756,873 4,626,811 4,691,920 4,580,870
Deposit for Shares 19 93,600 93,600 93,600 93,600
Dividend Payable 21 43,437 43,437 16,691 16,691
Bank Overdraft 16 515,950 351,269 515,950 351,269 Current Tax Payable 22 540,394 560,501 182,188 182,188
Total Current Liabilities 9,238,812 8,152,819 6,038,970 5,781,390
Total Liabilities 17,624,917 16,291,176 14,657,050 14,186,693
Total Equity and Liabilities 26,725,513 25,271,850 22,243,015 21,759,990
These financial statements were signed on behalf of the board of directors on 21 August 2017 by:
Mr. Theo Eniola Netufo Mr. Olayiwola J. Osituwo
Chief Operating Officer Compliance Officer
FRC/2013/ICAN/00000004775 FRC/2013/ICAN/00000004776
The Group The Company
2
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
Statement of Comprehensive Income
For The Period Ended 31 March, 2017
Note 31-Mar-17 31-Mar-16 # 31-Mar-17 31-Mar-16
N'000 N'000 N'000 N'000
Revenue 4 2,788,850 2,412,138 1,519,846 1,204,929
Cost of Sales 5 (1,881,864) (1,467,407) (993,643) (893,911)
Gross Profit 906,987 944,731 526,203 311,018
Other Income 6 15,337 77,080 13,618 76,025
Sales and Distribution Expenses 8 (119,010) (125,731) (51,425) (66,838)
Administrative and General Expenses 7 (441,781) (399,544) (316,277) (276,715)
Operating Profit 361,532 496,536 172,119 43,490
Finance costs 9 (181,059) (151,859) (181,059) (151,859)
Share of loss in investment accounted for using equity - - - -
Profit/(Loss) before Taxation 180,473 344,677 (8,940) (108,369)
Current Tax Expense 22 (60,551) (144,975) - -
Profit/(Loss) for the for the period 119,922 199,702 (8,940) (108,369)
Profit/(Loss) attributable to:
Equity holders of the parent 40,468 9,468 - -
Non-controlling interest 79,454 190,234 - -
119,922 199,702 (8,940) (108,369)
Other Comprehensive Income/(Loss) for the Period - - - -
Total Comprehensive Income/(Loss) for the Period 119,922 199,702 (8,940) (108,369)
Eanings per share (kobo) 6 10 (0.43) (5.21)
The Group The Company
3
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
Ikeja Hotel Plc Statement of Changes in Equity as at 31 March, 2017
Issued Share Retained
Non-
controlling Total Issued Share RetainedAttributable to the Equity Holders of the Company Capital Premium Earnings interest equity Capital Premium Earnings Total
=N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000
Balance as at 31 December 2016 1,039,398 1,381,072 4,285,004 2,275,200 8,980,674 1,039,398 1,381,072 5,174,434 7,594,904
Changes in Equity for the Period
Profit for the period 40,468 79,454 119,922 - - (8,940) (8,940)
Total Comprehensive Income for the Period - - (8,940) (8,940)
At 31 March, 2017 1,039,398 1,381,072 4,325,472 2,354,654 9,100,596 1,039,398 1,381,072 5,165,495 7,585,965
At 31 December, 2015 1,039,398 1,381,072 2,096,037 1,915,096 6,431,603 1,039,398 1,381,072 5,218,058 7,638,529
Changes in Equity for the period
Changes in Equity for the period
Profit for the period 9,468 190,234 199,702 - - (108,369) (108,369)
Total Comprehensive Income for the Period - - (108,369) (108,369)
At 31 March, 2016 1,039,398 1,381,072 2,105,505 2,105,330 6,631,305 1,039,398 1,381,072 5,109,689 7,530,159
The Group The Company
4
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
Condensed Statement of Cash Flows For the Period Ended 31 March, 2017
Notes 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16
N'000 N'000 N'000 N'000
Profit/(Loss) for the Period 119,922 199,702 (8,940) (108,369)
Adjustment for:
Depreciation of PPE 1 199,953 215,692 108,224 152,020
Amortisation of Intangible Asset 3 506 506 506 733
Finance Costs 9 181,059 151,859 181,059 151,859 Post Employment Benefits 7 37,606 102,973 102,973 -
Income tax expense 22 60,551
599,597 670,733 383,822 196,243
Changes in:
Inventories 12 10,208 15,368 7,043 15,368
Trade and Other Receivables 10 (166,758) 167,910 (231,202) 167,910
Other Assets 11 (54,274) (255,393) (76,419) (255,393)
Loans and Receivables 13 (111,050) (45,675) (111,050) (45,675)
Due from Related Parties 14 (567) 49,715 (567) 49,715
Trade and Other Payables 18 811,358 826,468 (18,150) 826,468
Deferred Income 17 130,062 179,070 111,050 179,070 Due to Related Parties 20 150,505 (826,468) 109,804 (826,468)
Cash generated from Operating Activities 1,369,080 781,729 174,331 307,239
Income tax paid 22 (39,973) - - (40,000)
Net Cash from Operating Activities 1,329,107 781,729 174,331 267,239
Cash Flows from Investing Activities
Purchase of PPE 1 (134,638) (85,885) (85,885) -
Additions/Utilization of Capital Work in Progress 2 (182,986) (182,986) (182,986) (155,922)
Net Cash Flows used in Investing Activities (317,624) (268,871) (268,871) (155,922)
Cash Flows from Financing Activities
