C & I Leasing : AND I LEASING PL.- QUARTER 2 - FINANIAL STATEMENT FOR 2022

C & I LEASING PLC

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2022

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	8-57

C&I LEASING PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2022

		Group		Company
		30 JUNE		31 December		30 JUNE		31 December
		2022	2021	2022	2021
	Notes	N'000		N'000		N'000		N'000
Assets
Cash and balances with banks	10.	540,467	1,133,584	460,214	877,097
Loans and receivables	11.	1,106,017	859,026	1,100,961	840,241
Trade and other receivables	12.	16,318,052	18,010,614	15,764,871	17,027,412
Due from related companies		-	-	4,322,899	4,195,953
Finance lease receivables	13.	2,575,582	1,847,130	2,399,628	1,728,266
Available for sale assets	14.	10,820	9,686	10,820	9,686
Investment in subsidiaries	15.	-	-	759,467	759,467
Investment in joint ventures		2,842,960	3,695,333	2,842,960	3,695,333
Other assets	16.	511,538	283,618	429,616	218,684
Operating lease assets	17.	31,409,510	30,106,654	16,999,292	15,201,254
Property, plant and equipment	18.	1,256,228	1,291,111	1,145,474	1,164,502
Intangible assets	19.	32,972	42,581	32,929	42,437
Deferred income tax assets	23.3	883,027		854,607		854,607		854,607
Total assets		57,487,171	58,133,943	47,123,737	46,614,938
Liabilities
Balances due to banks	20.	1,118,372	1,032,615	1,114,074	1,032,604
Commercial notes	21.	12,693,464	11,614,608	12,682,755	11,602,280
Trade and other payables	22.	5,594,722	5,659,299	4,626,143	4,573,669
Current income tax liability	23.2	410,455	609,239	376,843	496,977
Borrowings	24.	21,656,122	23,431,386	20,385,595	21,475,472
Retirement benefit obligations	26.	129,607	23,832	129,607	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		43,577,742	44,359,487	41,290,018	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.	1,341,256	1,262,038	873,770	873,770
Statutory credit reserve	30.	351,372	643,413	380,152	638,779
Retained earnings	31.	3,481,845	2,879,061	104,168	(553,075)
Foreign currency translation reserve	32.	3,423,163	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
		13,073,265	13,109,050	5,833,719	5,435,103
Non-controlling interest	35.	836,164		665,406		-		-
Total equity		13,909,429		13,774,456		5,833,719		5,435,103
Total liabilities and equity		57,487,171	58,133,943	47,123,737	46,614,938

These consolidated financial statements were approved by the Board of Directors on 29th July, 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 JUNE 2022

				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 2022		June 2022		June 2021		June 2021		June 2022		June 2022		June 2021		June 2021
	Notes	N'000				N'000				N'000				N'000
Gross earnings		9,721,518	4,774,703	9,265,958	4,720,278	7,378,436	3,634,759	6,526,938	3,252,192
Lease rental income	38.	8,091,957	3,841,922	7,790,572	4,098,599	5,773,056	2,712,596	5,133,221	2,684,979
Lease expenses	44.	(4,006,599)		(1,900,094)		(3,486,144)		(1,741,649)		(3,516,406)		(1,662,382)		(2,970,603)	(1,474,657)
Net lease rental income		4,085,358		1,941,828		4,304,429		2,356,950		2,256,650		1,050,214		2,162,618		1,210,322
Net outsourcing income	40.	891,706		442,223		597,109		290,485		891,706		442,223		597,109		290,485
Tracking income	41.	69,382	33,008	82,716	46,963	69,382	33,008	82,716	46,963
Tracking expenses	41.	(35,168)		(16,558)		(43,845)		(25,401)		(35,168)		(16,558)		(43,845)		(25,401)
Net tracking income		34,214		16,451		38,870		21,562		34,214		16,451		38,870		21,562
Interest income	42.	25,095	21,480	16,182	8,689	21,930	19,853	1,626	1,457
Other operating income	43.	320,021	276,240	485,190	133,418	299,005	267,248	418,076	86,183
Income from Joint Venture		323,357	159,830	294,189	142,125	323,357	159,830	294,189	142,125
Finance cost	39.	(2,313,443)		(1,165,435)		(2,204,575)		(1,122,757)		(2,101,992)		(1,082,671)		(1,751,243)		(900,798)
		3,366,308	1,692,616	3,531,395	1,830,472	1,724,871	873,148	1,761,247	851,337
Impairment charge	37.	(20,261)	(10,722)	(15,817)	(8,694)	3,306	1,951	(326)	(968)
Depreciation expense	45.	(1,972,526)	(1,002,974)	(2,117,912)	(1,069,266)	(1,072,797)	(572,435)	(1,032,113)	(520,056)
Personnel expenses	46.	(672,291)	(323,760)	(564,465)	(278,148)	(588,097)	(282,974)	(500,459)	(245,146)
Other operating expenses	48.	(449,630)		(235,536)		(546,302)		(290,837)		(380,775)		(204,082)		(434,872)		(229,691)
Profit on continuing operations		251,600	119,624	286,898	183,527	(313,492)	(184,391)	(206,524)	(144,525)
before taxation
Income tax	23.1	(117,110)		(43,809)		(173,898)		(137,239)		(52,874)		(7,017)		(86,033)		(49,374)
Profit after tax		134,490	75,815	113,000	46,288	(366,367)	(191,409)	(292,557)	(193,899)
Profit attributable to:
Owners of the parent		107,242	63,763	105,278	49,438	(366,367)	(191,409)	(292,557)	(193,899)
Non-controlling interests		27,248		12,053		7,722		(3,149)
		134,490	75,815	113,000	46,288	(366,367)	(191,409)	(292,557)	(193,899)
Appropriation of profit attributable
to owners of the parent:
Transfer to statutory reserve		32,173	19,129	31,583	11,539	-			-
Transfer to statutory credit reserve
Transfer to retained earnings		75,069		44,634		73,695		37,899		(366,367)		(191,409)		(292,557)		(193,899)
		107,242		63,763		105,278		49,438		(366,367)		(191,409)		(292,557)		(193,899)
Basic earnings per share [kobo]	49.	14	8	13	6	(47)	(24)	(37)	(25)

