B R I S C O E
R.T. BRISCOE (NIGERIA) PLC
UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 30, SEPTEMBER 2023
R.T BRISCOE (NIGERIA) PLC
Consolidated statements of profit or loss and other comprehensive income
For the nine months ended 30 September 2023
Re-stated | |||||||
3 months to | 9 months to | 3 months to | 9 months to | ||||
Sept 2023 | Sept 2023 | Sept 2022 | Sept 2022 | ||||
N'000 | N'000 | N'000 | N'000 | ||||
Revenue | 2,730,246 | 10,586,879 | 3,544,940 | 11,568,490 | |||
Cost of sales | (2,245,952) | (8,923,806) | (2,689,801) | (9,333,431) | |||
Gross profit | 484,293 | 1,663,073 | 855,139 | 2,235,059 | |||
Other income | 16,584 | 66,603 | 190,713 | 267,607 | |||
Selling and distribution expenses | (46,181) | (122,868) | (14,700) | (38,561) | |||
Administrative expenses | (480,974) | (1,279,669) | (447,916) | (1,174,964) | |||
Results from operating activities | (26,278) | 327,139 | 583,236 | 1,289,142 | |||
Finance costs | (272,022) | (840,511) | (397,251) | (827,071) | |||
Net finance costs | (272,022) | (840,511) | (397,251) | (827,071) | |||
(Loss) / Profit before income tax | (298,300) | (513,371) | 185,984 | 462,070 | |||
Income tax expense | - | - | - | - | |||
(Loss) / Profit for the period | (298,300) | (513,371) | 185,984 | 462,070 | |||
Total comprehensive (loss) / profit | (298,300) | (513,371) | 185,984 | 462,070 | |||
Attributable to: | |||||||
Owners of the Company | (298,300) | (513,371) | 185,984 | 462,070 | |||
(298,300) | (513,371) | 185,984 | 462,070 | ||||
Earnings per share | |||||||
Basic & Diluted (Kobo) | (25.36) | (44) | 15.81 | 39 |
R.T BRISCOE (NIGERIA) PLC
Consolidated statements of financial position
As at 30 September 2023
30-Sep-23 | 31-Dec-22 | |
Non-current assets | N'000 | N'000 |
Property, plant and equipment | 4,797,047 | 4,791,624 |
Intangible assets | 3,071 | 236 |
Other receivables | 723,885 | 501,376 |
Total non-current assets | 5,524,002 | 5,293,236 |
Current assets | ||
Inventories under development | 217,733 | 108,091 |
Inventories | 1,084,932 | 860,261 |
Trade and other receivables | 2,164,886 | 2,556,103 |
Other current Assets | 317,744 | 44,478 |
Cash and Cash Equivalents | 108,569 | 382,129 |
Total current assets | 3,893,864 | 3,951,062 |
Total assets | 9,417,866 | 9,244,298 |
Current liabilities | ||
Trade and other payables | 2,483,834 | 2,444,212 |
Current tax liabilities | 136,960 | 144,634 |
Bank overdraft | 12,478,909 | 12,102,491 |
Borrowings | 367,500 | 137,885 |
Deferred income | 2,362,392 | 2,362,392 |
Total current liabilities | 17,829,594 | 17,191,614 |
Net current liabilities | (13,935,731) | (13,240,552) |
Non-current Liabilities | ||
Deferred tax liabilities | 39,383 | 39,383 |
Defined Benefits Obligations | 57,809 | 8,850 |
Total non-current liabities | 97,192 | 48,233 |
Net liabilities | (8,508,921) | (7,995,550) |
Equity | ||
Share capital | 588,177 | 588,177 |
Share premium account | 409,862 | 409,862 |
Revaluation Reserve | 3,174,365 | 3,174,364 |
Retained earnings | (12,681,324) | (12,167,952) |
Attributable to: | ||
Owners of the Company | (8,508,921) | (7,995,550) |
Total equity | (8,508,921) | (7,995,550) |
These financial statements were approved by the Board of Directors on 24 October, 2023 and signed on its behalf by the Directors listed below:
Sir. Sunday Nnamdi Nwosu (Chairman) FRC/2014/IODN/00000006788
Mr. Oluseyi Onajide (Managing Director) FRC/2013/ICAN/2194
Additionally certified by:
Mr. Jubril Shittu (Chief Financial Officer) FRC/2013/ICAN/00000000728
R.T BRISCOE (NIGERIA) PLC | ||
Consolidated statements of cash flows | ||
For the nine months ended 30 September 2023 | ||
30-Sep-23 | 31-Dec-22 | |
N '000 | N '000 | |
Cash flows from operating activities | ||
Profit/ (Loss) for the year | (513,371) | 123,354 |
Adjustments for: | ||
Adjustment for impairment of trade receivable | - | 8,277 |
Finance Cost | 71,930 | 110,614 |
Employee benefit plan charged | - | 10,667 |
Depreciation | 42,415 | 59,552 |
Amortisation of Intangible assets | 164 | 221 |
Return on planned asset | - | (5,039) |
Profit on disposal of investment property | - | (20,240) |
Loss/(gain) on sale of PPE | - | (21,005) |
Income Tax | - | 122,526 |
(398,863) | 388,927 | |
Changes in: | ||
