NCR ANNUAL REPORT 2020

NCR (NIGERIA) PLC
La;os, Nl..,.-la

REPORT OF THE DIRECTORS,
AUDITED FINANCIAL STATEMENTS

AHO

OTHER NATIONAL DISCLOSURES

FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENT

Vman, M1ssKH1Statement and Shared Value ..
Financial Highlights
====-
Dtrectors and Other (orpOf'ate Information
-
rr Notice of 69th Annual GeneralMeeting
==== ....

....
-~~---=========
r SustainabilityStatement ---;;;;;;;;;;=============1111111

r Corporate Governance Report ---==============--

-

rcomplaintsManagement Pollq:_

r Statement of Directors' Re,pons,bilities

=--Certificate of Compliance

r -R~rt of the Audit Committee to Membersof NCR (NigeriaI Pie
r -L AUDITED FINANCIAL STATEMENTS

IndependentAuditors·Report

r -Statementof Profit or Lossand Other ComprehensiveIncome
~~~~~____;;;=1-Statement of Financial Position
r -111111~tementof Changesin fquity

Statementof Cash Flow

r =========== ....Notes- to the Financiat Statements

~ OTHER NATIONAL DISCLOSURES

---------Valut>AddedStatement

r five-yearFinancial Summary

..Shareholders' Information
r -[-Dividend Mandate Activation Fortn
-Shareholders' ProxyForm
r --Contact

CORPORATE PROFILE

NCR Niget"eaPLC ;s lncorportitod In Nigeria under the Companies and Allied Matters ActCAP C20 lawsor tho
Federation or Nigeria. 2004 as a Publk Ifmhed Liability Company, and it domlcOcd in Nigeria. The Company

commcnood operationsIn Nigeria on 9th December, 19'49 uoder the name of NatklnalCash RegisterCompany
0f'lest.Africa) Limited. The company wasgranteda listing on the Nigerian Stock Exchange on 30th May 1979~ The
Company adopteditspresentnameofNCR(Nigeria)Pie in 1996.

NCR Nigeria PLC {s the first Multinational lCT Company quoted on the Nigerian Stock Exchange, The.company
has positivelybeen involved in many facets of Nigerian society, These include helping Nigeria convert to the

decimal system being the dominantsupplierof cash registersthen, which were the precunorsor the calculators

and compute.rs, and a1$o pioneering the ATM revolution in Nigeria.. NCR fncrodoced the fit"$f ATM in Nigeria In
1989.With dominanceIn the Nigerian Onandal solutions seaor and Nigeria's top banksas customersboth in S:eff'
Servfce;ind Payrrier,tsSofudons.NCR h.1s been delrveringastlingedgecuscomersupponsel'Vkes,JCTsokitlons
.mdc:on.suhingservlcescominy $e<torsl11 the Nlgerf.m«onomyforove6r 3 y~.

NCR provides 1nno\l'ltive producu and servicesthat enable busmesses t0 connect, «ueracrand transact with
their customers and enh:.lnce their Q.l$tomer relatlo0$hlps by ~ddresslng consumer demand for ccovensence,
value:.nd !ndlvk:lval service. NCA.'s pordollo of selr,servlce ~nd :1$$1s:ted·servlcesoludon.sserve Cll$COl'l'ICl'Jlo the
rin.:.ndl\l ,ervlces, recall aod hospit3hty. hcalthc.ve. t~ef :lnd gaming and cntert:tln,ment lndus111es.1nd lnckldo
Automat~dTellerMachines(ATMs),Selr Service loosks and polnt..of~s.ifotcrmln.ilswith peripheralsas well as
.sortwarcapplication that can be used by consumors to enable them to interact with businesses from their
computer or mobile device. NCR comp4ements d,CS('! product solutions by olfMnga complete portfoJio of
services to help customers design. deploy and support its technolog)'tools. as W1:!H as offering sef'Vices for third-
partyproduccs.

NCR provides .specif,c solutions (or customers in a range of fndustrfes such es f'lnancial services, retail and
hospitafiry, uavel and gaming. healthcare.and entertainmenLNCR's solutionsare built oo a foundationof long
establishedindustryknowledgeand consultingexpertise.value-addedsoftwareand hardwaretechnology.glob31
