C & I Leasing : AND I LEASING PL.- QUARTER 1 - FINANIAL STATEMENT FOR 2023

C & I LEASING PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023

C & I LEASING PLC

FOR THE PERIOD ENDED 31 MARCH 2022

Contents

Consolidated statement of financial position	3
Consolidated statement of comprehensive income	4
Consolidated statement of cash flows	5
Consolidated statement of changes in equity	6-7
Notes to the consolidated financial statements	8-67

C&I LEASING PLC

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		Group		Company
		31 MARCH		31 December		31 MARCH		31 December
		2023	2022	2023	2022
	Notes	N'000		N'000		N'000		N'000
Assets
Cash and balances with banks	10.	1,139,685	1,150,255	984,991	1,047,561
Loans and receivables	11.	903,385	769,176	900,385	763,743
Trade and other receivables	12.	19,425,251	17,114,806	18,219,735	16,967,131
Due from related companies	12.1	-	-	3,937,959	4,421,662
Finance lease receivables	13.	2,046,324	2,146,988	1,943,571	1,988,845
Available for sale assets	14.	12,824	11,518	12,824	11,518
Investment in subsidiaries	15.	-	-	759,481	759,481
Investment in joint ventures		3,041,848	3,308,053	3,041,848	3,308,053
Other assets	16.	515,998	480,278	452,117	430,591
Operating lease assets	17.	31,599,077	32,123,479	17,156,715	16,511,609
Property, plant and equipment	18.	380,089	400,316	300,339	309,333
Intangible assets	19.	22,921	25,441	22,910	25,414
Deferred income tax assets	23.3	916,565		878,592		854,607		854,607
Total assets		60,003,967	58,408,902	48,587,481	47,399,549
Liabilities
Balances due to banks	20.	3,232,079	1,625,622	3,224,576	1,618,276
Commercial notes	21.	14,619,891	13,554,429	14,619,891	13,554,429
Trade and other payables	22.	6,137,230	5,083,946	4,350,645	4,418,140
Current income tax liability	23.2	664,015	642,081	621,377	598,872
Borrowings	24.	18,845,257	20,234,751	18,146,077	19,342,621
Retirement benefit obligations	26.	27,726		22,412		27,726		22,412
Total liabilities		43,526,199	41,163,241	40,990,291	39,554,749
Equity
Share capital	27.	390,823	390,823	390,823	390,823
Deposit for shares	28.	1,975,000	1,975,000	1,975,000	1,975,000
Share premium		3,361,609	3,361,609	3,361,609	3,361,609
Statutory reserve	29.	1,800,216	1,776,810	989,703	989,703
Statutory credit reserve	30.	367,012	351,372	380,152	380,152
Retained earnings	31.	4,408,315	4,355,006	489,556	738,473
Foreign currency translation reserve	32.	3,539,461	4,205,167	-	-
AFS fair value reserve	33.	10,345	9,039	10,345	9,039
Revaluation reserve	34.	-		-		-		-
		15,852,782	16,424,827	7,597,189	7,844,800
Non-controlling interest	35.	624,987		820,834		-		-
Total equity		16,477,769		17,245,661		7,597,189		7,844,800
Total liabilities and equity		60,003,967	58,408,902	48,587,481	47,399,549

These consolidated financial statements were approved by the Board of Directors on 27th April, 2023 and signed on its behalf by

:

Emeka Ndu		Ugoji Lenin Ugoji	Okechukwu Nnake
Group Vice Chairman		Managing Director	Chief Financial Officer
FRC/2013/ICAN/00000003955		FRC/2015/NIM/00000012363	FRC/2013/ICAN/00000005362

The accompanying notes are an integral part of these consolidated financial statements.

