CONSOLIDATED FINANCIAL REPORTS
FOR THE HALF YEAR ENDED
30TH JUNE 2022
Custodian Investment Plc | ||||||||
Financial Reports (unaudited) | ||||||||
30 June 2022 | ||||||||
Consolidated and separate statement of financial position | ||||||||
As at 30 June 2022 | ||||||||
Group | Group | Company | Company | |||||
In thousands of naira | Note | 30-Jun-22 | 31-Dec-21 | 30-Jun-22 | 31-Dec-21 | |||
Unaudited | Audited | Unaudited | Audited | |||||
Assets | ||||||||
Cash and cash equivalents | 5 | 17,596,380 | 17,176,184 | 1,065,473 | 601,326 | |||
Trade receivables | 7 | 2,842,785 | 174,759 | - | - | |||
Financial assets: | 6 | 123,755,716 | 113,959,758 | 4,979,142 | 5,474,647 | |||
- Fair value through profit or loss | 72,809,184 | 68,536,913 | 556,189 | 1,101,825 | ||||
- Fair value through OCI | 2,229,402 | 1,391,534 | 391,000 | 391,000 | ||||
- Debt securities at amortised cost | 48,717,130 | 44,031,311 | 4,031,953 | 3,981,822 | ||||
Reinsurance assets | 8 | 15,630,333 | 8,252,161 | - | - | |||
Inventories | 9 | 5,508,344 | 6,084,508 | - | - | |||
Deferred acquisition costs | 10 | 1,663,490 | 784,693 | - | - | |||
Other receivables and prepayments | 11 | 6,077,609 | 6,022,573 | 2,836,445 | 1,904,939 | |||
Right-of-use-assets | 20 | 54,755 | 69,862 | - | - | |||
Investment in subsidiaries | 12 | - | - | 15,373,012 | 15,373,012 | |||
Investments in joint ventures | 14 | 130,392 | 130,393 | - | - | |||
Investment in associates | 13 | 3,897,037 | 4,801,675 | 525,364 | 525,364 | |||
Investment properties | 15 | 11,775,023 | 11,760,655 | 7,081,066 | 7,081,066 | |||
Assets of disposal group classified as | ||||||||
held for sale | 16 | 8,083,946 | 8,086,683 | - | - | |||
Property, plant and equipment | 18 | 4,583,330 | 4,696,005 | 220,786 | 94,548 | |||
Intangible assets | 17 | 141,716 | 172,486 | 20,943 | 25,132 | |||
Statutory deposits | 19 | 2,382,008 | 2,299,144 | - | - | |||
Total assets | 204,122,864 | 184,471,539 | 32,102,231 | 31,080,034 | ||||
Liabilities and equity | ||||||||
Liabilities | ||||||||
Insurance contract liabilities | 21 | 104,998,314 | 85,036,841 | - | - | |||
Investment contract liabilities | 22 | 8,279,560 | 8,616,191 | - | - | |||
Interest bearing Loans and Borrowings | 23 | 2,516,509 | 2,516,621 | |||||
Trade payables | 24 | 6,712,847 | 8,618,956 | - | - | |||
Liabilities of disposal group classified as | ||||||||
held for sale/distribution to owners | 25 | 1,226,051 | 1,187,895 | - | - | |||
Other payables | 26 | 9,652,394 | 10,159,372 | 1,311,413 | 1,258,315 | |||
Current income tax payable | 27 | 2,207,504 | 1,941,504 | 1,021,171 | 657,323 | |||
Deferred tax liabilities | 28 | 2,134,373 | 2,134,377 | 624,088 | 624,088 | |||
Total liabilities | 137,727,552 | 120,211,757 | 2,956,672 | 2,539,726 | ||||
Equity | ||||||||
Issued share capital | 29 | 2,940,933 | 2,940,933 | 2,940,933 | 2,940,933 | |||
Share premium | 30 | 6,412,357 | 6,412,357 | 6,412,357 | 6,412,357 | |||
Retained earnings | 31 | 33,505,247 | 31,613,718 | 19,792,269 | 19,187,018 | |||
Contingency reserve | 31 | 13,272,926 | 12,961,014 | - | - | |||
Fair value reserves | 31 | 429,205 | 504,196 | - | - | |||
