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Airtel Networks Limited Annual Report and Financial Statements – 31 December 2019

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Airtel Networks Limited Annual Report and Financial Statements – 31 December 2019 Airtel Networks Limited Annual Report and Financial Statements – 31 December 2019 Statement of Profit or Loss and Other Comprehensive Income For the year ended 31 December 2019 2019 2018 Notes N’000 N’000 Revenue from operations 6 468,960,719 382,096,006 Cost of sales 7 (184,841,547) (193,663,766) Gross profit 284,119,172 188,432,240 Other income 8 265,937 1,038,743 Selling and marketing costs 9 (11,607,611) (8,730,073) Administrative expenses 10 (5,479,347) (5,168,320) Other operating expenses 11 (79,402,303) (59,307,355) Results from operating activities 187,895,848 116,265,235 Finance income 12(a) 48,938 16,234 Finance costs 12(b) (22,380,990) (35,573,978) Net finance costs (22,332,052) (35,557,744) Gain on sale of equipment 13 2,366,994 - Customer acquisition cost 23(c) 1,910,674 - LTE Modernization 17(a) (1,842,326) (15,023,217) Profit before tax 14 167,999,138 65,684,274 Tax expense 15(a) (39,550,678) 47,890,221 Profit for the year after tax 128,448,460 113,574,495 Other comprehensive income There are no items of other comprehensive income - - Total comprehensive income for the year, net of tax 128,448,460 113,574,495 Earnings per share Basic and diluted (₦) 16 9.67 564.15 The accompanying notes on pages 14 to 81 form an integral part of these financial statements. 10 Airtel Networks Limited Annual Report and Financial Statements – 31 December 2019 Statement of Financial Position As at 31 December 2019 2019 2018 Assets Notes N’000 N’000 Non-current assets Property, plant and equipment 17 240,783,766 209,370,602 Intangible assets 18 22,130,203 20,931,077 Right of Use 19 88,385,972 - Other financial assets 20 188,115 54,920 Other assets 23 6,826,466 615,119 Deferred tax assets 15(d) 88,173,124 99,167,707 Investment in subsidiary 34(c) 50,000 - Total Non-current assets 446,537,646 330,139,425 Current assets Inventories 21 468,500 159,817 Trade and other receivables 22 14,302,161 13,010,594 Derivative financial assets - - Other financial assets 20 113,055 345,179 Other assets 23 5,453,580 8,207,919 Income tax recoverable 24 419,611 3,210,552 Cash and bank balances 25 25,852,553 2,672,052 Total current assets 46,609,460 27,606,113 Total assets 493,147,106 357,745,538 Equity and liaBilities Equity Share capital 26.1 4,127,023 201,318 Share premium 26.2 67,235,360 67,235,360 Retained earnings/(loss) 27 50,887,564 (42,541,084) Total Equity 122,249,947 24,895,594 LiaBilities Non-current liaBilities Interest bearing loans and borrowings 28 - 4,879,590 Provisions 29 25,344 23,713 Deferred revenue 30 97,959 14,618 Lease liabilities 31 166,429,891 105,878,727 Employee benefit liability 32 29,487 21,301 Total non-current liaBilities 166,582,681 110,817,949 Current liaBilities Interest bearing loans and borrowings 28 889 41,817,516 Provisions 29 188,147 398,271 Trade and other payables 33 117,265,763 120,018,023 Deferred revenue 30 22,456,866 18,430,823 Employee benefit liability 32 1,349,855 1,186,992 Income tax payable 15(c) 25,723,150 13,264,080 Lease liabilities 31 37,329,808 26,916,290 Total current liaBilities 204,314,478 222,031,995 Total liaBilities 370,897,159 332,849,944 Total equity and liaBilities 493,147,106 357,745,538 Approved by the Board of Directors on …………………… 2020 and signed on its behalf by: __________________ ________________________ _____________________ Segun Ogunsanya Dr. Oluremi Oyindasola Oni S Krishna Menon Chief Executive Officer Director Chief Finance Officer FRC/2013/ICAN/00000002746 FRC/2018/VCN/00000018386 FRC/2014/ICAN/00000019621 The accompanying notes on pages 14 to 81 form an integral part of these financial statements. 