CUSTODIAN INVESTMENT : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

CONSOLIDATED FINANCIAL REPORTS

FOR THE FIRST QUARTER ENDED

31ST MARCH 2022

Consolidated and separate statement of financial position As at 31 March 2022

Custodian Investment Plc
Financial Reports
31 March 2022
Group	Group	Company	Company
31-Mar-22	31-Dec-21	31-Mar-22	31-Dec-21
Unaudited	Audited	Unaudited	Audited
39,373,173	17,176,184	398,490	601,326
455,212	174,759	-	-
114,771,734	113,959,758	5,513,720	5,474,647
69,204,448	68,536,913	561,160	1,101,825
1,369,400	1,391,534	391,000	391,000
44,197,886	44,031,311	4,561,560	3,981,822
12,322,243	8,252,161	-	-
5,660,198	6,084,508	-	-
1,475,266	784,693	-	-
5,747,079	6,022,573	2,986,009	1,904,939
59,032	69,862	-	-
-	-	15,373,012	15,373,012
130,393	130,393	-	-
4,289,307	4,801,675	525,364	525,364
11,763,011	11,760,655	7,081,066	7,081,066
8,087,807	8,086,683	-	-
4,756,356	4,696,005	223,995	94,548
148,635	172,486	23,038	25,132
2,260,154	2,299,144	-	-
211,299,600	184,471,539	32,124,694	31,080,034
97,374,555	85,036,841	-	-
8,933,837	8,616,191	-	-
2,516,509	2,516,621
21,245,310	8,618,956	-	-
1,204,096	1,187,895	-	-
9,126,701	10,159,372	1,224,150	1,258,315
2,453,568	1,941,504	794,323	657,323
2,134,373	2,134,377	624,088	624,088
144,988,949	120,211,757	2,642,561	2,539,726
2,940,933	2,940,933	2,940,933	2,940,933
6,412,357	6,412,357	6,412,357	6,412,357
33,127,299	31,613,718	20,128,843	19,187,018
13,122,818	12,961,014	-	-
424,227	504,196	-	-
391,420	-	-	-
685,081	685,081	-	-
Equity attributable to owners of the parent	57,104,135	55,117,299	29,482,133	28,540,308
Non-controlling interests	9,206,516	9,142,483	-	-
Total equity	66,310,651	64,259,782	29,482,133	28,540,308
Total equity and liabilities	211,299,600	184,471,539	32,124,694	31,080,034

In thousands of naira	Note
Assets
Cash and cash equivalents	5
Trade receivables	7
Financial assets:	6
- Fair value through profit or loss
- Fair value through OCI
- Debt securities at amortised cost
Reinsurance assets	8
Inventories	9
Deferred acquisition costs	10
Other receivables and prepayments	11
Right-of-use-assets	20
Investment in subsidiaries	12
Investments in joint ventures	14
Investment in associates	13
Investment properties	15
Assets of disposal group classified as
held for sale	16
Property, plant and equipment	18
Intangible assets	17
Statutory deposits	19
Total assets
Liabilities and equity
Liabilities
Insurance contract liabilities	21
Investment contract liabilities	22
Interest bearing Loans and Borrowings	23
Trade payables	24
Liabilities of disposal group classified as
held for sale	25
Other payables	26
Current income tax payable	27
Deferred tax liabilities	28
Total liabilities
Equity
Issued share capital	29
Share premium	30
Retained earnings	31
Contingency reserve	31
Fair value reserves	31
Other reserve	31
Revaluation reserve	31

The accounts were approved by the Board of directors on 26 April 2022 and signed on its behalf by:

Dr. (Mrs.) Omobola Johnson	Wole Oshin	Ademola Ajuwon
Chairman	Managing Director	Chief Financial Officer
FRC/2018/IODN/00000018366	FRC/2013/CIIN/00000003054	FRC/2013/ICAN/00000002068
2

Custodian Investment Plc

Financial Reports

31 March 2022

Consolidated and separate statements of profit or loss and other comprehensive income For the period ended 31 March 2022

