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.