customersuppon services,and a complete line ofbusinessconsumablesand specialtymedia produas.

Products and Services
Our p,oduc:t:llndscrvlce oITeril'lg$ ratl lntothe ronowing<".\tt-gorles;

ATMs and Other Fina.nclid Prodvcts
We provide financial institutions, retailers and independent deployen. with ftnancial·oriented setf-service
technologies. such as ATMs {with forex.cheque accepting,cash dispensing and accepting capabilities),kiosks
(financialand retail), mobile branches,videotelter mach.inesand recyclers.

These solutionscreate pleasantand convenlentexpe~ncesfor consumers,generate new revenuestreamsand
enableourcustomerstoreduce costswhile enhancingcustomerloyalty.

CORPORATE PROFILE - cont'd

Financta.1and RerailSolutions
Our financial and retrul solutions a.re designed to quickty and refiabty process com.umer transactioos and
lnc.«porateadvancedfeatures..

We boost a very rich surte of software that is second to none m the industry.These include: ATMapplication.
security solutions. lraud management, transaction switching, predictive platform, cash management, mobile
banking,onfinebanking.AlM network·monitoring.transactionmonitoring,reconciliatiooi,mage and electronic
journalmanagement,enrespnse data warehoUSingand;t host ofcehees,

Thi:s remainsone ofourrichestvalue added toour customers with the attendingresult.ofImprovingopera.tionaJ
efficiency, enhancing consumer experience and enSt.trlng significant cosc savings.

Cheque and DocumentImaging
Ourchaquo and Documentlrna,ging9ff('l'lng,provldo eod-ee-endsoluttonsfor bothtraditionalpaper-basedand
image-based cheque and hem processing.These solutions utilize advanced Image recognition and workflow
technok>gies. to automateitem processing.helpingfinancial Institutionsincreaseefficiencyand reduce operating
costs. Consisting of hardware, software.,consuhing and suppoc-t.services, our comprehensive Cheque and
DocumentImaging solutionsenable cheque and item-basedtransaaionsto be digitaHycaptured,processedand
retainedwithina Oexible., scalable ewirorenene. NCR was also involved In the introduction of the MICR cheque
standardsIn Nigeria and, Ior m.any years.was a memberof the CBN-MICRimp6eme1ltadon·sub-committeeT. he
process of cbequedeir1ngmNiger%\ changedwhen NCR pannered wfthNlgerianlnterB."ll'lkSec:dementScheme
(NIBSS)t0 developa sofudonforNigeriaAutomated Oe~rlr'l.gS)'$tem (NACS).NCRdeployedNCR'sElearonlc
O,equ,eProcC$$tng& hn.1geCapcure s:oludon and this ptO'jeccwas r.ued very succfflfulby NISS-S as well 3$ the
p.'U1l<ipati11gbanks, NCR's lmagc capture systemta.kos Oll'C of over 70% of tho cot.al hems p«Kesscd fn tho
doarf.nghouse.

NCR TeradataEnterprise DataWarchou$C,81 and Ma.rkcdng Automation System
NCR Corporation was until 2007. the parent company of Teradata Corporation, the leading provider of
powerfu1, enterprise analytic teehnologtes and services that In.dude Enterpnse Data warehouse. 8us,,ness
lntelflgence and Customer RelaDOC'lshlpManagement, CRM,The (Omp.'llly(Tera(bta)w.u~however,s.pun~off ·;as
a St:'.'nd~lllone org:tnliarioo In 2007, as a $Cp:1n1te entityfrom NCR Corpon,tlon, NCR N!geri:., Is: however, the
reg)ooilreprescnr3tiveofTerad.ita Corporndonfor I.he entireAlria reg.on, e:xcludlr,g Egypc and P;tkl$tan. In thG
capacity, NCR Nigeria orrcrs Ter.:Kl~ta Enterprise Data Warchou'Se ;ind Bu~lncss lnttlllgcncc solutions to the
bmking industry in Nig(lria. Teradata.Is the g1obal lcadC'!rin analytic data platforms, bUSll\(:SS applications and
consulting services that hotp organizationsbecome moro ccmceeuve byIncreasingthe value of their data and
