Rt Briscoe PlcNSENG: RTBRISCOE

Quarter 2 financial statement for 2024

Jul 26, 2024 at 3:34 PM UTC · Issued by Rt Briscoe Plc

B R I S C O E

R.T. BRISCOE (NIGERIA) PLC

UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE HALF-YEAR ENDED 30, JUNE 2024

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of profit or loss and other comprehensive income

For the half year ended 30 June 2024

	3 months to	6 months to	3 months to	6 months to
	June 2024	June 2024	June 2023	June 2023
	N'000	N'000	N'000	N'000
Revenue	5,240,273		10,065,699		4,082,508	7,856,634
Cost of sales	(3,735,008)		(7,492,581)		(3,257,524)	(6,273,839)
Gross profit	1,505,265		2,573,118		824,984	1,582,795
Other income	16,278		561,667		23,385	50,019
Selling and distribution expenses	(351,526)		(574,127)		(226,281)	(417,562)
Administrative expenses	(614,983)		(1,179,362)		(461,860)	(861,835)
Results from operating activities	555,034		1,381,297		160,228	353,417
Finance costs	(364,433)		(654,134)		(315,011)	(568,488)
Net finance costs	(364,433)		(654,134)		(315,011)	(568,488)
Profit / (Loss) before income tax	190,601		727,163		(154,783)	(215,071)
Income tax expense	(46,449)		(218,149)		-	-
Profit / (Loss) for the period	144,152		509,014		(154,783)	(215,071)
Total comprehensive profit / (loss)	144,152		509,014		(154,783)	(215,071)
Attributable to:
Owners of the Company	144,152		509,014		(154,783)	(215,071)
	144,152		509,014		(154,783)	(215,071)
Earnings per share
Basic & Diluted (Kobo)	12.25		43		(13.16)	(18)

R.T BRISCOE (NIGERIA) PLCConsolidated statements of financial position As at 30 June 2024

Non-current assets

Property, plant and equipment

Intangible assets

Other receivables

Total non-current assets

Current assets

Inventories

Inventories under development

Trade and other receivables

Prepayments

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/24	31/Dec/23
N'000	N'000
4,452,894	4,638,894
2,284	2,706
1,054,138	1,036,148
5,509,317	5,677,748
1,234,221	2,377,720
407,637	227,179
2,292,779	1,811,413
129,241	62,630
388,133	450,000
4,452,010	4,928,942
9,961,327	10,606,690
2,511,785	3,860,494
305,758	118,318
12,978,703	12,991,854
412,000	460,133
2,362,392	2,362,392
18,570,639	19,793,191
(14,118,628)	(14,864,249)
39,382	39,383
90,115	21,939
129,497	61,322
(8,738,809)	(9,247,823)
588,177	588,177
409,862	409,862
3,174,364	3,174,364
(12,911,212)	(13,420,226)
(8,738,809)	(9,247,823)
(8,738,809)	(9,247,823)

These financial statements were approved by the Board of Directors on 24 July, 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

Mr. Jubril Shittu (Group Finance Director) FRC/2013/PRO/ICAN/001/00000000728

R.T BRISCOE (NIGERIA) PLC
Consolidated statements of cash flows
For the half year ended 30 June 2024
	30/Jun/24	31/Dec/23
	N '000	N '000
Cash flows from operating activities
Profit/ (Loss) for the year	509,014	(1,242,790)
Adjustments for:
Finance income	-	(7,768)
Finance expense	62,076	107,547
Employee benefit plan charged	-	12,284
Depreciation	38,926	60,826
Amortisation of Intangible assets	2,738	756
Return on planned asset	-	(6,583)
Profit on sale of PPE	(522,093)	(119,995)
Income Tax	218,149	289,030
	308,811	(906,693)
Changes in:
Other receivables	(17,990)	(534,772)
Inventories	1,143,499	(1,517,458)
Inventories under development	(180,458)	(119,088)
Trade and other receivables	(447,518)	741,463
Prepayments / Other Current Assets	(66,611)	(18,152)
Trade and other payables	(1,348,709)	1,416,282
Cash generated from (used in) operating activities	(608,976)	(938,419)
Defined employee benefits paid	-	(2,096)
Tax paid	-	(315,345)
Net Cash generated from (used in) operating activities	(608,976)	(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	(29,531)	(63,201)
Net cash used in investing activities	670,469	211,899
Cash flows from financing activities
Interest on loans	(62,076)	(107,547)
Interest income	-	7,768
Movement in borrowings	(48,133)	322,248
Net cash used in financing activities	(110,209)	222,469
Net decrease in cash and cash equivalents	(48,717)	(821,492)
Cash and cash equivalents at 1 January	(12,541,854)	(11,720,362)
Cash and cash equivalents at 30 June	(12,590,571)	(12,541,854)

