Transnational Corporation Plc

Unaudited Condensed Consolidated Financial Statements

For the Period Ended 31 March 2023
Transnational Corporation Plc
Statement of Profit or Loss and Other Comprehensive Income
For the Period Ended 31 March 2023
Group Company
31 March 31 March 31 March 31 March
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Note

Revenue 19 32,393,842 31,389,128 1,386,150 2,303,405

Cost of sales 20 (18,174,790) (16,163,732) - -

Gross profit 14,219,052 15,225,396 1,386,150 2,303,405

Administrative expenses 23 (5,905,685) (5,215,606) (459,554) (535,485)

Impairment (loss) on financial assets (77,622) (135,000) - -
Other income 21 238,099 170,139 394,477 479,119
Other gains /(losses) - net 22 18,609 (27,791) (714) -

Operating profit 8,492,453 10,017,138 1,320,359 2,247,039

Finance cost - Net 24 (3,217,294) (3,787,786) (1,189,184) (892,092)

Foreign exchange (loss) on financing
activities 25 - -
(2,422,402) (503,589)

Profit before taxation 2,852,757 5,725,763 131,175 1,354,947

Taxation 16 (993,810) (690,436) (142,026) (233,837)

Profit for the period 1,858,947 5,035,327 (10,851) 1,121,110

Profit attributable to:

Owners of the parent 1,048,250 2,099,681 (10,851) 1,121,110
Non controlling interest 810,697 2,935,646 - -

Other comprehensive
income/(loss)
Items that will not be reclassified to profit or loss:
Net (loss)/gain on equity instruments
designated at fair value through OCI 22 360,886 119,714 360,886 119,714
Total comprehensive income for
the period 2,219,833 5,155,041 350,035 1,240,824

Attributable to:
Owners of the parent 1,409,136 2,219,395 350,035 1,240,824
Non controlling interest 810,697 2,935,646 - -

Basic EPS (kobo) 26 2.58 5.17 (0.03) 2.76

Diluted EPS (kobo) 26 2.58 5.17 (0.03) 2.76

The results shown above relate to continuing operations. There are no incomes or expenses from discontinued operations.
At 30 June
The notes on pages 7 to 19 are an integral part of these financial statements.

1
Transnational Corporation Plc
Statement of Financial Position
As at 31 March 2023
Group Company
31 March 31 December 31 March 31 December
2023 2022 2023 2022
Note N'000 N'000 N'000 N'000
Assets
Non-current assets
Property, plant and equipment 5 298,540,402 288,442,355 67,285 69,457
Right of use aasets 5 428,856 231,765 217,575 231,765
Intangible assets 6 41,321,150 41,318,329 5,075,818 5,075,818
Investment property 7 3,740,000 3,740,000 3,740,000 3,740,000
Investment in subsidiaries 8 0 - 44,669,388 44,669,388
Debt and equity
Transnational securities Plc
Corporation 13 5,898,975 5,278,575 4,033,191 3,672,305
Other Investment 32 1,800,450 1,800,450 400,100 400,100
Deferred tax 9 - - - -
Deposit for investment - - - -
Prepayments and other assets 12 111,970 21,572 111,970 21,572
351,841,803 340,833,046 58,315,327 57,880,405

Current assets
Inventories 10 5,545,507 5,419,123 - -
Trade and other receivables 11 95,257,608 82,641,127 37,842,529 37,230,650
Prepayments and other assets 12 2,335,937 4,431,381 136,852 26,366
Cash and cash equivalents 14 9,498,875 9,378,246 930,076 740,907
112,637,927 101,869,877 38,909,457 37,997,923
Total assets 464,479,730 442,702,923 97,224,784 95,878,328

Liabilities
Current liabilities
Trade and other payables 15 165,976,221 145,998,276 9,806,812 9,958,252
Tax Payable 16 7,184,713 6,803,600 419,752 419,754
Contract Liabilities 309,701 258,284 - -
Defined Benefit Liability 33,008 33,008 - -
Lease Liability - - - -
Deferred income 333,000 447,756 - -
Borrowings (short term) 17 33,125,610 46,606,260 25,362,100 25,649,776

206,962,253 200,147,184 35,588,664 36,027,782

Non-current liabilities
Borrowings (long term) 17 70,779,117 58,039,133 13,394,312 11,958,773
Deposit for shares 18 12,935,000 12,935,000 - -
Defined Benefit Liability 159,340 161,705
Contract Liabilities 2,139,554 2,139,555 - -
Deferred income 1,548,613 1,544,322 - -
Deferred tax 9 12,962,285 12,962,286 - -

100,523,909 87,782,001 13,394,312 11,958,773

Total liabilities 307,486,162 287,929,185 48,982,976 47,986,555
Equity
Ordinary share capital 27 20,323,996 20,323,996 20,323,996 20,323,996
Share premium 27 6,249,871 6,249,871 6,249,871 6,249,871
Other reserves 26,597,216 26,236,330 1,951,299 1,590,413
Retained earnings 55,625,264 54,577,014 19,716,642 19,727,493
Equity attributable to owners of the parent 108,796,346 107,387,211 48,241,808 47,891,773
Non controlling interest 48,197,222 47,386,526 - -
Total equity 156,993,568 154,773,737 48,241,808 47,891,773
Net equity and liabilities 464,479,730 442,702,922 97,224,784 95,878,328
The notes on pages 7 to 19 are an integral part of these financial statements.
The Unaudited financial statements on pages 1 to 19 were approved and authorised for issue by the Board of Directors on 17 April
2023 and were signed on its behalf by

