Main Event Entertainment Group Limited Unaudited Results For Three .
MAIN EVENT ENTERTAINMENT GROUP LIMITEDUNAUDITED RESULTSFOR THREE MONTHS ENDED JANUARY 31, 2021 (Q1)
REPORT TO STOCKHOLDERSThree Months Ended January 31, 2021 (Q1)The Board of Directors of Main Event Entertainment Group Limited presents the Company’sunaudited financial statements for the period ended January 31, 2021 (Q1).Performance Highlights:Three Months EndedJanuary 31,2021Three Months EndedJanuary 31,2020Year Over Year %Audited, Year EndedOctober 31,2020Revenues 175.838M 598.142M (422.304) M-71% 1,046.429MGross Profit 110.729M 272.683M (161.954) M-59% 481.900MNet Profit / (Loss) 8.073M 70.007M (61.934) M-88% (18.227) MEarnings Per Share (EPS)3cents23cents(20) cents -88%(6) centsTotal Assets 860.504M 1,054.520M (194.016) M-18% 854.120MShareholder's Equity 541.683M M (107.161) M-17% 533.610M648.844The COVID-19 pandemic continues to impact business activity and performance. This has meant a verymodest start to our 2021 fiscal year.Our footprint is noticeably smaller, as revenues continue to deviate significantly from historical levels.However, the Company’s performance this quarter shows promise, with improving revenues and with anet profit of 8.073 million; after three quarters of net losses.During this quarter, the team continued to work closely with key customers to create opportunities inthe ongoing challenging circumstances. Revenues declined 71% to 175.838 million in this first quarterof 2021, down from 598.142 million. Our M-Style product together with our western operationscontributed 21.909 or 12% of revenues this quarter, compared to 110.193 or 18% in the correspondingperiod, 2020. This is an 80% decline year over year and is reflective of the impact of the nightly curfewsand government regulations on public gatherings on our core business.The decline this quarter was notably not as pronounced as it was in the third and fourth quarters of the2020 fiscal year, which were down 87% and 77% respectively. We will continue to strive for improvementsin each quarter’s results despite ongoing business disruption from the pandemic.
Page 2MAIN EVENT ENTERTAINMENT GROUP LIMITEDSTATEMENT OF COMPREHENSIVE INCOME(unaudited)THREE (3) MONTHS ENDING JANUARY 31, 2021 (Q1)UnauditedYear endedJanuary 31,2021 '000UnauditedYear endedJanuary 31,2020 '000AuditedYear endedOctober 31,2020 '000REVENUE175,838598,1421,046,429Direct expenses(65,109)(325,459)(564,529)Gross ,7205,007(2,376)(4,374)(23,472)PROFIT / (LOSS) BEFORE TAXATION7,00171,345(18,465)Taxation1,072(1,338)Net profit / ,005300,005Other operating incomeEXPENSESAdministrative and generalSelling and promotionDepreciationAmortisationOPERATING PROFITFinance costs238Other Comprehensive Income:NET PROFIT, BEING TOTAL COMPREHENSIVEINCOME FOR THE YEAREarnings per share for profit attributable to the equity holders of the company:Number of shares300,005Earnings per share0.030.23(0.06)
Page 3MAIN EVENT ENTERTAINMENT GROUP LIMITEDSTATEMENT OF CHANGES IN SHAREHOLDERS' NET EQUITY(unaudited)THREE (3) MONTHS ENDING JANUARY 31, 2021 (Q1)ShareCapital '000BALANCE AT OCTOBER 31, 2020RetainedEarnings '000103,652Total '000429,958533,610TOTAL COMPREHENSIVE INCOME:Net loss-8,0738,073TRANSACTIONS WITH OWNERS:Dividends---BALANCE AT JANUARY 31, 2021103,652438,031541,683BALANCE AT OCTOBER 31, 2019103,652475,186578,838TOTAL COMPREHENSIVE INCOME:Net profit-70,00770,007TRANSACTIONS WITH OWNERS:Dividends---BALANCE AT JANUARY 31, 2020103,652545,193648,845
Page 4MAIN EVENT ENTERTAINMENT GROUP LIMITEDSTATEMENT OF CASH FLOWS(unaudited)THREE (3) MONTHS ENDING JANUARY 31, 2021 (Q1)UnauditedYear endedJanuary 31,2021 '000UnauditedYear endedJanuary 31,2020 '000AuditedYear endedOctober 31,2020 '000CASH FLOWS FROM OPERATING ACTIVITIES8,07370,007(18,227)Items not affecting cash resources DepreciationInterest expenseInterest incomeExchange loss / (gain) on foreign balancesTaxation expenseRight-of-use ,699Operating cash flows before movements in working capital46,522Changes in operating assets and liabilitiesReceivablesTaxation recoverableRelated party balancesPayables(8,248)(1,895)5,760Net profit / (loss)42,139Taxation paidCash provided by operating activitiesCASH FLOWS FROM INVESTING ACTIVITIES:Purchase of property, plant and equipmentInterest received(0)Loan repaymentsLease repaymentsLease liabilities repaymentsInterest paidDividends paymentCash used in financing 37,586)65(59,397)3,46915(37,521)(55,928)Cash provided by / (used in) investing activitiesCASH FLOWS FROM FINANCING ACTIVITIES:Loans -(27,001)(12,292)(21,164)(103,056)115,438NET INCREASE IN CASH AND CASH EQUIVALENTS29,86276,418Exchange loss / (gain) on foreign cash balancesCash and cash equivalents at beginning of year89132,1231,61322,751CASH AND CASH EQUIVALENTS AT END OF YEAR162,074100,782(6,066)22,751132,123