Group	Group	Company	Company
In thousands of naira	Note	31-Mar-22	31-Mar-21	31-Mar-22	31-Mar-21
Unaudited	Unaudited	Unaudited	Unaudited
Gross Revenue	23,384,896	19,314,826	1,520,139	1,265,935
Interest income	33	3,549,794	2,463,059	22,631	30,586
Operating and Investment Income	32	19,835,102	16,851,767	1,497,508	1,235,349
Operating Expenses	34	(12,716,056)	(11,279,192)	-	-
Change in Provision for Outstanding Claims and
Life Fund Estimate	34(iii)	(6,694,878)	12,222,113	-	-
Net income	3,973,962	20,257,747	1,520,139	1,265,935
Net fair value gains/(losses)	35	1,151,755	(18,626,255)	(91,387)	(52,957)
Net realised gains	36	491,845	2,475,187	2,565	-
Impairment allowance	38	(19,671)	(39,214)	-	(375,000)
Finance costs	39	(53,721)	(196,191)	-	-
Management expenses	37	(2,378,507)	(2,115,572)	(352,492)	(404,872)
Share of result of associates	13	(373,025)	-	-	-
Profit before taxation	2,792,638	1,755,702	1,078,825	433,106
Income tax expenses	27	(597,506)	(436,970)	(137,000)	(33,000)
Profit from continuing operation	2,195,132	1,318,732	941,825	400,106
Discontinued operations
Profit/(loss) from discontinued operation	41	(8,728)	10,138	-	-
Profit for the period	2,186,404	1,328,870	941,825	400,106
Other comprehensive income (OCI):
Items that will not be reclassified to profit or loss
Share of gains on equity instruments at FVTOCI of
associate	13	-	-	-	-
Net gain/(loss) on equity instrument at FVOCI	40	(135,535)	16,463	-	-
Other comprehensive income for the period net
of tax	(135,535)	16,463	-	-
Total comprehensive income for the period	2,050,869	1,345,333	941,825	400,106
Profit for the period attributable to:
- Owners of the parent	2,066,805	1,449,682	941,825	400,106
- Non-controlling interests	119,599	(120,812)	-	-
2,186,404	1,328,870	941,825	400,106
Total comprehensive income attributable to:
- Owners of the parent	1,938,343	1,459,608	941,825	400,106
- Non-controlling interests	112,526	(114,275)	-	-
2,050,869	1,345,333	941,825	400,106
Earnings/(loss) per share:
From continuing operations
Basic/diluted earnings per share (kobo)	42	35	24	16	7
From continuing and discontinued operations
Basic/diluted earnings per share (kobo)	42	35	25	16	7

3

Custodian Investment Plc
Consolidated and separate statement of changes in equity	Financial Reports
31 March 2022
For the period ended 31 March 2022
Group

In thousands of naira

Attributable to owners of the ParentIssued share capital

Share premiumRetained earningsContingency reserveRevaluation

ReserveOther ReserveFair Value

Reserve

TotalNon-controlling interests

Total equity

At 1 January 2022

Profit for the period Share of profit

Other comprehensive income Transfer between reserves

2,940,933

- -

- - - - 6,412,357 - 6,412,357

6,412,357

31,613,718

2,066,805 - -

- - - 161,804 13,122,818 - 13,122,818

12,961,014

685,081

- - - - 685,081 - 685,081

-

504,196 - - (79,969)

55,117,299 2,066,805 - (79,969)

9,142,483 119,599 - (55,566)

64,259,782 2,186,404 - (135,535)

Dividend Paid

- 2,940,933 - 2,940,933

33,127,299 -

(553,224)

391,420 391,420

- 424,227 -

- 57,104,135 -

- 9,206,516 -

- 66,310,651 -

At 31 March 2022

33,127,299

391,420

424,227

57,104,135

9,206,516

66,310,651

At 1 January 2021

Profit for the period

Other comprehensive income Share of profit

Indirect NCI

Transfer between reserves

2,940,933 -

- - - 2,940,933

Dividend Paid At 31 March 2021

2,940,933

6,412,357 -

-

25,379,762 1,449,682 - -

- 6,412,357

(502,691) 26,326,753 -6,412,357

26,326,753

11,679,092 - - -

698,693

- -

538,075 - 16,463

-

502,691 12,181,783 -698,693

554,538

12,181,783

698,693

554,538

47,648,912 1,449,682 16,463 - - -

9,857,472

57,506,384

• (120,812) 1,328,870 16,463 -(10,319)

(10,319)