Revaluation reserve | 31 | 685,081 | 685,081 | - | - | |||
Equity attributable to owners of the parent | 57,245,749 | 55,117,299 | 29,145,559 | 28,540,308 | ||||
Non-controlling interests | 9,149,563 | 9,142,483 | - | - | ||||
Total equity | 66,395,312 | 64,259,782 | 29,145,559 | 28,540,308 | ||||
Total equity and liabilities | 204,122,864 | 184,471,539 | 32,102,231 | 31,080,034 |
The accounts were approved by the Board of directors on 29 July 2022 and signed on its behalf by:
Dr. (Mrs.) Omobola Johnson | Wole Oshin | Ademola Ajuwon | ||
Chairman | Managing Director | Chief Financial Officer | ||
FRC/2018/IODN/00000018366 | FRC/2013/CIIN/00000003054 | FRC/2013/ICAN/00000002068 |
2
Custodian Investment Plc
Financial Reports (unaudited)
30 June 2022
Consolidated and separate statements of profit or loss and other comprehensive income
For the period ended 30 June 2022
Group | Group | Group | Group | Company | Company | Company | Company | ||
Q2 ended | Q2 ended | Year to date | Year to date | Q2 ended | Q2 ended | Year to date | Year to date | ||
In thousands of naira | Note | 30-Jun-22 | 30-Jun-21 | 30-Jun-22 | 30-Jun-21 | 30-Jun-22 | 30-Jun-21 | 30-Jun-22 | 30-Jun-21 |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | ||
Gross Revenue | 25,113,101 | 22,873,279 | 48,497,997 | 42,188,105 | 2,574,830 | 3,349,847 | 4,094,969 | 4,615,782 | |
Interest income | 33 | 3,359,006 | 2,867,838 | 6,908,800 | 5,330,897 | 16,241 | 166,736 | 38,872 | 197,322 |
Operating and Investment Income | 32 | 21,754,095 | 20,005,442 | 41,589,197 | 36,857,208 | 2,558,589 | 3,183,111 | 4,056,097 | 4,418,460 |
Operating Expenses | 34 | (14,537,116) | (11,962,429) | (27,253,172) | (23,241,621) | - | - | - | - |
Change in Provision for Outstanding Claims and | |||||||||
Life Fund Estimate | 34(iii) | (3,119,756) | (1,633,618) | (9,814,634) | 10,588,495 | - | - | - | - |
Net income | 7,456,229 | 9,277,232 | 11,430,191 | 29,534,979 | 2,574,830 | 3,349,847 | 4,094,969 | 4,615,782 | |
Net fair value losses | 35 | (2,584,727) | (3,475,198) | (1,432,972) | (22,101,453) | (29,328) | (44,148) | (120,715) | (97,105) |
Net realised gains | 36 | 1,329,781 | 703,950 | 1,821,626 | 3,179,137 | 25,950 | 490 | 28,515 | 490 |
Impairment allowance | 38 | - | 140,462 | (19,671) | (101,248) | - | (75,000) | - | (450,000) |
Finance costs | 39 | (40,124) | (171,868) | (93,845) | (368,059) | - | - | - | - |
Management expenses | 37 | (2,495,224) | (2,377,665) | (4,873,731) | (4,493,236) | (314,426) | (241,780) | (666,918) | (646,654) |
Share of result of associates | 13 | (385,452) | - | (758,477) | - | - | - | ||
Profit before taxation | 3,280,483 | 4,096,913 | 6,073,121 | 5,650,120 | 2,257,026 | 2,989,409 | 3,335,851 | 3,422,513 | |
Income tax expenses | 27 | (724,754) | (550,441) | (1,322,260) | (987,411) | (240,854) | (388,983) | (377,854) | (421,983) |
Profit from continuing operation | 2,555,729 | 3,546,472 | 4,750,861 | 4,662,709 | 2,016,172 | 2,600,426 | 2,957,997 | 3,000,530 | |
Discontinued operations | |||||||||
Loss from discontinued operation | 41 | (19,559) | (39,454) | (28,287) | (29,316) | - | - | - | - |