- -

Joseph Adegunwa Owen Omogiafo Emmanuel Nnorom

3
 Group Chief Finance Officer President/Chief Executive Officer Director
FRC/2019/ICAN/00000019103 FRC/2019/IODN/00000019827 FRC/2014/ICAN/00000007402

3
Transnational Corporation Plc
Statement of Changes in Equity
For the Period Ended 31 March 2023

Group Attributable to owners of the parent

Total Non
Total
Share Share Other Retained Attributable to Controlling
equity
capital premium reserves earnings
Owners of the parents interest
N'000 N'000 N'000 N'000 N'000 N'000 N'000

As at 1 January 2022 20,323,996 6,249,871 26,451,986 47,602,138 100,627,991 45,664,289 146,292,280

Profit /(Loss) for the period - - - 7,787,836 7,787,836 9,051,888 16,839,724

Dividend paid - - - (812,960) (812,960) -7,329,652 -8,142,612
Right Issue - - - - - - -
Other comprehensive income - - (215,656) (215,656) - (215,656)

Balance at 31 December 2022 20,323,996 6,249,871 26,236,330 54,577,014 107,387,211 47,386,525 154,773,736

As at 1 January 2023 20,323,996 6,249,871 26,236,330 54,577,014 107,387,211 47,386,525 154,773,736

Profit for the period - - - 1,048,250 1,048,250 810,697 1,858,947
Dividend paid - - - - - -
Other comprehensive income - - 360,886 - 360,886 - 360,886

Balance at 31 March 2023 20,323,996 6,249,871 26,597,216 55,625,264 108,796,347 48,197,222 156,993,569

4
Transnational Corporation Plc
Statement of Changes in Equity
For the Period Ended 31 March 2023
The Unaudited financial statements on pages 1 20,323,996 6,249,871 (14,662) 27,207,214 53,420,600 33,027,997 86,448,597
Company Total Non
Share Share Other Retained Controlling Controlling Total
capital premium reserves earnings interest interest equity
N'000 N'000 N'000 N'000 N'000 N'000 N'000

As at 1 January 2022 20,323,996 6,249,871 1,806,069 13,324,478 41,704,414 - 41,704,414

Profit for the period - - - 7,215,975 7,215,975 - 7,215,975
Dividend paid - - (812,960) (812,960) - -812,960
Other comprehensive income - - -215,656 - (215,656) - -215,656

Balance at 31 December 2022 20,323,996 6,249,871 1,590,413 19,727,493 47,891,773 - 47,891,773

As at 1 January 2023 20,323,996 6,249,871 1,590,413 19,727,493 47,891,773 - 47,891,773

Profit for the period - (10,851) (10,851) - (10,851)
Dividend paid - - - -
Other comprehensive income 360,886 - 360,886 - 360,886

Balance at 31 March 2023 20,323,996 6,249,871 1,951,299 19,716,642 48,241,808 - 48,241,808

5
Transnational Corporation Plc
Statement of Cash Flows
For the Period Ended 31 March 2023
Group Company

31 March 31 March 31 March 31 March

2023 2022 2023 2022
Note N'000 N'000 N'000 N'000
Cash flows from operating activities
Cash generated from/(used in) operations 28 18,887,109 5,482,647 1,059,225 1,150,642
Tax paid (474,082) (471,529) (11,916) -

Net cash flows generated from/(used in)

operating activities 18,413,027 5,011,118 1,047,309 1,150,642

Cash flows from investing activities

Dividend Income on equity security - - - -
Interest received/paid (791,285) (242,907) 276,919 220,058
Proceed from sale of property, plant
Foreign
andexchange
equipment (13,309)
(loss) on financing activities 151,363 - -
Purchase of property, plant and equipment (11,944,208) (1,314,375) (3,144) 16,019
Deposit for Investment - - - -
Investment in subsidiaries - - - -
Net cash flows (used in)/generated from
investing activities (12,748,802) (1,405,919) 273,775 236,077

Cash flows from financing activities

Net movement in borrowings (740,666) (1,023,601) 1,147,863 277,679
Dividend paid (812,959) (406,480) (812,959) (406,480)
Interest paid (4,008,580) (3,544,879) (1,466,103) (1,112,150)

Net cash flows (used in)/generated from

financing activities (5,562,205) (4,974,960) (1,131,199) (1,240,951)

Net (decrease)/increase in cash and cash

equivalents 102,020 (1,369,761) 189,885 145,768
Cash and cash equivalents at the
beginning of the period 9,378,246 14,231,648 740,907 493,255
Foreign exchange loss/(gain) on cash and
cash equivalents 18,609 (27,789) (714) -

Cash and cash equivalents at the end of

the period 9,498,875 12,834,098 930,078 639,023

The notes on pages 7 to 19 are an integral part of these financial statements.