Other receivables | (222,509) | 9,776 |
Inventories under development | (109,642) | - |
Inventories | (224,671) | (292,344) |
Trade and other receivables | 391,217 | 296,920 |
Prepayments / Other Current Assets | (273,266) | 69,478 |
Trade and other payables | 132,084 | (78,565) |
Cash generated from (used in) operating activities | (705,650) | 394,192 |
Defined employee benefits paid | - | (1,327) |
Tax paid | (9,868) | (48,328) |
Net Cash generated from (used in) operating activities | (715,518) | 344,537 |
Cash flows from investing activities | ||
Proceeds from sale of property, plant and equipment | 100 | 21,005 |
Proceeds from sale of investment property | - | 124,500 |
Acquisition of property, plant and equipment | (92,245) | (153,821) |
Addition to Investment Property | - | (13,008) |
Net cash used in investing activities | (92,145) | (21,324) |
Cash flows from financing activities | ||
Interest on loans | (71,930) | (110,614) |
Interest income | - | - |
Movement in LPO financiang facility | 229,615 | (712,003) |
Net cash used in financing activities | 157,685 | (822,617) |
Net decrease in cash and cash equivalents | (649,978) | (499,404) |
Cash and cash equivalents at 1 January | (11,720,362) | (11,220,957) |
Cash and cash equivalents at 30 September | (12,370,340) | (11,720,362) |
R.T BRISCOE (NIGERIA) PLC
Consolidated statement of changes in equity
For the nine months ended 30 September 2023
Attributable to | |||||||
Non | |||||||
Share | Share | Revaluation | Retained | Owners of the | Controlling | ||
Capital | premium | reserve | Earnings | company | Interest | Total Equity | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
As at 1st January 2022 as restated | 588,177 | 409,862 | 3,174,364 | (12,279,427) | (8,107,024) | - | (8,107,024) |
Profit for the year | - | - | - | 123,354 | 123,355 | - | 123,355 |
Re-measurement loss on defined benefit plans | (11,880) | (11,880) | (11,880) | ||||
Other comprehensive income | - | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | 111,474 | 111,475 | - | 111,475 |
Transactions with owners, recorded directly in | |||||||
equity | - | - | - | - | - | - | - |
Acquisition of NCI without a change in control | - | - | - | - | - | - | - |
Balance at 31 December 2022 | 588,177 | 409,862 | 3,174,364 | (12,167,953) | (7,995,548) | - | (7,995,549) |
Balance at 1 January 2023 | 588,177 | 409,862 | 3,174,364 | (12,167,953) | (7,995,550) | - | (7,995,550) |
Loss for the period | - | - | - | (513,371) | (513,371) | - | (513,371) |
Other comprehensive income for the period | - | - | - | - | - | - | - |
Total comprehensive loss | - | - | - | (513,371) | (513,371) | - | (513,371) |
Issue of Share capital | - | - | - | - | - | - | - |
Share based payments | - | - | - | - | - | - | - |
Deferred tax | - | - | - | - | - | - | - |
Transfer for bonus issue | - | - | - | - | - | - | - |
Balance at 30 September 2023 | 588,177 | 409,862 | 3,174,364 | (12,681,324) | (8,508,921) | - | (8,508,921) |
R.T BRISCOE (NIGERIA) PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023
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Reporting entity
R.T. Briscoe (Nigeria) PLC (the 'Company') is domiciled in Nigeria. The Company was incorporated in Nigeria as a limited liability company on 9 March 1957 and became a public limited liability company in 1973. The Company's registered office is at 18, Fatai Atere Way, Matori, Oshodi, Lagos State. This financial statements comprise the Company and its subsidiaries (collectively 'the Group' and individually 'Group companies'). The Group is primarily engaged in the sales and servicing of Toyota and Ford motor vehicles, technical equipment, including forklifts, industrial compressors, mining and drilling equipment and generating sets, facility management, property development and leasing of property. - Basis of preparation
