Interfront 2023 Annual Report

86 INTERFRONT ANNUAL REPORT 2023 Financial Report Five Year Financial Overview STATEMENT OF FINANCIAL PERFORMANCE Description 2019 2020 2021 2022 2023 Rendering of Services 153 986 982 112 536 279 105 363 506 108 405 948 171 790 485 Interest and Other 4 738 427 4 241 825 1 450 850 1 427 710 3 041 629 Expenditure (125 762 589) (119 136 291) (118 166 081) (117 869 059) (187 421 011) EBT 32 962 820 (2 358 187) (11 351 725) (8 035 401) (12 588 897) EAT 23 125 682 (2 361 021) (8 769 728) (6 383 966) (9 793 627) STATEMENT OF FINANCIAL POSITION Description 2019 2020 2021 2022 2023 Total Assets 132 208 544 106 960 416 86 202 838 80 298 775 81 061 430 Total Liabilities (21 269 327) (18 482 521) (19 090 519) (19 570 421) (30 126 704) Total Net Assets 110 838 917 88 477 895 67 112 319 60 728 354 50 934 726 Equity – Shareholder’s Loan (32 595 853) (12 595 853) – – – Accumulated Surplus (78 243 064) (75 882 042) (67 112 319) (60 728 353) (50 934 725) This annual report focuses extensively on the company’s engagement in two section 197 transfers during the reviewed period. A substantial proportion of the notable year-on-year differences can be attributed to the company’s expansion stemming from these transactions. The transfers have proven to be instrumental in the company’s growth over the last 12 months. With these transactions, the company has effectively capitalised on the opportunity for expansion, increasing market penetration, and diversification. As a result, the company has experienced remarkable growth in various areas of its operations, leading to the pronounced year-on-year variances observed.