Quarter 2 - financial statement for 2025

SECOND QUARTER UNAUDITED CONDENSED FINANCIAL STATEMENTS

30 JUNE 2025

Apr-June

Apr-June

30/06/2025

30/06/2024

2025

2024

Note

N'000

N'000

N'000

N'000

Revenue from contracts with customers

3

899,680

790,927

440,625

333,275.11

Cost of Sales

3.2

(737,753)

(821,056)

(386,060)

(397,937)

Gross profit

161,928

(30,129)

54,565

(64,661)

Other income

4

28,776

99,880

(39,737)

91,996.54

Distribution Expenses

12

(27,735)

(28,899)

(14,521)

(15,220.62)

Administrative Expense

13

(118,300)

(1,441,056)

(90,198)

(982,666.29)

44,669

(1,400,204)

(89,891)

(970,552)

Profit/ (Loss) before Tax

44,669

(1,400,204)

(89,891)

(970,552)

Income Tax Expense

-

-

-

-

Profit/ (Loss) after Tax

44,669

(1,400,204)

(89,891)

(970,552)

Other Comprehensive Income

Items that will not be reclassified subsequently to profit Actuarial loss on retirement benefit; net of tax

or loss:

-

-

-

-

Other Comprehensive Loss for the Year, net of Tax

-

-

Total Comprehensive Income for the Year, net of Tax

44,669

(1,400,204)

(89,891)

(970,552)

Earnings per share data:

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

0.41

(12.96)

(0.83)

(8.99)

NCR (NIGERIA) PLC

PERIOD ENDED 30 JUNE 2025

UNAUDITED STATEMENT OF FINANCIAL POSITION

Note

USD

30/06/2025

31/12/2024

N'000

N'000

ASSETS

Non-current assets

Property, plant and equipment

Retirement benefit assets

Deferred Tax Assets

40,018

50,609

58,432

58,432

-

98,450

109,041

Current assets

Inventories

Trade and other receivables

Prepayments

Cash and Cash equivalents

Current Tax Receivable

5

6

7

8

383,334

369,127

4,165,039

3,409,211

61,168

17,593

643,874

522,561

5,253,416

4,318,492

5,351,866

4,427,533

Equity and Liabilities

Share capital

Retained loss

Other reserves

54,000

54,000

(4,679,331)

(4,724,000)

(139,142)

(139,142)

(4,764,473)

(4,809,142)

Non-current liabilities

Trade and other payables

Deferred Tax Liability

2,583,097

2,583,097

-

2,583,097

2,583,097

Current liabilities

Trade and other payables

Contract Liability

Current Tax Liability

9

11

10

7,222,886

6,489,030

310,357

153,497

-

11,053

7,533,243

6,653,580

10,116,340

9,236,677

5,351,866

4,427,535

Otunba Adekunle Ojora OFR, CON, FNIM, JP

Chairman

FRC/2013/PRO/DIR/003/00000002581

Mr Chuwueke Onyekachi Caleb

Finance Controller

FRC/2015/PRO/ICAN/001/00000013361

UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY

AS AT 30 JUNE 2025

Share Capital

Retained

Earnings

Other

Reserves

Total Equity

N'000

N'000

N'000

N'000

54,000

(4,724,000)

(139,142)

(4,809,142)

Total comprehensive income for the period

Issue of

Dividends

Transfer for

-

44,669

-

-

-

54,000

(4,679,331)

(139,142)

(4,764,473)

Share Capital

Retained

Earnings

Other

Reserves

Total Equity

N'000

N'000

N'000

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 30 JUNE 2025

2025

2024

N'000

N'000

Cash Flows From Operating Activities

Profit /(Loss) before tax

44,669

(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

10,591

15,109

(19,335)

2,671,854

(37,186)

(9,441)

(60,629)

-

-

26,483

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

(43,575)

(13,341)

(14,207)

(108,230)

(755,828)

437,982

733,856

1,308,531

156,862

(129,021)

-

103,591

1,923,921

(11,053)

(19,276)

92,538

1,904,645

Cash Flows from Investing Activities

Acquisition of PPE

Interest income

Net Cash flows from Investing activities

-

(14,229)

9,441

60,629

9,441

46,400

Cash Flows from Financing activities:

Interest expenses

Net Cash flows from Financing activities

-

- -

101,979

1,951,045

Cash and Cash equivalents as at 1 January 2025

Effects of exchange differences

522,561

1,243,371

19,335

(2,671,854)

643,874

522,561

NCR (NIGERIA) PLC

PERIOD ENDED 30 JUNE 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 30 JUNE 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 30 JUNE 2025