Finance Costs 9 (181,059) (151,859) (181,059) (151,859)
Net Cash Flows used in Financing Activities (181,059) (151,859) (181,059) (151,859)
Net Increase in Cash and Cash Equivalent 830,424 360,999 (275,598) (40,542)
Cash and Cash Equivalents at the beginning of the
year 3,520,114 558,008 284,149 558,008
Cash and Cash Equivalent at the end of the period 4,350,538 919,007 8,550 517,466
The Group The Company
5
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT
For the Quarter Ended 31 March, 2017
The Group
1 Cost/Valuation Land Buildings
Hotel
Equipment
Office
Equipment
Computer
Equipment Motor Vehicles Total
At 1st January 3,440,742 1,590,382 4,438,427 3,409,614 189,931 485,228 13,554,324
Addition - 21,617 99,349 9,851 3,822 - 134,638 Adjustment - 483 3,000 (19,843) 404 (15,955)
At 31 March, 2017 3,440,742 1,612,483 4,540,776 3,399,621 193,752 485,633 13,673,007
Depreciation and impairment
At 1st January 729,647 3,137,552 2,502,938 170,778 450,939 6,991,855
Adjustment 4,706 (15) 50,764 5,426 60,881
Depreciation charge during the year - 12,765 123,200 53,051 5,416 4,691 199,124
At 31 March, 2017 - 747,119 3,260,737 2,606,753 176,194 461,057 7,251,859
Carrying Amount
At 31 March, 2017 3,440,742 865,364 1,280,039 792,869 17,558 24,576 6,421,148
At 31 December, 2016 3,440,742 860,735 1,300,875 906,676 19,153 34,289 6,562,469
The Company
1 Cost/Valuation Land Buildings
Hotel
Equipment
Office
Equipment
Computer
Equipment Motor Vehicles Total
At 1st January 3,084,350 745,849 2,252,505 73,049 189,931 249,214 6,594,897
Addition - 7,522 74,384 158 3,822 - 85,885
At 31 March, 2017 3,084,350 753,371 2,326,889 73,206 193,752 249,214 6,680,783
Depreciation and impairment
At 1st January - 460,275 1,566,330 57,509 170,778 238,887 2,493,779
Depreciation charge during the year - 7,180 93,149 1,200 5,416 1,279 108,224
At 31 March, 2017 - 467,456 1,659,479 58,708 176,194 240,165 2,602,003
Carrying Amount
At 31 March, 2017 3,084,350 285,915 667,410 14,498 17,558 9,049 4,078,780
At 31 December, 2016 3,084,350 285,574 686,175 15,540 19,153 10,327 4,101,119
6
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
NOTES TO THE ACCOUNTS
Note 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
Capital Work in Progress N'000 N'000 N'000 N'000
2 At 1 January 4,268,744 1,181,472 3,744,941 657,669
Additions in the period 182,986 3,087,272 182,986 3,087,272 Total 4,451,730 4,268,744 3,927,927 3,744,941
This represents on going renovation works at the hotel
3 Intangible Asset
3.1 Computer Software 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
Cost/Valuation N'000 N'000 N'000 N'000
At 1 January 46,080 33,267 20,236 20,236
Additions for the year - 12,813 - - Total 46,080 46,080 20,236 20,236
3.2 Amortization
At 1 January 13,312 9,866 8,028 6,004
Adjustment 735 -
Charge for the period 1,335 3,446 506 2,024 At 31 March, 2017 15,383 13,312 8,534 8,028
3.3 Carrying Value 30,697 32,767 11,702 12,208
31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16
4 Revenue N'000 N'000 N'000 N'000
Rooms 2,241,219 1,951,221 972,215 744,012
Food & Beverage 411,892 349,222 411,892 349,222
Minor Operating Departments 16,023 12,669 16,023 12,669
Miscellaneous Income 119,715 99,027 119,715 99,027 Total 2,788,850 2,412,138 1,519,846 1,204,929
31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16
5 Cost of Sales N'000 N'000 N'000 N'000
Rooms 1,108,527 747,104 220,306 173,608
Food & Beverage 337,058 264,664 337,058 264,664
Minor Operating Departments 9,909 40,564 9,909 40,564
Cost of Sales - Head Office 1,736 3,127 1,736 3,127
Administrative & General 200,079 162,734 200,079 162,734
Info & Telecom System 37,903 30,216 37,903 30,216
Property Operations & Maintenance 73,083 68,770 73,083 68,770
Rental Income Expenses - 72,396 - 72,396
Utilities 113,567 77,834 113,567 77,834 Total 1,881,864 1,467,407 993,643 893,911
31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16
6 Other Income N'000 N'000 N'000 N'000
Sales of Scrap - 456 - 456
Exchange Gain on Translation of Currency 7,486 4,328 7,486 3,274
Others 7,851 72,296 6,132 72,296 15,337 77,080 13,618 76,025
The Group The Company
7
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16
N'000 N'000 N'000 N'0007 Administrative Expenses 441,781 399,544 316,277 276,715
31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16
N'000 N'000 N'000 N'0008 Sales & Marketing Expenses 119,010 125,731 51,425 66,838
31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16
9 Finance Income and Finance Cost N'000 N'000 N'000 N'000Interest Expense 181,059 151,859 181,059 151,859 Net Finance Cost 181,059 151,859 181,059 151,859
Interest expense represents charges paid and/or payable on loans.
