C & I Leasing : AND I LEASING PL.- QUARTER 3 - FINANIAL STATEMENT FOR 2022

C & I LEASING PLC

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

C & I LEASING PLC

FOR THE PERIOD ENDED 30 SEPTEMBER 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	8-57

C&I LEASING PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2022

		Group		Company
		30 September		31 December		30 September		31 December
		2022	2021	2022	2021
	Notes	N'000		N'000		N'000		N'000
Assets
Cash and balances with banks	10.	605,519	1,133,584	534,452	877,097
Loans and receivables	11.	1,278,926	859,026	1,272,557	840,241
Trade and other receivables	12.	16,697,809	18,010,614	16,307,005	17,027,412
Due from related companies		-	-	3,885,390	4,195,953
Finance lease receivables	13.	2,473,331	1,847,130	2,288,239	1,728,266
Available for sale assets	14.	10,314	9,686	10,314	9,686
Investment in subsidiaries	15.	-	-	759,481	759,467
Investment in joint ventures		3,008,127	3,695,333	3,008,127	3,695,333
Other assets	16.	483,640	283,618	402,350	218,684
Operating lease assets	17.	30,112,647	30,106,654	16,222,823	15,201,254
Property, plant and equipment	18.	1,227,718	1,291,111	1,137,123	1,164,502
Intangible assets	19.	29,210	42,581	29,172	42,437
Deferred income tax assets	23.3	877,226		854,607		854,607		854,607
Total assets		56,804,468	58,133,943	46,711,641	46,614,938
Liabilities
Balances due to banks	20.	1,482,518	1,032,615	1,456,930	1,032,604
Commercial notes	21.	12,882,692	11,614,608	12,873,802	11,602,280
Trade and other payables	22.	5,412,035	5,659,299	4,568,043	4,573,669
Current income tax liability	23.2	429,740	609,239	389,413	496,977
Borrowings	24.	20,516,463	23,431,386	19,569,703	21,475,472
Retirement benefit obligations	26.	130,136	23,832	130,136	23,832
Deposit for shares	28.	1,975,000	1,975,000	1,975,000	1,975,000
Deferred income tax liability		-		13,506		-		-
Total liabilities		42,828,585	44,359,487	40,963,027	41,179,835
Equity
Share capital	27.	390,823	390,823	390,823	390,823
Share premium		3,361,609	3,361,609	3,361,609	3,361,609
Statutory reserve	29.	1,524,989	1,262,038	873,770	873,770
Statutory credit reserve	30.	351,372	643,413	380,152	638,779
Retained earnings	31.	3,301,055	2,879,061	19,063	(553,075)
Foreign currency translation reserve	32.	3,393,453	3,848,909	-	-
AFS fair value reserve	33.	6,706	6,706	6,706	6,706
Revaluation reserve	34.	716,490		716,490		716,490		716,490
		13,046,498	13,109,050	5,748,614	5,435,103
Non-controlling interest	35.	929,385		665,406		-		-
Total equity		13,975,883		13,774,456		5,748,614		5,435,103
Total liabilities and equity		56,804,468	58,133,943	46,711,641	46,614,938

These consolidated financial statements were approved by the Board of Directors on 20th October, 2022 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 INCOME STATEMENT

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

				Group							Company
		9 Months to		3 Months to	9 Months to		3 Months to		9 Months to		3 Months to		9 Months to		3 Months to
		Sept 2022		Sept 2022	Sept 2021		Sept 2021		Sept 2022		Sept 2022		Sept 2021		Sept 2021
	Notes	N'000					N'000				N'000				N'000
Gross earnings		14,927,139	5,205,621			13,942,059	4,676,101	11,496,576	4,118,139	9,808,695	3,281,776
Lease rental income	38.	12,098,779	4,006,822			11,833,009	4,042,437	8,729,134	2,956,078	7,832,043	2,698,841
Lease expenses	44.	(6,179,870)		(2,173,271)			(5,403,665)		(1,917,522)		(5,486,096)		(1,969,690)		(4,612,851)		(1,642,248)
Net lease rental income		5,918,909		1,833,551			6,429,344		2,124,915		3,243,039		986,389		3,219,192		1,056,593
Net outsourcing income	40.	1,218,161		326,455			886,950		289,841		1,218,161		326,455		886,950		289,841
Tracking income	41.	101,075	31,693			116,461	33,746	101,075	31,693	116,461	33,746
Tracking expenses	41.	(45,720)		(10,552)			(63,614)		(19,768)		(45,720)		(10,552)		(63,614)		(19,768)
Net tracking income		55,355		21,141			52,848		13,977		55,355		21,141		52,848		13,977
Interest income	42.	26,611	1,517			3,170	(13,011)	22,300	370	3,151	1,524
Other operating income	43.	986,726	666,705			661,332	176,141	930,119	631,114	528,953	110,876
Income from Joint Venture		495,786	172,429			441,137	146,948	495,786	172,429	441,137	146,948
Finance cost	39.	(3,532,381)		(1,218,938)			(3,398,873)		(1,194,299)		(3,237,894)		(1,135,903)		(2,750,146)		(998,903)
		5,169,167	1,802,859			5,075,907	1,544,512	2,726,865	1,001,995	2,382,085	620,856
Impairment charge	37.	7,881	28,142			(43,855)	(28,037)	2,801	(506)	288	615
Depreciation expense	45.	(2,985,386)	(1,012,860)			(3,217,393)	(1,099,481)	(1,662,053)	(589,257)	(1,586,043)	(553,930)
Personnel expenses	46.	(999,831)	(327,540)			(843,373)	(278,908)	(883,125)	(295,027)	(745,271)	(244,812)
Other operating expenses	48.	(668,131)		(218,501)			(828,378)		(282,076)		(570,015)		(189,240)		(665,968)		(231,096)
Profit on continuing operations		523,700	272,100			142,908	(143,989)	(385,527)	(72,035)	(614,909)	(408,367)
before taxation
Income tax	23.1	(154,535)		(37,425)			(312,907)		(139,009)		(65,944)		(13,070)		(180,009)		(93,976)
Profit after tax		369,165	234,675			(169,999)	(282,999)	(451,471)	(85,105)	(794,918)	(502,344)
Profit attributable to:
Owners of the parent		313,863	194,568			(181,912)	(305,809)	(451,471)	(85,105)	(794,918)	(502,362)
Non-controlling interests		55,302		40,107			11,914		22,810
		369,165	234,675			(169,999)	(282,999)	(451,471)	(85,105)	(794,918)	(502,362)
Appropriation of profit attributable
to owners of the parent:
Transfer to statutory reserve		229,600	193,812			(54,574)	(91,743)	-			-
Transfer to statutory credit reserve
Transfer to retained earnings		84,263		756			73,695		(214,066)		(451,471)		(85,105)		(794,918)		(502,362)
		313,863		194,568			19,121		(305,809)		(451,471)		(85,105)		(794,918)		(502,362)
Basic earnings per share [kobo]	49.	40	25			(23)	(39)	(58)	(11)	(102)	(64)