customer relationships.Wtth ever 2.700 eeseemeesin 77 countries.NCRTeradataEnterpriseDataWarehouse
and 81 solution is. the feader in Data Anatytics, Muki·Chanool Campaign Management. Marketing Resource
Managementand Integrated MarketingMa.n.agementsufteol solutions.

Services

One or the comfX)ny'smajor ,1rengch 1$ t.he team of $easoned cwto1'0ersetW:e$ deparnnene comprising

careCuscomer & Project.Engineers.Customer Rept"esentatlvcs.Stf'\lkeMat).)ge,nentOffKet:S,Ope,-atlon

CORPORATE PROFILE - cont'd

Analyst. Account Service Ma.nagcrs, logi$tk$ fme-lace for p3rt distribution and Finance Administrator.

NCR lel'Vlces today pride Itself In wldespt'C3d cove~ and footprint .., the Nlgcrt:1n set\'kos lndustl')' with
customer engineers in 6 goopolltieal tones c,I the coun«y and presence In every local govt, area, bence the best
rosccose and rdOlutlon timo In the industry,

NCR has ttio l:if'gest services nccwork wrth 3 con,ral 'M\l'Chouses (l.ag,os. Abuja and Port Hal'COUn)and 9 rcglonal
stockingkx:atlonj5{Ibadan. Benin, Kano, Calabar, Akuro, Enugu.Jos. Owcrriand Kaduaa).

ThccomS)Myhascont1nuedtodellverchebestATMuptlmeav."1llab£Urytoourhighlydellg,htedcus.tomer1.

NCR provfde$maJntennnce and support services (hardw.ve/$0ftwMe)forour product offenf'lgsand al$0 eee-
$Crvlce,c lndudlng she .lUeS$tT'lent :1nd prept'lraoon, se3g111g. fnst3113ti0n and lmplemeowlon, systems
ma11agen1ootand,mi~ servicesorthlrdpartypr,oducu.

Our Str.lteg)' Is 1.0 focus prin1~rlJ)" on millnle!l'lll:nee :ind wppon. of NCR.bf-anded produas In orQC!r to cprure
higher 111arglr, services :and slgnlrQl'lttyreduce ,e<Jvodan.t cosu a»od.ated with suppottln&f~g mvltlplc
third·party products.

We heve l'Obust .'Ind expener'l(e<! Pn:ifesslo!W Set\lkes ConS\.d. tn.l'lcs with spec:lallted ~,q>e"'lso on softwire

produc:c,.

Cons,.unables
'These produasindude tWo-sided thermal pa.per, paper rolls (or receipts in ATMs and POS solutions, inkjet and
laser printer supplies. thennal transfer and ink ribbons, labels. laser documents, business forms, and speda/cy
medla Itemssuch as photo and presentationpapen.

Reglstaared Offic<i

NCR(Nige,ra)Plc
NCR House
6,8ro:\d Street
P.0. Box S-09, Lag<,s

Nigeria

Toi: 01-1793970

NCR VISION

To be the leac:Hng software and servkes-led e1\rerp1'5e'"

pr<l-.idet° !n me Industries "'-e serve.

NCRMISION
Our mi5$ion i$ to ,nnov.ito~d (!:fl~blq the ncJCt gcnor.ltion olc:on&umer

e!.ltfl('.ricno::s~nc;I producti¥ityg.ains to errich~ internc:tiD11s or businc~ with
their CUSt~.

To fulf'ill the\. mi$$ion,we h:ivc developed -:i Jo.,,..tt:M'I: str:i~ bulll on being:i
glob:dta<:hnolo,y soludon:teomp:.nythat ust,S cloud~ :11,d ~ toftWMC,

coupled with eod-tc-end snur1-ed1,:e hM'dw.ve ~od sel"IACes solutiOns, to he:lp
our customers deliver on 1he ptOmlse o( an omnch.tnneJ exserleoce.

•:l3;li=tJ;l§·fiJl•ifj

NCR'sSha~ 'hll.lCS ;arc more tfl:in ~wordson a p.:eJ;e. They define-a fr¥l"ICWOl'kb how we tondua b11$111CS5;it.NCR.every day.

o ... Sh.lfe,d VJfuos ft.rm ffl• founcbneo of owbuslnou n:~VOl"l\h~ wlm •oleh 011-. al#'CllHOmllf'I.pMtMI"$,¥1d wppllM, Mid moy

~courW111viO(a,<,dgui~ourd~ioit'ISaJwedirivf.toach~OW'~~,Qbjec:1iYes.

~~ We e-e highfyethical,genulneand tn.istw0rthy, We keepourpromtses.and we,
~~ alWiffSholdoursefvesacc~blerorourwori<andhowlt'sac:hleved.

.. • : Wc;,rercspcc:tlulc~bon,tors ;andoomn1unlcator$,t~tlncothen. lnw,1yi we
.
w:itlt to be treated.We- recogtlit~ei,,e.,cycne'scontrlbutfOnsand undef"Sta(ldwe

.. achieve betterresults as adNerse globalteam than as Individuals..

G llllr,• • • ' • We :ire QOITimltted to drivhg ~e:eption~buslnesr~ :v,d c:aking pcn.oNI
