Mar 31, 2016 - ... STATEMENTS. R.T. BRISCOE (NIGERIA) PLC ... Total non-current assets. 4,896,314. 4,972,118 ... Total c
BRISCOE R.T. BRISCOE (NIGERIA) PLC
UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 31, MARCH 2016
R.T BRISCOE (NIGERIA) PLC Consolidated statements of profit or loss and other comprehensive income For the first quarter ended 31 March 2016
3 months to March 2016 N'000 Revenue Cost of sales Gross profit
3 months to March 2015 N'000
3,209,668 (2,821,543) 388,125
3,669,020 (3,158,334) 510,686
5,818 (35,842)
10,074 (37,019)
(210,712) (213,712) (66,324)
(253,761) (241,073) (11,093)
6,334 (520,054) (513,720)
6,364 (560,818) (554,454)
Income tax expense (Loss)/Profit for the period
(580,043) (580,043) (580,043)
(565,547) (565,547) (565,547)
Total comprehensive (loss)/profit
(580,043)
(565,547)
Attributable to: Owners of the Company Non-controlling interests
(580,634)
(566,452)
Other income Impairment allowance Selling and distribution expenses Administrative expenses
Results from operating activities Finance income Finance costs
Net finance costs Loss before minimum tax Minimum tax Loss before income tax
Earnings per share Basic & Diluted (Kobo)
591
905
(580,043)
(565,547)
(49)
(48)
R.T BRISCOE (NIGERIA) PLC Consolidated statements of financial position As At 31, March 2016 31-Mar-16 N'000 Non-current assets Property, plant and equipment Intangible assets Goodwill Prepayments Other receivables Total non-current assets
31-Dec-15 N'000
4,707,175 25,023 33,999 14,259 115,857 4,896,314
4,780,037 27,966 33,999 14,259 115,857 4,972,118
3,992,247 3,201,479 140,000 131,713 238,236 7,703,674
5,624,695 2,659,278 140,000 60,469 482,894 8,967,336
Total assets
12,599,988
13,939,454
Current liabilities Current tax liabilities Trade and other payables Bank overdraft Loans and borrowings Dividend payable Total current liabilities
218,355 3,128,934 2,842,658 6,807,359 81,047 13,078,354
214,664 2,466,397 4,752,160 5,904,946 81,047 13,419,214
142,417 142,417
123,827 435,689 1,463 560,979
13,220,770
13,980,193
588,177 409,862 2,864,778 (4,498,876) (636,059)
588,177 409,862 2,864,778 (3,918,242) (55,425)
(636,059) 15,277 (620,782)
(55,425) 14,686 (40,739)
Current assets Inventories
Trade and other receivables Other investments Prepayments Cash and bank balances Total current assets
Non-current liabilities Employee benefits Loans and borrowings Deferred tax liabilities Total non-current liabities Total liabilities Equity Share capital Share premium account Revaluation Reserve Retained earnings Attributable to: Owners of the Company Non-controlling interest Total equity Total equity and Liabilities
12,599,988
13,939,454
These financial statements were approved by the board of directors 2016 and signed on its behalf by the directors listed below:
'Mr. Clement Olowokande (Chairman) FRC/2013/ICAN/00000001875
Mr. Oluseyi Onajide (Managing Director) FRC/2013/ICAN/2194 Additionally certified by:
Mr. Segun Ogunsola (Chief Financial Officer) FRC/2013/ICAN/00000002198
R.T BRISCOE (NIGERIA) PLC Consolidated statements of cash flows For the first quarter ended 31 March 2016
Cash flows from operating activities Loss for the year Adjustments for: Finance cost Finance income Income and minimum tax Employee benefit charge Depreciation and amortisation Loss/(gain) on sale of PPE
31-03-16
31-12-15
N '000
N '000
(580,043)
(4,181,641)
(520,054) 6,334 142,417 93,144 (858,202)
1,179,432 (67,035) (106,380) 48,871 441,409 (2,136) (2,687,480)
Changes in: Other receivables Inventories Trade and other receivables Prepayments Trade and other payables* Cash generated from (used in) operating activities
1,632,448 (542,201) (71,244) 662,537 823,338
39,911 2,939,378 2,452,604 39,736 600,495 3,384,644
Defined employee benefits paid Income taxes paid VAT paid* Net Cash generated from (used in) operating activities
899,603 1,722,941
(43,503) (43,703) (73,159) 3,224,279
Cash flows from investing activities Finance income received Proceeds from sale of property, plant and equipment Acquisition of intangible assets Acquisition of property, plant and equipment Net cash used in investing activities Cash flows from financing activities Interest paid Loans obtained/(Repayments) during the year Dividends paid Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 30 September
6,334 (11,102) (4,768)
67,035 12,462 (2,146) (51,182) 26,169
(520,054) 466,724 (53,330)
(1,179,432) (3,525,585) (4,705,017)
1,664,843 (4,269,266) (2,604,423)
(1,454,569) (2,814,697) (4,269,266)
R.T BRISCOE (NIGERIA) PLC Consolidated statement of changes in equity For the first quarter ended 31 March 2016 Attributable to Share Capital Balance at 1 January 2015
N'000 588,177
Share premium N'000 409,862
Loss for the year Other comprehensive income Total comprehensive income for the period
-
-