6
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
1. General information
Transnational Corporation Plc, ("the Company" or "Transcorp"), was incorporated on 16 November, 2004 as a private
limited liability Company domiciled in Nigeria in accordance with the requirements of the Companies and Allied Matters
Act. Following a successful initial public offer (IPO), the Company was in December 2006, listed on the Nigerian
Exchange Group (Formerly Nigeria Stock Exchange). The shares of the Company have continued to be traded on the
floor of the Exchange. The Company is domiciled in Nigeria and the address of its registered office is 38 Glover Road,
Ikoyi, Lagos, Nigeria.
The company recently changed it name from ''Transnational Corporation of Nigeria Plc" to Transnational
Corporation Plc

The Company maintains controlling interests in the following companies. The Company, together with the subsidiaries
are known as the Transcorp Group, ("the Group")
- Trans Afam Power Limited
- Transcorp Hotels Plc
- Transcorp Hotels Calabar Limited
- Transcorp Energy Limited
- Aura by Transcorp Hotels
- Transcorp Power Limited
- Transcorp Properties Limited
- Transcorp OPL 281 Limited
- Transcorp Hotels Ikoyi Limited
- Transcorp Hotels Port Harcourt Limited

The Company’s business is investment and operation of portfolio companies in the hospitality, power, agro-allied and oil
& gas sectors.
2. Summary of significant accounting policies
Basis of preparation
The condensed consolidated financial statements have been prepared in accordance with the Companies and Allied
Matters Act (CAMA), IAS 34 Interim Financial Reporting, International Financial Reporting Standards (IFRS) and
interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS.
The financial statements have been prepared on a historical cost basis except for available-for-sale financial assets,
financial assets and liabilities and investment property – measured at fair value.

The condensed consolidated financial statements do not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction with the Group’s annual financial statements as at 31
December 2021.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates.
It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The
areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to
the consolidated financial statements are disclosed in note 3.

The preparation of financial statements, in conformity with generally accepted accounting principles under IFRS,
requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Although these estimates are based on the directors' best knowledge of the amounts, events or actions, actual results
ultimately may differ from those estimates.

7
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023

2.1 Going Concern

Management believes that a going concern assumption is appropriate for the Group due to sufficient capital adequacy
ratio and projected liquidity. This is based on historical experience that short-term obligations will be re-financed as
required in the normal course of business.

Liquidity ratio and continuous evaluation of current ratio of the Group is carried out on an ongoing basis to ensure that
there are no going concern threats to the operations of the Group.

2.2 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of Directors of Transcorp.

2.3 Consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the
Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company:
a) Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the
investee)
b) Exposure, or rights, to variable returns from its involvement with the investee
c) The ability to use its power over the investee to affect its returns

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control listed above.

When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the
investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee
unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s
voting rights in an investee are sufficient to give it power, including:
a) The size of the Company's holding of voting rights relative to the size and dispersion of holding of the other vote
holders.
b) Potential voting rights held by the Company, other vote holders or other parties.
c) Rights arising from other contractual arrangements.
d) Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to
direct the relevant activities at the time that decisions need to be made, including voting patterns at previous
shareholders’ meetings.

At 30 June

8
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023

3 Fair value estimation

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as
follows:

- (Level 1): Quoted prices (unadjusted) in active markets for identical assets or liabilities.
- (Level 2): Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices).
- (Level 3): Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
At 31 March, 2023.
Assets Level 1 Level 2 Level 3 Total

Financial assets at fair value through other

comprehensive income
Equity securities at fair value through OCI 5,898,975 - - 5,898,975

At 31 December 2022
Assets Level 1 Level 2 Level 3 Total

Financial assets at fair value through profit or

loss

Profit attributable to: 5,278,575 - - 5,278,575

There were no transfers between levels 1 and 2 during the year.

(a) Financial instruments in level 1
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as
active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and
those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets
held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily equity
investments listed on the Nigerian Exchange (NGX) classified as equity securities at fair value through other comprehensive income.

4 Segment analysis

The Group

The chief operating decision-maker has been identified as the Board of Directors of Transcorp. The Board reviews the Group’s internal reporting in
order to assess performance and allocate resources. The directors have determined the operating segments based on these reports. The Board
considers the business from an industry perspective and has identified 5 operating segments.
i Hospitality
The hospitality business is made up of its direct subsidiary Transcorp Hotels Plc. (THP) and indirect subsidiaries, Transcorp Hotels Calabar Limited
(THC), Transcorp Hotels Ikoyi Limited, Transcorp Hotels Port Harcourt Limited and Aura by Transcorp Hotels. These entities render hospitality
services to customers.
Hospitality
ii Agro-allied
This relates to a subsidiary Teragro Commodities Limited. The subsidiary is engaged in the manufacturing/processing of fruit concentrates from fruits
from which the Group derives revenue.

iii Power
This relates to a subsidiary Transcorp Power Limited (TPL) and TransAfam Power Limited (TAPL). The subsidiary is engaged in generation of electric
power.

iv Oil & Gas

Two subsidiaries make up the oil & gas segment namely Transcorp Energy Limited and Transcorp OPL 281 Limited. The companies are into the
exploration, refining and marketing of petroleum products. The subsidiaries are in the start-up phase and have not started generating revenue.

v Corporate Centre
This segment is the parent Company, Transnational Corporation Plc and the other non-operational subsidiaries.
The Board is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately for the purpose of making
decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured
consistently with profit or loss in the consolidated financial statements. Also, the Group’s financing (including finance costs, finance income and other
income) and income taxes are managed on a Group basis and are not allocated to operating segments. Transfer prices between operating segments are
on an arm’s length basis in a manner similar to transactions with third parties.
Sales between segments are carried out at arm’s length. The revenue from external parties reported to the group is measured in a manner consistent
with that in the income statement.