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
N'000 N'000 N'000 N'000
10 Trade and Other Receivables 1,511,565 1,269,469 676,988 436,607
Allowances for Impairment Losses (223,669) (68,984) (76,968) (68,984)
Net Trade Receivables 1,287,897 1,200,485 600,020 367,624
Other Receivables 100,681 21,335 20,141 21,335 1,388,578 1,221,820 620,161 388,959
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
11 Other Assets N'000 N'000 N'000 N'000
Prepayments 317,336 210,788 225,997 97,304
Withholding tax receivables 687,540 687,540 687,540 687,540
Advances to Suppliers 46,473 108,973 46,473 108,973
Advances to Employees 10,950 725 10,950 725 Total 1,062,299 1,008,025 970,960 894,541
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
12 Inventories N'000 N'000 N'000 N'000
Food & Beverage 123,866 122,456 54,024 61,377
Maintenance Supplies 89,021 180,774 89,021 86,122
Operating Supplies 219,908 113,821 114,516 108,922
General Stores 136,877 162,829 26,528 34,711 Total 569,673 579,880 284,089 291,132
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
13 Loans and Receivables N'000 N'000 N'000 N'000
At 1 January 6,950,683 4,653,928 5,950,682 3,653,928
Interest Capitalised 111,050 283,366 111,050 283,366
Exchange Revaluation - 2,013,389 - 2,013,389 7,061,733 6,950,683 6,061,732 5,950,682
Loans and receivable relate to receivable from The Tourist Company of Nig. Plc
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
14 Due from Related Party N'000 N'000 N'000 N'000
Federal Palace/Sun 17,337 16,770 17,337 16,770
Hans-Gremlin (Nigera) Ltd. - - 484,578 484,578
Ikeja Hotel Plc - - - -
Others 311,854 311,854 - - Total 329,191 328,624 501,915 501,348
The carrying amount of due from related party relate to their fair value
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
15 Cash & Cash Equivalents N'000 N'000 N'000 N'000
Cash in Hand 5,016 4,996 933 933
Cash at Bank 1,054,698 887,177 545,175 634,485
1,059,714 892,173 546,107 635,418
Provision for Doubtful Balance - - - -
1,059,714 892,173 546,107 635,418 Time Deposits 3,552,028 2,627,941 - -
As per Statement of Financial position 4,611,742 3,520,114 546,107 635,418
8
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
N'000 N'000 N'000 N'00016 Bank Overdraft 515,950 351,269 515,950 351,269
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16N'000 N'000 N'000 N'000
17 Deferred Income 4,756,873 4,626,811 4,691,920 4,580,870
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
18 Trade and Other Payables N'000 N'000 N'000 N'000
Trade Payables 289,499 370,835 49,576 121,958
Accrued Expenses 1,864,296 1,808,148 214,418 211,828
Due to Starwood Eame License and Service Company 23,908 23,908 23,908 23,908
VAT Payables 20,742 16,348 20,742 16,348
Advance Deposit 4,821 774 4,821 774 Service Charge Distribution 41,598 37,685 41,598 37,685
Other Credit Balances 1,043,695 219,503 183,559 144,271 Total 3,288,559 2,477,201 538,622 556,772
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
N'000 N'000 N'000 N'00019 Deposit for Shares 93,600 93,600 93,600 93,600
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
20 Due to Related Parties N'000 N'000 N'000 N'000
Capital Hotel Plc - - 1,079,922 1,114,292
IHL Services limited - - 557,462 563,794
Alurum investment Ltd/Omamo Trust Limited 2,545,947 2,471,793 2,545,947 2,471,793
Minabo Limited 1,487,441 1,444,117 1,487,441 1,444,117
AVI Services/G. M. Ibru 1,133,927 1,100,900 1,133,927 1,100,900
5,167,315 5,016,810 6,804,700 6,694,896
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
N'000 N'000 N'000 N'000
At 1, January 43,437 43,437 16,691 16,691 21 Dividend 43,437 43,437 16,691 16,691
22 Taxation 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
22.1 Current Tax Payable N'000 N'000 N'000 N'000
As at January 560,501 984,724 182,188 647,095
