Ncr (nigeria): Quarter 1 - financial statement… (NSENG:NCR)

FIRST QUARTER UNAUDITED CONDENSED FINANCIAL STATEMENTS

31 MARCH 2025

NCR (NIGERIA) PLC

PERIOD ENDED 31 MARCH 2025

UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME


Revenue from contracts with customers	Note 3	459,056	457,652
Cost of Sales	3.2	(351,693)	(423,119)
Gross profit		107,363	34,533
Other income			7,883
Distribution Expenses	12	(13,214)	(13,679)
Administrative Expense	13	(28,102)	(458,390)
		134,559	(429,652)
Profit/ (Loss) before Tax		134,559	(429,652)
Income Tax Expense		-	-
Profit/ (Loss) after Tax		134,559	(429,652)


- -
- - 134,559 (429,652)

1.25 (3.98)

31/03/2025

N'000

31/03/2024

N'000

4

68,512

Other Comprehensive Income

Items that will not be reclassified subsequently to profit or loss:

Actuarial loss on retirement benefit; net of tax

Other Comprehensive Loss for the Year, net of Tax

Total Comprehensive Income for the Year, net of Tax

Earnings per share data:

Basic/ diluted earnings/ (loss) per share (Naira)

NCR (NIGERIA) PLC

PERIOD ENDED 31 MARCH 2025

UNAUDITED STATEMENT OF FINANCIAL POSITION

Note

USD

31/03/2025	31/12/2024
N'000	N'000

ASSETS

Non-current assets

Property, plant and equipment

Retirement benefit assets

Deferred Tax Assets

46,359	50,609
58,432	58,432
	-

104,791

109,041

Current assets

Inventories

Trade and other receivables

Prepayments

Cash and Cash equivalents

Current Tax Receivable

5

6

7

8

334,956	369,127
3,629,895	3,409,211
91,134	17,593
498,615	522,561

4,554,600

4,318,492

4,659,390

4,427,533

Equity and Liabilities

Share capital

Retained loss

Other reserves

54,000	54,000
(4,589,441)	(4,724,000)
(139,142)	(139,142)

(4,674,583)

(4,809,142)

Non-current liabilities

Trade and other payables

Deferred Tax Liability

2,583,097	2,583,097
	-

2,583,097

6,393,047	6,489,030
346,776	153,497
11,053	11,053

6,750,876	6,653,580

Current liabilities

Trade and other payables

Contract Liability

Current Tax Liability

9

11

10

9,333,973

9,236,677

4,659,390

4,427,535

Otunba Adekunle Ojora OFR, CON, FNIM, JP

Chairman

FRC/2013/PRO/DIR/003/00000002581

Mr Chuwueke Onyekachi Caleb FCA

Finance Controller

FRC/2015/PRO/ICAN/001/00000013361

UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY

AS AT 31 MARCH 2025

Share Capital

Retained

Earnings

Other

Reserves

Total Equity

N'000

54,000

(4,724,000)

(139,142)

(4,809,142)

Total comprehensive income for the period

Issue of

Dividends

Transfer for

-

134,559

-	-		-
54,000	(4,589,441)	(139,142)	(4,674,583)

Share Capital

Retained

Earnings

Other

Reserves

Total Equity

N'000

54,000	(2,551,799)	(107,352)	(2,605,151)
			-
	(2,172,201)		(2,172,201)
-		(31,790)	(31,790)
	(2,172,201)	(31,790)	(2,203,991)

Loss for the year

Other comprehensive loss for the year, net of tax

Total comprehensive loss for the year, net of tax

-	-		-
54,000	(4,724,000)	(139,142)	(4,809,142)

UNAUDITED STATEMENT OF CASH FLOW

AS AT 31 MARCH 2025

2025	2024
N'000	N'000

Cash Flows From Operating Activities

Profit /(Loss) before tax

134,559

(2,161,148)

Adjustments:

Depreciation

Exchange Loss/(gain)

Changes in defined benefit plan

Interest income(gain)

Allowance and impairment loss

Operating Profit Before working capital changes

4,250	15,109
(66,020)	2,671,854
	(37,186)
(2,492)	(60,629)
-	-
70,297	428,000

Working Capital Changes:

Changes in prepayment

Changes in inventory

Changes in trade and other receivables

Changes in trade and other payables

changes in contract liabilities

Changes in provision

(73,541)	(13,341)
34,171	(108,230)
(220,684)	437,982
(95,983)	1,308,531
193,281	(129,021)
	-
(92,458)	1,923,921

-

(19,276)

(92,458)

1,904,645

Cash Flows from Investing Activities

Acquisition of PPE

Interest income

Net Cash flows from Investing activities

-	(14,229)
2,492	60,629
2,492	46,400

Cash Flows from Financing activities:

Interest expenses

Net Cash flows from Financing activities

-

- -

(89,967)

1,951,045

Cash and Cash equivalents as at 1 January 2025

Effects of exchange differences

522,561	1,243,371
66,020	(2,671,854)

498,615

522,561

NCR (NIGERIA) PLC

PERIOD ENDED 31 MARCH 2025

Summary of significant policies

The Company is in the business of providing technology and services that help businesses connect, interact and transact with their customers. It provides innovative products which include, ATM (Automated Teller Machines), Retail Point of Sales terminals, Self Service Kiosks, Self-check-in/out systems and sale of computer consumables. These contracts are

divided into three revenue streams namely:

Financial Service Group - Revenue is derived from sale of equipment and other hardware devices such as ATMs

World Customer Services- Revenue is derived from provision of hardware and software maintenance services.

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer.

The Company has applied IFRS 15 practical expedient to a portfolio of contracts (or performance obligations) with similar characteristics since the Company reasonably expect that the accounting result will not be materially different from the result of applying the standard to the individual contracts. The Company has been able to take a reasonable approach to determine the portfolios that would be representative of its types of customers and business lines. This has been used to categorised the different revenue stream detailed below.

Sale of equipment and other hardware devices

Revenue from sale of equipment and other hardware devices are recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the equipment/devices. The normal credit term is 30 to 90 days upon delivery.

The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties). In determining the transaction price for the sale of hardware, the Company considers the effects of variable consideration, the existence of significant financing components, noncash consideration, and consideration payable to the customer (if any).

1.2 Cost of sales

The cost of sales include purchase cost of merchandise and directly attributable overheads.

1.3 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Area Controllers.

1.4 Dividend income from investment

Dividend income from investment is recognised when the shareholder's right to receive payment has been established (provided that it is probable that economic benefits will flow to the company and the amount of income can be measured reliably).

1.5 Foreign currencies

The financial statements of NCR Nigeria Plc are presented in Naira, which is the company's functional currency. In preparing the financial statements, transactions in currencies other than the company's functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions.

foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Any resulting exchange differences are included in the statement of profit or loss and other comprehensive income, except for differences on available-for-sale non-monetary financial assets, which are included in the available-for-sale reserve in other comprehensive income.

Non-monetary items measured in terms of historical cost that are denominated in foreign currencies are translated using the exchange rate at the date of the transaction.

Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

1.6 Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of profit or loss and other comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

date. Deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

1.7 Earnings per share

Earnings per share are calculated by dividing loss/profit for the year by the number of ordinary shares outstanding during the period. Diluted earnings per share are calculated by dividing profit for the year by the fully-diluted number of ordinary shares outstanding during the period.

1.8 Property plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses.
Properties in the course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognized impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalized in accordance with the company's accounting policy. Depreciation is not charged on these assets until the assets are available for their intended use.
Depreciation is charged to profit or loss using the straight-line method so as to write off the cost to their residual values over their estimated useful lives on the following bases:
Class of assets	Estimated useful lives(years)
Furniture and fittings	5
Computers	4
Plant Machinery and equipment	5

Land is not depreciated. The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amounts.

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.

Expenses on repairs and maintenance for instance day to day service cost and ongoing maintenance cost are recognized in profit or loss immediately. Major repairs and overhaul costs are capitalized if it will result in future economic benefits.

1.9 Inventories

Inventory is stated at the lower of cost and net realizable value using the First-In-First-Out (FIFO) Method. Net realizable value represents the estimated selling price for inventories less estimated cost to make the sale. Write down of inventory risk is undertaken to an appropriate and adequate extent.

1.10 Trade and other receivables

Trade receivables are carried at amortised cost less allowance for impairment losses.

Invoices are due for payment as soon as they are raised except when customers are pre-billed or allowed an extended credit period. No interest is charged on the overdue receivables. The company has recognised a provision for expected credit loss of 100% against all receivables over 360 days because historical experience has been that receivables that are past due beyond 360 days are not likely to be recoverable. When trade receivable, or the oldest portion of an installment or sales receivable, has been due for 450 days (15 months); it is assumed to be uncollectible and the entire receivable is written off.

Before accepting any new customer, the Company uses an internal credit scoring system to assess the potential customer's credit quality and defines credit limits by customer. Credit limits are reviewed periodically by the Financial Controller.

Provision for expected credit losses

Provisions are made for credit losses on all receivables in order to reduce the Company's financial exposure to any losses on bad debts. There are no trade receivables which are past due at the reporting date against which an allowance has not been made. Allowance for credit losses are reversed if all amounts are recovered. The impairment recognized represents the difference between the carrying amount of these trade receivables and the amounts that are deemed recoverable by the Company. The company does not hold any collateral or other credit enhancements over these balances nor does it have a legal right of offset against any amounts owed by the Company to the counterparty.