8
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
Total segment assets are included in the reconciliation to the total statement of financial position assets.

As at 31 March 2023
Corporate Intersegment
Hospitality Oil & gas Agro-allied Power centre elimination Total
N'000 N'000 N'000 N'000 N'000 N'000 N'000

Revenue 8,250,015 - - 24,143,827 1,386,150 (1,386,150) 32,393,842

Other income 161,812 - - - 393,763 (276,919) 278,656

Finance cost 997,238 - - 1,545,239 1,466,103 (276,919) 3,731,661
Depreciation and 652,658 - - 957,410 19,507 - 1,629,575
amortisation
Profit/(loss) before 841,595 - - 3,268,937 131,176 (1,388,951) 2,852,757
taxation

Segmental assets 121,608,739 9,429,834 55,073 177,321,461 97,224,784 58,839,839 464,479,730

Segmental liabilities 58,357,519 11,096,857 1,766,561 136,068,681 48,982,873 51,213,671 307,486,162
Net assets 63,251,220 (1,667,023) (1,711,488) 41,252,780 48,241,911 7,626,168 156,993,568

As at 31 March 2022

Corporate Intersegment
Hospitality Oil & gas Agro-allied Power centre elimination Total
N'000 N'000 N'000 N'000 N'000 N'000 N'000

Revenue 7,040,234 - - 24,348,894 2,303,405 (2,303,405) 31,389,128

Other income 158,405 479,119 (220,058) 417,466

Finance cost 1,032,250 1,495,756 1,112,150 (220,058) 3,420,098
Depreciation and 1,576,832
amortisation 631,746 923,611 21,475
Profit/(loss) before 5,725,763
taxation 1,106,583 6,091,572 1,354,948 (2,827,340.00)
-
-
Segmental assets 114,871,734 7,365,115 55,073 158,664,298 90,135,932 46,523,932 417,616,084
Segmental liabilities 50,529,160 8,277,528 1,766,561 118,653,507 47,190,591 40,157,896 266,575,243
Net assets 64,342,574 (912,413) (1,711,488) 40,010,791 42,945,341 6,366,036 151,040,841

Revenues from transactions with other operating segments relates to dividend income from Transcorp Hotels Plc and Transcorp Power Limited to the
Company, Transnational Corporation Plc.

The totals presented for the Group’s operating segments reconcile to the key financial figures as presented in its financial statements as follows:

31 March 31 March
Revenue 2023 2022
N'000 N'000
Total revenue for reportable segments 33,779,992 33,692,533
Elimination of inter-segment revenue (i) (1,386,150) (2,303,405)
External revenue 32,393,842 31,389,128

Profit or loss
Total (loss) or profit for reportable segments 4,241,708 8,553,103
Elimination of inter-segment profits (ii) (1,388,951) (2,827,340)
Consolidated (loss) or profit before taxation 2,852,757 5,725,763

31 March 31 December
Assets 2023 2022
Total assets of reportable segments 405,639,891 529,162,714
Consolidation eliminations (iii) (58,839,839) (86,459,792)
Consolidated total assets 464,479,730 442,702,922
Liabilities
Total liabilities of reportable segments 256,272,491 345,777,448
Consolidation eliminations (iv) (51,213,671) (57,848,265)
Consolidated total liabilities 307,486,162 287,929,183

The nature of differences between the measurements of the reportable segment's assets/liabilities and the assets/liabilities of the Group is as follows:

9
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
4 Segment analysis (continued)

(i) Elimination of inter-segment revenue relates to dividend income from Transcorp Power Limited and Transcorp Hotels Plc to Transnational
Corporation Plc.

(ii) Elimination of inter-segment profits relates to dividend income between the segments and other income arising from transactions with non-
controlling interests.

(iii) Investments of Transnational Corporation Plc in its subsidiaries and investment of Transcorp Hotels Plc in Transcorp Hotels Calabar Limited,
Transcorp Hotels Port Harcourt Limited, Transcorp Hotels Ikoyi Limited and Aura by Transcorp Hotels respectively accounts for the consolidation
eliminations of total assets of reportable segments. Inter-segment receivables were also eliminated to arrive at the consolidated total assets.

(iv) Inter-segment payables, dividend payable to segments within the Group and management fees payable and interest payable to Transnational
Corporation Plc from Transcorp Hotels Plc accounts for the consolidation eliminations in total liabilities of the reportable segments.

Entity-wide information
The following is an analysis of the Group's revenue from continuing operations from its major products and services.

Analysis of revenue by category: 31 March 31 March

2023 2022
N'000 N'000
Rooms 5,467,747 4,509,819
Food and beverage 2,382,338 2,175,788
Shop rental 18,471 248,711
Service charge 268,280 29,622
Other operating revenue 113,179 76,294
Capacity charge 8,169,857 9,046,134
Energy sent out 15,970,970 15,302,760
Ancillary services 3,000 -

Total 32,393,842 31,389,128

The Group is domiciled in Nigeria where it generates all its external revenue. The total non-current assets of the Group are all located in Nigeria.