pride tn e-.-etythlng we do.We have .an enthuslaim for learnlng and growth. and
we ~mpt)'wanttobe anddo our best by becomingbenerindNidualieach day

'(iI j, r' .. •• • We are constantlycurtous al)d creeuve. We embrace the powl!r or new Ideas
.ind unlquo ponpoaivor., N'Ct wo cour.igcovi;fy ~ them ro work In Ulo rq;1!
•-
w«ldt:wryd:ay.
"

We h3.ve the countge to Gveourv~ ~ todowh:at lsright even when

it's. not what's easfest or most popular. and to speak.up aod be hea.rd. We

overcomeo«loanand«nbracochango.

FINANCIAL HIGHLIGHTS

The following1$ the s.ufM"laryof the Com~ny'$opera.tifli results:

2020 2019
M'OOO M'OOO

Revenue 5.125,508 6,067,675

loss before taxation (198,785> (56,497>

mccme tax expense (92,345) (893, 165>
···-·····-·····-·····-········------
(291.130) (949,662)

DIRECTOR & OTHER CORPORATE INFORMATION

FOR THE YEAR ENDED l 1 DECEMBER 2020

Board of Directors

Otunba Adekunle Ojora OFR, CON. FNI.M, JP Chairman
Country Manager/CEO. Executive Director
//is. Christiana Nnawo Yisa Non•Executive Director
Independent Non-Executive Director
Mr. Michael Vallier (American) Non•Executive Director

/Ar. Matthew Akin lade FCA

tits. Louise Georgiou (Cypriot•

Rogl,terod Office NCR (Nigeria) Plc
NCR House
R~.steredHumber ·6, Broad Street
Company Secretary P.O. Box 509
Lai¢S
Registrar Nigeria.

Auditor RC 751
Solicitor
Alsec Nominees Limited
St. Nicholas Hoose
10th. 12th & 13th Floors
Catholic Mission Street
Lagos. N•geria.
Tel: 01 • 277<920, 08033529393

Apel Capital Registrars Limited
Apel House,

8, Alhajl Sashorun Street,
Off Norman Williams,
South-Westlkoyl, Lagos

Nigeria.
Tel: 01 ·2932121. 07046277071

Ernst a Young

10th & 13th Floors, UBA HOUSE
57 Marina, Lagos.

Nigeria

Olaniwun Ajayi
The Adunola. Plot L2. Banana Island,
lk.oyi, lagos
Nigeria

NOTICE OF 69T"
ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the 69• Annual General Meeting of NCR (Nigeria) PLC
(the "Company") wilt be held at the FunctionRoom, Muson Centre, 8/9 Marina,
Onikan, Lagos State, Nigeria, on Wednesday, 26th May 2021 at 11.00 am to transact the
following businesses:

ORDINARY BUSINESS

I. To lay beforethe meeting the Audited Financial Statements of the Company for the
year ended 31st December 2020, together with the Reports of the Directors, the
Auditors and the Audit Committee thereon

2. Tore-elect retirni gDirectors

3. Toauthorise the Directorsto fix theremuneration of theAuditors

4. To elect shareholder members of the Audit Committee

5. To disclose the Remuneration of Managers of the Company in line with Section 257
ofCAMA2020

SPECIAL BUSINESS

6. To fix the remuneration of the Directors

7. To consider and if thought fit, pass the following resolutionas an ordinary
resolution of the Company:

"That in compliance with the rules of the Nigerian Exchange Limited governing
transactions with related partiesor interested parties, the GeneralMandate given
to the Company ta enterinto recurrent transactions with related parties- for the
Company's day·to·day operations, including the procurement of goods and
services on normal commercial terms, be andis herebyrenewed."

PROXY
furtherto the directiveof the Federaland State Governmentson the restrictionon mass
gathering due to COVID-19 pandemic and the Guidelines issued by the Corporate Affairs
Commission on hotding Annual General Meetings by use of proxies. attendaoce at the
Annual Gene<a\ Meeting shall only be by proxy. A member entitled to attend and vote at
the Annual General Meeting is, therefore, advised to select from the underlisted proposed