Issue of Share capital Dividend paid Non controlling interest arising from business combination Acquisition of additional shares by NCI without a change in control Balance at 31 December 2015
-
-
Adjustment Loss for the period Other comprehensive income for the period Total comprehensive loss Issue of Share capital Share based payments Deferred tax Transfer for bonus issue Balance at 31 March 2016
588,177 588,177
409,862 409,862
Revaluation reserve N'000 2,007,167 857,611 857,611 -
2,864,778 2,864,778
Retained Earnings
Owners of the company
N'000 240,964
N'000 3,246,170
(4,183,007) 23,801 (4,159,206)
(4,183,007) 881,412 (3,301,595)
-
Non Controlling Interest N'000 10,881 1,365 1,365
Total Equity N'000 3,257,051 (4,181,642) 881,412 (3,300,230)
-
-
-
(3,918,242)
(55,425)
2,440 14,686
2,440 (40,739)
(580,634) (580,634)
(580,634) (580,634)
591 591
(580,043) (580,043)
(4,498,876)
(636,059)
15,277
(620,782)
R.T BRISCOE (NIGERIA) PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST QUATER ENDED 31 MARCH 2016
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. These 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
3
a
Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The financial statements have been prepared on a historical cost basis. They were authorised for issue by the Board of Directors on 27 October 2016.
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.
c
Functional and presentation currency These consolidated and separate financial statements have been presented in Nigerian Naira, which is the Company’s functional currency. All amounts have been rounded to the nearest thousand, 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 uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2015.
Significant accounting policies The accounting policies adopted are consistent with those for the year ended 31 December 2015.
R.T BRISCOE (NIGERIA) PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST QUATER ENDED 31 MARCH 2016
4
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 the annual financial statements; they should be read in conjunction with the company’s annual
5 a
Segment Reporting 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
b
Operations Sale of Toyota & Ford Vehicles Sale and marketing of industrial equipment Servicing and maintenance of vehicles Facility Management, Development, sale and leasing of property.
Information about reportable segments Revenue An analysis of revenue is as follows:
Motors Industrial equipment Aftersales Property development
31-03-16 N'000 2,348,708 250,012 311,778 299,170 3,209,668
31-03-15 N'000 2,827,280 362,792 369,512 109,436 3,669,020
Turnover is derived substantially from sales and services rendered in Nigeria. 6
Finance & Other income 31-03-16 N'000
31-03-15 N'000
3,151 2,665 6,334
8,277 1,797 30 6,334
12,151
16,438
Rental income: Investment property
Other income Interest receivable Income from available-for-sale investments
The following is an analysis of investment income by category of asset: N'000 Loans and receivables (including cash and bank balances) Available-for-sale investments Total interest income for financial assets not designated at fair value through profit or loss
Other income Income earned on non-financial assets
N'000
6,334
30 6,334
6,334
6,364
2,665 3,151
1,797 8,277
12,151
16,438
R.T BRISCOE (NIGERIA) PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST QUATER ENDED 31 MARCH 2016 7
Finance costs
Interest in bank overdrafts and loans (except from related parties) Interest on commercial papers Bank Charges
8
31-03-16 N'000 208,349 310,091 1,614 520,054
31-03-15 N'000 185,088 344,112 31,618 560,818
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:
8.1
31-03-16 N'000 Cash in hand Bank balance Less: Bank overdrafts and short term loans
31-12-15 N'000
6,738 231,498 238,236 (2,842,658)
3,091 479,803 482,894 (4,752,160)
(2,604,423)
(4,269,266)
R.T BRISCOE (NIGERIA) PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST QUATER ENDED 31 MARCH 2016 9
Trade and other receivables
9.1 Trade receivables Other receivables Staff loans and advance Due from related party Advances to suppliers Other receivables Value added tax receivables (current)
10
27,484 82,430 513,222 26,545 1,578,229 2,227,912
42,675 181,090 617,917 37,447 977,862 1,856,991
3,317,336
2,659,278
31-03-16 N'000 Trade payable Accrued expenses Other payables Deposit by customers Pension payable
Trade and other payables
1,849,957 442,848 139,653 683,244 13,231
31-12-15 N'000 443,391 575,157 277,207 1,161,113
1,278,977
9,528 2,023,006
3,128,934
2,466,397
Borrowings
11.1
31-03-16 N'000 Unsecured - at amortised cost Bank overdrafts Commercial papers
12
31-12-15 N'000 802,287
Trade and other payables
10.1
11
31-03-16 N'000 1,089,424
31-12-15 N'000
2,842,658 6,807,359
4,752,160 5,904,946
9,650,017
10,657,106
Dividend Payable 31-03-16 N'000 Beginning of the year Declared during the year Payment during the year
31-12-15 N'000
81,047 -
81,047 -
81,047
81,047
