C & I Leasing : AND I LEASING PL.- QUARTER 2 - FINANIAL STATEMENT FOR 2023

C & I LEASING PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023

C & I LEASING PLC

FOR THE PERIOD ENDED 30 JUNE 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 30 JUNE 2023

		Group		Company
		30 JUNE		31 December		30 JUNE		31 December
		2023	2022	2023	2022
	Notes	N'000		N'000		N'000		N'000
Assets
Cash and balances with banks	10.	1,709,475	1,150,255	917,482	1,047,561
Loans and receivables	11.	1,031,203	769,176	1,026,603	763,743
Trade and other receivables	12.	15,799,157	17,114,806	16,186,377	16,967,131
Due from related companies	12.1	-	-	3,401,384	4,421,662
Finance lease receivables	13.	2,436,359	2,146,988	1,652,486	1,988,845
Available for sale assets	14.	18,250	11,518	18,250	11,518
Investment in subsidiaries	15.	-	-	759,481	759,481
Investment in joint ventures		3,252,985	3,308,053	3,252,985	3,308,053
Other assets	16.	791,690	480,278	689,886	430,591
Operating lease assets	17.	37,178,977	32,123,479	16,779,064	16,511,609
Property, plant and equipment	18.	1,341,223	400,316	1,195,671	309,333
Intangible assets	19.	19,572	25,441	19,153	25,414
Deferred income tax assets	23.3	959,430		878,592		854,607		854,607
Total assets		64,538,320	58,408,902	46,753,429	47,399,549
Liabilities
Balances due to banks	20.	688,431	1,625,622	672,521	1,618,276
Commercial notes	21.	13,314,120	13,554,429	13,314,120	13,554,429
Trade and other payables	22.	6,672,205	5,083,946	5,086,836	4,418,140
Current income tax liability	23.2	646,066	642,081	627,078	598,872
Borrowings	24.	20,092,515	20,234,751	18,909,768	19,342,621
Retirement benefit obligations	26.	113,672		22,412		113,672		22,412
Total liabilities		41,527,009	41,163,241	38,723,995	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.	1,828,015	1,776,810	1,045,093	989,703
Statutory credit reserve	30.	351,372	351,372	380,152	380,152
Retained earnings	31.	4,473,180	4,355,006	866,411	738,473
Foreign currency translation reserve	32.	9,529,173	4,205,167	-	-
AFS fair value reserve	33.	10,345	9,039	10,345	9,039
Revaluation reserve	34.	-		-		-		-
		21,919,519	16,424,827	8,029,434	7,844,800
Non-controlling interest	35.	1,091,793		820,834		-		-
Total equity		23,011,311		17,245,661		8,029,434		7,844,800
Total liabilities and equity		64,538,320	58,408,902	46,753,429	47,399,549

These consolidated financial statements were approved by the Board of Directors on 28th July, 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.

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C & I LEASING PLC

UNAUDITED CONSOLIDATED AND SEPARATE INCOME STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

				Group							Company
		6 Months to		3 Months to	6 Months to		3 Months to		6 Months to		3 Months to		6 Months to		3 Months to
		June 2023		June 2023	June 2022		June 2022		June 2023		June 2023		June 2022		June 2022
	Notes	N'000		N'000	N'000		N'000		N'000		N'000		N'000
Gross earnings		10,021,087	5,224,085			9,721,518	4,774,703	8,380,227	4,644,850	7,378,436	3,634,759
Lease rental income	38.	8,500,968	4,314,866			8,091,957	3,841,922	6,235,034	3,094,294	5,773,056	2,712,596
Lease expenses	44.	(4,215,330)		(2,234,125)			(4,006,599)		(1,900,094)		(3,681,379)		(1,929,400)		(3,516,406)		(1,662,382)
Net lease rental income		4,285,638		2,080,741			4,085,358		1,941,828		2,553,655		1,164,894		2,256,650		1,050,214
Net outsourcing income	40.	689,211		340,420			891,706		442,223		689,211		340,420		891,706		442,223
Tracking income	41.	54,650	23,542			69,382	33,008	54,650	23,542	69,382	33,008
Tracking expenses	41.	(33,244)		(16,638)			(35,168)		(16,558)		(33,244)		(16,638)		(35,168)		(16,558)
Net tracking income		21,406		6,904			34,214		16,451		21,406		6,904		34,214		16,451
Interest income	42.	30,986	29,598			25,095	21,480	27,894	27,750	21,930	19,853
Other operating income	43.	362,840	305,118			320,021	276,240	991,007	948,303	299,005	267,248
Income from Joint Venture		382,432	210,541			323,357	159,830	382,432	210,541	323,357	159,830
Finance cost	39.	(2,694,800)		(1,328,216)			(2,313,443)		(1,165,435)		(2,553,599)		(1,264,977)		(2,101,992)		(1,082,671)
		3,077,713	1,645,105			3,366,308	1,692,616	2,112,005	1,433,834	1,724,871	873,148
Impairment charge	37.	(2,902)	(1,738)			(20,261)	(10,722)	6,732	5,426	3,306	1,951
Depreciation expense	45.	(1,498,171)	(763,701)			(1,972,526)	(1,002,974)	(859,186)	(419,941)	(1,072,797)	(572,435)
Personnel expenses	46.	(636,780)	(322,214)			(672,291)	(323,760)	(550,770)	(277,268)	(588,097)	(282,974)
Other operating expenses	47.	(587,595)		(364,379)			(449,630)		(235,536)		(495,940)		(304,105)		(380,775)		(204,082)
Profit on continuing operations		352,266	193,074			251,600	119,624	212,841	437,946	(313,492)	(184,391)
before taxation
Income tax	23.1	(111,448)		(56,921)			(117,110)		(43,809)		(28,207)		(5,702)		(52,874)		(7,017)
Profit after tax		240,818	136,153			134,490	75,815	184,634	432,245	(366,367)	(191,409)
Profit attributable to:
Owners of the parent		170,685	81,216			107,242	63,763	184,634	432,245	(366,367)	(191,409)
Non-controlling interests		70,132		54,937			27,248		12,053
		240,818	136,153			134,490	75,815	184,634	432,245	(366,367)	(191,409)
Appropriation of profit attributable
to owners of the parent:
Transfer to statutory reserve		51,206	24,365			32,173	19,129	55,390	129,673	-
Transfer to statutory credit reserve
Transfer to retained earnings		119,480		56,851			75,069	44,634		129,244		302,571		(366,367)		(191,409)
		170,685		81,216			107,242		63,763		184,634		432,245		(366,367)		(191,409)
Basic earnings per share [kobo]	48.	22	10			14	8	24	55	(47)	(24)

