CONDENSED UNAUDITED GROUP FINANCIAL STATEMENTS DECEMBER 2022
CWG Plc and Subsidiary Compaines
Condensed Interim Financial Statements for Year Ended 31 December 2022
Condensed Statement of Profit or Loss
For the period ended 31 December 2022
Group | Company | Group | Company | ||||||||||||
Quarter 4 | Quarter 4 | Quarter 4 | Quarter 4 | ||||||||||||
December 2022 | December 2021 | December 2022 | December 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||||||||
Revenue | 14,204,913 | 11,708,775 | 9,920,212 | 8,528,462 | 4,042,554 | 2,464,264 | 2,957,583 | 1,785,476 | |||||||
Cost of Sales | (10,359,507) | (8,795,196) | (6,896,408) | (6,260,213) | (2,770,086) | (1,640,141) | (1,903,806) | (1,134,003) | |||||||
Gross Profit | 3,845,406 | 2,913,579 | 3,023,805 | 2,268,249 | 1,272,469 | 824,123 | 1,053,777 | 651,473 | |||||||
Other Income | 41,414 | 153,272 | 29,510 | 112,491 | 27,365 | 14,441 | 15,793 | 14,274 | |||||||
Operating Expenses | (2,714,800) | (2,137,748) | (2,068,815) | (1,671,864) | (831,201) | (631,492) | (582,241) | (490,606) | |||||||
EBITDA | 1,172,021 | 929,103 | 984,500 | 708,876 | 468,632 | 207,072 | 487,329 | 175,141 | |||||||
Depreciation and Amortisation | (285,977) | (264,135) | (267,164) | (250,023) | (152,299) | 6,785 | (143,050) | 7,524 | |||||||
EBIT | 886,044 | 664,968 | 717,336 | 458,853 | 316,333 | 213,857 | 344,279 | 182,665 | |||||||
Interest & Finance Charges | (57,525) | (48,542) | (46,028) | (37,961) | (35,480) | (9,219) | (26,354) | (5,858) | |||||||
Profit / (Loss) before Tax | 828,519 | 616,426 | 671,308 | 420,892 | 280,853 | 204,638 | 317,925 | 176,807 | |||||||
Income tax expense | (198,845) | (166,786) | (161,114) | (101,141) | (20,213) | (8,499) | (14,788) | (5,105) | |||||||
Profit for the Period | 629,675 | 449,640 | 510,194 | 319,751 | 260,640 | 196,139 | 303,137 | 171,701 | |||||||
CWG Plc and Subsidiary Compaines
Condensed Interim Financial Statements for Year Ended 31 December 2022
Condensed Statement of Financial Position | |||||||
As at 31 December 2022 | |||||||
Group | Company | ||||||
December 2022 | December 2021 | December 2022 | December 2021 | ||||
ASSETS | N'000 | N'000 | N'000 | N'000 | |||
Non-Current Asset | |||||||
Property,Plant & Equipment | 7 | 555,313 | 451,899 | 532,557 | 445,661 | ||
Right of use asset | 8 | 56,199 | 89,253 | 51,335 | 68,992 | ||
Intangible Asset | 9 | 74,590 | 82,635 | 74,095 | 82,635 | ||
Investment in subsidiaries | 298,284 | 273,284 | |||||
Available for sale financial assets | 18,364 | 18,364 | 18,364 | 18,364 | |||
Deferred tax assets | 4,234 | 4,234 | |||||
Investment in Notes | 200,194 | 200,194 | |||||
908,895 | 646,385 | 1,174,829 | 888,936 | ||||
Current Asset | |||||||
Inventories | 10 | 1,435,232 | 584,242 | 1,268,509 | 511,737 | ||
Trade and other Receivables | 11 | 8,244,822 | 6,104,482 | 6,563,394 | 5,255,722 | ||
Prepayments | 12 | 1,331,296 | 164,704 | 1,293,053 | 134,259 | ||
Cash and cash equivalents | 13 | 968,871 | 916,817 | 560,065 | 779,177 | ||
11,980,221 | 7,770,245 | 9,685,020 | 6,680,895 | ||||
Total Asset | 12,889,116 | 8,416,630 | 10,859,849 | 7,569,831 | |||
Equity | |||||||
Share capital | 14i | 1,262,413 | 1,262,413 | 1,262,413 | 1,262,413 | ||
Retained earnings | 14ii | 476,481 | (153,194) | 184,180 | (326,014) | ||
Available for sale financial assets reserve | 10,972 | 10,972 | 10,972 | 10,972 | |||
Foreign currency translation reserve | (47,402) | (62,504) | |||||
1,702,464 | 1,057,687 | 1,457,566 | 947,371 | ||||
Non Current Liabilities | |||||||
Lease | 16 | 7,605 | 20,110 | 7,605 | 20,110 | ||
7,605 | 20,110 | 7,605 | 20,110 | ||||
Current Liabilities | |||||||
Trade and other payables | 15 | 7,872,328 | 6,767,329 | 6,320,068 | 6,147,775 | ||
Lease Liability | 16 | 43,010 | 54,371 | 13,722 | 25,083 | ||
Short term loans and borrowing | 17 | 1,759,010 | 151,370 | 1,604,714 | 85,747 | ||
Income tax payable | 18 | 276,982 | 179,372 | 235,579 | 175,699 | ||
Contract Liability | 1,227,717 | 186,391 | 1,220,597 | 168046 | |||
11,179,047 | 7,338,833 | 9,394,679 | 6,602,350 | ||||
Total Liabilities | 11,186,652 | 7,358,943 | 9,402,284 | 6,622,460 | |||
Total Equity and Liabilities | 12,889,116 | 8,416,630 | 10,859,849 | 7,569,831 | |||
The financial statements was approved by the Board of Directors on 27 January 2023 and were signed on its behalf by: | |||||||
Afolabi Sobande | Adewale Adeyipo | ||||||
Chief Financial Officer | Chief Executive Officer | ||||||
FRC/2020/001/00000021960 | FRC/2019/IODN/00000019283 |
CWG Plc and Subsidiary Compaines