In determining the recoverability of a trade receivable, the Company considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the period ended 31 March 2025

2.1	Legal Form
	NCR (Nigeria) Plc is incorporated in Nigeria under the companies and Allied Matters Act CAP C20 Laws of the federation of Nigeria, 2004 as a public Limited Liability company , and is domiciled in Nigeria.

2.2

Principal Activities

NCR (Nigeria) Plc provides technology and services that help business connect, interact and transact with their customers. The company is a technology company that provides innovative products and services to help business build stronger relationships with their customers, through our presence at customer interaction points such as Automated Teller Machines (ATM), Interactive Teller Machine (ITM), Retail Point of Sales (POS), Workstations, Self Service Kiosk,

Self check-in/out systems and DVD Kiosks.

2.3	Compliance with applicable Law and IFRS
	The condensed financial statements have been prepared in accordance with International Accounting Standards 34 (IAS34) and do not include all of the information required for full annual financial statements.

These are the companies IFRS condensed interim financial statements for the period

---

Composition of financial statements

The financial statements are drawn up in naira, the functional currency of NCR Nigeria Plc, and in accordance with IFRS accounting presentation. The financial statements comprise:

a) a condensed statement of financial position;

b) a condensed statement or condensed statements of profit or loss and other comprehensive income;

c) a condensed statement of changes in equity;

d) selected explanatory notes.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the period ended 31 March 2025

2025	2024
N'000	N'000

3.1.1	Revenue
	Financial Service group
	World Customer Services

166,944	112,859
292,112	344,794
459,056	457,652

3.1.2

Disaggregated revenue information

	March 31, 2025
Goods or Services	Financial service group	World customer services	Total
	N'000	N'000	N'000
Sale of equipment	-		-
Sale of software	42,122		42,122
PS Consulting	124,822		124,822
Installation/Implementation Services	-		-
Maintenance/ Support Services		292,112	292,112
Total Revenue From Contracts	166,944	292,112	459,056

	March 31, 2024
Goods or Services	Financial service group	World customer services	Total
	N'000	N'000	N'000
Sale of equipment	-		-
Sale of software	1,167		1,167
PS Consulting	111,692		111,692
Installation/implementation Services	-		-
Maintenance/ Support Services		344,794	344,794
Total Revenue From Contracts	112,859	344,794	457,652

3.2	Cost of Sales

2025	2024
N'000	N'000

Allowance for slow moving inventories	-	-
Depreciation	4,250	3,856
Direct Cost	139,339	192,093
Salaries and Wages	208,103	227,170
	351,693	423,119

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the period ended 31 MARCH 2025

4	Other Income

Other Income

Interest Income

Provision no longer required

Debt Forgiveness

31/03/2025	31/03/2024
N'000	N'000
66,020	-
2,492	7,883
-
-	-
68,512	7,883

5	Inventories
		31/03/2025	31/12/2024
		N'000	N'000
	Finished Equipment	-	-
	Service Parts (Reworkable)	432,376	457,181
	Service Parts (Non-Reworkable)	29,441	167,518

461,816

624,699

5a	Allowance for slow moving inventory
	Service parts (reworkable)	(102,831)	(230,634)
	Service parts (non-reworkable)	(24,030)	(24,938)
	Finished Equipment	-	-
		(126,860)	(255,572)

6	Trade and Other Receivables
		31/03/2025	31/12/2024
		N'000	N'000
	Trade Receivables	1,209,258	964,582
	Withholding Tax Receivables	2,044,467	2,028,694
	Due from Related Parties	146,236	184,048
	VAT Recoverable	229,934	231,887

3,629,895

3,409,211

7	PREPAYMENTS	31/03/2025	31/12/2024
		N'000	N'000
	Rent prepaid	-	-
	Other prepaid expenses	1,754	1,168
	Insurance prepaid	89,381	16,425
		91,134	17,593

8	CASH AND CASH EQUIVALENTS	31/03/2025	31/12/2024
		N'000	N'000
	Cash at hand	610	329
	Cash at bank	401,327	425,555
	Cash in Transit	-	-
	Short term deposits	96,677	96,677
	Cash and Short term deposits	498,615	522,561

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the period ended 31 MARCH 2025

9	Trade and Other Payables (Current Liab.)

Trade Payables

Accruals and other payables

Audit Fee Payable

Payable to related Party

Unclaimed Dividend

Tax Provisions

VAT Payable

31/03/2025	31/12/2024
N'000	N'000
69,213	47,285
271,804	383,257
4,062	16,250
5,823,356	5,816,914
97,224	97,224
127,387	127,387
-	713