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 JUNE 2023

		Group			Company
		30 June 2023	30 June 2022		30 June 2023		30 June 2022
	Notes	N'000	N'000		N'000		N'000
Cash flows from operating activities
Profit after tax		170,685			134,490	184,634	(366,367)
Adjustment for:
Depreciation of property, plant and equipment	18.	29,075			50,007	13,809	19,028
Depreciation of operating lease assets	17.	1,469,096			1,922,519	845,377	1,053,768
Amortisation of intangible assets	19.	5,869			7,565	6,262	7,514
Profit on disposal of operating/finance lease assets		(131,803)			(21,759)	(28,695)	(6,963)
Foreign currency translation difference		(225,239)			(425,746)	-	-
Finance cost	39.	2,694,800			2,313,443	2,553,599	2,101,992
Prior year adjustment		(44,954)			(504,070)	24,582	569,136
Exchange loss/Gain adjustment		67,649			4,270	58,560	-
Deferred tax income					(28,420)
Gain on revaluation of AFS assts		(6,732)			(1,134)	(6,732)	(1,134)
Tax expense	23.2	111,448			117,110		28,207		52,874
		4,139,895			3,568,276	3,679,604	3,429,849
Changes in operating assets and liabilities
Increase/(Decrease) in loans and receivables		(130,224)			(246,991)	(234,165)	(260,720)
Increase/(Decrease) in trade and other receivables		1,315,649			1,692,561	1,801,032	1,135,595
Decrease in finance lease receivables		(289,371)			(728,452)	336,359	(671,362)
Decrease in other assets		(311,411)			(227,920)	(259,295)	(210,932)
Increase/(decrease) in trade and other payables		1,588,259			(64,578)	668,696	52,474
Increase/(decrease) in commercial papers		(240,308)			1,078,856	(240,308)	1,080,475
Decrease/(Increase) in Pension contribution		91,261			105,775	91,261	105,775
Increase/(decrease) in defered tax		(80,837)			(13,506)	-	-
Tax paid	23.2	(107,464)			(23,464)		-		(23,464)
Net cash from operating activities		5,975,447			5,140,558	5,843,183	4,637,691
Cash flows from investing activities
Proceeds from sale of property, plant and equipment		-			-	-	-
Purchase of property, plant and equipment	18.	(900,147)			-	(900,147)	-
Proceeds from sale of operating lease assets		-			-	-	-
Purchase of operating lease assets	17.	(1,112,833)			(2,907,624)	(1,112,833)	(2,907,624)
Acquisition of intangible assets		-			-	-	-
Proceed from investment in subsidiaries					-	-	-
Proceed from investment in joint ventures		55,068			852,373	55,068	852,373
Proceeds from sale of investment securities		-			-		-		-
Net cash used in investing activities		(1,957,911)			(2,055,251)	(1,957,911)	(2,055,251)
Cash flows from financing activities
Repayment of borrowings					-	(432,853)	-
Decrease/(increase) in borrowings		(142,236)			(1,775,265)	-	(1,089,878)
Finance cost	39.	(2,694,800)			(2,313,443)	(2,553,599)	(2,101,992)
Share of (profit)/loss to non-controlling interest	35.	270,958			170,759	-	-
Dividend paid	31.	-			-		-		-
Net cash from financing activities		(2,566,078)			(3,917,949)		(2,986,453)		(3,191,869)
Increase/(decrease) in cash and cash equivalents		1,451,458			(832,642)	898,819	(609,429)
Cash and cash equivalents at 1 January		(430,413)			402,229		(653,858)		(44,429)
Cash and cash equivalents at 31 June	36.	1,021,044			(430,413)	244,961	(653,858)

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

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