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

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C & I LEASING PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED SEPTEMBER 2022

			Group		Company
		30	September		30 September		30 September		30 September
			2022	2021	2022	2021
	Notes	N'000		N'000		N'000		N'000
Cash flows from operating activities
Profit after tax			369,165	(169,999)	(451,471)	(794,918)
Adjustment for:
Depreciation of property, plant and equipment	18.		71,466	1,042,283	27,379	34,093
Depreciation of operating lease assets	17.		2,913,920	2,175,110	1,634,674	1,553,077
Amortisation of intangible assets	19.		11,336	11,600	11,271	2,467
Profit on disposal of operating lease assets			(897,494)	(220,025)	(850,703)	-
Foreign currency translation difference			(452,183)	888,835	-
Finance cost	39.		3,532,381	3,398,873	3,237,894	2,750,146
Prior year adjustment			(148,938)	(448,220)	732,216	303,760
Exchange loss/Gain adjustment			15,033	(147,492)	18,418	(147,492)
Gain on revaluation of AFS assts			(628)	(288)	(628)	(288)
Tax expense	23.2		154,535		312,907		65,944		180,009
			5,568,594	6,843,586	4,424,994	3,880,854
Changes in operating assets and liabilities
Increase/(Decrease) in loans and receivables			(419,900)	(270,364)	(432,316)	(265,116)
Increase/(Decrease) in trade and other receivables			1,312,805	(832,118)	1,030,970	(1,214,830)
Decrease in finance lease receivables			(626,202)	236,495	(559,974)	257,866
Decrease in other assets			(200,022)	(728,255)	(183,666)	28,178
Increase/(decrease) in trade and other payables			(247,265)	352,146	(5,625)	12,108
Increase/(decrease) in commercial papers			1,268,084	(5,298,778)	1,271,521	(5,300,446)
Decrease/(Increase) in Pension contribution			106,304	26,564	106,304	26,564
Deferred tax paid			(36,124)	(75,273)	-	(1,407)
Tax paid	23.2		(23,964)		(325,623)		(23,964)		(325,623)
Net cash from operating activities			6,702,310	(71,621)	5,628,244	(2,901,852)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment			-	70,409	-	25,136
Purchase of property, plant and equipment	18.		-	(12,010)	-	(4,544)
Proceeds from sale of operating lease assets			923,744	-	1,007,592	143,489
Purchase of operating lease assets	17.		(2,789,204)	(2,172,129)	(2,738,311)	(937,907)
Acquisition of intangible assets			-	(48,420)	-	(45,085)
Proceed from investment in subsidiaries				385,381	-	-
Additional investment in joint ventures			687,206	(857,395)	687,206	(857,395)
Proceeds from sale of investment securities			-		2,210		-		2,210
Net cash used in investing activities			(1,178,255)	(2,631,955)	(1,043,513)	(1,674,096)
Cash flows from financing activities
Repayment of borrowings			-	-	-	-
Increase/(decrease) in borrowings			(2,914,923)	5,953,344	(1,905,769)	7,334,566
Finance cost	39.		(3,532,381)	(3,398,873)	(3,237,894)	(2,750,146)
Share of (profit)/loss to non-controlling interest	35.		263,980	-	-	-
Dividend paid	31.		-		(539,082)		-		(539,082)
Net cash from financing activities			(6,183,325)		2,015,388		(5,143,663)		4,045,338
Increase/(decrease) in cash and cash equivalents			(659,269)	(688,187)	(558,933)	(530,610)
Cash and cash equivalents at 1 January			(217,731)		470,456		(363,545)		167,065
Cash and cash equivalents at 30 September	36.		(877,000)	(217,731)	(922,478)	(363,545)

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

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