Depa : FY 2022 Investor Presentation (English)

Depa PLC

FY2022 Financial

Results

23 March 2023

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 reversal of allowance for doubtful debts and due from construction contract customers

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

FY 2022	FY 2021	Change
917.8	801.6	116.2
(879.3)	(836.9)	(42.4)
40.7	29.0	11.7
0.2	0.8	(0.6)
79.4	(5.5)	84.9
(6.8)	(9.5)	2.7
72.6	(15.0)	87.6
(13.5)	(12.2)	(1.3)
59.1	(27.2)	86.3
0.0	84.3	(84.3)
59.1	57.1	2.0
0.0	(17.3)	17.3
59.1	39.8	19.3

• Revenue increased year on year mainly due to strong recovery post Covid-19 and new projects wins in 2022
• Net reversal of provisions for doubtful debts mainly due to collection of long outstanding project related balance by Depa Interiors and a positive movement in the expected credit loss provision due to the evolution of the working capital
• DSG was classified as discontinued operation in FY2021.

Depa PLC | Financial Results | FY2022	2

Summary balance sheet

AED mn		FY 2022	FY 2021	Change
Cash and cash equivalents 1	248.0	142.6	105.4	1.	Cash balance of AED
	1	59.1	17.1	42.0
Restricted cash		307.8mn.
Fixed deposits 1		0.7	0.6	0.1
Trade and other receivables	348.7	320.0	28.7	2.	Reduction of AED 44.6mn of
Assets classified as held for sale 3	4.8	0.0	4.8		borrowings during the year,
Due from constuction contract customers	165.0	190.8	(25.8)		with total debt at year end of
Inventories		36.8	35.6	1.2		AED 29.4mn, a total external
					debt to equity ratio of 7%
Total current assets	863.1	706.8	156.3
Contract retentions	113.2	166.1	(52.9)	3.	At FY 2022 assets and
Property, plant and equipment	105.4	119.8	(14.4)
	liabilities of Eldiar are
Goodwill		32.3	32.3	0.0
		classified as held for sale
Other non-current assets	25.3	28.6	(3.3)

Total non current assets	276.2	346.8	(70.6)
Total assets	1,139.3	1,053.5	85.8
Trade and other payables	593.4	651.7	(58.3)
Liabilities directly associated with assets	1.3	0.0	1.3
classified as held for sale 3
Borrowings 2	13.3	54.3	(41.0)
Income tax payable	2.1	3.5	(1.4)
Current liabilities	610.2	709.6	(99.4)
Employees' end of service benefits	53.1	59.8	(6.7)
Borrowings 2	16.1	19.7	(3.6)
Other non-current liabilities	37.3	47.1	(9.8)

4. Net asset value per share of AED 0.31 and tangible net asset value per share of AED 0.28

Non current liabilities	106.5	126.6	(20.1)
Total liabilities	716.7	836.1	(119.4)
Total equity including minorities	422.6	217.4	205.2

Depa PLC | Financial Results | FY2022	3

Summary cash flow

AED mn	FY2022	FY2021	Change
Operating activities	58.5	(54.5)	113.0		•	Net cash inflows from
Working capital changes	(6.3)	109.8	(116.1)			operating activities AED
Other movements	(21.2)	(19.2)	(2.0)			31.0mn (FY2021: AED
		36.1mn)
Net cash flows from operating activities	31.0	36.1	(5.1)
					•	In 2021, investing
Investing activities
Net capex	(11.0)	(2.7)	(8.3)			activities cashflow was
Reclassification of net cash of assets held for sale	0.0	33.2	0.0			positively impacted by
Dividends received from associates	2.4	0.0	2.4			deconsolidation of DSG
Proceeds from disposal of financial assets	0.0	8.1	(8.1)			(AED 33.2mn).
Other movements	1.0	1.7	(0.7)		•	Cash and cash
Net cash flows from (used in) / investing activities	(7.6)	40.3	(47.9)
		equivalents AED 237.4mn
Financing activities
					(FY2021: AED 125.5mn)
Movement in borrowings	(38.1)	(2.9)	(35.2)
Proceeds from issuance of share capital	150.0	0.0	150.0
Interest paid	(7.9)	(14.6)	6.7
Finance lease payments	(4.0)	(3.7)	(0.3)
Net cash flows from/(used in) financing activities	100.0	(21.2)	121.2
Net movement in cash and cash equivalents	123.4	55.2	68.2
Cash and cash equivalents at the year end	238.3	125.5	112.8
Included in cash and cash equivalent per balance sheet	237.4	125.5	111.9
Included in assets of the disposal group	0.9	0.0	0.9

Depa PLC | Financial Results | FY2022	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 402.8mn, down 4% year on year
• EBIT: AED 38.2mn

Operational highlights

• Decrease in revenue mainly due to devaluation of Euro. Overall, in Euro terms, revenue has increased by 5.5%
• Secured new awards of three new-build superyacht interior packages, bringing new wins for 2022 to over AED 275mn

Depa PLC | Financial Results | FY2022

Revenue

450

419.9402.8

325

FY 2021

FY 2022

EBIT

40

37.338.2

30

FY 2021

FY 2022

5