3

C & I LEASING PLC

UNAUDITED CONSOLIDATED AND SEPARATE INCOME STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

		Group		Company
		3 Months to		3 Months to		3 Months to		3 Months to
		Mar 2023		Mar 2022		Mar 2023		Mar 2022
	Notes	N'000		N'000		N'000		N'000
Gross earnings		4,797,002	4,946,815	3,735,377	3,743,678
Lease rental income	38.	4,186,102	4,250,036	3,140,740	3,060,460
Lease expenses	44.	(1,981,205)		(2,106,506)		(1,751,979)		(1,854,024)
Net lease rental income		2,204,897		2,143,530		1,388,761		1,206,436
Net outsourcing income	40.	348,790		449,484		348,790		449,484
Tracking income	41.	31,107	36,373	31,107	36,373
Tracking expenses	41.	(16,605)	(18,610)	(16,605)	(18,610)
Net tracking income		14,502		17,763		14,502		17,763
Interest income	42.	1,388	3,615	144	2,077
Other operating income	43.	57,722	43,780	42,704	31,757
Income from Joint Venture		171,892	163,527	171,892	163,527
Finance cost	39.	(1,366,584)	(1,148,008)	(1,288,622)	(1,019,321)
		1,432,608		1,673,691		678,171		851,723
Impairment charge	37.	(1,164)	(9,539)	1,306	1,355
Depreciation expense	45.	(734,470)	(969,552)	(439,245)	(500,362)
Personnel expenses	46.	(314,566)	(348,531)	(273,502)	(305,123)
Other operating expenses	47.	(223,216)		(214,094)		(191,835)		(176,694)
Profit on continuing operations		159,192	131,976	(225,106)	(129,101)
before taxation
Income tax	23.1	(54,527)		(73,301)		(22,505)		(45,857)
Profit after tax		104,665	58,675	(247,611)	(174,958)
Profit attributable to:
Owners of the parent		78,022	43,479	(247,611)	(174,958)
Non-controlling interests		26,643	15,195
		104,665		58,675		(247,611)		(174,958)
Appropriation of profit attributable
to owners of the parent:
Transfer to statutory reserve		23,406	13,044	-	-
Transfer to statutory credit reserve
Transfer to retained earnings		54,615		30,435		(247,611)		(174,958)
		78,022		43,479		(247,611)		(174,958)
Basic earnings per share [kobo]	48.	10	6	(32)	(22)

The accompanying notes are an integral part of these consolidated financial statements.

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C & I LEASING PLC

CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS

FOR THE PERIOD ENDED MARCH 2023

		Group		Company
		31 March 2023		31 March 2022		31 March 2023		31 March 2022
	Notes	N'000		N'000		N'000		N'000
Cash flows from operating activities
Profit after tax		78,022	58,675	(247,611)	(174,958)
Adjustment for:
Depreciation of property, plant and equipment	18.	15,758	25,819	8,994	9,641
Depreciation of operating lease assets	17.	718,712	943,733	430,251	490,721
Amortisation of intangible assets	19.	2,518	2,538	2,505	2,505
Profit on disposal of operating lease assets		(11,035)	(14,267)	-	(5,313)
Foreign currency translation difference		(35,272)	(6,513)	-	-
Finance cost	39.	1,366,584	1,148,008	1,288,622	1,019,321
Prior year adjustment		158,695	(600,214)	190,821	123,666
Exchange loss/Gain adjustment		21,487	-	21,487	-
Gain on revaluation of AFS assts		(1,306)	(1,338)	(1,306)	(1,338)
Tax expense	23.2	54,527		73,301		22,505		45,857
		2,368,689	1,629,741	1,716,267	1,510,102
Changes in operating assets and liabilities
Increase/(Decrease) in loans and receivables		(134,209)	(62,890)	(136,641)	(72,204)
Increase/(Decrease) in trade and other receivables		(2,310,445)	2,429,360	(768,901)	1,835,980
Decrease in finance lease receivables		100,664	(899,277)	45,273	(794,149)
Decrease in other assets		(35,720)	(327,910)	(21,525)	(278,863)
Increase/(decrease) in trade and other payables		1,053,284	(1,172,186)	(67,495)	(936,733)
Increase/(decrease) in commercial papers		1,065,462	(98,194)	1,065,462	(94,679)
Decrease/(Increase) in Pension contribution		5,314	66,044	5,314	66,044
Increase/(decrease) in defered tax		(37,973)	(43,568)	-	-
Tax paid	23.2	-		-		-		-
Net cash from operating activities		2,075,067	1,521,120	1,837,756	1,235,498
Cash flows from investing activities
Proceeds from sale of property, plant and equipment		11,035	-	-	-
Purchase of property, plant and equipment	18.	-	(10,338)	-	-
Proceeds from sale of operating lease assets		-	-	-	5,313
Purchase of operating lease assets	17.	(1,075,357)	(2,155,000)	(1,075,357)	(2,155,000)
Acquisition of intangible assets		-	-	-	-
Proceed from investment in subsidiaries			-	-	-
Proceed from investment in joint ventures		266,205	65,047	266,205	65,047
Proceeds from sale of investment securities		-	-	-	-
Net cash used in investing activities		(798,116)		(2,100,290)		(809,152)		(2,084,640)
Cash flows from financing activities
Repayment of borrowings		-	-	-	-
Decrease/(increase) in borrowings		(1,389,494)	447,310	(1,196,544)	822,005
Finance cost	39.	(1,366,584)	(1,148,008)	(1,288,622)	(1,019,321)
Share of (profit)/loss to non-controlling interest	35.	26,643	158,706	-	-
Dividend paid	31.	-	-	-	-
Net cash from financing activities		(2,729,434)		(541,992)		(2,485,166)		(197,316)
Increase/(decrease) in cash and cash equivalents		(1,452,484)	(1,121,162)	(1,456,562)	(1,046,457)
Cash and cash equivalents at 1 January		(639,910)		481,251		(783,023)		263,434
Cash and cash equivalents at 31 March	36.	(2,092,395)	(639,910)	(2,239,585)	(783,023)

The accompanying notes are an integral part of these consolidated financial statements.

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