10
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
5 Property, plant and equipment (PP&E)
Computer &
Group Building & Plant & office Capital work
Land improvements machinery equipments Motor vehicles in progress Total
Cost N'000 N'000 N'000 N'000 N'000 N'000 N'000

Balance as at 1 January 2022 39,524,249 55,183,828 184,033,527 18,865,134 870,846 19,291,755 317,769,339
Transfer of cost of assets from Trans
0
Afam Power Ltd
Additions 1,788,612.00 258,492 2,147,627 1,417,579 26,892 11,965,075 17,604,277
Reclassification 1,100,000.00 3,971,036 16,457 - (5,094,594) (7,101.00)
Disposals (4,413.00) - - (29,455) (8,025) - (41,893)

Balance as at 31 December 2022 42,408,448 55,442,320 190,152,190 20,269,715 889,713 26,162,236 335,324,622
Balance as at 1 January 2023 42,408,448 55,442,320 190,152,190 20,269,715 889,713 26,162,236 335,324,622
Additions 250 3,140,835 240,361 - 8,562,763 11,944,208
Reclassification -
Disposals -

Balance as at 31 March 2023 42,408,448 55,442,570 193,293,025 20,510,076 889,713 34,724,999 347,268,830

Depreciation and Impairment losses

Balance as at 1 January 2022 - 6,145,602 26,989,303 6,200,850 616,967 - 39,952,722
Depreciation for the period - 1,217,507 4,461,211 1,226,105 61,017 - 6,965,840
Disposal (29,070) (7,225) (36,295)
Write-off - - - - -
Profit attributable to:
Balance as at 31 December 2022 - 7,363,109 31,450,514 7,397,885 670,759 - 46,882,267
Balance as at 1 January 2023 - 7,363,109 31,450,514 7,397,885 670,759 - 46,882,267
Depreciation for the period - 322,901 1,166,077 321,457 35,726 - 1,846,162
Disposals
Impairment - - - -

Balance as at 31 March 2023 - 7,686,010 32,616,590 7,719,342 706,485 - 48,728,428

Net book value
At 31 March 2023 42,408,448 47,756,560 160,676,435 12,790,733 183,228 34,724,999 298,540,402
At 31 December 2022 42,408,448 48,079,211 158,701,676 12,871,830 218,954 26,162,236 288,442,355

11
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
5 Property, plant and equipment (continued) -
Computer &
Company Building & Plant & office Capital work
improvements Machinery equipments Motor vehicles in progress Total
Cost N'000 N'000 N'000 N'000 N'000 N'000

Balance as at 1 January 2022 36,366 8,771 80,555 15,553 23,558 164,803

Additions 1,476 13,945 18,704 - 6,570 40,695
Reclassification 16,457 -23,558 (7,101)
Disposals - - (3,583) (8,025) - (11,608)
Balance as at 31 December 2022 37,842 22,716 112,133 7,528 6,570 186,789

Balance as at 1 January 2023 37,842 22,716 112,133 7,528 6,570 186,789

Additions 3,144 3,144
Reclassification 5,345 323 (5,668) -
Disposals -
Write-off -
Balance as at 31 March 2023 43,187 22,716 115,600 7,528 902 189,933
43,187 22,716 115,599 7,528
Depreciation and impairment losses
Balance as at 1 January 2022 29,175 4,535 67,645 12,297 113,652
Depreciation for the period 2,055 1,934 8,551 1,824 - 14,364
Disposals (3,459) (7,225) - -10,684
Write-off - -
Balance as at 31 December 2022 31,230 6,469 72,737 6,896 - 117,332

Balance as at 1 January 2023 31,230 6,469 72,737 6,896 117,332

Depreciation for the period 895 541 3,424 456 5,316
Disposals - -
Balance as at 31 March 2023 32,125 7,010 76,161 7,352 0 122,648
FRC/2014/ICAN/
00000007402 -7,010 -76,161 -7,352
Net book value
At 31 March 2023 11,062 15,706 39,439 176 902 67,285
At 31 December 2022 6,612 16,247 39,396 632 6,570 69,457

Group Company
31 March 31 March 31 March 31 March
Depreciation is allocated as follows; 2023 2022 2023 2022
N'000 N'000 N'000 N'000
Cost of sales 1,169,898 1,113,106 - -
Administrative expenses 678,232 678,515 19,507 32,138
1,848,130 1,791,621 19,507 32,138
All depreciation expenses for the company are charged to administrative expenses.
12
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023

Right of use aasets

Group Company
Cost

Balance as at 1 January 2022 462,151 462,151

Transfer of cost of assets from Trans
Afam Power Ltd 0 -
Additions 0 -

Balance as at 31 December 2022 462,151 462,151

Balance as at 1 January 2023 462,151 462,151

Additions 211,281 -

Balance as at 31 March 2023 673,432 462,151

Depreciation and Impairment losses

Balance as at 1 January 2022 173,627 173,627
Depreciation for the period 56,759 56,759
Profit attributable to:
Balance as at 31 December 2022 230,386 230,386