proxies to attend and vote in his behalf:

,. Chief MatthewAkinlade
,. Chief Timothy Adesiyan
,. Prince (Dr. J Anthony OmoJoia

Mrs. Bisi Bakare

NOTICE OF 69T"
ANNUAL GENERAL MEETING • cont'd

Apr-oxyform is inlUded in lheAonualReport. .All instrumentsof proxynwst be executed and depositedat
the oHKe of the Ret.istra,, Apel Capital Registrars Limited, 8, Alhajl Basho-run Street, Off Noonan
Williams Ctesc.ent, South West lkoyi. La.gos, P.O.Box 2388.MarinaLagos, a, via E·mllil: infm!s'tpel r2m ng
not later than "8 hours before the time fixed for the meeting. Arrangemenu have been m.'Kle by the
Company to bear the c~to( stamp duties on the insuunentsof proxy.

NOTES

I. COYIO-t9COMPUANU
Toensllresafety of attendees, the meetini will be conducted in compliance with appUcable COVfO.
t9 protocols.The Company willeue proYide hand sanitisers, face .masks and temperatur'e:s.cAnners
at the verce of the meeting.

2.. CLOSURE OF REGISTER OF MEMBERS AND TRANSFER BOOKS
TheRejb:terof Membersand Trans.fer~of lhe CompanywitlbedosedftomMonday, tOth MAy
2021 to Friday,1'4thMay2021, both days inchhive,to enable the Registrar toup(Mte the Rejistet" of
rnemben.

l. AUDIT COMMITTEE
Porsu.1nt to Section 404 (6)o( the .Companies and Allied Matters Act 2020, any shareholder

may nomm.ate another shareholder o( the company lo the 3udit committee by9ivin9 written no.tice
of .suchnominationto the secretAry of the compllny at 5eAst twenty-one tl 1l da~ be.fore the Annual
General Meeting.

orPtease no.te that the Hfgenan Code of Co(porate Governance 2018 and the Code

Corporate Governance ror Public Companies issued ~ the Securities and Ex.change Commission
require members of tbe Aildit Committee to be financially literate and abte to read financial
statements. We, tt,e(e(o(e, request that all nominadons to the Audit Committee should be
accompAn1ed wrth theCurnculwn Vitae of lhe Nommees,

4. UNCLAIMEDSHARECERTIFlCATESAHO DIVIDEND WARRANTS
Shareholders are hereby informed that sever at mft.(.e certificates &Ad divideod warrants have been

returned to the Rei:istr6r as unc.laimed. Affected members are, by this notice. advised to contact
the. Registrar, Apel Capital Retistra.rs. limited, 8, Athaji BAshorun Street, Of( Norman Williams
Crescent,SouthWest Jkoy,, l.bgps, [email protected] clafm their share cerdfscates and dividend
warrants. The Company has also. pubtis.t,ed the list of unclaimed dividends on ft'> website
www.ncr.com.nst.

5. E-OJVIDEHD
Shb1eholders who are yet to complete the e-di\lidend re11.1strAtion are advised to download the E-

o,v;dend Mandate form from the Registrar's website www noel rnm ot or from the Com~ny's

website: www.ocr.com.ng. complete the form and sUbmit the completed form to the Rqistrar at
theaddress stated above er zirry bra.nc.h of tbe shareholder'srespectrvebank. A detachabte co-py o(
t.he E·OiVJdendMandate Applic:,don Form is etse attac:hed to the Annual Report.
6. RE·ELECTIOHOFRETIRINGOIR£CTORS
Pul'SUantto Sectjon 285 of the Com~nfes and Allk>d MattersAct 2020, the Directorto retire by
totation is Mt. Michael ~Uier and being eligible has offe1'£'d himself for re-etecticn at the meeting.

Mr. V&lher's profile is contained in lhe Annual Reports and is also avallable (or viewing a.t

www arr-mm as

7. RIGHT OF SECURITIES HOLDERS TOASK QUESTIONS
Securities holders have 6 ntht to ask questions- not only at the meetilil, but also in writing prior to
the Meeting, Andsuch questions shou\d be addressed to the Company Secretauy and submitted to
the registered officeof the Company or sent by emllil tO!\J'.":f'o!?\Cthn pCf At lea.st one week be(ore
