Ejoy, a public limited company, has acquired two subsidiaries. The details of the acquisitions are as follows:

Company	Date of acquisition	Ordinary share capital of $1 TZS million	Reserves at acquisition TZS Million	Fair value of net assets at acquisition TZS million	Cost of investment TZS million	Ordinary share capital of $1 acquired TZS million
Zbay	June 1, 2020	200	170	600	520	160
Tbay	Dec. 1, 2021	120	80	310	216	72

The draft statements of profit or loss for the year ended May 31, 2022 are:

	Ejoy TZS Million	Zbay TZS million	Tbay TZS million
Revenue	2,500	1,500	800
Cost of sales	(1,800)	(1,200)	(600)
Gross profit	700	300	200
Other income	70	10	0
Distribution costs	(130)	(120)	(70)
Administrative expenses	(100)	(90)	(60)
Finance costs	(50)	(40)	(20)
Profit before tax	490	60	50
Income tax expense	(200)	(26)	(20)
Profit for the period	290	34	30
Profit for the year May 31, 2020	190	20	15

The following information is relevant to the preparation of the group financial statements: (i) Tbay was acquired exclusively with a view to sale and at May 31, 2022 meets the criteria of being a disposal group. The fair value of Tbay at May 31, 2022 is TZS 300 million and the estimated selling costs of the shareholding in Tbay are TZS 5 million.

(ii) Ejoy entered into a joint venture with another company on May 31, 2022. The joint venture is a limited company and Ejoy has contributed assets at fair value of TZS 20 million (carrying value TZS 14 million). Each party will hold five million ordinary shares of TZS 1 in the joint venture. The gain on the disposal of the assets (TZS 6 million) to the joint venture has been included in other income. (iii) On acquisition, the financial statements of Tbay included a large cash balance. Immediately after acquisition Tbay paid a dividend of TZS 40 million. The receipt of the dividend is included in other income in the statement of profit or loss of Ejoy. Since the acquisition of Zbay and Tbay, there have been no further dividend payments by these companies. (iv) Zbay has a loan asset which is being carried at TZS 60 million in the draft financial statements for the year ended May 31, 2022. The loans effective interest rate is six per cent. On June 1, 2021 the company felt that because of the borrowers financial problems, it would receive TZS 20 million in approximately two years time, on May 31, 2023. At May 31, 2022, the company still expects to receive the same amount on the same date. The loan asset is classified as loans and receivables. (v) On June 1, 2021, Ejoy purchased a five year bond with a principal amount of TZS 50 million and a fixed interest rate of five per cent which was the current market rate. The bond is classified as an available for sale financial asset. Because of the size of the investment, Ejoy has entered into a floating interest rate swap. Ejoy has designated the swap as a fair value hedge of the bond. At May 31, 2022, market interest rates were six per cent. As a result, the fair value of the bond has decreased to TZS 483 million. Ejoy has received TZS 05 million in net interest payments on the swap at May 31, 2022 and the fair value hedge has been 100% effective in the period. No entries have been made in the income statement to account for the bond or the hedge. (vi) No impairment of the goodwill arising on the acquisition of Zbay had occurred at June 1, 2021. The recoverable amount of Zbay was TZS 630 million and that of Tbay was TZS 290 million at May 31, 2022. Impairment losses on goodwill are charged to cost of sales. (vii) Assume that profits accrue evenly throughout the year and ignore any taxation effects

Required: Prepare a consolidated statement of profit or loss for the Ejoy Group for the year ended May 31, 2022 in accordance with International Financial Reporting Standards.