CWG : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

CONDENSED UNAUDITED GROUP FINANCIAL STATEMENTS JUNE 2022

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for Period Ended 30 June 2022

Condensed Statement of Profit or Loss

For the period ended 30 June 2022

	Group		Company	Group	Company
										Quarter 2		Quarter 2	Quarter 2		Quarter 2
	June 2022		June 2021		June 2022		June 2021	2022	2021		2022	2021
	N'000		N'000		N'000		N'000	N'000		N'000	N'000		N'000
Revenue	6,690,466	5,966,593		4,629,296	3,679,950			3,744,010	3,259,257		2,395,355	1,914,798
Cost of Sales	(4,953,025)	(4,501,003)		(3,350,142)	(2,671,142)			(2,794,180)	(2,423,389)		(1,707,915)	(1,373,612)
Gross Profit	1,737,441	1,465,590		1,279,153	1,008,808			949,830	835,868		687,440	541,186
Other Income	14,050	48,688		13,717	21,504			9,169	43,807		12,296	20,084
Operating Expenses	(1,229,102)	(1,045,725)		(947,914)	(793,381)			(664,786)	(596,219)		(507,898)	(439,201)
EBITDA	522,389	468,553		344,956	236,931			294,213	283,456		191,838	122,069
Depreciation and Amortisation	(133,678)	(127,733)		(124,114)	(124,774)			(64,767)	(58,823)		(56,661)	(57,320)
EBIT	388,711	340,819		220,842	112,158			229,446	224,633		135,177	64,749
Interest & Finance Charges	(22,045)	(24,580)		(19,674)	(17,308)			(6,623)	(9,157)		(7,399)	(5,033)
Profit / (Loss) before Tax	366,666	316,240		201,168	94,850			222,823	215,476		127,779	59,716
Income tax expense	(33,452)		(29,833)		(23,146)		(18,400)			(18,720)		(16,296)		(11,977)		(9,574)
Profit for the Period	333,214	286,407		178,022	76,450			204,103	199,179		115,802	50,142

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for Period Ended 30 June 2022

Condensed Statement of Financial Position
As at 30 June 2022
			Group		Company
		June 2022		December 2021	June 2022	December 2021
ASSETS		N'000			N'000	N'000	N'000
Non-Current Asset
Property,Plant & Equipment	7	503,489			451,899	489,987	445,661
Right of use asset	8	56,649			89,253	43,804	68,992
Intangible Asset	9	46,432			82,635	46,432	82,635
Investment in subsidiaries						273,284	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
		829,362			646,385	1,072,065	888,936
Current Asset
Inventories	10	501,051			584,242	501,051	511,737
Trade and other Receivables	11	10,001,965			6,104,482	8,125,151	5,255,722
Prepayments	12	1,909,735			164,704	1,896,554	134,259
Cash and cash equivalents	13	594,439			916,817	371,124	779,177
		13,007,190			7,770,245	10,893,880	6,680,895
Total Asset		13,836,552			8,416,630	11,965,945	7,569,831
Equity
Share capital	14i	1,262,413			1,262,413	1,262,413	1,262,413
Retained earnings	14ii	180,020			(153,194)	(147,992)	(326,014)
Available for sale financial assets reserve		10,972			10,972	10,972	10,972
Foreign currency translation reserve		(38,592)		(62,504)
		1,414,812			1,057,687	1,125,393	947,371
Non Current Liabilities
Lease	16	20,110			20,110	20,110	20,110
		20,110			20,110	20,110	20,110
Current Liabilities
Trade and other payables	15	10,006,212			6,767,329	8,451,784	6,147,775
Lease Liability	16	42,833			54,371	13,545	25,083
Short term loans and borrowing	17	412,974			151,370	412,974	85,747
Income tax payable	18	183,998			179,372	170,019	175,699
Contract Liability		1,755,613			186,391	1,772,120	168,046
		12,401,630			7,338,833	10,820,443	6,602,350
Total Liabilities		12,421,740			7,358,943	10,840,553	6,622,460
Total Equity and Liabilities		13,836,552			8,416,630	11,965,945	7,569,831

The financial statements was approved by the Board of Directors on 29 July 2022 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 Period Ended 30 June 2022

Condensed Statement of changes in equity

For the period ended 30 June 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					333,214	333,214
Other comprehensive income				23,912		23,912
At 30 June 2022	1,262,413	-	10,972.00	(38,592)	180,019	1,414,811
	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					87,227	87,227
Other comprehensive income				22,891		22,891
At 30 June 2021	1,262,413	1,852,748	3,974	(80,454)	(2,368,356)	670,325
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					178,022	178,022
At 30 June 2022		1,262,413	-	10,972	(147,992)	1,125,392
		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					26,308	26,308
Other comprehensive income						-
At 30 June 2021		1,262,413	1,852,748	3,974	(2,472,205)	646,929

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for Period Ended 30 June 2022

Condensed Statements of Cash Flow
For the period ended 30 June 2022
	Group		Company
	June 2022		June 2021	June 2022		June 2021
	N'000		N'000	N'000		N'000
Cash flows from operating activities
Profit before tax	366,666		316,240	201,168		94,850
Depreciation Property, Plant & Equipment	62,903		60,650	60,755		57,690
Depreciation Right of use asset	32,604		29,087	25,188		29,087
Amortisation of intangible assets	38,170		37,996	38,170		37,996
Finance Cost	22,045		24,580	19,674		17,308
Changes in working capital :
Changes in inventories	83,191		(948,253)	10,686		(934,645)
Changes in trade and other receivables	(3,897,483)		(1,893,588)	(2,869,429)		(886,699)
Changes in prepayments	(1,745,031)		214,448	(1,762,295)		201,974
Changes in Restricted cash	(100,438)		-	(100,438)		-
Changes in trade and other payables	3,238,884		1,156,694	2,304,010		533,803
Changes in contract Liability	1,569,222		1,095,794	1,604,074		1,085,813
Tax paid	(28,826)		(30,589)	(28,826)		(30,589)
Net Cash (used in) from operating activities	(358,092)		63,059	(497,262)		206,589
Cash flow from investing activities
Purchase of property,plant & equipment	(114,495)		(77,312)	(105,083)		(73,715)
Acquisition of Intangible asset	(1,967)			(1,967)
Investment in Notes	(200,194)			(200,194)
Net cash (used in) from investing activities	(316,656)		(77,312)	(307,244)		(73,715)
Cash flows from financing activities
Loan granted/(repayement)	(119,670)		(219,726)	(54,047)		(101,358)
Interest payment	(22,045)		(24,580)	(19,674)		(17,308)
Lease repayment	(11,538)		(9,148)	(11,538)		(9,148)
Net cash (used in) from financing activities	(153,253)		(253,454)	(85,259)		(127,814)
Increase/ (decrease) in cash	(828,001)		(267,708)	(889,765)		5,060
Net foreign exchange difference	23,912		11,064
Cash & Cash equivalents at beginning of Period	909,877		824,989	772,237		489,434
Cash & Cash equivalents at end of Period	105,787		568,345	(117,528)		494,494