Tunisian Graphic Arts Company Publishes 2022 Financial Statements
The Tunisian Graphic Arts Company, a limited company established in 1951, specializes in the exploitation of all processes, patents, designs, manufacturing, and assembly related to photogravure, clichés, printing, and all aspects of graphic arts. The company is well-known among professionals in the printing industry.
The company has just published its financial statements for the 2022 fiscal year. Revenue plummeted by 75.4% to 0.666 million Tunisian dinars (MTND), excluding Value-Added Tax (VAT), compared to 2.092 MTND in 2021. Other operating income, mainly consisting of rental income, remained stable at 0.643 MTND. Operating expenses followed the same trend, decreasing by 57.1% to 1.293 MTND. The EBIT (Earnings Before Interest and Taxes) stood at a mere 0.017 MTND, while financial charges remained at 0.251 MTND. The year ended with a loss of -0.186 MTND. As a result, the General Assembly of Shareholders did not distribute dividends.
The auditor's report raised some reservations regarding several points.
The first concern relates to a provision for customer receivables, which was understated by 0.072 MTND, corresponding to unmoved claims during the 2022 fiscal year. Consequently, the exercise result was overstated by the same amount.
The second point is linked to the company's participation in Printer, estimated at 0.144 MTND, representing 96.6% of its capital. The fair value of this participation as of December 31, 2022, was valued at 0.073 MTND. No provision was made for this depreciation. As a result, the participation titles and the exercise result were overstated by the same amount.
Finally, the exercise result was also overstated by 0.003 MTND related to unrecorded provisions for risks and charges during the 2022 fiscal year.
These points will certainly be addressed in the 2023 accounts, which are still pending.
