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
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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
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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.