d e p a . c o m

Depa PLC

H1 2022 Financial

Results

30 August 2022

G l o b a l I n t e r i o r S o l u t i o n s

Summary income statement

AED mn

Revenue

Expenses

Net provision for doubtful debts and due from construction contract customers

H1 2022

H1 2021

Change

403.1

391.2

11.9

(401.5)

(402.5)

1.0

30.9

32.5

(1.6)

  • Revenue increase year on year mainly due to increased revenue generated by Deco and Carrara offsetting a decrease at Depa Interiors

Share of profit /(loss) from associates Profit/(loss) before interest and tax Net - finance cost Profit/(loss) before tax Income tax expense

Profit/(loss) for the period from continuing operations Profit/(loss) for the period from discontinued operations

Profit/(loss) for the period Non-controlling interests Profit/(loss) for the period after NCI

(0.4)

0.0

(0.4)

32.1

21.2

10.9

(3.6)

(4.2)

0.6

28.5

17.0

11.5

(5.4)

(3.5)

(1.9)

23.1

13.5

9.6

0.0

(53.3)

53.3

23.1

(39.8)

62.9

0.0

4.1

(4.1)

23.1

(35.7)

58.8

  • Net reversal of provisions for doubtful debts mainly due to collection of long outstanding project related balances by Depa Interiors and a positive movement in the expected credit loss provision due to the evolution of the working capital position
  • DSG is classified as discontinued operations in H1 2021

Depa PLC | Financial Results | H1 2022

2

Summary balance sheet

AED mn

H1 2022

FY2021

Change

Cash and bank balances

319.0

160.3

158.7

Trade and other receivables

326.2

320.0

6.2

Assets classified as held for sale

4.8

0.0

4.8

Due from constuction contract customers

154.8

190.8

(36.0)

Inventories

38.5

35.6

2.9

Total current assets

843.3

706.8

136.5

Contract retentions

147.3

166.1

(18.8)

Property, plant and equipment

109.9

119.8

(9.9)

Goodwill

32.3

32.3

0.0

Other non-current assets

26.1

28.6

(2.5)

Total non current assets

315.6

346.8

(31.2)

Total assets

1,158.9

1,053.5

105.4

Trade and other payables

619.1

651.7

(32.6)

Liabilities directly associated with assets

1.3

0.0

1.3

classified as held for sale

Borrowings

32.2

54.3

(22.1)

Income tax payable

2.5

3.5

(1.0)

Current liabilities

655.2

709.6

(54.4)

Employees' end of service benefits

62.1

59.8

2.3

Borrowings

17.1

19.7

(2.6)

Other non-current liabilities

42.3

47.1

(4.8)

Non current liabilities

121.5

126.6

(5.1)

Total liabilities

776.7

836.1

(59.4)

Total equity including minorities

382.2

217.4

164.8

Depa PLC | Financial Results | H1 2022

  • Cash balance of AED 319.0mn and net cash excluding restricted cash of AED 235.1mn following investment of AED 150mn from PIF
  • At H1 2022 assets and liabilities of Eldiar are classified as held for sale
  • Reduction of AED 24.7mn of borrowings during the period, with total debt at period end of just AED 49.3mn, a total debt to equity ratio of just 13%
  • Net asset value per share of AED 0.32 and tangible net asset value per share of AED 0.29

3

Summary cash flow

AED mn

H1 2022

H1 2021

Change

•

Net cash inflows from

Operating activities

14.7

(33.5)

48.2

Working capital changes

18.6

63.2

(44.6)

operating activities AED

Other movements

(6.4)

(14.5)

8.1

26.9mn (H1 2021: AED

15.2mn) boosted by

Net cash flows from/(used in) operating activities

26.9

15.2

11.7

legacy collections at Depa

Investing activities

Interiors

Net capex

0.4

0.5

(0.1)

Reclassification of subsidiary to continued operations

0.0

57.6

(57.6)

•

H1 2021 investing

Reclassification of net cash of assets held for sale

(0.2)

0.0

(0.2)

activities positively

Dividends received from associates

1.5

0.0

1.5

impacted by the

Proceeds from disposal of financial assets

0.0

8.1

(8.1)

reclassification of Vedder

Other movements

0.5

(0.2)

0.7

(AED 57.6 million) to

continued operations

Net cash flows from/(used in) investing activities

2.2

66.0

(63.8)

Financing activities

•

Financing activities

Movement in borrowings

(21.7)

12.8

(34.5)

positively impacted by PIF

Proceeds from issuance of share capital

150.0

0.0

150.0

investment of AED

Interest paid

(4.1)

(8.5)

4.4

150mn, H1 2021 financing

Finance lease payments

(2.0)

(2.5)

0.5

activities includes AED

Net cash flows from/(used in) financing activities

122.2

1.8

120.4

Net movement in cash and cash equivalents

151.3

83.0

68.3

Cash and cash equivalents at the period end

270.3

91.9

178.4

8.1mn proceeds from sale of an equity investment

  • Cash and cash equivalents AED 270.3mn (H1 2021: AED 91.9mn)

Depa PLC | Financial Results | H1 2022

4

Vedder

Based in Germany, Vedder is the world's leading provider of fit-out

solutions for the global superyacht, private jet and residence markets

Financial highlights

• Revenue: AED 205.7mn, up 1% on H1 2021

• EBIT: AED 18.6mn, up 49% on H1 2021

Operational highlights

• Increase in EBIT partially due to delivery of a number of smaller refit projects with strong profit margins in H1 2022

• Successfully delivered two large interior packages

for new build superyachts worth in excess of AED

110mn

• Awarded a large new-build superyacht interior

package and a residential package in the United

Depa PLC | Financial Results | H1 2022

States

Revenue

EBIT

5

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Depa plc published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 07:23:09 UTC.