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 JUNE 2022

		Group			Company
		30 June	30 June		30 June		30 June
		2022			2021	2022	2021
	Notes	N'000	N'000		N'000		N'000
Cash flows from operating activities
Profit after tax		134,490			113,000	(366,367)	(292,557)
Adjustment for:
Depreciation of property, plant and equipment	18.	50,007			85,580	19,028	22,984
Depreciation of operating lease assets	17.	1,922,519			2,032,332	1,053,768	1,009,130
Amortisation of intangible assets	19.	7,565			7,708	7,514	1,851
Profit on disposal of operating lease assets		(21,759)			(131,536)	(6,963)	(73,919)
Foreign currency translation difference		(425,746)			(424,485)	-
Finance cost	39.	2,313,443			2,204,575	2,101,992	-
Prior year adjustment		(504,070)			(2,962,024)	569,136	(336,004)
Exchange loss/Gain adjustment		4,270			(147,492)	-	(147,492)
Deferred tax income		(28,420)			(1,407)			(1,407)
Gain on revaluation of AFS assts		(1,134)			2,536	(1,134)	2,536
Tax expense	23.2	117,110			173,898		52,874		86,033
		3,568,276			952,686	3,429,849	271,155
Changes in operating assets and liabilities
Increase/(Decrease) in loans and receivables		(246,991)			(262,193)	(260,720)	(263,833)
Increase/(Decrease) in trade and other receivables		1,692,561			(544,304)	1,135,595	(383,324)
Decrease in finance lease receivables		(728,452)			52,218	(671,362)	106,541
Decrease in other assets		(227,920)			(837,415)	(210,932)	(830,586)
Increase/(decrease) in trade and other payables		(64,578)			(207,398)	52,474	(355,368)
Increase/(decrease) in commercial papers		1,078,856			(5,361,277)	1,080,475	(5,350,334)
Decrease/(Increase) in Pension contribution		105,775			(7,167)	105,775	(7,167)
Deferred tax paid		(13,506)			(73,433)	-	-
Tax paid	23.2	(23,464)			(291,827)		(23,464)		(290,001)
Net cash from operating activities		5,140,558			(6,580,109)	4,637,691	(7,102,916)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment		-			-	-	-
Purchase of property, plant and equipment	18.	-			(4,900)	-	(4,544)
Proceeds from sale of operating lease assets		-			352,598	-	96,482
Purchase of operating lease assets	17.	(2,907,624)			(1,348,430)	(2,907,624)	(894,052)
Acquisition of intangible assets		-			(16,115)	-	(11,103)
Additional investment in joint ventures		852,373			(431,725)	852,373	(431,725)
Proceeds from sale of investment securities		-			-		-		-
Net cash used in investing activities		(2,055,251)			(1,448,572)	(2,055,251)	(1,244,942)
Cash flows from financing activities
Repayment of borrowings		-			-	-	-
Increase/(decrease) in borrowings		(1,775,265)			7,196,400	(1,089,878)	7,825,850
Finance cost	39.	(2,313,443)			(2,204,575)	(2,101,992)	(1,751,243)
Share of (profit)/loss to non-controlling interest	35.	170,759			7,722	-	-
Dividend paid	31.	-			(539,082)		-		(539,082)
Net cash from financing activities		(3,917,949)			4,460,465		(3,191,869)		5,535,525
Increase/(decrease) in cash and cash equivalents		(832,642)			(3,568,216)	(609,429)	(2,812,333)
Cash and cash equivalents at 1 January		254,737			3,822,953		(44,429)		2,767,904
Cash and cash equivalents at 30 June	36.	(577,905)			254,737	(653,858)	(44,429)

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

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