B R I S C O E
R.T. BRISCOE (NIGERIA) PLC
UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 30, JUNE 2023
R.T BRISCOE (NIGERIA) PLC
Consolidated statements of profit or loss and other comprehensive income
For the quarter ended 30 June 2023
Re-stated | |||||||
3 months to | 6 months to | 3 months to | 6 months to | ||||
June 2023 | June 2023 | June 2022 | June 2022 | ||||
N'000 | N'000 | N'000 | N'000 | ||||
Revenue | 4,082,508 | 7,856,634 | 4,699,312 | 8,023,550 | |||
Cost of sales | (3,478,579) | (6,677,854) | (3,842,520) | (6,643,629) | |||
Gross profit | 603,929 | 1,178,780 | 856,792 | 1,379,920 | |||
Other income | 23,385 | 50,019 | 53,886 | 76,895 | |||
Selling and distribution expenses | (64,842) | (76,687) | (13,997) | (23,861) | |||
Administrative expenses | (402,244) | (798,695) | (396,909) | (727,048) | |||
Results from operating activities | 160,228 | 353,417 | 499,773 | 705,906 | |||
Finance costs | (315,011) | (568,488) | (214,910) | (429,820) | |||
Net finance costs | (315,011) | (568,488) | (214,910) | (429,820) | |||
(Loss) / Profit before income tax | (154,783) | (215,071) | 284,862 | 276,086 | |||
Income tax expense | - | - | - | - | |||
(Loss) / Profit for the period | (154,783) | (215,071) | 284,862 | 276,086 | |||
Total comprehensive (loss) / profit | (154,783) | (215,071) | 284,862 | 276,086 | |||
Attributable to: | |||||||
Owners of the Company | (154,783) | (215,071) | 284,862 | 276,086 | |||
(154,783) | (215,071) | 284,862 | 276,086 | ||||
Earnings per share | |||||||
Basic & Diluted (Kobo) | (13.16) | (18) | 24.22 | 23 |
R.T BRISCOE (NIGERIA) PLCConsolidated statements of financial position As at 30 June 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
30-Jun-23 | 31-Dec-22 |
N'000 | N'000 |
4,807,335 | 4,791,624 |
126 | 236 |
751,938 | 501,376 |
5,559,399 | 5,293,236 |
991,887 | 968,352 |
2,179,977 | 2,556,103 |
198,069 | 44,478 |
402,350 | 382,129 |
3,772,284 | 3,951,062 |
9,331,683 | 9,244,298 |
2,473,230 2,444,212
137,656144,634
12,471,259 12,102,491
-
137,885
2,362,392 2,362,392
17,444,537 17,191,614
(13,672,254) (13,240,552)
41,65939,383
56,1078,850
97,76648,233
(8,210,621) (7,995,550)
588,177588,177
409,862409,862
3,174,365 3,174,364
(12,383,024) (12,167,953)
(8,210,621) (7,995,550)
(8,210,621) (7,995,550)
These financial statements were approved by the Board of Directors on 27 July, 2023 and signed on its behalf by th 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 30 June 2023 | ||
30-Jun-23 | 31-Dec-22 | |
N '000 | N '000 | |
Cash flows from operating activities | ||
Profit/ (Loss) for the year | (215,071) | 123,354 |
Adjustments for: | ||
Adjustment for impairment of trade receivable | - | 8,277 |
Finance expense | 568,488 | 110,614 |
Employee benefit plan charged | - | 10,667 |
Depreciation | 27,398 | 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 |
380,815 | 388,928 | |
Changes in: | ||
Other receivables | 27,048 | 9,776 |
Inventories | (23,535) | (292,344) |
Trade and other receivables | 185,501 | 296,920 |
Prepayments / Other Current Assets | (153,591) | 69,478 |
Trade and other payables | (29,018) | (78,565) |
Cash generated from (used in) operating activities | 387,220 | 394,193 |
Defined employee benefits paid | - | (1,327) |
Tax paid | (9,868) | (48,328) |
Net Cash generated from (used in) operating activities | 377,352 | 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 | (568,488) | (110,614) |
Interest income | - | - |
Movement in LPO financiang facility | (137,885) | (712,003) |
Net cash used in financing activities | (706,373) | (822,617) |
Net decrease in cash and cash equivalents | (348,546) | (499,403) |
Cash and cash equivalents at 1 January | (11,720,362) | (11,220,959) |
Cash and cash equivalents at 30 June | (12,068,909) | (11,720,362) |
R.T BRISCOE (NIGERIA) PLC
Consolidated statement of changes in equity
For the quarter ended 30 June 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 | - | - | - | (215,071) | (215,071) | - | (215,071) |
Other comprehensive income for the period | - | - | - | - | - | - | - |
Total comprehensive loss | - | - | - | (215,071) | (215,071) | - | (215,071) |
Issue of Share capital | - | - | - | - | - | - | - |
Share based payments | - | - | - | - | - | - | - |
Deferred tax | - | - | - | - | - | - | - |
Transfer for bonus issue | - | - | - | - | - | - | - |
Balance at 30 June 2023 | 588,177 | 409,862 | 3,174,364 | (12,383,024) | (8,210,621) | - | (8,210,621) |
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