eTRANZACT INTERNATIONAL PLC
UNAUDITED FINANCIAL STATEMENTS
FOR THE FIRST QUARTER ENDED 31ST MARCH 2024
eTRANZACT INTERNATIONAL PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FIRST QUARTER ENDED 31ST MARCH 2024
Unaudited | Unaudited | |
3/31/2024 | 3/31/2023 | |
N'000 | N'000 | |
Continuing operations | ||
Revenue | 7,045,872 | 10,288,245 |
Cost of sales | (5,057,979) | (8,730,251) |
Gross profit | 1,987,893 | 1,557,994 |
Selling and Marketing costs | (63,579) | (62,469) |
Administrative expenses | (1,218,250) | (835,521) |
Operating profit | 706,063 | 660,004 |
Other Income | - | - |
Finance Cost | (5,436) | (6,620) |
Investment income | 53,866 | 49,467 |
Profit before tax | 754,494 | 702,851 |
Taxation | (226,348) | (196,238) |
Profit for the period | 528,146 | 506,613 |
There is no other comprehensive income for the period, hence the profit for the period is equal to the total comprehensive income.
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eTRANZACT INTERNATIONAL PLC
STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2024 | |||
Unaudited | Audited | ||
3/31/2024 | 12/31/2023 | ||
Note | N'000 | N'000 | |
Non-current assets | |||
Property, plant and equipment | 1 | 1,453,198 | 1,483,676 |
Investment property | 2 | 136,810 | 136,810 |
Intangible assets | 3 | 43,519 | 51,637 |
Deposit for shares | 456,755 | 456,755 | |
Total non-current assets | 2,090,283 | 2,128,878 | |
Current assets | |||
Inventories | 6 | 1,909,903 | 2,296,714 |
Trade and other receivables | 7 | 439,364 | 480,328 |
Other assets | 5 | 3,754,119 | 3,601,352 |
Cash and cash equivalents | 8 | 15,587,333 | 19,697,267 |
Total current assets | 21,690,720 | 26,075,660 | |
Total assets | 23,781,003 | 28,204,538 | |
Non-Current liabilities | |||
Deferred Grant Income | 10 | 73,344 | 73,344 |
Long term Loan | 10 | 253,154 | 272,977 |
326,498 | 346,321 | ||
Current liabilities | |||
Trade and other payables | 9 | 10,219,076 | 15,267,254 |
Current tax liabilities | 11 | 1,229,666 | 1,113,347 |
Total current liabilities | 11,448,742 | 16,380,600 | |
Total liabilities | 11,775,240 | 16,726,920 | |
Equity | |||
Share capital | 12 | 4,600,000 | 4,600,000 |
Share premium account | 13 | 7,374,272 | 7,374,272 |
Retained earnings | 15 | 31,492 | (496,654) |
Total equity attributable to owners of the company | 12,005,763 | 11,477,618 | |
Total equity and Liabilities | 23,781,003 | 28,204,538 |
The financial statements was approved by the Board of Directors on April 29, 2024 and signed on its behalf by:
………………………… | …………………………….. |
Mr Niyi Toluwalope | Mr Emmanuel Ogunji |
Chief Executive Officer | Chief Financial Officer |
FRC/2013/PRO/ICAN/002/00000002251 | FRC/2014/PRO/ICAN/001/00000007266 |
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eTRANZACT INTERNATIONAL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE FIRST QUARTER ENDED 31ST MARCH 2024
Share | Convertible | Retained | |||
Share capital | premium | Debenture | earnings | Total | |
N'000 | N'000 | N'000 | N'000 | N'000 | |
Balance at 1 January 2023 | 4,600,000 | 7,374,272 | - | (2,698,444) | 9,275,828 |
Profit for the year | - | - | - | 2,201,790 | 2,201,790 |
Other comprehensive income | - | - | - | - | - |
Total comprehensive income | - | - | - | 2,201,790 | 2,201,790 |
Balance at 31 December 2023 | 4,600,000 | 7,374,272 | - | (496,654) | 11,477,618 |
Balance at 1 January 2024 | 4,600,000 | 7,374,272 | - | (496,654) | 11,477,618 |
Profit for the period | - | - | - | 528,146 | 528,146 |
Other comprehensive income for the period | - | - | - | - | - |
Total comprehensive income | - | - | - | 528,146 | 528,146 |
Balance at 31 March 2024 | 4,600,000 | 7,374,272 | - | 31,492 | 12,005,764 |
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eTRANZACT INTERNATIONAL PLC
CASHFLOW STATEMENT FOR THE FIRST QUARTER ENDED 31ST MARCH 2024