Page 5MAIN EVENT ENTERTAINMENT GROUP LIMITEDNOTES TO THE FINANCIAL STATEMENTS(unaudited)THREE (3) MONTHS ENDING JANUARY 31, 2021 (Q1)1.2.IDENTIFICATION AND PRINCIPAL ACTIVITIES:(a)Main Event Entertainment Group Limited is a limited liability company incorporated anddomiciled in Jamaica. The registered office of the company is 70-72 Lady Musgrave Road,Kingston 10.(b)The principal activities of the company are to carry on the business of entertainmentpromoter, agent and manager.(c)The company is a subsidiary of MEEG Holdings, a company incorporated and domiciledin Saint Lucia.(d)The company was listed on the Junior Market of the Jamaica Stock Exchange on8 February 2017.REPORTING CURRENCY:Items included in the financial statements of the company are measured using the currency ofthe primary economic environmen in which the company operated ('the functional currency').These financial statements are presented in Jamaican dollars, which is considered thecompany's functional and presentation currency.3.SIGNIFICANT ACCOUNTING POLICIES(a)Basis of presentationThe Company’s financial statements have been prepared in accordance with InternationalFinancial Reporting Standards (IFRS) and have been prepared in accordance withrequirements of the Jamaican Companies Act.All policies are consistent with those presented in the last audited financial statements.
Page 6MAIN EVENT ENTERTAINMENT GROUP LIMITEDNOTES TO THE FINANCIAL STATEMENTS(unaudited)THREE (3) MONTHS ENDING JANUARY 31, 2021 (Q1)4.MOVEMENT IN FIXED ASSETSEquipmentBuildingLeaseholdImprovements 423Beginning of yearCharge for 1,811-625,02231,641-End of 905656,663Net Book ValueEnd of 18837,329578,407At Cost/ValuationBeginning of periodCurrent period AdditionsCurrent period DisposalsEnd of PeriodEnd of prior periodFurniture &FixturesComputerEquipmentAudio andFilmingRentals, Décor& Tent FittingsMotorVehiclesTotal Assets are depreciated on the straight line basis to depreciate items over their useful lives.
Page 7MAIN EVENT ENTERTAINMENT GROUP LIMITEDNOTES TO THE FINANCIAL STATEMENTS(unaudited)THREE (3) MONTHS ENDING JANUARY 31, 2021 (Q1)5.SHARE CAPITALUnauditedJanuary 31,2021 '000AuditedOctober 31,2020 '000Authorized ordinary shares of no par value103,652103,652103,652Issued ordinary shares of no par value103,652103,652103,652# of shares6.UnauditedJanuary 31,2020 '000# of shares# of sharesAuthorized ordinary shares of no par value320,004,000320,004,000320,004,000Issued ordinary shares of no par edJanuary 31,2021 '000MEEG Holdings Limited - Related Party LoanNational Commercial Bank - Amortised LoanSagicor Bank Jamaica Limited - USD LoanUnauditedJanuary 31,2020 '000AuditedOctober 31,2020 62,160191,382165,363Less Current potions(38,760)(38,839)(38,760)Non-Current portions123,400152,543126,603Sagicor Bank Jamaica Limited - Other Loans20,05321,732120,375-
Page 8MAIN EVENT ENTERTAINMENT GROUP LIMITEDNOTES TO THE FINANCIAL STATEMENTS(unaudited)THREE (3) MONTHS ENDING JANUARY 31, 2021 (Q1)7.LEASESThe company adopted IFRS 16 as at 1 November 2019.i)Amounts recognized in the statement of financial positionThe statement of financial position shows the following amount relating to leases:UnauditedJanuary 31,2021 '000UnauditedJanuary 31,2020 '000AuditedOctober 31,2020 '000Right-of-use assets:Buildings49,633-54,808Property, plant and equipmentMotor vehicles acquired under finance 5386,14016,32325,11849,35868,00222,46374,476Lease liabilitiesCurrent portionNon-current portionii) Amounts recognized in the statement of profit or loss:UnauditedUnauditedAuditedJanuary 31,January 31,October 31,202120202020 '000 '000 '000Depreciation charge of right-of-use assets:BuildingsMotor vehicles5,175-20,6999909904,4566,16599025,155
MAIN EVENT ENTERTAINMENT GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (unaudited) THREE (3) MONTHS ENDING JANUARY 31, 2021 (Q1) Page 7 5. SHARE CAPITAL Unaudited. Unaudited Audited. January 31, January 31, October 31, 2021. 2020 2020 '000 '000
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