R.T BRISCOE (NIGERIA) PLC B R I S C O E
R.T. BRISCOE (NIGERIA) PLC
UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED 30, SEPTEMBER 2022
R.T BRISCOE (NIGERIA) PLC
Consolidated statements of profit or loss and other comprehensive income
For the nine months ended 30 September 2022
3 months to | 9 months to | 3 months to | 9 months to | ||||
September | September | September | September | % | |||
2022 | 2022 | 2021 | 2021 | Change | |||
N'000 | N'000 | N'000 | N'000 | ||||
Revenue | 3,544,941 | 11,568,490 | 2,681,252 | 5,844,762 | 98% | ||
Cost of sales | (2,519,801) | (9,163,431) | (2,083,107) | (4,624,488) | 98% | ||
Gross profit | 1,025,139 | 2,405,060 | 598,145 | 1,220,274 | 97% | ||
Other income | 20,383 | 97,277 | 21,553 | 80,213 | 21% | ||
Selling and distribution expenses | (328,853) | (352,714) | (127,937) | (217,933) | 157% | ||
Administrative expenses | (129,921) | (856,969) | (398,344) | (893,406) | -67% | ||
Results from operating activities | 586,748 | 1,292,655 | 93,417 | 189,148 | 528% | ||
Finance costs | (935,654) | (2,594,877) | (788,305) | (1,831,616) | 19% | ||
Net finance costs | (935,654) | (2,594,877) | (788,305) | (1,831,616) | 18.7% | ||
Loss before income tax | (348,906) | (1,302,222) | (694,888) | (1,642,468) | -49.8% | ||
Income tax expense | - | - | - | - | |||
Loss for the period | (348,906) | (1,302,222) | (694,888) | (1,642,468) | -49.8% | ||
Total comprehensive loss | (348,906) | (1,302,222) | (694,888) | (1,642,468) | -49.8% | ||
Attributable to: | |||||||
Owners of the Company | (348,906) | (1,302,222) | (694,888) | (1,642,468) | -49.8% | ||
(348,906) | (1,302,222) | (694,888) | (1,642,468) | -49.8% | |||
Earnings per share | |||||||
Basic & Diluted (Kobo) | (30) | (111) | (59) | (140) | -49.8% |
R.T BRISCOE (NIGERIA) PLC
Consolidated statements of financial position
As at 30 September 2022
30-Sep-22 | 31-Dec-21 | % Change | |
N'000 | N'000 | ||
Non-current assets | |||
Property, plant and equipment | 4,794,769 | 4,696,998 | 2% |
Investment properties | - | 91,611 | -100% |
Intangible assets | 290 | 458 | -37% |
Defined Benefit Plan | 1,309 | 7,331 | -82% |
Other receivables | 502,427 | 511,152 | -2% |
Total non-current assets | 5,298,795 | 5,307,550 | 0% |
Current assets | |||
Inventories | 1,206,535 | 676,008 | 78% |
Trade and other receivables | 1,703,960 | 2,861,297 | -40% |
Other current Assets | 245,269 | 113,956 | 0% |
Cash and Cash Equivalents | 641,697 | 235,879 | 172% |
Total current assets | 3,797,461 | 3,887,140 | -2% |
Total assets | 9,096,256 | 9,194,690 | -1% |
Current liabilities | |||
Trade and other payables | 2,547,864 | 2,598,564 | -2% |
Current tax liabilities | 82,305 | 73,204 | 12% |
Bank overdraft | 17,951,395 | 15,855,347 | 13% |
Deferred income | 2,362,392 | 2,362,392 | 0% |
Borrowings | - | 849,888 | -100% |
Total current liabilities | 22,943,956 | 21,739,395 | 6% |
Net current liabilities | (19,146,495) | (17,852,255) | 7% |
Non-current Liabilities | |||
Deferred tax liabilities | 35,842 | 36,615 | -2% |
Total non-current liabities | 35,842 | 36,615 | -2% |
Net liabilities | (13,883,542) | (12,581,320) | 10% |
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 | (18,055,945) | (16,753,723) | 8% |
Attributable to: | |||
Owners of the Company | (13,883,542) | (12,581,320) | 10% |
Total equity | (13,883,542) | (12,581,320) |
These financial statements were approved by the Board of Directors on 20 October, 2022 and signed on its behalf by the 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 nine months ended 30 September 2022 | ||
30-Sep-22 | 31-Dec-21 | |
N '000 | N '000 | |
Cash flows from operating activities | ||