Cashflow from operating activities
Cash receipt from customers
Cash paid to suppliers and employees
Cash generated from operations
Income taxes paid
Net cash used in operating activities
Cashflow from investing activities Purchase of property, plant and equipment Additions to intangible assets
Interest received and similar income Interest on Loan
Proceeds from sale of Investment Property Proceeds from sale of Property, plant and equipment
Net cash used in investing activities
Cashflow from financing activities Net Proceeds from Debenture Issue Issue Cost
Conversion cost of debenture to ordinary shares Repayment of Loan Principal
Repayment of Interest on Loan Loan obtained
Net cash generated by financing activities
Net increase in cash and cash equivalents Effects of exchange rate on year end bank balances Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of the period
3/31/2024 | 12/31/2023 | |
Note | N'000 | N'000 |
7,045,872 | 33,689,480 | |
(10,964,388) | (24,037,803) | |
(3,918,516) | 9,651,677 | |
11 | (110,028) | (423,723) |
(4,028,544) | 9,227,954 | |
1 | (104,562) | (996,839) |
3 | - | - |
53,866 | 94,060 | |
(5,436) | (38,416) | |
- | - | |
- | 4,312 | |
(56,132) | (936,883) | |
- | - | |
- | - | |
- | - | |
(17,857) | (71,429) | |
(7,401) | (31,513) | |
10 | - | - |
(25,258) | (102,942) | |
(4,109,934) | 8,188,129 | |
- | 6,161 | |
19,697,267 | 11,502,977 | |
8 | 15,587,333 | 19,697,267 |
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eTRANZACT INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FIRST QUARTER ENDED 31ST MARCH 2024
1.0 Property, plant and equipment | ||||||
Furnitures, | ||||||
Plant & | Fittings and | Computer | Work In | |||
Motor Vehicle | machinery | Equipment | Equipment | Progress | TOTAL | |
N000 | N000 | N000 | N000 | N000 | N000 | |
Cost or Valuation | ||||||
As at January 1, 2024 | 1,177,164 | 85,904 | 1,926,597 | 570,344 | - | 3,760,009 |
Additions | - | - | 34,711 | 69,851 | - | 104,562 |
Reclassifications | - | - | - | - | - | - |
Disposals | - | - | - | - | - | - |
As at 31 March, 2024 | 1,177,164 | 85,904 | 1,961,308 | 640,195 | - | 3,864,571 |
Accumulated depreciation and impairment | ||||||
As at 1 January | 611,304 | 73,573 | 1,213,363 | 378,095 | - | 2,276,334 |
Adjustments | ||||||
Charge for the period | 43,823 | 1,052 | 57,414 | 32,749 | 135,038 | |
Disposals | - | - | - | - | - | |
As at 31 March, 2024 | 655,127 | 74,624 | 1,270,776 | 410,844 | - | 2,411,373 |
Carrying amount | ||||||
As at January 1, 2024 | 565,861 | 12,332 | 713,234 | 192,249 | - | 1,483,676 |
As at 31 March, 2024 | 522,038 | 11,280 | 690,532 | 229,351 | - | 1,453,198 |
1.1 Impairment losses recognised in the Period |
There were no impairment losses recognized during the period.
1.2 Contractual commitments
At March 31, 2024 the company had no contractual commitments for the acquisition of property, plant and equipment
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eTRANZACT INTERNATIONAL PLC | ||
NOTES TO THE FINANCIAL STATEMENTS | ||
FOR THE FIRST QUARTER ENDED 31ST MARCH 2024 | ||
2 Investment property | ||
3/31/2024 | 31/12/2023 | |
N'000 | N'000 | |
Cost | ||
Land | 136,810 | 136,810 |
3/31/2024 | 31/12/2023 | |
N'000 | N'000 | |
Balance at the beginning of the year | 136,810 | 136,810 |
Disposal | - | - |
Impairment loss | - | - |
Balance at the period end | 136,810 | 136,810 |
The company's investment property is held under freehold interests.
Investment property is recognized at cost in the books and subsequently tested for impairments.
As at March 31, 2024 the fair value of the investment property has been estimated as N258m (2023: N258m). The fair value has been determined by the management of the company by reference to market evidence of transaction prices for similar properties in comparable areas.
