R T BRISCOE (NIGERIA) : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

B R I S C O E

R.T. BRISCOE (NIGERIA) PLC

UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31, MARCH 2024

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of profit or loss and other comprehensive income For the quarter ended 31 March 2024

	3 months to		3 months to	%
	March 2024		March 2023	Change
	N'000		N'000
Revenue	4,825,426	3,774,126	28%
Cost of sales	(3,987,624)		(3,199,275)	25%
Gross profit	837,801	574,850	46%
Other income	545,388	26,635	1948%
Selling and distribution expenses	(13,035)	(11,845)	10%
Administrative expenses	(543,893)		(396,451)	37%
Results from operating activities	826,262	193,188	328%
Finance costs	(289,701)	(253,477)	14%
Net finance costs	(289,701)		(253,477)	14.3%
Profit / (Loss) before income tax	536,561	(60,289)	-990.0%
Income tax expense	(171,700)	-	0.0%
Profit / (Loss) for the period	364,862	(60,289)	-705.2%
Total comprehensive (loss)/profit
364,862	(60,289)	-705.2%
Attributable to:
Owners of the Company	364,862	(60,289)	-705.2%
	364,862	(60,289)	-705.2%
Earnings per share
Basic & Diluted (Kobo)	31.02	(5.13)	-705.2%

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of financial position

As at 31 March 2024

				%
	31-Mar-24		31-Dec-23	Change
Non-current assets	N'000		N'000
Property, plant and equipment	4,463,129	4,638,894	-4%
Intangible assets	2,486	2,706	-8%
Other receivables	1,191,335	1,036,148	15%
Total non-current assets	5,656,950	5,677,748	-0.4%
Current assets
Inventories	1,371,112	2,377,720	-42%
Inventories under development	516,921	227,179	128%
Trade and other receivables	1,322,934	1,811,413	-27%
Other Current Assets	75,452	62,630	20%
Cash and Cash Equivalents	609,098	450,000	35%
Total current assets	3,895,517	4,928,942	-21%
Total assets	9,552,467	10,606,690	-10%
Current liabilities
Trade and other payables	3,112,406	3,860,494	-19%
Current tax liabilities	290,017	118,318	145%
Bank overdraft	12,145,268	12,991,854	-7%
Borrowings	400,000	460,133	-13%
Deferred income	2,362,392	2,362,392	0%
Total current liabilities	18,310,083	19,793,191	-7%
Net current liabilities	(14,414,567)	(14,864,249)	-3%
Non-current Liabilities
Deferred tax liabilities	39,382	39,383	0%
Defined Benefits Obligations	85,964	21,939	292%
Total non-current liabities	125,346	61,322	104%
Net liabilities	(8,882,962)	(9,247,823)	-4%
Equity
Share capital	588,177	588,177	0%
Share premium account	409,862	409,862	0%
Revaluation Reserve	3,174,364	3,174,364	0%
Retained earnings	(13,055,364)	(13,420,226)	-3%
Attributable to:
Owners of the Company	(8,882,962)		(9,247,823)	-4%
Total equity	(8,882,962)	(9,247,823)	-4%

These financial statements were approved by the Board of Directors on 18 April, 2024 and signed on its behalf by the Directors listed below:

Sir. Sunday Nnamdi Nwosu (Chairman) FRC/2014/PRO/DIR/003/00000006788

Mr. Oluseyi Onajide (Managing Director) FRC/2013/PRO/DIR/003/00000002194

Additionally certified by:

Mr. Jubril Shittu (Chief Financial Officer) FRC/2013/PRO/ICAN/001/00000000728

R.T BRISCOE (NIGERIA) PLC
Consolidated statements of cash flows
For the quarter ended 31 March 2024
	31-Mar-24	31-Dec-23
	N '000	N '000
Cash flows from operating activities
Profit / (Loss) for the year	364,862	(1,242,790)
Adjustments for:
Finance income	(6,752)	(7,768)
Finance expense	22,405	107,547
Employee benefit plan charged	-	12,284
Depreciation	15,340	60,826
Amortisation of Intangible assets	1,369	756
Return on planned asset	-	(6,583)
Profit on sale of PPE	(524,593)	(119,995)
Income Tax	171,700	289,030
	44,331	(906,693)
Changes in:
Other receivables	(155,187)	(534,772)
Inventories	1,006,608	(1,517,459)
Inventories under development	(289,742)	(119,088)
Trade and other receivables	488,479	741,463
Prepayments / Other Current Assets	(12,822)	(18,152)
Trade and other payables	(687,917)	1,416,282
Cash generated from (used in) operating activities	393,750	(938,419)
Defined employee benefits paid	-	(2,096)
Tax paid	-	(315,345)
Net Cash generated from (used in) operating activitie	393,750	(1,255,860)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	700,000	275,100
Acquisition of property, plant and equipment	(12,279)	(63,201)
Net cash used in investing activities	687,721	211,899
Cash flows from financing activities
Interest on loans	(22,405)	(107,547)
Interest income	6,752	7,768
Movement in LPO financing facility	(60,133)	322,248
Net cash used in financing activities	(75,786)	222,469
Net decrease in cash and cash equivalents	1,005,685	(821,493)
Cash and cash equivalents at 1 January	(12,541,854)	(11,720,362)
Cash and cash equivalents at 31 March	(11,536,170)	(12,541,854)