6,393,047

6,489,030

10	Current Tax Liabilities (Current Liab.)

CIT

EDT

31/03/2025	31/12/2024
N'000	N'000
11,053	11,053
-	-
11,053	11,053

11	Other Liabilities (Current Liab.)

Deferred Income

Deposit by Customers

Warranty

31/03/2025	31/12/2024
N'000	N'000
307,549	115,949
38,308	36,233
920	1,314
346,776	153,496

12	DISTRIBUTION EXPENSES
	Consulting & Advisory
	Bank charges
	Office supplies/Security
	Travelling & accomodation
	Rent & Rates/Repairs

31/03/2025	31/03/2024
N'000	N'000
11,284	8,629
934	592
1,007	1,007
(10)	3,450
-	-
13,214	13,679

13	ADMINISTRATIVE EXPENSES	31/03/2025	31/03/2024
		N'000	N'000
	Credit Losses	1,624	19,307
	Audit expenses	4,062	3,087
	Consulting/ Advisory/legal fees	805	2,443
	Exchange loss	-	419,490
	Insurance	508	508
	General office expense	21,101	13,554
		28,102	458,390

FURNITURES & FITTINGS

BUILDINGS

COMPUTER EQUIPMENT

PLANT AND MACHINERY

WIP

Total

N

At 1st January 2025	-	-	20,908,872	160,942,857	-	181,851,729
Additions	-	-	-	-		-
Reclassification	-	-	-	-	-	-
Transfer	-	-	-	-		-
Disposal	-	-	-	-		-
Write off	-	-	-	-		-
At 31 March 2025	-	-	20,908,872	160,942,857	-	181,851,729

At 1st January 2025	-	-	17,597,767	113,644,721	-	131,242,488
Charge for the year	-	-	1,034,697	3,215,793		4,250,491
Reclassification	-	-	-	-		-
Disposal	-	-	-			-
Write off	-	-	-	-		-
At 31 March 2025	-	-	18,632,464	116,860,514	-	135,492,978

NET BOOK VALUE
At 31 March 2025	-	-	2,276,408	44,082,343	-	46,358,751
At 31 December 2024	-	-	3,311,105	47,298,137	-	50,609,242

Securities Trading Policy

The Company has adopted and implemented its Securities Trading Policy, a copy of which is contained in the Company's annual reports. The policy provides that the Directors, employees and related persons who may have or receive price sensitive information are prohibited from dealing in the securities of the company where such actions would be deemed as insider trading, in accordance with the existing laws.

We confirm that the Directors, employees and other related persons complied with the provisions of the Securities Trading Policy during the period under review.

Description	31-Mar-25		31-Dec-24
Description	Unit	Percentage	Unit	Percentage
Issued Share Capital	108,000,000	100%	108,000,000	100%
Substantial Shareholdings (5% and above)
NCR CORPORATION USA	66,705,456	61.76%	66,705,456	61.76%



Total Substantial Shareholdings	66,705,456	61.76%	66,705,456	61.76%
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests
Otunba Adekunle Ojora OFR, CON, FNIM, JP	1283650	1.19%	1283650	1.19%
Ashimi Abdulqudus	0	0.00%	0	0.00%
Onyekachi Chukwueke	0	0.00%	0	0.00%
Chief L. Bisade Biobaku	0	0.00%	0	0.00%
Mr Matthew Ayomidele Adefila	0	0.00%	0	0.00%


Total Directors' Shareholdings	1,283,650	1.19%	1,283,650	1.19%
Other Influential Shareholdings
		0.00%		0.00%
		0.00%		0.00%
Total Other Influential Shareholdings	0	0.00%	0	0.00%
Free Float in Units and Percentage	40,010,894	37.05%	40,010,894	37.05%
Free Float in Value	₦ 20,005,447.00		₦ 20,005,447.00

1	1,000
1,001	5,000
5,001	10,000
10,001	50,000
50,001	100,000
100,001	500,000
500,001	1,000,000
1,000,001	5,000,000
10,000,001	9,999,999,999

2,637	34.10%	1,116,909	1.00%
3,973	51.50%	8,550,757	7.90%
641	8.30%	4,443,222	4.10%
385	5.00%	6,881,994	6.40%
45	0.60%	3,139,867	2.90%
41	0.50%	8,460,572	7.80%
3	0.00%	1,888,313	1.80%
4	0.10%	6,812,910	6.30%
1	0.00%	66,705,456	61.80%
7,730	100.00%	108,000,000	100.00%

Quarter 1 - financial statement for 2025