CWG : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

Group

Company

Note

March 2023

March 2022

March 2023

March 2022

N'000

N'000

N'000

N'000

Revenue

6

5,082,176

2,946,456

3,638,536

2,233,941

Cost of Sales

7

(4,132,685)

(2,158,845)

(2,905,936)

(1,642,228)

Gross Profit

949,491

787,611

732,600

591,713

Other Income

25,639

3,384

25,639

3,051

Operating Expenses

8

(657,058)

(564,316)

(489,771)

(440,016)

EBITDA

318,072

226,679

268,467

154,748

Depreciation and Amortisation

(58,592)

(68,218)

(56,434)

(61,955)

EBIT

259,480

158,460

212,033

92,794

Interest & Finance Charges

(23,881)

(10,403)

(18,876)

(8,032)

Profit / (Loss) before Tax

235,599

148,057

193,158

84,762

Income tax expense

21a

(56,544)

(14,732)

(46,358)

(11,170)

Profit for the Period

179,056

133,325

146,800

73,592

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for

the Period Ended 31 March 2023

Condensed Statement of Financial Position

As at 31 December 2022

Group

Company

Note

March 2023

December 2022

March 2023

December 2022

ASSETS

N'000

N'000

N'000

N'000

Non-Current Asset

Property,Plant & Equipment

9

548,582

548,055

534,346

531,661

Right of use asset

10

38,893

51,381

38,893

51,381

Intangible Asset

11

68,253

74,590

67,758

74,095

Investment in subsidiaries

298,284

298,284

Financial assets

236,164

236,164

236,164

236,164

Deferred tax assets

1,093

1,093

892,986

911,283

1,175,446

1,191,585

Current Asset

Inventories

12

3,275,895

1,268,508

3,275,895

1,268,508

Trade and other Receivables

13

8,439,234

10,097,360

6,753,875

8,626,925

Income tax receivable

21b

35,031

16,399

0

0

Prepayments

14

291,346

1,317,238

277,831

1,293,052

Cash and cash equivalents

15

1,874,751

922,244

1,156,936

611,452

13,916,257

13,621,749

11,464,537

11,799,937

Total Asset

14,809,243

14,533,032

12,639,982

12,991,522

Equity

Share capital

16

1,262,413

1,262,413

1,262,413

1,262,413

Retained earnings

17

502,663

323,607

361,993

215,193

Available for sale financial assets reserve

10,661

10,661

10,661

10,661

Foreign currency translation reserve

(197,367)

(124,748)

1,578,370

1,471,933

1,635,067

1,488,267

Non Current Liabilities

Lease

19

-

-

-

-

-

-

-

-

Current Liabilities

Trade and other payables

18

8,582,915

9,737,398

6,456,558

8,349,080

Lease Liability

19

11,575

19,741

11,575

19,741

Short term loans and borrowing

20

2,036,977

1,845,437

2,036,977

1,688,432

Income tax payable

21

282,024

225,480

271,763

225,405

Contract Liability

2,317,382

1,233,043

2,228,042

1,220,597

13,230,873

13,061,099

11,004,915

11,503,255

Total Liabilities

13,230,873

13,061,099

11,004,915

11,503,255

Total Equity and Liabilities

14,809,243

14,533,032

12,639,982

12,991,522

Afolabi Sobande

Adewale Adeyipo

Chief Financial Officer

Chief Executive Officer

FRC/2020/001/00000021960

FRC/2019/IODN/00000019283

Share Capital

Share Premium

Fair value reserve

Foreign currency

Retained Earnings

Total

Translation

Reserve

N'000

N'000

N'000

N'000

N'000

N'000

Balance at 1 January 2023

1,262,413

-

10,661

(124,748)

323,607

1,471,933

Profit for the year

179,056

179,056

Other comprehensive income

(72,619)

(72,619)

At 31 March 2023

1,262,413

-

10,661

(197,367)

502,663

1,578,370

Share Capital

Share Premium

Fair value reserve

Foreign currency

Retained Earnings

Total

Translation Reserve

N'000

N'000

N'000

N'000

N'000

N'000

Balance at 1 January 2022

1,262,413

-

10,972

(62,504)

(153,195)

1,057,686

Profit for the year

133,325

133,325

Utilized

-

Other comprehensive income

(37,276)

(37,276)

At 31 March 2022

1,262,413

-

10,972

(99,780)

(19,870)

1,153,735

Share Capital

Share Premium

Fair value reserve

Retained Earnings

Total

N'000

N'000

N'000

N'000

N'000

Balance at 1 January 2023

1,262,413

-

10,661

215,193

1,488,267

Profit for the year

146,800

146,800

Other comprehensive income

-

At 31 March 2023

1,262,413

-

10,661

361,993

1,635,067

Share Capital

Share Premium

Fair value reserve

Retained Earnings

Total

N'000

N'000

N'000

N'000

N'000

Balance at 1 January 2022

1,262,413

10,972

(326,014)

947,371

Profit for the year

73,592

73,592

Utilized

0

Other comprehensive income

-

At 31 March 2022

1,262,413

0

10,972

(252,422)

1,020,963

Condensed Statements of Cash Flow

For the period ended 31 March 2023

Group

Company

Note

March 2023

March 2022

March 2023

March 2022

N'000

N'000

N'000

N'000

Cash flows from operating activities

Profit before tax

235,599

148,057

193,158

84,762

Depreciation Property, Plant & Equipment

39,768

31,260

37,610

30,330

Depreciation Right of use asset

12,488

17,927

12,488

12,594

Amortisation of intangible assets

6,337

19,030

6,337

19,030

Finance Cost

23,881

10,403

18,876

8,032

(Gain)/Loss on disposal of property,plant & equipment

(4,465)

(4,465)

Changes in working capital :

Deferred tax assets

Changes in inventories

(2,007,387)

10,132

(2,007,387)

-62,373

Changes in trade and other receivables

1,639,494

(1,213,572)

1,873,050

(1,228,915)

Changes in prepayments

1,025,891

(836,045)

1,015,221

(855,440)

Changes in Restricted cash

(3,564)

(3,564)

Changes in trade and other payables

(1,154,483)

1,152,901

(1,892,522)

1,102,964

Changes in contract Liability

1,084,339

214,131

1,007,445

205,195

Tax paid

-

-

Net Cash (used in) from operating activities

905,927

(453,804)

264,275

(691,849)

Cash flow from investing activities

Purchase of property,plant & equipment

(40,295)

(33,135)

(40,295)

(23,724)

Proceeds from sale of equipment

4,465

4,465

Investment in Notes

(200,194)

(200,194)

Net cash (used in) from investing activities

(40,295)

(228,864)

(40,295)

(219,453)

Cash flows from financing activities

Loan granted/(repayement)

(78,034)

360,630

78,970

426,253

Interest payment

(23,881)

(10,403)

(18,876)

(8,032)

Lease repayment

(8,166)

(8,941)

(8,166)

(8,941)

Net cash (used in) from financing activities

(110,080)

341,286

51,929

409,281

Increase/ (decrease) in cash

755,552

(341,382)

275,909

(502,021)

Net foreign exchange difference

(72,619)

(37,276)

Cash & Cash equivalents at beginning of Period

853,645

909,877

542,854

772,237

Cash & Cash equivalents at end of Period

1,536,578

531,220

818,763

270,216