Quarter 2 - financial statement for 2025

6 months to

3 months to

June 2025

June 2024

N'000

N'000

16,320,873

5,240,273

(13,001,290)

(3,735,008)

3,319,583

1,505,265

37,665

16,278

(647,793)

(351,526)

(1,418,534)

(614,983)

1,290,921

555,034

(876,936)

(364,433)

(876,936)

(364,433)

413,985

190,601

(81,604)

(46,449)

332,380

144,152

332,380

144,152

332,380

144,152

332,380

144,152

28.26

12.25

6 months to

June 2024 N'000

10,065,699

(7,492,581)

2,573,118

561,667

(574,127)

(1,179,362)

1,381,297

(654,134)

(654,134)

727,163

(218,149)

509,014

509,014

509,014

509,014

43

3 months to

June 2025

N'000

Revenue

8,025,113

Cost of sales

(6,408,435)

Gross profit

1,616,678

Other income

15,658

Selling and distribution expenses

(206,459)

Administrative expenses

(744,033)

Results from operating activities

681,844

Finance costs

(506,589)

Net finance costs

(506,589)

Profit before income tax

175,255

Income tax expense

(40,126)

Profit for the period

135,129

Total comprehensive income

135,129

Attributable to:

Owners of the Company

135,129

135,129

Earnings per share

Basic & Diluted (Kobo)

11.49

Consolidated statements of profit or loss and other comprehensive income

For the half year ended 30 June 2025

30/Jun/25

31/Dec/24

N'000

N'000

4,479,203

4,485,883

1,478

1,882

50,000

50,000

1,405,780

1,407,413

5,936,462

5,945,178

1,603,984

1,603,687

437,533

518,717

4,219,999

3,793,852

797,313

85,038

1,094,568

714,632

8,153,398

6,715,926

14,089,860

12,661,104

3,644,641

4,757,756

164,440

254,510

13,656,961

13,174,384

2,331,985

515,000

2,362,392

2,362,392

22,160,420

21,064,043

(14,007,022)

(14,348,116)

39,382

39,383

36,098

36,098

75,480

75,481

(8,146,039)

(8,478,420)

588,177

588,177

409,862

409,862

3,174,364

3,174,364

(12,318,442)

(12,650,822)

(8,146,039)

(8,478,419)

(8,146,039)

(8,478,419)

30/Jun/24

N '000

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of cash flows

For the half year ended 30 June 2025

30/Jun/25

N '000

Cash flows from operating activities

Profit/ (Loss) for the year

332,380

Adjustments for:

Finance income

(6,001)

Finance expense

317,009

Depreciation

41,737

Amortisation of Intangible assets

403

Profit on sale of PPE

-

Income Tax

81,604

767,133

Changes in:

Other receivables

1,633

Inventories

(297)

Inventories under development

81,184

Trade and other receivables

(426,147)

Prepayments / Other Current Assets

(709,544)

Trade and other payables

(1,113,115)

Cash generated from (used in) operating activities

(1,399,154)

Defined employee benefits paid

(1,082)

Tax paid

(171,674)

Net Cash generated from (used in) operating activities

(1,571,909)

Cash flows from investing activities

Proceeds from sale of property, plant and equipment

-

Acquisition of property, plant and equipment

(36,709)

Net cash used in investing activities

(36,709)

Cash flows from financing activities

Interest on loans

(317,009)

Interest income

6,001

Movement in LPO financing facility

1,816,985

Net cash used in financing activities

1,505,977

Net decrease in cash and cash equivalents

(102,641)

Cash and cash equivalents at 1 January

(12,459,752)

Cash and cash equivalents at 30 June

(12,562,393)

-

62,076

38,926

2,738

(522,093)

218,149

308,810

(17,990)

1,143,499

(180,458)

(447,518)

(66,611)

(1,348,709)

(608,977)

-

-

(608,977)

700,000

(29,531)

670,469

(62,076)

-

(48,133)

(110,209)

(48,717)

(12,541,854)

(12,590,571)

Consolidated statement of changes in equity

For the half year ended 30 June 2025

Share Capital

Share premium

Revaluation reserve

Retained Owners of the Controlling

Earnings company Interest Total Equity

N'000

N'000

N'000

N'000 N'000 N'000 N'000

588,177

409,862

3,174,364

(13,420,225) (9,247,822) - (9,247,822)

Profit for the year

-

-

-

809,248

809,248

-

809,248

Prior years adjustment for back-duty taxes

(27,158)

(27,158)

(27,158)

