s Cost of Sales (421,066) (344,819) Stated capital 10,000 10,000 Cash generated from Operations (1,005) 11,845 Gross Profit 115,872 123,276 Retained earnings 186,985 236,675 Interest Paid (21,755) (3,329) Sales and Distribution Costs (96,419) (97,136) TOTAL SHAREHOLDERS' EQUITY 196,985 246,675 Interest Received 18,341 2,513 Administrative Expenses (53,247) (52,123) LIABILITIES Tax Paid (16,133) (4,300) Other Income 3,651 5,927 Non-current liabilities Net Cash Generated from Operating Activities (20,552) 6,729 Operating Profit (30,143) (20,056) Deferred Tax 1,906 1,906 Cash Flows from Investing Activities Finance Income 18,341 2,513 1,906 1,906 Purchase of Property, Plant and Equipment (11,704) (38,677) Finance Cost (21,755) (3,329) Proceeds from sale of Property, Plant and Equipment 1,393 6,059 Net Profit (Loss) before tax (33,557) (20,872) Current liabilities Net Cash used in Investing Activities (10,311) (32,618) Current Tax (16,133) 7,443 Cash Flows from Financing Activities Net Profit (Loss) after tax (49,690) (13,429) Loan Facility 70,000 40,000 Lease Payment (3,397) (2,546) Other Comprehensive Income - - Trade and Other Payables 306,198 279,980 Dividends Paid (1) (5) Total Comprehensive Income (49,690) (13,429) Tax - - Loan Facility 30,000 40,000 Dividends 3,000 3,001 Net Cash used in Financing Activities 26,602 37,449 Number of Shares outstanding 116,207,288 116,207,288 379,198 322,981 Increase (Decrease) in Cash and Cash Equivalents (4,261) 11,560 TOTAL LIABILITIES 381,104 324,887 Cash and Cash Equivalents at January 1 65,581 54,021 Earnings per Share (0.43) (0.12) TOTAL EQUITY AND LIABILITIES 578,089 571,562 Cash and Cash Equivalents at December 31 61,320 65,581 Statement of Financial Position as at December 31, 2022 ASSETS Statement of Changes in Equity 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Non-current assets The principal accounting policies applied in the preparation of these quarterly financial statements Property, Plant and Equipment 183,099 197,073 Stated capital 10,000 10,000 are consistent to that of the most recent Annual Report and Accounts. 183,099 197,073 Retained earnings - January 1 236,675 250,104 Current Assets Total comprehensive income (49,690) (13,429) 2. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). Inventories 150,977 168,083 Dividend for previous year - - Tax 6,908 9,013 Retained earnings - December 31 186,985 236,675 3. Administrative expenses include: 2022 2021 Trade and Other Receivables 175,786 131,812 Total equity 196,985 246,675 GH'000 GH'000 Bank and Cash Balances 61,320 65,581 Directors Remuneration 465 1,178 394,991 374,489 Auditors Remuneration 256 229 TOTAL ASSETS 578,089 571,562 4. Other Income Profit on Sale of Fixed Assets 1,197 2,272 Sale of Scraps & Sundry Income 87 1,061 COMMENTS TO THE FINANCIAL STATEMENTS: Rent Income 1,228 1,003 Fan Milk PLC registered a positive growth in revenue by 14.7% over prior year. The growth in the last quarter was 25.7% , higher than previous year; driven by festive season activities. The overall Bad Debt Recovered 1,137 1,590 strategy for 2022 to grow the outdoor business while accelerating the indoor business yielded another year of double digit growth . Whereas there was growth in topline, cost was strongly challenged by a number of factors.Gross profit margin was 21.6%, down from 26.3% last year. This was as a result of high inflation recorded over the months hitting 54.1% as at end of December. In addition TO THE BEST OF OUR KNOWLEDGE THE FINANCIAL STATEMENTS DO NOT the results include a significant net exchange loss of GHS 39.4m due to the steep depreciation of the local currency against the USD and the EURO. These macro economics factors severely affected CONTAIN UNTRUE STATEMENTS, MISLEADING FACTS OR OMIT MATERIAL FACTS FML to record a negative net profit before tax of GHS 33.6m for the full year 2022. The tax payment of GHS 16.1million in spite of the loss made was due to tax reassessment emanating from tax audits. Dr. Charles Mensa Board Chairman Discuss the objective of financial reporting stated above using data from the 2022 Unaudited Financial Statement of Fan Milk Plc . Note: Your submission must be supported with appropriate ratios and other non-financial and financial information you deem appropriate from Fan Milk Plc Discuss the qualitative characteristics of useful financial information stated above using data from the 2022 Unaudited Financial Statement of Fan Milk Plc . Note: Your submission must be supported with information you deem appropriate from Fan Milk Plc