Balance Sheet

2015 2016 2017 2018

Assets
Inventories 934,707 1,928,044 6,715,178 8,451,574
Average value
Other assets 1,035,707 1,261,259 1,412,695
Average value
Trade receivables 104,850 1,372,983 8,609,202 9,919,379
Average value
Hire-purchase receivables 76,460,430 81,743,940 94,901,304 105,410,777
Average value
Other receivables, deposits and
prepayments 354,685 958,084 1,765,777 2,106,066
Average value

Amount owing by subsidiary - - - -

current tax assets - 30,031 85,839 36,530

Average value
cash and bank balances 52,643,593 77,394,060 14,598,071 50,264,524
Average value
Current Assets 130,498,265 164,462,849 127,936,630 177,601,545

PPE 5,799,451 6,866,328 7,155,604 7,239,513

Average value
Investments in subsidiaries - - - -
Hire-purchase receivables 192,426,059 194,318,410 243,324,546 281,872,966
Average value
Amount owing by a subsidiary - - - -
Deferred tax assets 6,924,265 6,250,612 3,870,566 3,624,551
Average value
Long Term Assets 205,149,775 207,435,350 254,350,716 292,737,030
Total Assets 335,648,040 371,898,199 382,287,346 470,338,575

Equity
Share capital 125,000,000 184,800,000 243,129,886 307,439,983
ICULS 83,283,772 83,283,772 25,915,034 17,264,332
Reserves 51,554,260 66,602,746 81,777,033 88,429,974
Treasury shares (101,733) (13,440,667) (16,735,944) (16,735,944)
Total Equity 259,736,299 321,245,851 334,086,009 396,398,345

Liabilities
Trade payables 12,938,634 11,599,940 14,931,949 13,551,933
Average value
Other payables and accruals 4,464,796 5,530,039 4,760,523 4,807,919
Average value
Block discounting payables 16,032,879 11,533,444 9,711,804 21,205,294
Average value
Term loans 3,870,000 - - -
Average value
Bank overdraft 1,670,530 - 519,946 -
Average value
Current tax liabilities 1,454,939 1,805,286 1,953,190 2,664,681
Average value
Current Liabilities 40,431,778 30,468,709 31,877,412 42,229,827

ICULS 18,336,712 16,183,827 4,201,689 2,260,704

Average value
Block discounting payables 17,143,251 3,974,461 12,083,795 29,435,983
Average value
Term loans 25,351 38,441 13,716
Average value
Long Term Liablities 35,479,963 20,183,639 16,323,925 31,710,403
Total Liabilities 75,911,741 50,652,348 48,201,337 73,940,230

Total Equity & Liabilities 335,648,040 371,898,199 382,287,346 470,338,575

 Projection
1 2
2019 2020

11,222,554 15,729,930
4,507,376
2,497,813 3,734,366
1,236,554
13,610,806 18,612,409
5,001,604
184,530,417 274,159,530
89,629,113

3,061,930 4,358,083
1,296,153

- -

136,639 187,439
50,800
63,323,133 112,048,195
48,725,062
278,383,291 428,829,951

13,920,828 20,686,052
6,765,224
- -
471,310,041 699,295,537
227,985,495
- -
9,038,065 14,205,563
5,167,499
494,268,934 734,187,152
772,652,224 1,163,017,103

307,439,983 307,439,983
17,264,332 17,264,332
88,429,974 88,429,974
(16,735,944) (16,735,944)
396,398,345 396,398,345

28,187,563 41,443,177
13,255,614
9,651,342 14,542,162
4,890,819
24,332,659 38,953,515
14,620,855
967,500 1935000
967,500
1,067,565 1615184
547,619
3,922,714 5,892,238
1,969,524
68,129,344 104,381,275

14,447,422 24,693,155
10,245,733
27,743,168 43,402,540
15,659,373
64,277 90,113
25,836
42,254,867 68,185,808
110,384,210 172,567,083

