Quarter 3 - financial statement for 2025

9 months to

3 months to

Sept 2025

Sept 2024

N'000

N'000

27,152,014

6,211,125

(21,263,916)

(4,708,331)

5,888,098

1,502,794

56,401

149,203

(1,414,702)

(392,105)

(2,397,071)

(773,411)

2,132,726

486,481

(1,405,819)

(370,389)

(1,405,819)

(370,389)

726,907

116,091

(135,760)

(31,056)

591,147

85,036

591,147

85,036

591,147

85,036

591,147

85,036

50.25

7.23

9 months to

Sept 2024 N'000

16,276,824

(12,200,911)

4,075,913

710,869

(966,232)

(1,952,773)

1,867,777

(1,024,523)

(1,024,523)

843,254

(81,384)

761,871

761,871

761,871

761,871

65

3 months to

Sept 2025

N'000

Revenue

10,831,141

Cost of sales

(8,262,626)

Gross profit

2,568,515

Other income

18,736

Selling and distribution expenses

(766,909)

Administrative expenses

(978,537)

Results from operating activities

841,804

Finance costs

(528,883)

Net finance costs

(528,883)

Profit before income tax

312,921

Income tax expense

(54,156)

Profit for the period

258,765

Total comprehensive income

258,765

Attributable to:

Owners of the Company

258,765

258,765

Earnings per share

Basic & Diluted (Kobo)

22.00

Consolidated statements of profit or loss and other comprehensive income

For the nine months ended 30 September 2025

30/Sep/25

31/Dec/24

N'000

N'000

4,469,997

4,485,883

1,278

1,882

50,000

50,000

1,442,148

1,407,413

5,963,423

5,945,178

1,930,866

1,603,687

493,309

518,717

6,253,911

3,793,852

418,662

85,038

502,752

714,632

9,599,500

6,715,926

15,562,924

12,661,104

3,872,275

4,757,756

234,248

254,510

13,939,186

13,174,384

2,966,616

515,000

2,362,392

2,362,392

23,374,717

21,064,042

(13,775,217)

(14,348,116)

39,382

39,383

36,097

36,098

75,479

75,481

(7,887,272)

(8,478,419)

588,177

588,177

409,862

409,862

3,174,364

3,174,364

(12,059,675)

(12,650,822)

(7,887,272)

(8,478,419)

(7,887,272)

(8,478,419)

R.T BRISCOE (NIGERIA) PLC

Consolidated statements of cash flows

For the nine months ended 30 September 2025

30/Sep/25

30/Sep/24

N '000

N '000

Cash flows from operating activities

Profit/ (Loss) for the year

591,147

761,871

Adjustments for:

Finance income

(12,929)

-

Finance expense

540,219

114,805

Depreciation

63,896

60,357

Amortisation of Intangible assets

605

2,738

Profit on sale of PPE

(20)

(522,093)

Income Tax

135,760

81,384

1,318,678

499,062

Changes in:

Other receivables

(34,735)

(17,990)

Inventories

(327,179)

1,134,789

Inventories under development

25,408

62,020

Trade and other receivables

(2,460,059)

(1,312,932)

Prepayments / Other Current Assets

(423,477)

(27,295)

Trade and other payables

(784,187)

(1,124,781)

Cash generated from (used in) operating activities

(2,685,551)

(787,127)

Defined employee benefits paid

10,600

-

Tax paid

(178,365)

(4,440)

Net Cash generated from (used in) operating activities

(2,853,316)

(791,567)

Cash flows from investing activities

Proceeds from sale of property, plant and equipment

20

700,000

Acquisition of property, plant and equipment

(47,713)

(73,619)

Net cash used in investing activities

Cash flows from financing activities

(47,693)

626,381

Interest on loans

(540,219)

(114,805)

Interest income

12,929

-

Movement in LPO financing facility

2,451,616

39,867

Net cash used in financing activities

1,924,326

(74,938)

Net decrease in cash and cash equivalents

(976,683)

(240,124)

Cash and cash equivalents at 1 January

(12,459,752)

(12,541,854)

Cash and cash equivalents at 30 September

(13,436,435)

(12,781,978)

Consolidated statement of changes in equity

For the nine months ended 30 September 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

-

-

-

591,147

591,147

-

591,147

Other comprehensive income for the period

-

-

-

-

-

-

-

Total comprehensive income

-

-

-

591,147

591,147

-

591,147

Balance at 30 September 2025

588,177

409,862

3,174,364

(12,059,675)

(7,887,272)

-

(7,887,272)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 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 30th October 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 September 30, 2025 and October 30, 2025 when the consolidated financial statements for the

nine months ended 30th September 2025 were approved is as follows:

Ordinary shares

held as at 30 Sept 2025

% held as at 30 Sept 2025

Ordinary shares

held as at 30 Oct 2025

% held as at 30 Oct 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)

1,634,872,648

37.16

1,403,192,834

37.16

7,163,121

0.16

6,148,026

0.16

49,577,152

1.13

42,551,513

1.13

2,707,943,769

61.55

2,324,197,727

61.55

4,399,556,689

100

3,776,090,100

100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 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

30/09/2025

N'000

22,466,656

1,786,713

2,022,109

876,536

27,152,014

30/09/2024

N'000

12,325,283

1,386,217

1,590,973

974,351

16,276,824

8

Other income

Rental income

Gain on disposal of property, plant and equipment

Other sundry income

30/09/2025

N'000

33,927

20

22,454

56,401

30/09/2024

N'000

21,377

522,093

167,400

710,869

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025

9

Finance costs

Interest on bank overdrafts / loans

Interest on LPO finance facilities

Bank Charges

30/09/2025

N'000

921,458

464,744

19,617

1,405,819

30/09/2024

N'000

909,718

97,417

17,389

1,024,523

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

30/09/2025

N'000

30,042

472,710

502,752

(13,939,186)

(13,436,434)

31/12/2024

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

30/09/2025

N'000

3,673,121

23,476

3,514,878

(957,564)

6,253,911

31/12/2024

N'000

3,050,952

5,575

3,628,565

(1,483,826)

5,201,265

12

Trade and other payables

30/09/2025

N'000

1,542,441

31/12/2024

N'000

1,723,662

256,554

861,340

12,503

13,007

1,186,430

2,329,834

3,872,275

-

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 NINE MONTHS ENDED 30 SEPTEMBER 2025

13

Bank Overdrafts

30/09/2025

N'000

31/12/2024

N'000

Unsecured - at amortised cost

Bank overdrafts

Commercial papers

14

Borrowings

LPO finance facility

Letter of Credits

30/09/2025

N'000

2,966,616

-

2,966,616

31/12/2024

N'000

515,000

-

515,000