Depa : 2022 H1 Financial Statements

Depa PLC and its subsidiaries

Condensed consolidated interim

financial statements and review report for the six month period ended 30 June 2022

Depa PLC and its subsidiaries

Condensed consolidated interim financial statements and review report for the six month period ended 30 June 2022

Contents

	Pages
Condensed consolidated interim statement of profit or loss	3
Condensed consolidated interim statement of comprehensive income	4
Condensed consolidated interim statement of financial position	5
Condensed consolidated interim statement of changes in equity	6
Condensed consolidated interim statement of cash flows	7 - 8
Notes to the condensed consolidated interim financial statements	9 - 22
Report on review of condensed consolidated interim financial statements	23

Depa PLC and its subsidiaries

Condensed consolidated interim statement of profit or loss

			AED million
		30 June	30 June
	Note	2022	2021
		(Unaudited)	(Unaudited)
Continuing operations
Revenue		403.1	391.2
Expenses	3	(401.5)	(402.5)
Net reversal of impairment of trade and other receivables
and due from construction contract customers	5,8	30.9	32.5
Share of losses from associates		(0.4)	-
Finance income		0.5	0.6
Finance cost		(4.1)	(4.8)
Net - finance cost		(3.6)	(4.2)
Profit before tax		28.5	17.0
Income tax expense		(5.4)	(3.5)
Profit for the period from continuing operations		23.1	13.5
Loss from discontinued operations	15	-	(53.3)
Profit / (loss) for the period		23.1	(39.8)
Attributable to:
Owners of Depa PLC		23.1	(35.7)
Non-controlling interests		-	(4.1)
		23.1	(39.8)
Earnings per share
Basic and diluted loss per share (UAE fils) from continuing
operations		1	2
Basic and diluted loss per share (UAE fils) from
discontinued operations		-	(8)

The notes on pages 9 to 22 are an integral part of these condensed consolidated interim financial statements

3

Depa PLC and its subsidiaries

Condensed consolidated interim statement of comprehensive income

		AED million
	30 June	30 June
	2022	2021
	(Unaudited)	(Unaudited)
Profit / (loss) for the period	23.1	(39.8)
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations	(8.3)	0.1
Total comprehensive income / (loss) for the period	14.8	(39.7)
Attributable to:
Owners of Depa PLC	14.8	(35.1)
Non-controlling interests	-	(4.6)
	14.8	(39.7)
Attributable to owners of Depa PLC arises from:
Continuing operations	14.8	0.6
Discontinued operations	-	(35.7)

The notes on pages 9 to 22 are an integral part of these condensed consolidated interim financial statements

4

Depa PLC and its subsidiaries

Condensed consolidated interim statement of financial position

			AED million
		30 June 2022	31 December
	Note	(Unaudited)	2021 (Audited)
ASSETS
Cash and bank balances	4	319.0	160.3
Trade and other receivables	5	326.2	320.0
Due from construction contract customers	8	154.8	190.8
Inventories		38.5	35.6
Total current assets excluding assets classified as held for
sale		838.5	706.7
Assets classified as held for sale	14	4.8	-
Total current assets		843.3	706.7
Contract retentions		147.3	166.1
Property, plant and equipment		80.1	90.0
Right-of-use assets		29.8	29.8
Intangible assets		8.1	8.7
Investment properties		6.6	6.6
Investment in associates	7	11.4	13.3
Goodwill	6	32.3	32.3
Total non-current assets		315.6	346.8
Total assets		1,158.9	1,053.5
LIABILITIES
Trade and other payables		619.2	651.7
Income tax payable		2.5	3.5
Borrowings	9	32.2	54.3
Total current liabilities excluding liabilities classified as held
for sale		653.9	709.5
Liabilities directly associated with assets classified as held
for sale	14	1.3	-
Total current liabilities		655.2	709.5
Employees' end of service benefits		62.1	59.8
Retentions		14.4	19.4
Lease liabilities		27.9	27.6
Deferred tax liabilities		-	0.1
Borrowings	9	17.1	19.7
Total non-current liabilities		121.5	126.6
Total liabilities		776.7	836.1
Net assets		382.2	217.4
EQUITY
Share capital	13	908.9	908.9
Share premium	13	322.1	172.1
Treasury shares		(12.6)	(12.6)
Statutory reserve		60.0	60.0
Translation reserve		(27.9)	(19.6)
Other reserve		(6.9)	(6.9)
Accumulated losses		(809.4)	(832.5)
Equity attributable to equity holders of Depa PLC		434.2	269.4
Non-controlling interests		(52.0)	(52.0)
Total equity		382.2	217.4

The condensed consolidated interim financial statements were approved for issue by the Board of Directors on 29 August 2022 and signed on its behalf.

Group Chief Executive Officer	Group Chief Financial Officer
The notes on pages 9 to 22 are an integral part of these condensed consolidated interim financial statements	5