506,782,555 568,965,428
Income Statement

2015 2016 2017 2018

Revenue 57,614,581 64,166,931 94,488,905 104,127,472
Growth (%)
Other Income 2,678,949 2,832,880 2,077,081 2,116,703
Average growth
COGS (-) - (5,214,273) (18,759,113) (19,422,362)
Average growth
Depreciation of ppe(-) (332,392) (449,535) (576,147) (624,583)
Average growth
Impairment allowances
(16,744,125) (15,570,447) (20,164,950) (20,743,753)
on receivable (-)
Average growth
Other expenses (-) (13,548,227) (17,817,696) (25,399,867) (27,699,251)
Average growth
Finance cost (-) (4,183,377) (2,624,309) (1,099,353) (2,418,600)
Average growth
Profit before taxation 25,485,409 25,323,551 30,566,556 35,335,626
Taxation 6,689,019 6,535,684 7,565,159 9,411,984
Effective tax rate 26.25% 25.81% 24.75% 26.64%
Net profit 18,796,390 18,787,867 23,001,397 25,923,642
 Projection
1 2
2019 2020
114,540,219 125,994,241
10% 10%
2,222,538 2,333,665
5% 5%
(20,393,480) (21,413,154)
5% 5%
(655,812) (688,603)
5% 5%
(21,780,941) (22,869,988)
5% 5%
(29,084,214) (30,538,424)
5% 5%
(2,539,530) (2,666,507)
5% 5%
42,308,781 50,151,231
10,941,150 12,969,226
25.86% 25.86%
31,367,631 37,182,005
Balance Sheet Income Statement

2017 2018
Assets Revenue
Inventories 6,715,178 8,451,574 Growth (%)
Other Income
Other assets 1,261,259 1,412,695 Average growth
COGS (-)
Trade receivables 8,609,202 9,919,379 Average growth
Depreciation of ppe(-)
Hire-purchase receivables 94,901,304 105,410,777 Average growth
Impairment allowances
on receivable (-)
Other receivables, deposits and
prepayments 1,765,777 2,106,066 Average growth
Other expenses (-)
Amount owing by subsidiary - - Average growth
current tax assets 85,839 36,530 Finance cost (-)
Average growth
cash and bank balances 14,598,071 50,264,524 Profit before taxation
Taxation
Current Assets 127,936,630 177,601,545 Effective tax rate
Net profit

PPE 7,155,604 7,239,513

Investments in subsidiaries - -
Hire-purchase receivables 243,324,546 281,872,966
Amount owing by a subsidiary - -
Deferred tax assets 3,870,566 3,624,551

Long Term Assets 254,350,716 292,737,030

Total Assets 382,287,346 470,338,575

Equity
Share capital 243,129,886 307,439,983
ICULS 25,915,034 17,264,332
Reserves 81,777,033 88,429,974
Treasury shares (16,735,944) (16,735,944)

Total Equity 334,086,009 396,398,345

Liabilities
Trade payables 14,931,949 13,551,933

Other payables and accruals 4,760,523 4,807,919 `

Block discounting payables 9,711,804 21,205,294

Term loans - -

Bank overdraft 519,946 -

Current tax liabilities 1,953,190 2,664,681

Current Liabilities 31,877,412 42,229,827

ICULS 4,201,689 2,260,704

Block discounting payables 12,083,795 29,435,983

Term loans 38,441 13,716

Long Term Liablities 16,323,925 31,710,403

Total Liabilities 48,201,337 73,940,230

Total Equity & Liabilities 382,287,346 470,338,575

 Cash Flow Statement

2018 2018
104,127,472 Net Profit 35,335,626
Depreciation & Amortization 624,583
2,116,703 Gain on disposal of property -2357
Hire-Purchase receivables 21,303,009
19,422,362 trade receivables 272,660
Interest expense 2,329,986
624,583 Interest income (1,472,372)
Unrealised loss on foreign exchange 37,314
Operating profit before working capital
20,743,753
changes 58,428,449

27,699,251 Change in working capital :

Inventories (1,736,396)
2,418,600 Other assets (151,436)
Hire-purchase receivables (70,360,902)
35,335,626 Trade receivables (1,620,166)
9,411,984 Other receivables, deposits and prepayments (337,255)
26.64% Trade payables (1,380,016)
25,923,642 Other payables and accruals 249,286
Cash (used in)/from operations (16,908,436)
tax paid (8,841,327)
tax refunded 60,575
Net cash from operating activities (25,689,188)
 Purchase of PPE (708,494)
Proceeds from PPE 2,358
Interest received 1,472,372
Net cash from investing activities 766,236

Net drawdowns of block discounting 29,016,017

Proceeds from rights issue 53,931,298
Share issue expenses paid (1,236,128)
Dividends paid (17,417,527)
Purchase of treasury shares -
Interest paid (3,181,291)
Net cash from investing activities 61,112,369

Net increase/(decrease) in cash & cash

equivalents 36,189,417
Effects of exhange rate changes on cash (3,019.00)
Cash at beginning of financial year 14,078,125.00
Cash at end of financial year 50,264,523

1Q