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Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and in the manner required by the Companies and Allied Matters Act Cap C20, laws of the federation of Nigeria, 2004 and the Financial Reporting Council (FRC) of Nigeria Act, 2011. They were authorised for issue by the Board of Directors on 24th October 2023. - Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for defined benefit liability measured at the present value of the defined benefit obligation, inventories measured at the lower of cost and net realisable value and property plant and equipment (land and building) measured at fair value as described in note 4 to the financial statements. Financial assets and liabilities are measured initially at fair value/less transaction cost and subsequently measured at amortised cost. - Functional and presentation currency
These consolidated financial statements have been presented in Nigerian Naira, which is the Company's functional currency. All amounts have been rounded to the nearest thousands, except when otherwise indicated. - Use of judgments and estimates
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. In preparing these condensed interim financial statements, the significant judgements made by management in applying the group's accounting policies and the key sources of estimation were the same as those that applied to the consolidated financial statements for the period ended 30 September 2023.
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Statement of compliance
- Significant accounting policies
The accounting policies adopted are consistent with those for the period ended 31 December 2022.
- Securities Trading Policy
The Board has a Securities Trading Policy which is applicable to all employees, directors, audit committee members and connected employees of auditors, consultants and contractors of the company and its subsidiaries. The terms of the policy are no less exacting than the standard set in the Listing Rules of The Nigerian Stock Exchange. A copy of the policy is on the company's website. - Free Float
The free float of the company is in full compliance with the minimum free float requirements of the Nigerian Stock Exchange for the Main Board. The free float analysis of the issued and paid-up share capital of the company as at September 30, 2023 and October 24, 2023 when the consolidated financial statements for the quarter ended 30th September 2023 were approved is as follows:
Ordinary shares | Ordinary shares | |||
held as at 30 | % held as at | held as at 24 Oct | % held as at | |
Sept 2023 | 30 Sept 2023 | 2023 | 24 Oct 2023 | |
Units | ||||
Strategic Shareholding | 487,516,737 | 41.4 | 487,516,737 | 41.4 |
Director's Direct Shareholding | 708,873 | 0.1 | 708,873 | 0.1 |
Staff Schemes | 13,255,923 | 1.1 | 13,255,923 | 1.1 |
Free Float | 674,870,523 | 57.4 | 674,870,523 | 57.4 |
Total | 1,176,352,056 | 100 | 1,176,352,056 | 100 |
Value (NGN) | ||||
Strategic Shareholding | 238,883,201 | 41.4 | 268,134,205 | 41.4 |
Director's Direct Shareholding | 347,348 | 0.1 | 389,880 | 0.1 |
Staff Schemes | 6,495,402 | 1.1 | 7,290,758 | 1.1 |
Free Float | 330,686,556 | 57.4 | 371,178,788 | 57.4 |
Total | 576,412,507 | 100 | 646,993,631 | 100 |
R.T BRISCOE (NIGERIA) PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023
6 Financial Risk Management
The group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group's financial performance.
This interim financial statements do not include all financial risk management information and disclosures required in an annual financial statements; they should be read in conjunction with the company's annual financial statements as at 31 December 2022. There have been no changes in the risk management structure since year end or in any risk management policy.
7
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Basis of segmentation
The Group has the following strategic divisions, which are its reportable segments. These divisions offer different products and services, and are managed separately because they require different technology and marketing strategies.
The following summary describes the operations of each reportable segment
Reportable segments | Operations |
Motor Vehicles | Sale of Toyota Vehicles |
Industrial equipment | Sale and marketing of industrial equipment |
Aftersales service | Servicing and maintenance of Toyota and Ford vehicles |
Property development | Facility Management, Development, sale and leasing of property. |
The Group Chief Executive Officer (CEO) reviews the internal management reports of each division at least quarterly.