2025

2024

N'000

N'000

3.1.1

Revenue

Financial Service group

285,593

161,548

World Customer Services

614,088

629,379

899,680

790,927

3.1.2

Disaggregated revenue information

June 30, 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

243,470

243,470

Installation/Implementation Services

-

-

Maintenance/ Support Services

614,088

614,088

Total Revenue From Contracts

285,593

614,088

899,680

June 30, 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

160,381

160,381

Installation/implementation Services

-

-

Maintenance/ Support Services

629,379

629,379

Total Revenue From Contracts

161,548

629,379

790,927

3.2

Cost of Sales

2025

2024

N'000

N'000

Allowance for slow moving inventories

-

-

Depreciation

10,591

7,573

Direct Cost

273,339

315,705

Salaries and Wages

453,824

497,778

737,753

821,056

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the period ended 30 JUNE 2025

4

Other Income

Other Income

Interest Income

30/06/2025

30/06/2024

N'000

N'000

19,335

70,742

9,441

29,138

28,776

99,880

5

Inventories

30/06/2025

31/12/2024

N'000

N'000

Finished Equipment

-

-

Service Parts (Reworkable)

419,280

457,181

Service Parts (Non-Reworkable)

52,942

167,518

472,222

624,699

5a

Allowance for slow moving inventory

Service parts (reworkable)

(64,859)

(230,634)

Service parts (non-reworkable)

(24,030)

(24,938)

Finished Equipment

-

-

(88,888)

(255,572)

6

Trade and Other Receivables

30/06/2025

31/12/2024

N'000

N'000

Trade Receivables

939,855

964,582

Withholding Tax Receivables

2,048,062

2,028,694

Due from Related Parties

946,362

184,048

VAT Recoverable

229,684

231,887

Employee Receivable

1,077

-

4,165,039

3,409,211

7

PREPAYMENTS

30/06/2025

31/12/2024

N'000

N'000

Other prepaid expenses

1,811

1,168

Insurance prepaid

59,357

16,425

61,168

17,593

8

CASH AND CASH EQUIVALENTS

30/06/2025

31/12/2024

N'000

N'000

Cash at hand

610

329

Cash at bank

643,264

425,555

Short term deposits

-

96,677

Cash and Short term deposits

643,874

522,561

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the period ended 30 JUNE 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

30/06/2025

31/12/2024

N'000

N'000

52,934

47,285

5,960,942

383,257

8,125

16,250

1,084,550

5,816,914

-

97,224

116,334

127,387

-

713

7,222,886

6,489,030

10

Current Tax Liabilities (Current Liab.)

CIT

EDT

30/06/2025

31/12/2024

N'000

N'000

-

11,053

-

-

-

11,053

11

Other Liabilities (Current Liab.)

Deferred Income

Deposit by Customers

Warranty

30/06/2025

31/12/2024

N'000

N'000

247,915

115,949

61,917

36,233

526

1,314

310,357

153,496

12

DISTRIBUTION EXPENSES

Consulting & Advisory

Bank charges

Office supplies/Security

Travelling & accomodation

Rent & Rates/Repairs

30/06/2025

30/06/2024

N'000

N'000

23,193

16,253

1,734

2,766

2,706

4,439

102

3,657

-

1,784

27,735

28,899

13

ADMINISTRATIVE EXPENSES

30/06/2025

30/06/2024

N'000

N'000

Credit Losses

72,723

55,943

Audit expenses

8,125

5,547

Consulting/ Advisory/legal fees

940

2,642

Exchange loss

0

1,359,627

Insurance

1,017

2,008

General office expense

35,495

15,288

118,300

1,441,056

FURNITURES & FITTINGS

BUILDINGS

COMPUTER EQUIPMENT

PLANT AND MACHINERY

WIP

Total

N

N

N

N

N

N

At 1st January 2025

0

0

20,908,872

160,942,857

-

181,851,729

Additions

-

-

0

0

0

Reclassification

-

-

-

-

-

-

Transfer

-

-

-

-

-

Disposal

-

-

-

-

-

Write off

-

-

0

-

-

At 31 March 2025

0

0

20,908,872

160,942,857

0

181,851,729

At 1st January 2025

-

-0

17,597,767

113,644,721

-

131,242,488

Charge for the year

-

-

1,918,689

8,671,825

10,590,514

Reclassification

-

-

-

-

-

Disposal

-

-

-

-

Write off

-

-

-

-

-

At 31 March 2025

0

(0)

19,516,456

122,316,546

-

141,833,002

NET BOOK VALUE

At 31 March 2025

0

0

1,392,416

38,626,312

0

40,018,728

At 31 December 2024

0

0

3,311,105

47,298,137

0

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

30-Jun-25

31-Dec-24

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%