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eTRANZACT INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FIRST QUARTER ENDED 31ST MARCH 2024
3.0 Intangible assets
This represents the cost incurred in acquiring e-portal and other technologies which form the basis of the Company's e-payment Technology solutions.
eTranzact | ||||
enterprise | eRemit | Other | ||
platform | platform | Softwares | TOTAL | |
N'000 | N'000 | N'000 | N'000 | |
Cost | ||||
At 1 January 2024 | 293,510 | 105,858 | 303,949 | 703,317 |
Additions | - | - | - | - |
Reclassification | - | - | - | - |
As at 31 March, 2024 | 293,510 | 105,858 | 303,949 | 703,317 |
Amortisation | ||||
At 1 January 2024 | 277,604 | 80,754 | 293,323 | 651,680 |
Adjustments | - | |||
Charge for the year | 2,935 | 1,059 | 4,124 | 8,118 |
As at 31 March, 2024 | 280,539 | 81,813 | 297,447 | 659,799 |
Carrying amount | ||||
At 1 January 2024 | 15,906 | 25,104 | 10,626 | 51,637 |
As at 31 March, 2024 | 12,971 | 24,045 | 6,502 | 43,519 |
3.1 Significant intangible assets
In line with the IFRS reporting and disclosure standards, management has reviewed in detail the intangible assets and is of the opinion that the useful life of the Enterprise software platform and eRemit platform should be 25 years from its original implementation and this has been adjusted accordingly from the year 2012. The carrying amounts of eTranzact enterprise softwares will be fully amortised in 18 years from 2012, the eRemit platform carrying amount will be fully amortised in 22 years and 4 months.
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eTRANZACT INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FIRST QUARTER ENDED 31ST MARCH 2024
4.0 Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
3/31/2024 | 12/31/2023 | |
N'000 | N'000 | |
At 1 January | - | - |
Charged to profit or loss | - | - |
Charged to other comprehensive income | - | - |
Charged directly to equity | - | - |
Reclassification from equity to profit or loss | - | - |
Acquisitions/disposals | - | - |
Others (describe) | - | - |
As at 31 March, 2024 | - | - |
3/31/2024 | 12/31/2023 | |
N'000 | N'000 | |
Deferred tax assets | - | - |
Deferred tax liabilities | - | - |
- | - | |
5.0 Other assets | ||
3/31/2024 | 12/31/2023 | |
N'000 | N'000 | |
Prepayments | 359,103 | 248,583 |
Advance payments | 3,395,016 | 3,352,768 |
Other assets (Note 5.1) | 84,259 | 84,259 |
Fraud assets (Note 5.2) | 3,821,102 | 3,821,102 |
7,659,480 | 7,506,712 | |
Allowance for other assets | (84,259) | (84,259) |
Allowance for fraud assets | (3,821,102) | (3,821,102) |
3,754,119 | 3,601,352 |
- Other assets
Other assets balance represents amounts recoverable from the banks on unauthorized withdrawals on the reloadable customers float account in various banks, which were initially refunded by etranzact pending the outcome of investigations into the cases. - Fraud assets
Fraud assets relates to the balance of the total value of assets that is expected to be recovered from Smart Micro Systems Limited as settlement of the liability to First Bank of Nigeria for fraudulent transactions. The balance of 3.82 billion is highly unlikely to be recovered from Smart Micro Systems Limited, hence the full provision for the fraud asset.
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eTRANZACT INTERNATIONAL PLC | |||
NOTES TO THE FINANCIAL STATEMENTS | |||
FOR THE FIRST QUARTER ENDED 31ST MARCH 2024 | |||
6.0 | Inventories | ||
3/31/2024 | 31/12/2023 | ||
N'000 | N'000 | ||
Airtime Pins | 1,813,980 | 2,173,384 | |
Utility Stock | 95,923 | 123,330 | |
Point of Sales (POS) | - | - | |
EMV - (Note 6.1) | - | - | |
Bulk SMS | - | - | |
1,909,903 | 2,296,714 | ||
Provision for obsolete spares and slow moving stock | - | - | |
1,909,903 | 2,296,714 | ||
6.1 | EMV Cards | ||
N'000 | N'000 | ||
EMV in Store | - | - | |
Stocks in transit | - | - | |
- | - |
7.0 Trade and other receivables
3/31/2024 | 31/12/2023 | |
N'000 | N'000 | |
Trade receivables | 578,369 | 578,369 |
Allowance for doubtful debts | (466,372) | (466,372) |
111,997 | 111,997 | |
Other receivables | ||
Staff debtors (Note 7.1) | 174,961 | 158,312 |
Other debtors | 152,406 | 210,019 |
439,364 | 480,328 |
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
7.1 | Staff debtors | 3/31/2024 | 31/12/2023 |
N'000 | N'000 | ||
Staff debtors | 232,690 | 216,041 | |
Allowance for staff debtors | (57,729) | (57,729) | |
174,961 | 158,312 | ||
8 | Cash and Bank | ||
3/31/2024 | 31/12/2023 | ||
N'000 | N'000 | ||
Cash and bank balances | 3,658,669 | 2,604,720 | |
Restricted Cash | 9,892,492 | 15,104,855 | |
Short term investments | 2,036,172 | 1,987,692 | |
15,587,333 | 19,697,267 |
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eTranzact International plc published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 14:53:07 UTC.