Re-measurement loss on defined benefit plans

(12,687)

(12,687)

(12,687)

Other comprehensive income

-

-

-

-

-

-

-

Total comprehensive income for the period

-

-

-

769,403

769,403

-

769,403

Transactions with owners, recorded directly in equity

-

-

-

-

-

-

-

Acquisition of NCI without a change in control

-

-

-

-

-

-

-

Balance at 31 December 2024

588,177

409,862

3,174,364

(12,650,822)

(8,478,419)

-

(8,478,419)

Balance at 1 January 2025

588,177

409,862

3,174,364

(12,650,822)

(8,478,419)

-

(8,478,419)

Profit for the period

-

-

-

332,380

332,380

-

332,380

Other comprehensive income for the period

-

-

-

-

-

-

-

Total comprehensive loss

-

-

-

332,380

332,380

-

332,380

Balance at 30 June 2025

588,177

409,862

3,174,364

(12,318,441)

(8,146,039)

-

(8,146,039)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 30 JUNE 2025

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

(a)

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 22nd July 2025.

(b)

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.

(c)

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.

(d)

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 2024.

3

Significant accounting policies

The accounting policies adopted are consistent with those for the year ended 31 December 2024.

4

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.

5

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, 2025 and July 23, 2025 when the consolidated financial statements for the half year

ended 30th June 2025 were approved is as follows:

Ordinary shares

held as at 30 June 2025

% held as at 30 June 2025

Ordinary shares

held as at 23 July 2025

% held as at 23 July 2025

Units

437,131,724

37.16

437,131,724

37.16

1,915,273

0.16

1,915,273

0.16

13,255,923

1.13

13,255,923

1.13

724,049,136

61.55

724,049,136

61.55

1,176,352,056

100

1,176,352,056

100

Value (NGN)

1,092,829,310

37.16

1,490,619,179

37.16

4,788,183

0.16

6,531,081

0.16

33,139,808

1.13

45,202,697

1.13

1,810,122,840

61.55

2,469,007,554

61.55

2,940,880,140

100

4,011,360,511

100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 30 JUNE 2025

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 2024. There have been no changes in the risk management structure since year end or in any risk management policy.

7

a

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

Operations

Motor Vehicles

Sale of Toyota Vehicles

Industrial equipment

Sale and marketing of industrial equipment

Aftersales service

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

Property development

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.

b

Information about reportable segments

Revenue

An analysis of revenue is as follows:

Motor vehicles and accessories

Industrial equipment

Aftersales services and parts

Property development & facility management

6/30/2025

N'000

12,817,812

819,190

1,997,111

686,759

16,320,873

6/30/2024

N'000

7,787,409

641,569

1,259,140

377,582

10,065,699

8

Other income

Rental income

Gain on disposal of property, plant and equipment

Other sundry income

6/30/2025

N'000

22,901

-

14,763

37,665

6/30/2024

N'000

14,251

522,093

25,323

561,667

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 30 JUNE 2025

9

Finance costs

Interest on bank overdrafts / loans

Interest on LPO finance facilities

Bank Charges

6/30/2025

N'000

559,927

306,609

10,400

876,936

6/30/2024

N'000

510,094

138,971

5,070

654,134

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:

Cash in hand

Bank balances

6/30/2025

N'000

24,324

1,070,244

1,094,568

(13,656,961)

(12,562,393)

12/31/2024

N'000

12,345

702,287

714,632

(13,174,384)

(12,459,752)

11

Trade and other receivables

Trade receivables

Staff loans and advance

Other receivables

Allowance for Impairments

6/30/2025

N'000

2,831,518

6,494

2,856,441

(1,474,454)

4,219,999

12/31/2024

N'000

3,050,952

5,575

3,628,565

(1,483,826)

5,201,265

12

Trade and other payables

6/30/2025

N'000

1,974,486

12/31/2024

N'000

1,723,662

188,012

78,586

12,503

17,088

1,373,966

1,670,155

3,644,641

-

384,299

12,503

11,759

2,625,533

3,034,094

4,757,756

Other payables:

Payable on facility management

Due to related parties

Dividend payable

Pension payable

Accruals and Other Payables

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 30 JUNE 2025

13

Bank Overdrafts

6/30/2025

N'000

12/31/2024

N'000

Unsecured - at amortised cost

Bank overdrafts

Commercial papers

14

Borrowings

LPO finance facility

Letter of Credits

6/30/2025

N'000

2,331,985

-

2,331,985

12/31/2024

N'000

515,000

-

515,000