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Information about reportable segments
Revenue
An analysis of revenue is as follows:
30-09-23 | 30-09-22 | |||
N'000 | N'000 | |||
Motor vehicles and accessories | 8,388,690 | 9,650,167 | ||
Industrial equipment | 911,885 | 743,097 | ||
Aftersales services and parts | 1,002,899 | 767,509 | ||
Property development & facility management | 283,406 | 407,718 | ||
10,586,879 | 11,568,490 | |||
Turnover is derived substantially from sales and services rendered in Nigeria. | ||||
8 Other income | ||||
30-09-23 | 30-09-22 | |||
N'000 | N'000 | |||
Rental income | 56,118 | 264,940 | ||
Other sundry income | 10,485 | 2,667 | ||
66,603 | 267,607 | |||
R.T BRISCOE (NIGERIA) PLC | |||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | |||
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023 | |||
9 Finance costs | Re-stated | ||
30-09-23 | 30-09-22 | ||
N'000 | N'000 | ||
Interest on bank overdrafts and loans | 759,756 | 713,659 | |
Interest on commercial papers | 71,930 | 101,301 | |
Bank Charges | 8,825 | 12,111 | |
840,511 | 827,071 | ||
9a Prior-Year Adjustment to Finance Cost
In previous years, it was the policy of the company to book the interests on credit facilities in accordance with the amount debited to the company in the banks statements. However, forensic analysis carried out on the charges by some banks showed that there were significant differences due to interest not being computed by the banks in accordance with the contract between the bank and the company. The difference between the company's recomputation and the bank charges has been adjusted so that what has been booked and reported now reflects the contractual amount due.
10 Cash and cash equivalents
For the purpose of the statement of cash flows, cash and cash equivalents include cash on hand and in banks, short term investments with an original maturity of three months or less, net of outstanding bank overdrafts and short term loans. Cash and cash equivalents at the end of the reporting period as shown in the statement of cash flows can be reconciled to the related items in the statement of financial position as follows:
30-09-23 | 31-12-22 | |||
N'000 | N'000 | |||
Cash in hand | 8,828 | 6,545 | ||
Bank balance | 99,741 | 375,584 | ||
108,569 | 382,129 | |||
Less: Bank overdrafts and short term loans | (12,478,909) | (12,102,491) | ||
(12,370,340) | (11,720,362) | |||
11 | Trade and other receivables | |||
30-09-23 | 31-12-22 | |||
N'000 | N'000 | |||
Trade receivables | 1,288,488 | 1,757,758 | ||
Staff advances | 21,190 | 11,876 | ||
Other receivables | 2,493,547 | 2,424,807 | ||
Allowance for Impairments | (1,638,338) | (1,638,338) | ||
2,164,886 | 2,556,103 | |||
12 | Trade and other payables | |||
30-09-23 | 31-12-22 | |||
N'000 | N'000 | |||
Trade payable | 1,271,054 | 1,500,216 | ||
Other payables: | ||||
Due to related parties | 3,196 | 10,894 | ||
Dividend payable | 20,659 | 20,659 | ||
Pension payable | 6,980 | 11,466 | ||
Non income taxes | 45,921 | 116,124 | ||
Accrued expenses | 1,136,025 | 784,853 | ||
1,212,780 | 943,996 | |||
Trade and other payables | 2,483,834 | 2,444,212 | ||
R.T BRISCOE (NIGERIA) PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023
13 | Bank Overdrafts | |||
30-09-23 | 31-12-22 | |||
N'000 | N'000 | |||
Unsecured - at amortised cost | ||||
Bank overdrafts | 12,478,909 | 12,102,491 | ||
Commercial papers | - | - | ||
12,478,909 | 12,102,491 | |||
14 | Borrowings | |||
30-09-23 | 31-12-22 | |||
N'000 | N'000 | |||
LPO finance facility | 367,500 | 137,885 | ||
Letter of Credit | - | - | ||
367,500 | 137,885 | |||
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Disclaimer
R.T. Briscoe (Nigeria) plc published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 09:10:07 UTC.