Balance as at 1 January 2023 230,386 230,386

Depreciation for the period 14,190 14,190

Balance as at 31 March 2023 244,576 244,576

Net book value

At 31 March 2023 428,856 217,575
At 31 December 2022 231,765 231,765

13
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
6 Intangible assets Group Company

Exploration Oil
Computer Oil Prospecting and evaluation Computer Prospecting
Goodwill software License expenditure Total software License Total
Cost N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
At 1 January 2022 30,934,143 395,241 5,075,818 5,031,292 41,436,494 12,966 5,075,818 5,088,784
Addition - 32,653 58,912 68,636 160,201 - - -
As at 31 December 2022 30,934,143 427,894 5,134,730 5,099,928 41,596,695 12,966 5,075,818 5,088,784

At 1 January 2023 30,934,143 427,894 5,134,730 5,099,928 41,596,695 12,966 5,075,818 5,088,784
Addition - 13,309 - - 13,309 - - -
As at 31 March 2023 30,934,143 441,203 5,134,730 5,099,928 41,610,004 12,966 5,075,818 5,088,784

Accumulated amortisation
At 1 January 2022 - 236,636 - - 236,636 12,966 - 12,966
Amortisation charge - 32,402 9,328 - 41,730 - - -
As at 31 December 2022 - 269,038 9,328 - 278,366 12,966 - 12,966

At 1 January 2023 - 269,038 9,328 - 278,366 12,966 - 12,966

Amortisation charge - 10,488 - - 10,488 - - -
As at 31 March 2023 - 279,526 9,328 - 288,854 12,966 - 12,966

Net book value

As at 31 March 2023 30,934,143 161,677 5,125,402 5,099,928 41,321,150 - 5,075,818 5,075,818
At 31 December 2022 30,934,143 158,856 5,125,402 5,099,928 41,318,329 - 5,075,818 5,075,818
Goodwill is not amortised but tested for impairment annually.

14
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
7 Investment property
Group Company
31 March 31 December 31 March 31 December
2023 2022 2023 2022
N'000 N'000 N'000 N'000
At 1 January 3,740,000 2,194,000 3,740,000 2,194,000
Net gain from fair value remeasurement - 1,546,000 - 1,546,000

Foreign exchange (loss) on

financing activities 3,740,000 3,740,000 3,740,000 3,740,000

Profit before taxation

8 Investment in subsidiaries Company
31 March 31 December
2023 2022
Profit for the period N'000 N'000
Transcorp Hotels Plc 25,470,755 25,470,755
Profit attributable to: 47,500 47,500
Trans Afam Nigeria Limited 19,100,213 19,100,213
Other subsidiaries 50,920 50,920

44,669,388 44,669,388

Movement in investment in subsidiaries is analysed as follows: Company

31 March 31 December
2023 2022
N'000 N'000
At 1 January 44,669,388 44,890,216
Transfer to Intercompany - 2,273,625
Addition / (Disposal) in Investment - 20
Disposal of Investment - (2,494,473)
Foreign exchange (loss) on financing activities 44,669,388 44,669,388

9 Deferred tax Group

31 March 31 December
2023 2022
The balance of Deferred tax assets/ (Liabilities) is as follows: N'000 N'000
Deferred tax assets 0 0
Deferred tax Laibility (12,962,285) 12,962,286
(12,962,285) 12,962,286

Prepaid lease rental represents amounts paid to Benfruit Nigeria Limited by one of the subsidiaries, Teragro
10 Inventories Group
31 March 31 December
2023 2022
N'000 N'000
Food and beverage 206,843 -
Engineering spares 278,527 5,042,667
Guest supplies 4,340,503 169,110
Fuel 719,634 207,346
5,545,507 5,419,123

14
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
11 Trade and other receivables Group Company
31 March 31 December 31 March 31 December
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Trade receivables 93,161,072 89,653,456 - 36,896,511
Related Parties and Other receivables 8,495,785 - 38,939,863 1,998,558
101,656,857 89,653,456 38,939,863 38,895,069
Less: provision for impairment (6,399,249) (7,012,329) (1,097,333) (1,664,419)
95,257,608 82,641,127 37,842,530 37,230,649

A significant portion of the trade receivable relates to receivable from the Transmission Company of Nigeria Plc and Nigerian Bulk
Electricity Trading Plc which are the regulatory bodies for the power business.

12 Prepayments and Other Assets Group Company

31 March 31 December 31 March 31 December
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Prepayments 2,447,907 3,993,382 136,852 47,938
Other assets 0 459,571 111,970 -

2,447,907 4,452,953 248,822 47,938

Non-current 111,970 21,572 111,970 21,572

Current 2,335,937 4,431,381 136,852 26,366

13 Debt and equity securities Group

31 March 31 December
2023 2022
N'000 N'000
Non-current portion
Equity securities at fair value through OCI 5,898,975 5,411,024
- - 5,898,975 5,411,024

Company
31 March 31 December
2023 2022
N'000 N'000
At 1 January 3,672,305 3,887,961
Fair value gain/(loss) 360,886 (215,656)
At 30 June 4,033,191 3,672,305