Loss for the year | (1,302,222) | (2,298,747) |
Adjustments for: | ||
Interest Income | - | - |
Interest on loan | - | - |
Finance income | - | (25,383) |
Adjustment for impairment of trade receivable | - | 27,900 |
Finance expense | 77,503 | 68,343 |
Employee benefit charge | - | 9,451 |
Depreciation | 42,808 | 51,205 |
Adjustments on depreciation | - | (6,440) |
Amortisation of Intangible assets | - | 899 |
Amortisation of Investment properties | 1,514 | 2,018 |
Return on planned asset | - | (3,399) |
Profit on disposal of investment property | - | (33,692) |
Loss/(gain) on sale of PPE | (9,351) | (9,401) |
Income Tax | - | 31,129 |
(1,189,749) | (2,186,117) | |
Changes in: | ||
Inventories | (530,527) | (67,731) |
Trade and other receivables | 726,407 | (716,544) |
Prepayments | (131,313) | (75,494) |
Trade and other payables | (608,520) | 882,393 |
Increase in deferred income | - | 2,362,392 |
Cash generated from (used in) operating activities | (1,733,702) | 198,899 |
Defined employee benefits paid | - | (4,035) |
Tax paid | - | (17,541) |
Net Cash generated from (used in) operating activities | (1,733,702) | 177,323 |
Cash flows from investing activities | ||
Proceeds from sale of property, plant and equipment | - | 105,348 |
Proceeds from sale of investment property | 124,500 | 187,264 |
Acquisition of property, plant and equipment | (3,525) | (26,948) |
Net cash used in investing activities | 120,975 | 265,664 |
Cash flows from financing activities | ||
Interest on borrowings | (77,503) | (68,343) |
Interest income | - | 25,383 |
Net Proceeds from LPO financiang facility | - | 363,758 |
Net decrease in borrowings during the year | - | - |
Net cash used in financing activities | (77,503) | 320,798 |
Net decrease in cash and cash equivalents | (1,690,230) | 763,785 |
Cash and cash equivalents at 1 January | (15,619,468) | (16,383,253) |
Cash and cash equivalents at 31 March | (17,309,698) | (15,619,468) |
R.T BRISCOE (NIGERIA) PLC
Consolidated statement of changes in equity
For the nine months ended 30 September 2022
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 | |
Balance at 1 January 2021 | 588,177 | 409,862 | 3,174,364 | (14,451,078) | (10,278,675) | - | (10,278,675) |
Loss for the period | - | - | - | (2,298,747) | (2,298,747) | - | (2,298,747) |
Re-measurement loss on defined benefit plans | - | - | - | ||||
Other comprehensive income | - | - | - | (3,898) | (3,898) | - | (3,898) |
Total comprehensive income for the period | - | - | - | (2,302,645) | (2,302,645) | - | (2,302,645) |
Transactions with owners, recorded directly in | |||||||
equity | - | - | - | - | - | - | - |
Acquisition of NCI without a change in control | - | - | - | - | - | - | - |
Balance at 31 December 2021 | 588,177 | 409,862 | 3,174,364 | (16,753,723) | (12,581,320) | - | (12,581,320) |
Balance at 1 January 2022 | 588,177 | 409,862 | 3,174,364 | (16,753,723) | (12,581,320) | - | (12,581,320) |
Loss for the period | - | - | - | (1,302,222) | (1,302,222) | - | (1,302,222) |
Other comprehensive income for the period | - | - | - | - | - | - | - |
Total comprehensive loss | - | - | - | (1,302,222) | (1,302,222) | - | (1,302,222) |
Issue of Share capital | - | - | - | - | - | - | - |
Share based payments | - | - | - | - | - | - | - |
Deferred tax | - | - | - | - | - | - | - |
Transfer for bonus issue | - | - | - | - | - | - | - |
Balance at 30 September 2022 | 588,177 | 409,862 | 3,174,364 | (18,055,945) | (13,883,542) | - | (13,883,542) |
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R.T. Briscoe (Nigeria) plc published this content on 21 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2022 08:39:02 UTC.