R.T BRISCOE (NIGERIA) PLC

Consolidated statement of changes in equity

For the half year ended 30 June 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
As at 1st January 2023 as restated	588,177	409,862	3,174,364	(12,167,953)	(7,995,550)	-	(7,995,550)
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	-	-	-	509,014	509,014	-	509,014
Other comprehensive income for the period	-	-	-	-	-	-	-
Total comprehensive loss	-	-	-	509,014	509,014	-	509,014

Balance at 30 June 2024	588,177	409,862	3,174,364	(12,911,212)	(8,738,809)	-	(8,738,809)

R.T BRISCOE (NIGERIA) PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 30 JUNE 2024

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.
Basis of preparation
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 24th July 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 31st December 2023.
Significant accounting policies
The accounting policies adopted are consistent with those for the year ended 31 December 2023.

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.
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 June 30, 2024 and July 24, 2024 when the consolidated financial statements for the half year ended 30th June 2024 were approved is as follows:

	Ordinary shares		Ordinary shares
	held as at 30	% held as at	held as at 24 July	% held as at
	June 2024	30 June 2024	2024	24 July 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	305,992,207	37.16	292,878,255	37.16
Director's Direct Shareholding	1,340,691	0.16	1,283,233	0.16
Staff Schemes	9,279,146	1.13	8,881,468	1.13
Free Float	506,834,395	61.55	485,112,921	61.55
Total	823,446,439	100	788,155,878	100

R.T BRISCOE (NIGERIA) PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 30 JUNE 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.

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.

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

		6/30/2024	6/30/2023
		N'000		N'000
Motor vehicles and accessories	7,787,409	6,382,216
Industrial equipment	641,569	375,022
Aftersales services and parts	1,259,140	915,565
Property development & facility management	377,582	183,831
		10,065,699		7,856,634

Turnover is derived substantially from sales and services rendered in Nigeria.
8 Other income
		6/30/2024	6/30/2023
		N'000		N'000
Rental income	14,251	20,951
Gain on disposal of property, plant and equipment	522,093	-
Other sundry income		25,323		29,068
		561,667	50,019

R.T BRISCOE (NIGERIA) PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 JUNE 2024
9 Finance costs
	6/30/2024	6/30/2023
	N'000		N'000
Interest on bank overdrafts and loans	592,057	510,094
Interest on commercial papers	50,000	53,325
Bank Charges	12,077		5,070
	654,134	568,488

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:

	6/30/2024	12/31/2023
	N'000		N'000
Cash in hand	4,399	7,048
Bank balance	383,733		442,952
	388,133	450,000
Less: Bank overdrafts and short term loans	(12,978,703)		(12,991,854)
	(12,590,571)	(12,541,854)
11 Trade and other receivables

	6/30/2024	12/31/2023
	N'000		N'000
Trade receivables	1,420,658	1,121,794
Staff loans and advance	19,572	11,876
Other receivables	2,490,886	2,316,081
Allowance for Impairments	(1,638,338)		(1,638,338)
	2,292,779	1,811,413
12 Trade and other payables

	6/30/2024	12/31/2023
	N'000		N'000
Trade payable	1,856,438	2,833,344
Other payables:
Dividend payable	20,659	20,659
Pension payable	13,641	15,794
Accrued Expenses	246,393	647,796
Other Payables	374,654		342,901
	655,346		1,027,150
Trade and other payables	2,511,785	3,860,494

R.T BRISCOE (NIGERIA) PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 30 JUNE 2024

13	Bank Overdrafts
		6/30/2024	12/31/2023
		N'000		N'000
	Unsecured - at amortised cost
	Bank overdrafts	12,978,703	12,991,854
	Commercial papers	-		-
		12,978,703	12,991,854
14	Borrowings

		6/30/2024	12/31/2023
		N'000		N'000
	LPO finance facility	412,000	460,133
	Letter of Credit	-		-
		412,000	460,133

Earlier from Rt Briscoe

R t briscoe (nigeria): quarter 1 - financial statement for 2024Apr 19, 2024

All Rt Briscoe news releases