CWG : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

CONDENSED UNAUDITED GROUP FINANCIAL STATEMENTS SEPTEMBER 2022

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for Period Ended 30 September 2022

Condensed Statement of Profit or Loss

For the period ended 30 September 2022

	Group	Company	Group	Company
									Quarter 3		Quarter 3	Quarter 3		Quarter 3
	September 2022	September 2021	September 2022	September 2021	2022	2021		2022	2021
	N'000		N'000	N'000		N'000	N'000		N'000	N'000		N'000
Revenue	10,162,359	9,441,849		6,962,629	6,742,986		3,471,892	3,475,256		2,333,334	3,063,036
Cost of Sales	(7,589,421)	(7,255,595)		(4,992,602)	(5,126,210)		(2,636,396)	(2,754,592)		(1,629,132)	(2,455,068)
Gross Profit	2,572,937	2,186,254		1,970,027	1,616,776		835,496	720,664		704,202	607,968
Other Income	36,169	51,871		22,578	24,574		22,120	46,990		8,861	3,070
Operating Expenses	(1,883,598)	(1,600,170)		(1,486,574)	(1,252,926)		(654,496)	(554,444)		(551,988)	(459,544)
EBITDA	725,508	637,955		506,032	388,425		203,119	213,209		161,076	151,494
Depreciation and Amortisation	(208,090)	(187,160)		(195,631)	(183,810)		(74,412)	(118,250)		(71,517)	(59,037)
EBIT	517,418	450,795		310,401	204,614		128,707	94,959		89,559	92,457
Interest & Finance Charges	(34,544)	(35,690)		(32,173)	(26,659)		(12,499)	(20,268)		(12,499)	(9,352)
Profit / (Loss) before Tax	482,874	415,105		278,229	177,955		116,208	74,692		77,060	83,105
Income tax expense	(50,812)		(47,209)		(34,813)		(33,715)		(17,359)		(17,376)		(11,667)		(15,315)
Profit for the Period	432,062	367,895		243,415	144,240		98,849	57,316		65,393	67,790

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for Period Ended 30 September 2022

Condensed Statement of Financial Position
As at 30 September 2022
		Group		Company
		September 2022	December 2021	September 2022		December 2021
ASSETS		N'000		N'000	N'000		N'000
Non-Current Asset
Property,Plant & Equipment	7	562,181		451,899	553,795		445,661
Right of use asset	8	44,258		89,253	31,413		68,992
Intangible Asset	9	95,039		82,635	95,039		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
		924,270		646,385	1,172,088		888,936
Current Asset
Inventories	10	1,963,211		584,242	1,963,211		511,737
Trade and other Receivables	11	8,271,203		6,104,482	6,182,777		5,255,722
Prepayments	12	570,761		164,704	536,922		134,259
Cash and cash equivalents	13	814,994		916,817	568,583		779,177
		11,620,168		7,770,245	9,251,493		6,680,895
Total Asset		12,544,438		8,416,630	10,423,581		7,569,831
Equity
Share capital	14i	1,262,413		1,262,413	1,262,413		1,262,413
Retained earnings	14ii	278,868		(153,194)	(82,599)		(326,014)
Available for sale financial assets reserve		10,972		10,972	10,972		10,972
Foreign currency translation reserve		(45,258)		(62,504)
		1,506,995		1,057,687	1,190,786		947,371
Non Current Liabilities
Lease	16	9,288		20,110	-		20,110
		9,288		20,110	-		20,110
Current Liabilities
Trade and other payables	15	8,614,298		6,767,329	6,861,550		6,147,775
Lease Liability	16	30,596		54,371	10,596		25,083
Short term loans and borrowing	17	791,230		151,370	791,230		85,747
Income tax payable	18	201,358		179,372	181,686		175,699
Contract Liability		1,390,672		186,391	1,387,732		168046
		11,028,155		7,338,833	9,232,795		6,602,350
Total Liabilities		11,037,443		7,358,943	9,232,795		6,622,460
Total Equity and Liabilities		12,544,438		8,416,630	10,423,581		7,569,831
The financial statements was approved by the Board of Directors on 28 October 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 September2022

Condensed Statement of changes in equity

For the period ended 30 September 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					432,062	432,062
	Other comprehensive income				17,246		17,246
	At 30 September 2022	1,262,413	-	10,972.00	(45,258)	278,867	1,506,994
		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					367,895	367,895
	Other comprehensive income				61,564		61,564
	At 30 September 2021	1,262,413	1,852,748	3,974	(41,781)	(2,087,688)	989,666
	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					243,415	243,415
	At 30 September 2022		1,262,413	-	10,972	(82,599)	1,190,786
			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					144,240	144,240
	Other comprehensive income						-
	At 30 September 2021		1,262,413	1,852,748	3,974	(2,354,273)	764,862

CWG Plc and Subsidiary Compaines

Condensed Interim Financial Statements for Period Ended 30 September 2022

Condensed Statements of Cash Flow
For the period ended 30 September 2022
	Group	Company
	September 2022	September 2021	September 2022	September 2021
	N'000	N'000	N'000	N'000
Cash flows from operating activities
Profit before tax	482,874	415,105	278,229	177,955
Depreciation Property, Plant & Equipment	103,972	92,173	98,928	88,823
Depreciation Right of use asset	44,995	37,918	37,579	37,918
Amortisation of intangible assets	59,123	57,069	59,123	57,069
Finance Cost	34,544	35,690	32,173	26,659
Changes in working capital :
Changes in inventories	(1,378,969)	(491,376)	(1,451,474)	(464,784)
Changes in trade and other receivables	(2,166,721)	(1,502,256)	(927,055)	(583,345)
Changes in prepayments	(406,057)	55,636	(402,663)	57,550
Changes in Restricted cash	(54,613)	(13,127)	(54,613)	(13,127)
Changes in trade and other payables	1,846,970	1,771,413	713,777	1,278,454
Changes in contract Liability	1,204,281	390,528	1,219,686	385,820
Tax paid	(28,826)	(30,589)	(28,826)	(30,589)
Net Cash (used in) from operating activities	(258,426)	818,183	(425,137)	1,018,404
Cash flow from investing activities
Purchase of property,plant & equipment	(214,255)	(106,085)	(207,063)	(102,489)
Acquisition of ROU		(45,981)		(45,981)
Acquisition of Intangible asset	(71,527)	(2,666)	(71,527)	(2,666)
Investment in Notes	(200,194)		(200,194)
Net cash (used in) from investing activities	(485,976)	(154,732)	(478,784)	(151,136)
Cash flows from financing activities
Loan granted/(repayement)	298,630	(148,433)	364,253	(30,065)
Interest payment	(34,544)	(35,690)	(32,173)	(26,659)
Lease repayment	(34,597)	(37,783)	(34,597)	(37,783)
Net cash (used in) from financing activities	229,489	(221,907)	297,484	(94,508)
Increase/ (decrease) in cash	(514,913)	441,545	(606,437)	772,760
Net foreign exchange difference	17,246	61,564
Cash & Cash equivalents at beginning of Period	909,877	824,989	772,237	489,434
Cash & Cash equivalents at end of Period	412,210	1,328,097	165,800	1,262,194