Profit for the period | 2,536,170 | 3,507,018 | 4,722,574 | 4,633,393 | 2,016,172 | 2,600,426 | 2,957,997 | 3,000,530 | |
Other comprehensive income (OCI): | |||||||||
Items that will not be reclassified to profit or loss | |||||||||
Equity-accounted investee -share of OCI | 13 | (6,818) | - | (6,818) | - | - | - | ||
Net gain/(loss) on equity instrument at FVOCI | 40 | 1,990 | (91,589) | (133,545) | (75,126) | - | - | - | - |
Other comprehensive income for the period net | |||||||||
of tax | (4,828) | (91,589) | (140,363) | (75,126) | - | - | |||
Total comprehensive income for the period | 2,531,342 | 3,415,430 | 4,582,211 | 4,558,267 | 2,016,172 | 2,600,426 | 2,957,997 | 3,000,530 | |
Profit for the period attributable to: | |||||||||
- Owners of the parent | 2,489,382 | 3,552,438 | 4,556,187 | 4,799,625 | 2,016,172 | 2,600,426 | 2,957,997 | 3,000,530 | |
- Non-controlling interests | 46,788 | (45,420) | 166,387 | (166,232) | - | - | - | - | |
2,536,170 | 3,507,018 | 4,722,574 | 4,633,393 | 2,016,172 | 2,600,426 | 2,957,997 | 3,000,530 | ||
Total comprehensive income attributable to: | |||||||||
- Owners of the parent | 2,396,136 | 3,409,088 | 4,447,005 | 4,666,200 | 2,016,172 | 2,600,426 | 2,957,997 | 3,000,530 | |
- Non-controlling interests | 135,206 | 6,342 | 135,206 | (107,933) | - | - | |||
2,531,342 | 3,415,430 | 4,582,211 | 4,558,267 | 2,016,172 | 2,600,426 | 2,957,997 | 3,000,530 | ||
Earnings/(loss) per share: | |||||||||
From continuing operations | |||||||||
Basic/diluted earnings per share (kobo) | 42 | 43 | 61 | 78 | 82 | 34 | 44 | 50 | 51 |
From continuing and discontinued operations | |||||||||
Basic/diluted earnings per share (kobo) | 42 | 43 | 60 | 78 | 82 | 34 | 44 | 50 | 51 |
3
Custodian Investment Plc
Consolidated and separate statement of changes in equity | Financial Reports (unaudited) | |||||||||||||||||
30 June 2022 | ||||||||||||||||||
For the period ended 30 June 2022 | ||||||||||||||||||
Group | Attributable to owners of the Parent | |||||||||||||||||
Issued share | Share | Retained | Revaluation | Other | Fair Value | Non-controlling | ||||||||||||
In thousands of naira | capital | premium | earnings | Contingency | reserve | Reserve | Reserve | Reserve | Total | interests | Total equity | |||||||
At 1 January 2022 | 2,940,933 | 6,412,357 | 31,613,718 | 12,961,014 | 685,081 | - | 504,196 | 55,117,299 | 9,142,483 | 64,259,782 | ||||||||
Profit for the period | - | - | 4,556,187 | - | - | - | 4,556,187 | 166,387 | 4,722,574 | |||||||||
Other comprehensive income | - | - | - | - | (74,991) | (74,991) | (65,372) | (140,363) | ||||||||||
Transfer between reserves | - | - | (311,912) | 311,912 | - | - | - | - | - | - | ||||||||
2,940,933 | 6,412,357 | 35,857,993 | 13,272,926 | 685,081 | - | 429,205 | 59,598,495 | 9,243,498 | 68,841,993 | |||||||||
Dividend Paid | - | - | (2,352,746) | - | - | - | (2,352,746) | (93,935) | (2,446,681) | |||||||||
At 30 June 2022 | 2,940,933 | 6,412,357 | 33,505,247 | 13,272,926 | 685,081 | - | 429,205 | 57,245,749 | 9,149,563 | 66,395,312 | ||||||||
