CWG : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

CONDENSED UNAUDITED GROUP FINANCIAL STATEMENTS DECEMBER 2021

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for Period Ended 31 December 2021

Condensed Statement of Profit or Loss

For the period ended 31 December 2021

	Group		Company	Group	Company
									Quarter 4		Quarter 4	Quarter 4		Quarter 4
	Dec 2021		Dec 2020		Dec 2021		Dec 2020	2021	2020		2021	2020
	N'000		N'000		N'000		N'000	N'000		N'000	N'000		N'000
Revenue	11,906,112	11,715,819		8,528,462	8,692,531		2,464,264	2,797,580		1,785,476	1,968,067
Cost of Sales	(8,895,736)	(9,080,002)		(6,260,213)	(6,638,481)		(1,640,141)	(2,316,229)		(1,134,003)	(1,596,255)
Gross Profit	3,010,376	2,635,817		2,268,249	2,054,050		824,123	481,351		651,473	371,812
Other Income	66,311	133,054		38,848	38,357		14,441	109,617		14,274	17,351
Operating Expenses	(2,231,661)	(1,847,247)		(1,743,531)	(1,427,549)		(631,492)	(372,552)		(490,606)	(231,830)
EBITDA	845,026	921,624		563,565	664,858		207,072	218,417		175,141	157,333
Depreciation and Amortisation	(180,375)	(277,078)		(176,287)	(257,625)		6,785	(110,250)		7,524	(99,209)
EBIT	664,652	644,546		387,279	407,233		213,857	108,166		182,665	58,124
Interest & Finance Charges	(44,909)	(97,283)		(32,517)	(77,290)		(9,219)	(68,995)		(5,858)	(60,059)
Profit / (Loss) before Tax	619,743	547,263		354,762	329,943		204,638	39,171		176,807	(1,935)
Income tax expense	(55,708)		(104,109)		(38,820)		(34,248)		(8,499)		(59,518)		(5,105)		(626)
Profit for the Period	564,034	443,154		315,941	295,695		196,139	(20,346)		171,701	(2,561)

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for Period Ended 31 December2021

Condensed Statement of Financial Position
As at 31 December 2021
		Group		Company
		Dec 2021		Dec 2020	Dec 2021		Dec 2020
ASSETS		N'000		N'000	N'000		N'000
Non-Current Asset
Property,Plant & Equipment	6	451,829		447,027	445,670		440,377
Right of use asset	7	72,701		72,627	67,029		66,955
Intangible Asset	8	82,634		156,073	82,634		156,073
Investment in subsidiaries					273,284		273,284
Available for sale financial assets		11,365		11,365	11,365		11,365
Deferred tax assets		623		623
		619,152		687,715	879,982		948,054
Current Asset
Inventories	9	583,864		585,515	511,737		585,515
Trade and other Receivables	10	6,154,686		5,299,040	5,024,463		4,649,282
Income tax receivable		17,163		17,163
Prepayments		222,055		630,365	134,258		613,605
Cash and cash equivalents	11	912,835		832,557	778,891		497,002
		7,890,603		7,364,640	6,449,350		6,345,404
Total Asset		8,509,755		8,052,355	7,329,332		7,293,457
Equity
Share capital	12	1,262,413		1,262,413	1,262,413		1,262,413
Share premium		-		1,852,748	-		1,852,748
Retained earnings		(38,800)		(2,455,582)	(329,825)		(2,498,515)
Available for sale financial assets reserve		3,974		3,974	3,974		3,974
Foreign currency translation reserve		(66,969)		(103,345)
		1,160,618		560,208	936,562		620,620
Non Current Liabilities
Deferred tax liabilities	16	2,098		2,098
Lease	14	20,809		20,110	15,463		20,110
		22,907		22,208	15,463		20,110
Current Liabilities
Trade and other payables	13	6,831,034		6,762,143	5,979,015		6,074,676
Lease Liability	14	28,423		32,972	28,423		27,626
Short term loans and borrowing		148,557		264,794	84,615		146,426
Income tax payable	15	140,119		130,851	117,201		124,821
Contract Liability		178,096		279,179	168,052		279,178
		7,326,230		7,469,939	6,377,307		6,652,727
Total Liabilities		7,349,137		7,492,147	6,392,770		6,672,837
Total Equity and Liabilities		8,509,755		8,052,355	7,329,332		7,293,458