11 Airtel Networks Limited Annual Report and Financial Statements – 31 December 2019 Statement of Changes in Equity For the year ended 31 December 2019 Share Share Retained Capital Premium Earnings Total Equity N’000 N’000 N’000 N’000 2019 As at 31 December 2018 201,318 67,235,360 (42,541,084) 24,895,594 Impact of IFRS 16 adoption (Note 5.1.1) - - (12,471,594) (12,471,594) As at 1 January 2019 (restated) 201,318 67,235,360 (55,012,678) 12,424,000 Profit for the year - - 128,448,460 128,448,460 Other comprehensive income - - - - Total comprehensive income - - 128,448,460 128,448,460 Transactions with owners of the Company Shares issued during the year (Note 26.1) 3,925,705 - - 3,925,705 Interim Dividend (Note 27.1) - - (22,548,218) (22,548,218) As at 31 DecemBer 2019 4,127,023 67,235,360 50,887,564 122,249,947 2018 As at 1 January 2018 201,318 67,235,360 (156,898,488) (89,461,810) Impact of IFRS 15 on adoption 782,909 782,909 As at 1 January 2018 (restated) 201,318 67,235,360 (156,115,579) 88,678,901 Profit for the year - - 113,574,495 113,574,495 Other comprehensive income - - - - Total comprehensive income - - 113,574,495 113,574,495 As at 31 DecemBer 2018 201,318 67,235,360 (42,541,084) 24,895,594 The accompanying notes on pages 14 to 81 form an integral part of these financial statements. 12 Airtel Networks Limited Annual Report and Financial Statements – 31 December 2019 Statement of Cash Flows As at 31 December 2019 Note 2019 2018 Cash flows from operating activities N’000 N’000 Profit for the year before tax 167,999,138 65,684,274 Non cash adjustments: Depreciation of property, plant and equipment 17(c) 37,735,013 52,892,981 Depreciation of right of use 19 22,919,797 - Amortization of intangible assets 18 5,811,248 5,518,279 Finance income 12(a) (48,938) (16,234) Finance cost 12(b) 22,380,990 35,573,978 Gain on disposal of property, plant and equipment 17(b) (1,722,916) (5,690) Inventory written down 21 (136,282) (83,918) Impairment on trade and other receivables 22 145,332 1,903,919 Other non-cash items 1,387,581 (8,892,391) 256,470,963 152,575,199 Changes in working capital: Inventory 21 (172,401) (45,825) Trade receivables 22 (1,436,900) (1,081,789) Other assets 23 3,457,008 (622,788) Income tax recoverable 24 2,790,942 975,498 Deferred revenue 30 4,109,384 2,046,527 Provisions 29 (208,493) (160,912) Trade and other payables 33 (25,288,913) 14,032,871 Change in employee benefit liability 32 171,049 59,357 Change in financial liability - (404,614) Change in financial asset 20 98,929 (38,216) Change in derivative financial asset - 2,691 Cash generated from operating activities 233,077,554 167,337,999 Income tax paid 15(c) (7,531,015) (366,146) Withholding tax utilized 15(c) (3,216,086) (1,506,741) Net cash from operating activities 222,330,453 165,465,111 Cash flows from investing activities Investment in subsidiary 34(b) (50,000) - Proceeds on disposal of property, plant and equipment 17(b) 2,400,751 293,794 Acquisition of property, plant and equipment 17 (90,921,152) (80,476,535) Acquisition of intangible asset 18 (13,069,828) (489,429) Interest received 12(a) 48,938 16,234 Net cash used in investing activities (101,591,291) (80,655,938) Cash flows from financing activities Proceeds from right issue 26.1 3,925,705 - External loan received 28(a) - 32,475,000 External loan repaid 28(a) (41,623,987) (37,576,646) Shareholders loan repaid 28(b) (606,728) (41,811,174) Interest paid 12(b) (24,138,769) (13,251,436) Repayment of principal portion of lease liabilities 31.1 (30,649,380) (8,026,797) Net cash used in financing activities (93,093,159) (68,191,053) Movement in cash and cash equivalents 27,646,003 16,618,120 Cash and cash equivalents at the beginning of year 25(a) (1,793,450) (18,411,570) Cash and cash equivalents at the end of year 25(a) 25,852,553 (1,793,450) The accompanying notes on pages 14 to 81 form an integral part of these financial statements. 13 Airtel Networks Limited Annual Report and Financial Statements – 31 December 2019 Notes to the Financial Statements 1. Corporate Information Airtel Networks Limited is a private limited liability company incorporated and domiciled in Nigeria. The registered office of the Company is located at Plot L2 Banana Island, Ikoyi Lagos, Nigeria. The principal activity of the Company is the provision of telecommunications services and products using its licensed platforms. Airtel Networks Limited is a subsidiary of Bharti Airtel International (Netherlands) B.V. and Airtel Africa Plc as its step-up parent. 2. Basis of preparation and measurement (a) Statement of compliance The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). (b) Basis of measurement The financial statements have been prepared on a historical cost basis, except for items measured at fair value as indicated in the policies below. (c) Functional and presentation currency The financial statements have been presented in Naira which is the Company’s functional and presentation currency.
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