At 1 January 2021 | 2,940,933 | 6,412,357 | 25,379,762 | 11,679,092 | 698,693 | 538,075 | 47,648,912 | 9,857,472 | 57,506,384 | |||||||||
Profit for the period | - | - | 4,799,625 | - | - | 4,799,625 | (166,232) | 4,633,393 | ||||||||||
Other comprehensive income | - | - | (97,444) | 12,512 | (84,932) | 9,806 | (75,126) | |||||||||||
Share of profit | - | - | - | - | - | - | - | - | ||||||||||
Indirect NCI | - | - | - | - | ||||||||||||||
Transfer between reserves | - | - | (1,028,007) | 1,028,007 | - | - | ||||||||||||
2,940,933 | 6,412,357 | 29,151,380 | 12,707,099 | 601,249 | 550,587 | 52,363,605 | 9,701,046 | 62,064,651 | ||||||||||
Dividend Paid | (2,646,839) | - | (2,646,839) | (110,079) | (2,756,918) | |||||||||||||
At 30 June 2021 | 2,940,933 | 6,412,357 | 26,504,541 | 12,707,099 | 601,249 | 550,587 | 49,716,766 | 9,590,967 | 59,307,733 | |||||||||
Company | Attributable to owners of the Company | |||||||||||||||||
Issued share | Share | Retained | Revaluation | Fair value | ||||||||||||||
In thousands of naira | capital | premium | earnings | Contingency | reserve | Reserve | reserve | Total | ||||||||||
At 1 January 2022 | 2,940,933 | 6,412,357 | 19,187,018 | - | - | - | 28,540,308 | |||||||||||
Profit for the period | - | - | 2,957,997 | - | - | - | 2,957,997 | |||||||||||
Dividend Paid | - | - | (2,352,746) | - | - | - | (2,352,746) | |||||||||||
At 30 June 2022 | 2,940,933 | 6,412,357 | 19,792,269 | - | - | - | 29,145,559 | |||||||||||
At 1 January 2021 | 2,940,933 | 6,412,357 | 15,844,282 | - | - | - | 25,197,572 | |||||||||||
2,940,933 | 6,412,357 | 15,844,282 | - | - | - | 25,197,572 | ||||||||||||
Profit or loss for the period | - | - | 3,000,530 | - | - | - | 3,000,530 | |||||||||||
Dividend Paid | (2,646,839) | (2,646,839) | ||||||||||||||||
At 30 June 2021 | 2,940,933 | 6,412,357 | 16,197,973 | - | - | - | 25,551,263 | |||||||||||
4
Custodian Investment Plc | ||||||||
Financial Reports (unaudited) | ||||||||
30 June 2022 | ||||||||
Consolidated and separate statement of cash flows | ||||||||
For the period ended 30 June 2022 | ||||||||
Group | Group | Company | Company | |||||
In thousands of naira | Note | 30-Jun-22 | 30-Jun-21 | 30-Jun-22 | 30-Jun-21 | |||
Cash flows from operating activities | ||||||||
Profit/(loss) before taxation | 6,073,121 | 5,650,120 | 3,335,851 | 3,422,513 | ||||
Adjustments for non-cash items: | ||||||||
- Fair value (gain)/loss | 35 | 1,259,939 | 22,678,459 | 120,643 | 97,105 | |||
- Depreciation | 18 | 269,269 | 237,467 | 30,814 | 18,743 | |||
- Deprecition on right-of-use assets | 20 | 20,759 | 31,659 | - | - | |||
- Impairment charge | 38 | 19,671 | 101,248 | - | 450,000 | |||
- Amortisation of intangible assets and deferred expense | 17 | 47,783 | 42,892 | 4,189 | - | |||
- Profit on disposal of property, plant and equipment | (5,875) | (11,598) | (1,200) | - | ||||
- (Gain)/loss on disposal equities & other investment | 36 | (1,322,179) | (2,487,982) | (27,315) | - | |||
- Exchange rate differential | 173,033 | 1,008,470 | 72 | (490) | ||||
- Share of result of associate | 13 | 758,477 | - | - | - | |||
- Dividend income | (568,201) | (387,860) | (3,189,583) | (3,683,417) | ||||