14 Cash and cash equivalents Group Company

31 March 31 December 31 March 31 December
2023 2022 2023 2022
N'000 N'000 N'000 N'000

Cash and bank balance 9,498,875 9,378,246 930,076 740,907

15 Trade and other payables Group Company

31 March 31 December 31 March 31 December
2023 2022 2023 2022

N'000 N'000 N'000 N'000

Trade Creditors 148,789,703 114,049,002 - -
Accruals and other liabilities 7,717,811 19,181,054 8,576,043 8,569,466
Dividend payable 7,804,005 7,656,988 - -
Deffered Income 167,901 - -
VAT payable 317,990 3,619,903 51,958 209,975
Unclaimed Dividend 1,178,811 1,325,828 1,178,811 1,178,811
Advance Deposit - 165,501 - -

165,976,221 145,998,276 9,806,812 9,958,252

15
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
16 Taxation Group Company
31 March 31 March 31 March 31 March
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Income tax 491,224 326,465 3,411 5,636
Education tax 363,971 363,971 - -

855,195 690,436 3,411 3,496

Tax on franked investment income 138,615 - 138,615 230,341
Deferred tax - - - -

993,810 690,436 142,026 233,837

The movement in tax payable is as follows: Group Company

31 March 31 December 31 March 31 December
2023 2022 2023 2022
N'000 N'000 N'000 N'000
At 1 January 6,803,600 3,645,712 419,754 288,087
Provision for the period 855,195 6,358,083 3,411 143,710
Payment during the period (474,082) (3,200,195) (11,916) (12,043)

7,184,713 6,803,600 419,752 419,754

17 Borrowings Group Company

31 March 31 December 31 March 31 December
2023 2022 2023 2022

N'000 N'000 N'000 N'000

Falling due within the period 33,125,610 46,606,260 25,362,100 25,649,776

33,125,610 46,606,260 25,362,100 25,649,776

Falling due after one year 70,779,117 58,039,133 13,394,312 11,958,773

70,779,117 58,039,133 13,394,312 11,958,773

Total 103,904,727 104,645,393 38,756,412 37,608,549

18 Deposit for shares Group Company

31 March 31 December 31 March 31 December
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Deposit for shares-THIL 2,410,000 2,410,000 - -
Deposit for shares-TAPL 10,525,000 10,525,000 - -
12,935,000 12,935,000 -

Deposit for shares (THIL) relates to Heirs Holdings Limited's contribution to the development of Transcorp Hotels Ikoyi
Limited (THIL). Based on the Memorandum of Understanding between Transnational Corporation Plc and Heirs Holdings Limited,
THIL will repay or issue shares to Heirs Holdings Limited on completion of the construction and start of operation of the hotel.
Deposit for shares- TAPL relates to other parties contribution to Trans Afam Power Limited (TAPL) towards the acquisition cost
for the Afam Power Genco.

16
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
At 30 June

19 Revenue Group Company

31 March 31 March 31 March 31 March
The group derives the following types of revenue: 2023 2022 2023 2022
N'000 N'000 N'000 N'000
Rooms 5,467,747 4,509,819 - -
Food and beverage 2,382,338 2,175,788 - -
Shop rental 18,471 248,711 - -
Service charge 268,280 29,622 - -
Other operating revenue 113,179 76,294 - -
Dividend income - - 1,386,150 2,303,405
Capacity charge 8,169,857 9,046,134 - -
Energy sent out 15,970,970 15,302,760 - -
Ancillary services 3,000 - - -
32,393,842 31,389,128 1,386,150 2,303,405
All recognised revenue were generated in Nigeria.

20 Cost of sales Group

31 March 31 March
2023 2022
N'000 N'000
Rooms 781,263 631,763
Staff costs 195,702 329,607
Food and beverage 1,597,517 1,228,567
Natural gas and fuel costs 13,367,823 12,114,954
Other direct expenses 128,186 98,079
Repairs and maintenance 573,278 447,722
Depreciation 1,169,898 1,113,106
Insurance 126,334 77,759
Other operating cost 234,789 122,175
18,174,790 16,163,732
21 Other income Group Company
31 March 31 March 31 March 31 March
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Dividend income on equity securities 128,675 - - -
Management fees from subsidiaries - - 310,982 474,071
Director's Refund - - 44,828 -
Other income 109,424 170,139 38,667 5,048
238,099 170,139 394,477 479,119

22 Other gains/(losses) - net Group Company

31 March 31 March 31 March 31 March
2023 2022 2023 2022
Included in profit or loss N'000 N'000 N'000 N'000
Foreign exchange gain/(loss) 18,609 (27,791) (714) -

18,609 (27,791) (714) -

Included in other comprehensive income

Fair value gain/(loss) on equity securities 360,886 119,714 360,886 119,714

17
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
23 Administrative and general expenses Group Company
31 March 31 March 31 March 31 March
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Staff costs 889,684 983,915 96,379 260,966
Depreciation 678,232 678,515 19,507 21,475
Amortisation 8,996 7,034 - -
Auditors' remuneration 49,021 36,234 10,159 7,928
Management and incentive fees 589,887 898,236 - -
Professional fees 404,502 218,542 135,359 117,270
Director's remuneration 195,555 122,165 71,401 45,510
Repairs and maintenance 399,691 363,771 1,805 1,755
Advertising 78,447 - 2,447 -
Group service benefits 160,613 136,431 - -
Insurance 170,358 116,125 7,572 5,041
Eletricity and diesel cost 677,202 501,594 8,935 8,642
Travel and accommodation 120,615 105,935 13,057 30,890
Licenses and fees 19,185 10,045 19,185 10,045
Bank charges 110,178 122,235 2,036 641
Other operating expenses 1,353,519 914,829 71,712 25,322
5,905,685 5,215,606 459,554 535,485-