R.T BRISCOE (NIGERIA) PLC

Consolidated statement of changes in equity

For the quarter ended 31 March 2024

					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 2023	588,177	409,862	3,174,364	(12,167,953)	(7,995,549)	-	(7,995,549)
Loss for the year	-	-	-	(1,242,790)	(1,242,790)	-	(1,242,790)
Re-measurement loss on defined benefit plans				(9,483)	(9,483)		(9,483)
Other comprehensive income	-	-	-	-	-	-	-
Total comprehensive income for the period	-	-	-	(1,252,273)	(1,252,273)	-	(1,252,273)
Transactions with owners, recorded directly in
equity	-	-	-	-	-	-	-
Acquisition of NCI without a change in control	-	-	-	-	-	-	-
Balance at 31 December 2023	588,177	409,862	3,174,364	(13,420,226)	(9,247,823)	-	(9,247,823)
Balance at 1 January 2024	588,177	409,862	3,174,364	(13,420,226)	(9,247,823)	-	(9,247,823)
Profit / (Loss) for the period	-	-	-	364,862	364,862	-	364,862
Other comprehensive income for the period	-	-	-	-	-	-	-
Total comprehensive profit	-	-	-	364,862	364,862	-	364,862
Balance at 31 March 2024	588,177	409,862	3,174,364	(13,055,364)	(8,882,962)	-	(8,882,962)

R.T BRISCOE (NIGERIA) PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MARCH 2024

1. 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.
2. Basis of preparation
3. 1. 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 18th April 2024.
   2. 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.
   3. 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.
   4. 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 year ended 31 December 2023.
4. Significant accounting policies
   The accounting policies adopted are consistent with those for the year ended 31 December 2023.

1. 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.
2. 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 March 31, 2024 and April 18, 2024 when the consolidated financial statements for the quarter ended 31st March 2024 were approved is as follows:

	Ordinary shares		Ordinary shares
	held as at 31	% held as at	held as at 18	% held as at
	March 2024	31 March 2024	April 2024	18 April 2024
		Units
Strategic Shareholding	437,131,724	37.16	437,131,724	37.16
Director's Direct Shareholding	1,915,273	0.16	1,915,273	0.16
Staff Schemes	13,255,923	1.13	13,255,923	1.13
Free Float	724,049,136	61.55	724,049,136	61.55
Total	1,176,352,056	100	1,176,352,056	100
		Value (NGN)
Strategic Shareholding	240,422,448	37.16	236,051,131	37.16
Director's Direct Shareholding	1,053,400	0.16	1,034,247	0.16
Staff Schemes	7,290,758	1.13	7,158,198	1.13
Free Float	398,227,025	61.55	390,986,533	61.55
Total	646,993,631	100	635,230,110	100

R.T BRISCOE (NIGERIA) PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MARCH 2024

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 2023. There have been no changes in the risk management structure since year end or in any risk management policy.

7

1. 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

Motor Vehicles Industrial equipment

Aftersales service

Property development

Operations

Sale of Toyota Vehicles

Sale and marketing of industrial equipment

Servicing and maintenance of Toyota and Ford vehicles, Industrial and Material Handling Equipment

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.

1. Information about reportable segments
   Revenue
   An analysis of revenue is as follows:

		31-03-24	31-03-23
		N'000		N'000
Motor vehicles and accessories	3,738,677	3,048,514
Industrial equipment	303,396	291,778
Aftersales services and parts	646,527	348,227
Property development & facility management	136,826	85,607
		4,825,426		3,774,126
Turnover is derived substantially from sales and services rendered in Nigeria.
8 Other income
		31-03-24	31-03-23
		N'000		N'000
Rental income	7,126	10,476
Gain on disposal of property, plant and equipment	524,593	-
Other sundry income		13,670		16,159
		545,389	26,635

R.T BRISCOE (NIGERIA) PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE QUARTER ENDED 31 MARCH 2024
9 Finance costs
	31-03-24	31-03-23
	N'000		N'000
Interest on bank overdrafts and loans	267,296	215,596
Interest on commercial papers	16,604	21,532
Bank Charges	5,802		16,349
	289,701	253,477

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:

		31-03-24	31-12-23
		N'000		N'000
	Cash in hand	24,643	8,410
	Bank balance	584,455		441,590
		609,098	450,000
	Less: Bank overdrafts and short term loans	(12,145,268)		(12,991,854)
		(11,536,170)	(12,541,854)
11	Trade and other receivables
		31-03-24	31-12-23
		N'000		N'000
	Trade receivables	1,322,934	1,368,275
	Staff loans and advance	4,873	7,490
	Other receivables	2,683,592	2,968,926
	Allowance for Impairments	(1,497,130)		(1,497,130)
		2,514,269	2,847,561
12	Trade and other payables
		31-03-24	31-12-23
		N'000		N'000
	Trade payable	2,297,440	2,399,154
	Other payables:
	Due to related parties	13,984	434,190
	Dividend payable	20,659	20,659
	Pension payable	7,574	15,794
	Other Payables	772,749		990,697
		814,966		1,461,340
	Trade and other payables	3,112,406	3,860,494

R.T BRISCOE (NIGERIA) PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MARCH 2024

13	Bank Overdrafts
		31-03-24	31-12-23
		N'000		N'000
	Unsecured - at amortised cost
	Bank overdrafts	12,145,268	12,991,854
	Commercial papers	-		-
		12,145,268	12,991,854
14	Borrowings
		31-03-24	31-12-23
		N'000		N'000
	LPO finance facility	400,000	460,133
	Letter of Credit	-		-
		400,000	460,133