R T BRISCOE (NIGERIA) : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

B R I S C O E

R.T. BRISCOE (NIGERIA) PLC

UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31, DECEMBER 2021

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of profit or loss and other comprehensive income

For the year ended 31 December 2021

			12 months to		3 months to	12 months to
	3 months to	December		December	December
	December 2021	2021	2020		2020
	N'000	N'000		N'000	N'000
Revenue	6,183,628		12,028,390	2,827,388		6,478,009
Cost of sales	(5,750,272)		(10,374,760)		(2,420,995)		(5,139,926)
Gross profit	433,357		1,653,631	406,394		1,338,083
Other income	2,294,953		2,392,794	581,722		724,743
Selling and distribution expenses	(110,220)		(328,153)	(107,105)		(296,478)
Administrative expenses	(73,425)		(984,459)		(372,288)		(1,229,080)
Results from operating activities	2,544,665		2,733,813	508,722		537,268
Finance income	-		-	-		-
Finance costs	(760,158)		(2,591,774)		(711,572)		(1,616,539)
Net finance costs	(760,158)		(2,591,774)		(711,572)		(1,616,539)
Profit/(Loss) before income tax	1,784,507		142,039	(202,850)		(1,079,271)
Income tax expense	-		(45,452)	-		(16,877)
Profit/(Loss) for the period	1,784,507		96,587		(202,850)		(1,096,148)
Total comprehensive profit/(loss)	1,784,507		96,587	(202,850)		(1,096,148)
Attributable to:
Owners of the Company	1,784,507		96,587	(202,850)		(1,096,148)
Non-controlling interests	-		-		-		-
	1,784,507		96,587	(202,850)		(1,096,148)
Earnings per share
Basic & Diluted (Kobo)	152		8	(17)		(93)

R.T BRISCOE (NIGERIA) PLCConsolidated statements of financial position As at 31 December 2021

Non-current assets

Property, plant and equipment

Investment properties

Intangible assets

Other receivables

Total non-current assets

Current assets

Inventories

Trade and other receivables

Prepayments

Cash and bank balances

Total current assets

Total assets

Equity

Share capital

Share premium account

Revaluation Reserve

Retained earnings

Attributable to:

Owners of the Company

Total equity

Liabilities

Employee benefits

Deferred tax liabilities

Total non-current liabities

Current liabilities

Current tax liabilities

Trade and other payables

Deferred income

Bank overdraft

Dividend payable

Total current liabilities

Total liabilities

Total equity and Liabilities

31-Dec-21	31-Dec-20
N'000	N'000
4,694,148	4,810,762
150,437	247,201
570	1,357
595,144	512,317
5,440,298	5,571,637
647,345	564,010
2,347,759	2,184,736
89,328	38,462
247,726	219,873
3,332,158	3,007,081
8,772,456	8,578,718
588,177	588,177
409,862	409,862
3,174,365	3,174,364
(14,354,486)	(14,451,073)
(10,182,083)	(10,278,670)
(10,182,083)	(10,278,670)
104,371	31,533
35,910	35,910
140,281	67,443
98,376	60,320
2,055,442	1,558,986
47,643	29,202
16,516,350	17,044,990
96,447	96,447
18,814,257	18,789,945
18,954,539	18,857,388
8,772,456	8,578,718

These financial statements were approved by the board of directors on 28 January, 2022 and signed on its behalf by the directors listed below:

Sir. Sunday Nnamdi Nwosu (Ag. 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 year ended 31 December 2021
	31-Dec-21	31-Dec-20
	N '000	N '000
Cash flows from operating activities
Loss for the year	96,587	(1,096,148)
Adjustments for:
Interest Income	-	(46,250)
Interest on loan	-	20,826
Employee benefit charge	12,589	10,015
Depreciation	43,149	45,611
Amortisation of Intangible assets	220	679
Amortisation of Investment properties	-	3,216
Return on planned asset	-	(3,778)
Loss/(gain) on sale of PPE	(50)	(35,417)
Income Tax		16,877
	152,495	(1,084,369)
Changes in:
Inventories	83,335	220,055
Trade and other receivables	163,023	303,002
Prepayments	50,866	7,340
Trade and other payables	(42,213)	(854,549)
Adjustment for other investment	-	140,725
Cash generated from (used in) operating activities	407,506	(1,267,796)
Defined employee benefits paid	3,021	(12,816)
Tax paid	-	(34,898)
Net Cash generated from (used in) operating activities	410,526	(1,315,510)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	111,000	81,385
Proceeds from sale of investment property	125,000	114,730
Acquisition of property, plant and equipment	(11,680)	(81,825)
Net cash used in investing activities	224,320	114,291
Cash flows from financing activities
Interest on loans	(78,353)	(20,826)
Interest income	-	46,250
Net decrease in borrowings during the year	-	-
Net cash used in financing activities	(78,353)	25,424
Net decrease in cash and cash equivalents	556,493	(1,175,796)
Cash and cash equivalents at 1 January	(16,825,117)	(15,649,321)
Cash and cash equivalents at 31 March	(16,268,624)	(16,825,117)

R.T BRISCOE (NIGERIA) PLC

Consolidated statement of changes in equity

For the year ended 31 December 2021

					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
Balance at 1 January 2020	588,177	409,862	2,864,778	(13,346,214)	(9,483,397)	-	(9,483,397)
Loss for the period	-	-	-	(1,096,148)	(1,096,148)	-	(1,096,148)
Re-measurement loss on defined benefit plans				(8,711)	(8,711)		(8,711)
Other comprehensive income	-	-	309,586	-	309,586	-	309,586
Total comprehensive income for the period	-	-	309,586	(1,104,859)	(795,273)	-	(795,273)
Transactions with owners, recorded directly in
equity	-	-	-	-	-	-	-
Acquisition of NCI without a change in control	-	-	-	-	-	-	-
Balance at 31 December 2020	588,177	409,862	3,174,364	(14,451,073)	(10,278,670)	-	(10,278,670)
Balance at 1 January 2021	588,177	409,862	3,174,364	(14,451,073)	(10,278,670)	-	(10,278,670)
Loss for the period	-	-	-	96,587	96,587	-	96,587
Other comprehensive income for the period	-	-	-	-	-	-	-
Total comprehensive loss	-	-	-	96,587	96,587	-	96,587
Issue of Share capital	-	-	-	-	-	-	-
Share based payments	-	-	-	-	-	-	-
Deferred tax	-	-	-	-	-	-	-
Transfer for bonus issue	-	-	-	-	-	-	-
Balance at 31 December 2021	588,177	409,862	3,174,364	(14,354,486)	(10,182,083)	-	(10,182,083)