CONDENSED UNAUDITED GROUP FINANCIAL STATEMENTS JUNE 2023

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for the Period Ended 30 June 2023

Condensed Statement of Profit or Loss

For the period ended 30 June 2023

Group

Company

Group

Company

Note

June 2023

June 2022

June 2023

June 2022

Quarter 2 2023

Quarter 2 2022

Quarter 2 2023

Quarter 2 2022

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Revenue

5

10,705,780

6,690,466

7,983,482

4,629,296

5,623,604

3,744,010

4,344,946

2,395,355

Cost of Sales

6

(8,642,818)

(4,953,025)

(6,356,851)

(3,350,142)

(4,510,133)

(2,794,180)

(3,450,915)

(1,707,915)

Gross Profit

2,062,962

1,737,441

1,626,631

1,279,153

1,113,471

949,830

894,031

687,440

Other Income

33,663

14,050

33,663

13,717

8,024

9,169

8,024

12,296

Operating Expenses

7

(1,454,376)

(1,229,102)

(1,090,604)

(947,914)

(797,318)

(664,786)

(600,833)

(507,898)

EBITDA

642,250

522,389

569,690

344,956

324,178

294,213

301,223

191,838

Depreciation and Amortisation

(117,638)

(133,678)

(113,810)

(124,114)

(59,047)

(64,767)

(57,377)

(56,661)

EBIT

524,611

388,711

455,880

220,842

265,131

229,446

243,846

135,177

Interest & Finance Charges

(42,730)

(22,045)

(34,280)

(19,674)

(18,849)

(6,623)

(15,404)

(7,399)

Profit / (Loss) before Tax

481,882

366,666

421,600

201,168

246,282

222,823

228,442

127,779

Income tax expense

20a

(140,709)

(33,452)

(88,536)

(23,146)

(88,662)

(18,720)

(47,973)

(11,977)

Profit for the Period

341,172

333,214

333,064

178,022

157,621

204,103

180,469

115,802

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for

the Period Ended 30 June 2023

Condensed Statement of Financial Position

As at 30 June 2023

Group

Company

Note

June 2023

December 2022

June 2023

December 2022

ASSETS

N'000

N'000

N'000

N'000

Non-Current Asset

Property,Plant & Equipment

8

596,822

548,055

584,256

531,661

Right of use asset

9

33,999

51,381

33,999

51,381

Intangible Asset

10

66,274

74,590

65,779

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

934,352

911,283

1,218,482

1,191,585

Current Asset

Inventories

11

3,815,005

1,268,508

3,736,318

1,268,508

Trade and other Receivables

12

13,628,031

10,097,360

11,049,091

8,626,925

Income tax receivable

20b

35,031

16,399

-

-

Prepayments

13

212,936

1,317,238

190,825

1,293,052

Cash and cash equivalents

14

1,611,322

922,244

1,023,825

611,452

19,302,325

13,621,749

16,000,060

11,799,937

Total Asset

20,236,677

14,533,032

17,218,542

12,991,522

Equity

Share capital

15

1,262,413

1,262,413

1,262,413

1,262,413

Retained earnings

16

563,786

323,607

447,264

215,193

Available for sale financial assets reserve

10,661

10,661

10,661

10,661

Foreign currency translation reserve

(150,087)

(124,748)

1,686,774

1,471,933

1,720,338

1,488,267

Non Current Liabilities

Lease

18

-

-

-

-

-

-

-

Current Liabilities

Trade and other payables

17

9,188,202

9,737,398

6,497,825

8,349,080

Lease Liability

18

20,089

19,741

20,089

19,741

Short term loans and borrowing

19

2,833,159

1,845,437

2,693,990

1,688,432

Income tax payable

20

232,347

225,480

180,099

225,405

Contract Liability

6,276,106

1,233,043

6,106,201

1,220,597

18,549,903

13,061,099

15,498,204

11,503,255

Total Liabilities

18,549,903

13,061,099

15,498,204

11,503,255

Total Equity and Liabilities

20,236,677

14,533,032

17,218,542

12,991,522

The financial statements was approved by the Board of Directors on 28 July 2023 and were signed on its behalf by:

Afolabi Sobande

Adewale Adeyipo

Chief Operating Officer

Chief Executive Officer

FRC/2020/001/00000021960

FRC/2019/IODN/00000019283

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for the Period Ended 30 June 2023

Condensed Statement of changes in equity

For the period ended 30 June 2023

Group

Share Capital

Share Premium

Fair value reserve

Foreign currency

Retained Earnings

Total

Translation

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

341,172

341,172

Divivdend

(100,993)

(100,993)

Other comprehensive income

(25,339)

(25,339)

At 30 June 2023

1,262,413

-

10,661

(150,087)

563,786

1,686,774

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 30 June 2022

1,262,413

-

10,972

(99,780)

(19,870)

1,153,735

Company

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

333,064

333,064

Divivdend

(100,993)

(100,993)

Other comprehensive income

-

At 30 June 2023

1,262,413

-

10,661

447,264

1,720,338

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

-

Other comprehensive income

-

At 30 June 2022

1,262,413

-

10,972

(252,422)

1,020,963

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for the Period Ended 30 June 2023

Condensed Statements of Cash Flow

For the period ended 30 June 2023

Group

Company

Note

June 2023

June 2022

June 2023

June 2022

N'000

N'000

N'000

N'000

Cash flows from operating activities

Profit before tax

481,882

366,666

421,600

201,168

Depreciation Property, Plant & Equipment

84,038

62,903

80,210

60,755

Depreciation Right of use asset

25,284

32,604

25,284

25,188

Amortisation of intangible assets

8,316

38,170

8,316

38,170

Finance Cost

42,730

22,045

34,280

19,674

Changes in working capital :

Changes in inventories

(2,546,497)

83,191

(2,467,810)

10,686

Changes in trade and other receivables

(3,549,303)

(3,897,483)

(2,422,166)

(2,869,429)

Changes in prepayments

1,104,301

(1,745,031)

1,102,227

(1,762,295)

Changes in trade and other payables

(549,195)

3,238,884

(1,851,255)

2,304,010

Changes in contract Liability

5,043,063

1,569,222

4,885,604

1,604,074

Tax paid

(133,842)

(28,826)

(133,842)

(28,826)

Net Cash (used in) from operating activities

10,777

(358,092)

(317,553)

(497,262)

Cash flow from investing activities

Purchase of property,plant & equipment

(140,707)

(114,495)

(140,707)

(105,083)

Acquisition of Intangible asset

-

(1,967)

-

(1,967)

Investment in Notes

(200,194)

(200,194)

Net cash (used in) from investing activities

(140,707)

(316,656)

(140,707)

(307,244)

Cash flows from financing activities

Loan granted/(repayement)

716,935

(119,670)

734,770

(54,047)

Interest payment

(42,730)

(22,045)

(34,280)

(19,674)

Lease repayment

348

(11,538)

348

(11,538)

Dividend payment

(100,993)

(100,993)

Net cash (used in) from financing activities

573,560

(153,253)

599,846

(85,259)

Increase/ (decrease) in cash

443,631

(828,001)

141,586

(889,765)

Net foreign exchange difference

(25,339)

23,912

Cash & Cash equivalents at beginning of Period

853,645

909,877

542,854

772,237

Cash & Cash equivalents at end of Period

1,271,937

105,787

684,440

(117,528)

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CWG plc published this content on 30 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2023 18:34:02 UTC.