R T BRISCOE (NIGERIA) : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

B R I S C O E

R.T. BRISCOE (NIGERIA) PLC

UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31, MARCH 2023

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of profit or loss and other comprehensive income For the quarter ended 31 March 2023

			Re-stated
	3 months to		3 months to
	March 2023		March 2022
	N'000		N'000
Revenue	3,774,126	3,324,238
Cost of sales	(3,199,275)		(2,801,618)
Gross profit	574,850	522,621
Other income	26,635	22,620
Selling and distribution expenses	(11,845)	(27,937)
Administrative expenses	(396,451)		(299,102)
Results from operating activities	193,188	218,202
Finance costs	(253,477)	(214,910)
Net finance costs	(253,477)		(214,910)
(Loss) / Profit before income tax	(60,289)	3,291
Income tax expense	-	-
(Loss) / Profit for the period	(60,289)	3,291
Total comprehensive (loss) / profit
(60,289)	3,291
Attributable to:
Owners of the Company	(60,289)	3,291
	(60,289)	3,291
Earnings per share
Basic & Diluted (Kobo)	(5.13)	0.28

R.T BRISCOE (NIGERIA) PLCConsolidated statements of financial position As at 31 March 2023

Non-current assets

Property, plant and equipment

Intangible assets

Other receivables

Total non-current assets

Current assets

Inventories

Trade and other receivables

Other current Assets

Cash and Cash Equivalents

Total current assets

Total assets

Current liabilities

Trade and other payables

Current tax liabilities

Bank overdraft

Borrowings

Deferred income

Total current liabilities

Net current liabilities

Non-current Liabilities

Deferred tax liabilities

Defined Benefits Obligations

Total non-current liabities

Net liabilities

Equity

Share capital

Share premium account

Revaluation Reserve

Retained earnings

Attributable to:

Owners of the Company

Total equity

31/Mar/23	31/Dec/22
N'000	N'000
4,790,293	4,791,624
181	236
571,884	501,376
5,362,358	5,293,236
922,278	968,352
2,938,080	2,556,103
181,369	44,478
186,393	382,129
4,228,119	3,951,062
9,590,477	9,244,298
2,296,059	2,444,212
72,301	144,634
12,354,047	12,102,491
371,000	137,885
2,362,392	2,362,392
17,455,799	17,191,614
(13,227,680)	(13,240,552)
41,950	39,383
52,030	8,850
93,981	48,233
(7,959,303)	(7,995,550)
588,177	588,177
409,862	409,862
3,174,365	3,174,364
(12,228,242)	(12,167,953)
(7,959,303)	(7,995,550)
(7,959,303)	(7,995,550)

These financial statements were approved by the Board of Directors on 8 June, 2023 and signed on its beha 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 quarter ended 31 March 2023
	31/Mar/23	31/Dec/22
	N '000	N '000
Cash flows from operating activities
Profit/ (Loss) for the year	(60,289)	123,354
Adjustments for:
Adjustment for impairment of trade receivable	-	8,277
Finance expense	253,477	110,614
Employee benefit plan charged	-	10,667
Depreciation	13,699	59,552
Amortisation of Intangible assets	-	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
	206,887	388,928
Changes in:
Other receivables	-	9,776
Inventories	46,074	(292,344)
Trade and other receivables	(376,085)	296,920
Prepayments / Other Current Assets	(136,891)	69,478
Trade and other payables	(147,391)	(78,565)
Cash generated from (used in) operating activities	(407,405)	394,193
Defined employee benefits paid	-	(1,327)
Tax paid	-	(48,328)
Net Cash generated from (used in) operating activities	(407,405)	344,538
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	-	21,005
Proceeds from sale of investment property	-	124,500
Acquisition of property, plant and equipment	(19,524)	(153,821)
Addition to Investment Property	-	(13,008)
Net cash used in investing activities	(19,524)	(21,324)
Cash flows from financing activities
Interest on loans	(253,477)	(110,614)
Interest income	-	-
Movement in LPO financiang facility	233,115	(712,003)
Net cash used in financing activities	(20,362)	(822,617)
Net decrease in cash and cash equivalents	(447,292)	(499,403)
Cash and cash equivalents at 1 January	(11,720,362)	(11,220,959)
Cash and cash equivalents at 31 March	(12,167,655)	(11,720,362)

R.T BRISCOE (NIGERIA) PLC

Consolidated statement of changes in equity

For the quarter ended 31 March 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	123,354	-	123,354
Re-measurement loss on defined benefit plans				(11,880)	(11,880)		(11,880)
Other comprehensive income	-	-	-	-	-	-	-
Total comprehensive income for the period	-	-	-	111,474	111,474	-	111,474
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)	(7,995,550)	-	(7,995,550)
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	-	-	-	(60,289)	(60,289)	-	(60,289)
Other comprehensive income for the period	-	-	-	-	-	-	-
Total comprehensive loss	-	-	-	(60,289)	(60,289)	-	(60,289)
Issue of Share capital	-	-	-	-	-	-	-
Share based payments	-	-	-	-	-	-	-
Deferred tax	-	-	-	-	-	-	-
Transfer for bonus issue	-	-	-	-	-	-	-
Balance at 31 March 2023	588,177	409,862	3,174,364	(12,228,242)	(8,055,839)	-	(8,055,839)