-49,115,057 -9,726,341 -58,841,398 -49,115,057

9,726,341

58,841,398

Company

Attributable to owners of the Company

In thousands of naira At 1 January 2022

Issued share capital

Share premiumRetained earningsContingency reserve

RevaluationReserveFair value reserve

Total

2,940,933

6,412,357

19,187,018

-

-

-28,540,308

Profit for the period Dividend Paid

Other comprehensive income At 31 March 2022

- - - 2,940,933

- - - 6,412,357

941,825 -

- - -

- - -

- -941,825 - -20,128,843

-

-

-29,482,133

At 1 January 2021

Profit or loss for the period Dividend Paid

2,940,933 2,940,933 -

6,412,357 6,412,357 -

15,844,283 15,844,283 400,106

- - -

- - -

- - -

25,197,573 25,197,573 400,106

-

-

At 31 March 2021

2,940,933

6,412,357

16,244,389

-

-

-25,597,679

4

Custodian Investment Plc

Financial Reports

31 March 2022

Consolidated and separate statement of cash flows For the period ended 31 March 2022

In thousands of naira

Cash flows from operating activities

Profit/(loss) before taxation

Adjustments for non-cash items:

- Fair value (gain)/loss

- Depreciation

- Deprecition on right-of-use assets

- Impairment charge

- Amortisation of intangible assets and deferred expenses

- Profit on disposal of property, plant and equipment

- (Gain)/loss on disposal equities & other investment

- Exchange rate differential

- Share of result of associate

- Dividend income

- Interest income

- Investment income

- Net gain/(losses) on fair value through OCI assets

Changes in working capital:

(Increase)/Decrease in reinsurance assets

35
18
20
38
17
36
13
(Increase)/Decrease in other receivables and prepayment
Decrease in trade receivables
Increase/(Decrease) in deferred acquisition cost
Increase/ (Decrease) in insurance contract liabilities
Increase /(Decrease) in investment contract liabilities
Increase / (Decrease) in other liablilities
Increase / (Decrease) in trade payable
Increase / (Decrease) in inventories
Increase / (Decrease) in statutory deposit
Increase / (Decrease) in borrowings
Income tax paid
Net cash provided/(utilised) by operating activities
Cash flows from investing activities
Purchase of property, plant and equipment	18
Purchase of ROU asset	20
Proceeds on disposal of property, plant and equipment
Purchase of intangible
Net (Purchase)/redemption to investments (financial assets)
Dividend received
Investment income received
Net cash provided/(used) in investing activities
Cash flows from financing activities
Dividend Paid during the period
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at begining of the year
Effect of change in exchange rate
Cash and cash equivalents at end of the period

Group	Group	Company	Company
Note	31-Mar-22	31-Mar-21	31-Mar-22	31-Mar-21
2,792,638	1,755,702	1,078,825	433,106
(1,567,557)	18,628,028	91,267	52,957
135,588	115,359	13,008	8,856
6,682	12,390	-	-
19,671	39,214	-	375,000
24,262	21,498	2,094	-
(4,039)	(6,986)	(200)	-
(2,365)	(2,392,977)	(2,365)	-
415,802	76,997	120	-
373,025	-	-	-
(144,888)	(232,165)	(1,044,125)	(841,918)
(304,984)	(72,245)	(4,434)	(13,927)
(3,244,810)	(2,390,814)	(18,197)	(16,659)
(79,969)	16,463	-	-
(4,070,082)	(3,887,650)	-	-
275,494	(140,518)	(1,081,070)	(1,044,966)
(280,453)	(823,793)	-	-
(690,573)	(618,615)	-
12,337,714	(7,017,594)	-	-
317,646	654,025	-	-
(1,032,671)	(264,069)	(34,165)	18,967
12,626,354	19,591,040	-	-
(424,310)	(162)	-	-
38,990	(1,762,488)	-	-
(112)	(754)	-	-
(85,442)	-	-	-
17,431,612	21,299,886	(999,242)	(1,028,584)
(195,939)	(88,529)	(142,455)	(2,214)
(6,681)	(52,388)	-	-
4,039	16,964	200	-
(411)	(938)	-	-
1,685,489	(7,262,501)	(127,975)	155,529
144,888	232,165	1,044,125	841,918
3,549,794	2,463,059	22,631	30,586
5,181,179	(4,692,168)	796,526	1,025,819
-	-	-	-
-	-	-	-
22,612,791	16,607,718	(202,716)	(2,765)
17,176,184	13,743,138	601,326	1,654,286
(415,802)	(76,997)	(120)	-
39,373,173	30,273,859	398,490	1,651,521
5