Rt Briscoe PlcNSENG: RTBRISCOE

Quarter 3 financial statement for 2024

Oct 28, 2024 at 11:07 AM UTC · Issued by Rt Briscoe Plc

B R I S C O E

R.T. BRISCOE (NIGERIA) PLC

UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30, SEPTEMBER 2024

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of profit or loss and other comprehensive income

For the nine months ended 30 September 2024

	3 months to	9 months to	3 months to	9 months to	%
	Sept 2024	Sept 2024	Sept 2023	Sept 2023	Change
	N'000	N'000	N'000	N'000
Revenue	6,211,125		16,276,824		2,730,245	10,586,879	54%
Cost of sales	(4,708,331)		(12,200,911)		(2,245,953)	(8,257,765)	48%
Gross profit	1,502,794		4,075,913		484,293	2,329,114	75%
Other income	149,203		710,869		16,584	66,603	967%
Selling and distribution expenses	(392,105)		(966,232)		(46,181)	(617,565)	56%
Administrative expenses	(773,411)		(1,952,773)		(480,974)	(1,451,013)	35%
Results from operating activities	486,481		1,867,777		(26,279)	327,139	471%
Finance costs	(370,389)		(1,024,523)		(272,022)	(840,511)	22%
Net finance costs	(370,389)		(1,024,523)		(272,022)	(840,511)
Profit / (Loss) before income tax	116,092		843,255		(298,301)	(513,372)	-264%
Income tax expense	(31,056)		(81,384)		-	-
Profit / (Loss) for the period	85,036		761,871		(298,301)	(513,372)	-248%
Total comprehensive profit / (loss)	85,036		761,871		(298,301)	(513,372)	-248%
Attributable to:
Owners of the Company	85,036		761,871		(298,301)	(513,372)	-248%
	85,036		761,871		(298,301)	(513,372)	-248%
Earnings per share
Basic & Diluted (Kobo)	7		65		(25)	(44)	-248%

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of financial position

As at 30 September 2024

			%
	30/Sep/24	31/Dec/23	Change
	N'000	N'000
Non-current assets
Property, plant and equipment	4,467,724	4,638,894	-4%
Intangible assets	2,284	2,706	-16%
Other receivables	1,054,138	1,036,148	2%
Total non-current assets	5,524,146	5,677,748	-3%
Current assets
Inventories	1,242,930	2,377,720	-48%
Inventories under development	165,159	227,179	-27%
Trade and other receivables	3,164,363	1,811,413	75%
Prepayments	89,925	62,630	44%
Cash and Cash Equivalents	261,736	450,000	-42%
Total current assets	4,924,114	4,928,942	0%
Total assets	10,448,260	10,606,690	-1%
Current liabilities
Trade and other payables	2,735,713	3,860,494	-29%
Current tax liabilities	157,785	118,318	33%
Bank overdraft	13,043,713	12,991,854	0%
Borrowings	500,000	460,133	9%
Deferred income	2,362,392	2,362,392	0%
Total current liabilities	18,799,603	19,793,191	-5%
Net current liabilities	(13,875,489)	(14,864,249)	-7%
Non-current Liabilities
Deferred tax liabilities	39,382	39,383	0%
Defined Benefits Obligations	95,228	21,939	334%
Total non-current liabities	134,610	61,322	120%
Net liabilities	(8,485,953)	(9,247,823)	-8%
Equity
Share capital	588,177	588,177	0%
Share premium account	409,862	409,862	0%
Revaluation Reserve	3,174,364	3,174,364	0%
Retained earnings	(12,658,355)	(13,420,226)	-6%

Attributable to:
Owners of the Company	(8,485,953)	(9,247,823)	-8%
Total equity	(8,485,953)	(9,247,823)