Provision during the period 19,867 229,893 - -
Payment during the period (39,973) (654,116) - (464,907) At 31 March, 2017 540,394 560,501 182,188 182,188
The charge for taxation has been computed in accordance with the provisions of the companies
income tax Act CAP C21,LFN 2004 and the Education Tax, CAP E4, LFN 2004 as amended
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
22.2 Deferred Taxation N'000 N'000 N'000 N'000
At January 676,248 676,248 295,835 295,835
Write back/Charge in the period 317,649 - - - At 31 March, 2017 993,897 676,248 295,835 295,835
22.3 Current Tax Charges
Income Tax 56,767 135,914 - -
Education Tax 3,784 9,061 - -
60,551 144,975 - - Deferred Taxation - - - -
Income Statement 60,551 144,975 - -
9
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
23 Employee Benefits 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16At 1, January - - - -
Provision during the period - - - -
Payment during the period - - - - At 31 December, 2015 - - - -
Defined Benefits N'000 N'000
At 1, January 2,445,299 3,050,524 1,414,572 1,694,643
Payment in the period (362,388) (605,465) - (264,847)
Provision 141,982 240 102,973 - At 31 March, 2017 2,224,892 2,445,299 1,517,545 1,414,572
24 Share Capital 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
24.1 Authorised N'000 N'000 N'000 N'0004,000,000,000 Ordinary shares of 50 kobo each 2,000,000 2,000,000 2,000,000 2,000,000
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
24.2 Issued and fully paid N'000 N'000 N'000 N'000
At 1 January 1,039,398 1,039,398 1,039,398 1,039,398 At 31 March, 2017 1,039,398 1,039,398 1,039,398 1,039,398
Number: 2,078,796,396 ordinary shares of 50 kobo each
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
25 Share Premium Reserve N'000 N'000 N'000 N'000
At 1 January 1,381,072 1,381,072 1,381,072 1,381,072 At 31 March, 2017 1,381,072 1,381,072 1,381,072 1,381,072
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
26 Retained Earnings N'000 N'000 N'000 N'000At 1 January 4,285,004 4,275,536 5,174,434 5,218,058 Transfer from profit & loss account 40,468 9,468 (8,940) (65,231)
Other Comprehensive Income - - At 31 March, 2017 4,325,472 4,285,004 5,165,495 5,152,827
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
26.1 Non-controlling interest N'000 N'000 N'000 N'000
At 1 January 2,275,200 1,973,754 - - Share of profit 79,454 301,445 - - Other Comprehensive Income - - - - At 31 March, 2017 2,354,654 2,275,200 - -
10
IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
27 Investment in Subsidiary N'000 N'000 N'000 N'000Hans Gremin Nigeria Limited - - 4,440,919 4,440,919
The Ikeja Hotel Plc holds 75% of the issued share of Hans Gremin Nigeria Limited a special
purpose vehicle used in acquiring 51% of the issued share capital of Capital Hotels Plc.
31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16
28 Investment Accounted for the Equity Method N'000 N'000 N'000 N'000
At 1 January 798,722 798,722 798,722 798,722 At 31 March, 2017 798,722 798,722 798,722 798,722
Investment relates to 273,529,085 units of stock in The Tourist Company of Nigeria Plc.
11
Statement of Comprehensive Income Forecast
For the Period Ended 30 June, 2017
30.6.17
=N='000
Turnover 4,601,603
Cost of Sales (2,803,977)
Gross Operating Profit 1,797,626
Operating Expenses (1,037,464)
Result from Operating Activities 760,162
Net finance costs (271,588)
Profit/(Loss) before Taxation 488,574
Current Tax Expense (156,344)
Profit for the period 332,230
UNAUDITED RESULT FOR THE QUARTER
ENDED 31 MARCH, 2017
31.3.17 31.3.16 %
=N='000 =N='000 Change
TURNOVER 2,788,850 2,412,138 15.62
OPERATING PROFIT 361,532 496,536 (27.19)
FINANCE CHARGES (181,059) (151,859) (19.23)
PROFIT/(LOSS) BEFORE TAX 180,473 344,677 47.64
TAXATION (60,551) (144,975) 58.23
PROFIT/(LOSS) AFTER TAX 119,922 199,702 39.95