24 Finance costs and income Group Company

31 March 31 March 31 March 31 March
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Finance costs:
Interest expense on loans 4,008,580 3,544,879 1,466,103 1,112,150

Interest expense on loans 4,008,580 3,544,879 1,466,103 1,112,150

Finance income:
Interest on loan (791,286) (242,907) 276,919 220,058

(791,286) (242,907) 276,919 220,058

Finance Cost - net 3,217,294 3,787,786 1,189,184 892,092

25 Net foreign exchange losses

The exchange differences charged/credited to the income statement are included as follows:
Group Company
31 March 31 March 31 March 31 March
2023 2022 2023 2022
N'000 N'000 N'000 N'000

Foreign exchange loss on borrowings 2,422,402 503,589 - -

The movement in foreign exchange differences is as result of the decline in the value of the Nigerian Naira against the US Dollars by N108.5/$1
from N196/$1 in December 2015 to N304.5 in December 2016.
26 Earnings per share
Basic earnings/ (loss) per share is calculated by dividing the profit/ (loss) attributable to equity holders of the Company by the weighted average
number of ordinary shares in issue during the year excluding ordinary shares purchased by the Company and held as treasury shares.

Group Company
31 March 31 March 31 March 31 March
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Profit attributable to shareholders 1,048,250 2,099,681 (10,851) 1,121,110

Weighted average number of ordinary shares in issue 40,647,991 40,647,991 40,647,991 40,647,991

Basic earnings per share (Kobo) 2.58 5.17 (0.03) 2.76

2.58 5.17 (0.03) 2.76
Diluted earnings per share (Kobo)
27 Share capital
a Authorised: Group Company
31 March 31 December 31 March 31 December
2023 2022 2023 2022
45,000,000,000 ordinary shares of 50kobo each 20,323,996 22,500,000 20,323,996 22,500,000

Allotted, called up and fully paid: Group and Company

Number of shares
(thousands) Ordinary shares Total
N'000 N'000
At 1 January 2023 40,647,991 20,323,996 20,323,996

40,647,991 20,323,996 20,323,996

18
Transnational Corporation Plc
Notes to the Financial Statements
For the Period Ended 31 March 2023
b Share premium Group and Company
31 March 31 December
2023 2022
N'000 N'000

At 1 January 6,249,871 6,249,871

At 31 March 2023 6,249,871 6,249,871

28 Cash generated from operating activities

Group Company
31 March 31 March 31 March 31 March
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Profit /(Loss) before tax 2,852,757 5,725,763 131,175 1,354,947
Adjustment for:
Depreciation of PP&E 1,846,162 1,326,063 19,507 21,475
Amortization of intangible assets 8,996 7,034 - -
Impairment allowance on financial assets 77,622 - - -
Dividend Income on equity securities - - - -
Finance cost 4,008,580 3,544,879 1,466,103 1,112,150
Finance income (791,286) (242,907) (276,919) (220,058)
Adjustment for tax on franked income 503,589 - -
Foreign Exchange loss/(gain) 2,422,402 - - -
Changes in working capital:

(Increase) in trade and other receivables (12,616,482) (1,286,854) (1,463,274) (303,321)

(Increase) in prepayment and other asset 2,005,046 (698,386) (200,884) (117,834)
(Increase) in inventories (126,384) (1,736,089) - -
(Decrease) in Deferred Income (0) - (0) -
(Decrease)/Increase in trade and other payables 19,199,695 -1,660,445 1,383,517 (696,717)

Net cash generated from/(used in) operations 18,887,109 5,482,647 1,059,225 1,150,642

Loss on disposal of PP&E - (173) - (173)

Proceeds from sale of PP&E - 364,939 - 31

29 Contingent liabilities
There was no material litigation in the ordinary course of business as at the balance sheet date. The directors are of the opinion that all known
liabilities which are relevant in assessing the state of affairs of the Company have been taken into consideration in the preparation of these
financial statements.

30 Securities Trading Policy

In compliance with Rule 17.15 Disclosure of Dealings in Issuers’ Shares, Rulebook of the Exchange 2015 (Issuers Rule) Transnational Corporation
Plc (the Company) maintains effective Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals
categorized as insiders as to their dealing in the Company’s shares. The Policy is regularly reviewed and updated by the Board. The Company has
made specific inquiries of all the directors and other insiders and is not aware of any infringement of the policy during the period

31 Subsequent events

No subsequent event after the balance sheet date came to the notice of the directors, which would materially affect the position shown by the
financial statements on the balance sheet date.

32 Other Investment
Group Company
31 March 31 December 31 March 31 December
2023 2022 2023 2022
N'000 N'000 N'000 N'000
Other Investment 1,800,450 1,800,450 400,100 400,100

19