Condensed Interim Financial Statements for Year Ended 31 December 2022
Condensed Statement of changes in equity
For the period ended 31 December 2022
Group
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 | 629,675 | 629,675 | |||||
Other comprehensive income | 15,102 | 15,102 | |||||
At 31 December 2022 | 1,262,413 | - | 10,972.00 | (47,402) | 476,480 | 1,702,463 | |
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 2021 | 1,262,413 | 1,852,748 | 3,974 | (103,345) | (2,455,583) | 560,207 | |
Profit for the year | 6,998 | 449,640 | 456,638 | ||||
Utilized | (1,852,748) | 1,852,748 | 0 | ||||
Other comprehensive income | 40,841 | 40,841 | |||||
At 31 December 2021 | 1,262,413 | - | 10,972 | (62,504) | (153,195) | 1,057,686 | |
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 2022 | 1,262,413 | - | 10,972 | (326,014) | 947,371 | ||
Profit for the year | 510,194 | 510,194 | |||||
Other comprehensive income | - | ||||||
At 31 December 2022 | 1,262,413 | - | 10,972 | 184,180 | 1,457,565 | ||
Share Capital | Share Premium | Fair value reserve | Retained Earnings | Total | |||
N'000 | N'000 | N'000 | N'000 | N'000 | |||
Balance at 1 January 2021 | 1,262,413 | 1,852,748 | 3,974 | (2,498,513) | 620,622 | ||
Profit for the year | 319,751 | 319,751 | |||||
Utilized | (1,852,748) | 1,852,748 | 0 | ||||
Other comprehensive income | 6,998 | 6,998 | |||||
At 31 December 2021 | 1,262,413 | 0 | 10,972 | (326,014) | 947,371 | ||
CWG Plc and Subsidiary Compaines
Condensed Interim Financial Statements for Year Ended 31 December 2022
Condensed Statements of Cash Flow | |||||
For the period ended 31 December 2022 | |||||
Group | Company | ||||
December 2022 | December 2021 | December 2022 | December 2021 | ||
N'000 | N'000 | N'000 | N'000 | ||
Cash flows from operating activities | |||||
Profit before tax | 828,519 | 616,426 | 671,308 | 420,892 | |
Depreciation Property, Plant & Equipment | 140,930 | 85,672 | 137,535 | 123,724 | |
Depreciation Right of use asset | 64,959 | 60,412 | 49,563 | 50,306 | |
Amortisation of intangible assets | 80,088 | 76,099 | 80,067 | 76,105 | |
Impairment | (70,879) | (70,879) | |||
Derecognition of Property Plant and Equipment | 45,744 | 45,744 | |||
Finance income | (9,398) | (9,398) | |||
Finance Cost | 57,525 | 48,542 | 46,028 | 37,961 | |
WHT credit note utilised | (72,408) | (21,731) | (72,408) | (21,731) | |
Net foreign exchange differences | 101,392 | ||||
(Gain)/Loss on disposal of property,plant & equipment | 5,803 | (5,358) | 5,803 | (5,358) | |
Changes in working capital : | |||||
Deferred tax assets | (5,709) | ||||
Changes in inventories | (850,990) | 1,272 | (756,772) | 73,778 | |
Changes in trade and other receivables | (2,140,340) | (734,563) | (1,307,672) | (535,561) | |
Changes in prepayments | (1,166,592) | 465,661 | (1,158,794) | 479,346 | |
Changes in Restricted cash | |||||
Changes in trade and other payables | 1,104,998 | 5,186 | 172,293 | 73,099 | |
Changes in contract Liability | 1,041,326 | (92,788) | 1,052,551 | (111,132) | |
Tax paid | (28,826) | (96,534) | (28,826) | (28,532) | |
Net Cash (used in) from operating activities | (935,009) | 469,446 | (1,109,325) | 598,364 | |
Cash flow from investing activities | |||||
Purchase of property,plant & equipment | (250,146) | (137,281) | (230,232) | (174,752) | |
Acquisition of ROU | (31,906) | (75,501) | (31,906) | (52,343) | |
Acquisition of Intangible asset | (72,043) | (2,667) | (71,527) | (2,667) | |
Investment in Subsidiares | - | (25,000) | |||
Proceeds from sale of equipment | 5,358 | 5,358 | |||
Interest received | 9,398 | 9,398 | |||
Investment in Notes | (200,194) | (200,194) | |||
Net cash (used in) from investing activities | (554,289) | (200,693) | (558,859) | (215,006) | |
Cash flows from financing activities | |||||
Loan granted/(repayement) | 1,584,531 | (125,840) | 1,495,857 | (53,111) | |
Interest payment | (57,525) | (48,542) | (46,028) | (37,961) | |
Lease repayment | (23,866) | (2,543) | (23,866) | (2,543) | |
Net cash (used in) from financing activities | 1,503,140 | (176,925) | 1,425,963 | (93,615) | |
Increase/ (decrease) in cash | 13,842 | 91,828 | (242,221) | 289,743 | |
Net foreign exchange difference | 15,102 | ||||
Cash & Cash equivalents at beginning of Period | 916,817 | 824,989 | 779,177 | 489,434 | |
Cash & Cash equivalents at end of Period | 945,761 | 916,817 | 536,956 | 779,177 | |
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CWG plc published this content on 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 21:03:01 UTC.