The financial statements was approved by the Board of Directors on 28 December 2021 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 31 December 2021

Condensed Statement of changes in equity

For the period ended 31 December 2021

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 2021	1,262,413	1,852,748	3,974	(103,345)	(2,455,582)	560,208
	Profit for the year					564,034	564,034
	Share reconstruction		(1,852,748)			1,852,748	-
	Other comprehensive income				36,376		36,376
	Balance as at 31 Dec 2021	1,262,413	-	3,974	(66,969)	(38,800)	1,160,618
		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 2020	1,262,413	1,852,748	6,162	(30,667)	(2,898,736)	191,920
	Profit for the year					443,154	443,154
	Other comprehensive income			(2,188)	-72,678		(74,865)
	Balance as at 31 DEC 2020	1,262,413	1,852,748	3,974	(103,345)	(2,455,582)	560,208
	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 2021		1,262,413	1,852,748	3,974	(2,498,515)	620,620
	Profit for the year					315,941	315,941
	Share reconstruction			(1,852,748)		1,852,748	-
	Balance as at 31 Dec 2021		1,262,413	-	3,974	(329,825)	936,562
			Share Capital	Share Premium	Fair value reserve	Retained Earnings	Total
			N'000	N'000	N'000	N'000	N'000
	Balance at 1 January 2020		1,262,413	1,852,748	6,162	(2,794,210)	327,113
	Profit for the year				(2,188)	295,695	293,507
	Balance as at 31 DEC 2020		1,262,413	1,852,748	3,974	(2,498,515)	620,620

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for Period Ended 31 December 2021

Condensed Statements of Cash Flow
For the period ended 31 December 2021
	Group		Company
	Dec 2021		Dec 2020	Dec 2021		Dec 2020
	N'000		N'000	N'000		N'000
Cash flows from operating activities
Profit After tax	564,034		443,154	315,941		295,695
Depreciation Property, Plant & Equipment	54,254		120,051	50,166		109,630
Depreciation Right of use asset	50,016		71,599	50,016		62,656
Amortisation of intangible assets	76,105		85,428	76,105		85,428
Impairment			2,624			2624
Income tax expense	55,708		104,109	38,820		34,248
Expected credit loss			4,750			4750
Finance income			(504)			(504)
Finance Cost	44,909		97,283	32,517		77,290
Transfer to inventory	7,398		3,517	7,398		3,517
Net foreign exchange differences			(31,963)			0
(Gain)/Loss on disposal of property,plant & equipment	(5,358)		(10,947)	(5,358)		(10,947)
Changes in working capital :
Deferred tax assets			(1,300)
Changes in inventories	1,651		188,431	73,778		188,431
Changes in trade and other receivables	(871,465)		244,281	(391,000)		(14,997)
Changes in prepayments	408,310		17,451	479,347		(94,777)
Changes in Restricted cash	(6,940)		282,229	(6,940)		282,229
Changes in trade and other payables	234,545		(426,215)	69,993	-	351,132
Changes in contract Liability	(101,083)		(67,693)	(111,126)		53,764
Tax paid	(30,622)		(72,595)	(30,622)		(5,000)
Net Cash (used in) from operating activities	481,463		1,053,690	649,037		722,906
Cash flow from investing activities
Purchase of property,plant & equipment	(182,018)		(68,973)	(178,421)		(65,420)
Acquisition of ROU	(50,090)		(30,211)	(50,090)		(30,211)
Acquisition of Intangible asset	(2,666)			(2,666)
Proceeds from sale of equipment	5,358		22,282	5,358		22,282.00
Interest received			504			504
Net cash (used in) from investing activities	(229,416)		(76,398)	(225,819)		(72,845)
Cash flows from financing activities
Loan granted/(repayement)	(108,669)		(141,137)	(54,243)		(98,142)
Interest payment	(44,909)		(97,283)	(32,517)		(77,290)
Lease repayment	(53,939)		(50,434)	(53,939)		(41,808)
Net cash (used in) from financing activities	(207,517)		(288,854)	(140,700)		(217,240)
Increase/ (decrease) in cash	44,530		688,438	282,518		432,821
Net foreign exchange difference	36,376
Cash & Cash equivalents at beginning of Period	824,989		136,551	489,434		56,613
Cash & Cash equivalents at end of Period	905,895		824,989	771,952		489,434