These financial statements were approved by the Board of Directors on 24 October, 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 nine months ended 30 September 2024
	30/Sep/24	31/Dec/23
	N '000	N '000
Cash flows from operating activities
Profit/ (Loss) for the year	761,871	(1,242,790)
Adjustments for:
Finance income	-	(7,768)
Finance expense	114,805	107,547
Employee benefit plan charged	-	12,284
Depreciation	60,357	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	81,384	289,030
	499,062	(906,693)
Changes in:
Other receivables	(17,990)	(534,772)
Inventories	1,134,789	(1,517,458)
Inventories under development	62,020	(119,088)
Trade and other receivables	(1,312,932)	741,463
Prepayments / Other Current Assets	(27,295)	(18,152)
Trade and other payables	(1,124,781)	1,416,282
Cash generated from (used in) operating activities	(787,126)	(938,419)
Defined employee benefits paid	-	(2,096)
Tax paid	(4,440)	(315,345)
Net Cash generated from (used in) operating activities	(791,567)	(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	(73,619)	(63,201)
Net cash used in investing activities	626,381	211,899
Cash flows from financing activities
Interest on loans	(114,805)	(107,547)
Interest income	-	7,768
Movement in borrowings	39,867	322,248
Net cash used in financing activities	(74,938)	222,469
Net decrease in cash and cash equivalents	(240,124)	(821,492)
Cash and cash equivalents at 1 January	(12,541,854)	(11,720,362)
Cash and cash equivalents at 30 September	(12,781,977)	(12,541,854)

R.T BRISCOE (NIGERIA) PLC

Consolidated statement of changes in equity

For the nine months ended 30 September 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	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 for the period	-	-	-	761,871	761,871	-	761,871
Other comprehensive income for the period	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	761,871	761,871	-	761,871

Balance at 30 September 2024	588,177	409,862	3,174,364	(12,658,356)	(8,485,953)	-	(8,485,953)

R.T BRISCOE (NIGERIA) PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 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 October 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 September 30, 2024 and October 24, 2024 when the consolidated financial statements for the period ended 30th September 2024 were approved is as follows:

	Ordinary shares		Ordinary shares
	held as at 30 Sept	% held as at	held as at 24 Oct	% held as at
	2024	30 Sept 2024	2024	24 Oct 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	1,398,821,517	37.16	1,311,395,172	37.16
Director's Direct Shareholding	6,128,874	0.16	5,745,819	0.16
Staff Schemes	42,418,954	1.13	39,767,769	1.13
Free Float	2,316,957,235	61.55	2,172,147,408	61.55
Total	3,764,326,579	100	3,529,056,168	100

R.T BRISCOE (NIGERIA) PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 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:

		30/09/2024	30/09/2023
		N'000		N'000
Motor vehicles and accessories	12,325,283	8,388,690
Industrial equipment	1,386,217	911,885
Aftersales services and parts	1,590,973	1,002,899
Property development & facility management	974,351	283,406
		16,276,824		10,586,879

Turnover is derived substantially from sales and services rendered in Nigeria.
8 Other income
		30/09/2024	30/09/2023
		N'000		N'000
Rental income	21,377	56,118
Gain on disposal of property, plant and equipment	522,093	-
Other sundry income		167,400		10,485
		710,869	66,603

R.T BRISCOE (NIGERIA) PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2024
9 Finance costs
	30/09/2024	30/09/2023
	N'000		N'000
Interest on bank overdrafts and loans	909,718	759,756
Interest on LPO financing	97,417	71,930
Bank Charges	17,388	8,825
	1,024,523		840,511

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:

	30/09/2024	31/12/2023
	N'000		N'000
Cash in hand	5,873	7,048
Bank balance	255,863		442,952
	261,736	450,000
Less: Bank overdrafts and short term loans	(13,043,713)		(12,991,854)
	(12,781,977)	(12,541,854)
11 Trade and other receivables

	30/09/2024	31/12/2023
	N'000		N'000
Trade receivables	1,667,825	1,121,794
Staff loans and advance	19,539	11,876
Other receivables	3,115,337	2,316,081
Allowance for Impairments	(1,638,338)		(1,638,338)
	3,164,363	1,811,413
12 Trade and other payables

	30/09/2024	31/12/2023
	N'000		N'000
Trade payable	2,080,367	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	2,735,714		3,860,494

R.T BRISCOE (NIGERIA) PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2024

13	Bank Overdrafts
		30/09/2024	31/12/2023
		N'000		N'000
	Unsecured - at amortised cost
	Bank overdrafts	13,043,713	12,991,854
	Commercial papers	-		-
		13,043,713	12,991,854
14	Borrowings

		30/09/2024	31/12/2023
		N'000		N'000
	LPO finance facility	500,000	460,133
	Letter of Credit	-		-
		500,000	460,133

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