- Interest income | (504,550) | (396,965) | (14,303) | (163,806) | ||||
- Investment income | (6,404,250) | (4,933,932) | (24,569) | (33,516) | ||||
- Net gain/(losses) on fair value through OCI assets | 74,991 | 12,512 | - | - | ||||
Changes in working capital: | ||||||||
(Increase)/Decrease in reinsurance assets | (7,378,172) | (4,422,084) | - | - | ||||
(Increase)/Decrease in other receivables and prepayment | (55,036) | 218,396 | (931,506) | (1,132,021) | ||||
Decrease in trade receivables | (2,668,026) | (37,512) | - | - | ||||
Increase/(Decrease) in deferred acquisition cost | (878,797) | (622,359) | - | |||||
Increase/ (Decrease) in insurance contract liabilities | 19,961,473 | (4,829,074) | - | - | ||||
Increase /(Decrease) in investment contract liabilities | (336,631) | 958,037 | - | - | ||||
Increase / (Decrease) in other liablilities | (506,978) | 1,286,971 | 53,100 | 18,483 | ||||
Increase / (Decrease) in trade payable | (1,906,109) | 650,936 | - | - | ||||
Increase / (Decrease) in inventories | 576,164 | 143,622 | - | - | ||||
Increase / (Decrease) in statutory deposit | (82,864) | (1,480,417) | - | - | ||||
Increase / (Decrease) in borrowings | (112) | (2,753,556) | - | - | ||||
Income tax paid | (1,056,260) | (1,268,362) | (14,006) | (359,775) | ||||
Net cash provided/(utilised) by operating activities | 5,560,640 | 9,389,088 | (657,813) | (1,366,181) | ||||
Cash flows from investing activities | ||||||||
Purchase of property, plant and equipment | 18 | (305,130) | (420,052) | (157,054) | (24,522) | |||
Purchase of ROU asset | 20 | (15,094) | (27,325) | - | - | |||
Proceeds on disposal of property, plant and equipment | 6,027 | 21,442 | 1,200 | - | ||||
Purchase of intangible | (24,437) | (36,329) | - | - | ||||
Net (Purchase)/redemption to investments (financial assets) | (9,653,851) | (12,483,109) | 402,177 | (939,930) | ||||
Purchase of investment in associate/subsidiary | 12 | - | - | - | (100,000) | |||
Purchase of investment properties | 15 | (5,247) | (1,829) | - | - | |||
Dividend received | 568,201 | 387,860 | 3,189,583 | 3,683,417 | ||||
Investment income received | 6,908,800 | 5,330,897 | 38,872 | 197,322 | ||||
Net cash provided/(used) in investing activities | (2,520,730) | (7,228,445) | 3,474,778 | 2,816,287 | ||||
Cash flows from financing activities | ||||||||
Fair value of loan from equity holders | - | - | - | - | ||||
Dividend Paid during the period | (2,446,681) | (2,756,918) | (2,352,746) | (2,646,839) | ||||
(2,446,681) | (2,756,918) | (2,352,746) | (2,646,839) | |||||
Net increase/(decrease) in cash and cash equivalents | 593,229 | (596,275) | 464,219 | (1,196,733) | ||||
Cash and cash equivalents at begining of the year | 17,176,184 | 13,743,138 | 601,326 | 1,654,286 | ||||
Effect of change in exchange rate | (173,033) | (1,008,470) | (72) | 31,443 | ||||
Cash and cash equivalents at end of the period | 17,596,380 | 12,138,393 | 1,065,473 | 488,996 | ||||
5
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Custodian Investment plc published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 15:12:14 UTC.