lhemeeung.

8. ELECTRONIC A.NNUAL REPORT
Theelectronic verS10noftheAnnual Report hasbeencirculatedt.o sh.veholders,who hAveprovided

theire-mait addresSe\to the R~iwat. and will also be available at www nr:rrnm no (or viewirl!

and download. Shaieholderswho are interested in re<:ewing_asoft copy of the 2020AnnualRepon.
shoutd requestby sendini an emailto: inf2'ilo.,._I cnm OR

9. ELECTRONICCOMPLALNTS REGISTER

Please note thb.t in accordance with the Securiues and E.xch.mge Commission'sRule No. 10 ra),
shareholderswho have complaints should use the eCecttonic complaints re11isteron the website of
the Co1np.:u'ly at WWW DCC cnm gg to rejiste,r the-it complaints. This will en&ble the Company
handlecom.pta1ntsfrom shareholdersin a timely.,ef-fecdve,fair andconsistentmanner..

Dated uus 27th d.!lyo( April2021

ByO(de(Of the Board

AL.SEC: NOMINEES LIMrTED

... C29.~~·-·==····
Co·,n-pa~,y $«'cr~,arU1/I.

Mrs. Oyi.ndarnolaEhiw«e
For:AJsec Nomineeslimited (Company5ecretary)
FRCnOt3/ICSAi</000000016S1
St. NichollH House 10th Floor,CathoUcMisstonStteet.
P.0. Box 5312l, lkoyi, Ugos, N,geria.
2.lsec$uubo.org

Company'sRegisteredAddress
NCR House
6, lkobd StreetP.O.Box509,
lbJos, Nigeria.

CHAIRMAN'S STATEMENT

\ adaptin11 to the new normal which also led
to the closure of our office and activation
\ of Work From Home {WFH) for our
management and ernptcyees, while
Distinguished Shareholders, Members of ensuring the continuance-of business
the Board of Directors, ladies and activities. May I say that NCR (Nigeria) Pie
Gentlemen. is a survivor too; for putting through those
difficult moments without a significant
tt is my deti11ht to welcome you alt to the interruption to its business activities or
69th Annual General Meeting of NCR laying off employees. This is a testament
(Nigeria) Plc and to present to you, the to our doggedness and determination as a
Annual Reports and Accounts of your Company.
Company for the financial year ended 31
December 2020. We operate in the intensely competitive
informatton technology industry that is
I want to thank our esteemed shareholders characterised by rapidly changing
for the continued support to the Board and technology, disruptive technological
M.anagementof the Company and to give innovation, evolving industry standards,
gtorytotheAlmightyGodwhosemercysaw frequent new product introductions, price
us through the (OVID -19 pandemic and its and cost reductions, and increasingly
subsequent waves. You are a survivorJ g_reater commoditisation of products. All of
these, coupled with the un1maginab~e
The 2020 financial year proved to be a economic disruption that was prevalent in
chatten11in11 year fot the entire world. 2020, accounted for the result we
Nations and businesses witnessed witnessed in the year under review.
prolonged lod<down and measures to
In the face of continuing harsh business
environment, our Company recorded a
11ross profit of N292mitlion compared to
the N882million 11ross profit of the previous
year. The economic uncertainty caused by
the global tockdown, which affected the
capital expenditure of many financial
services institutions, coupled with the
hf11hly competitive environment resulted
in a reduction in our turnover in the period
rrom N6billion in the prior year to
N5bitlion. In addition, fair value toss
charges of N357million were made in
respect of the long~term intercornpany
payable which the Company was unable to
pay to it's suppber.

Consequently, the Company recorded a
loss before tax of N199million, compared
to the loss before tax of N56miltion in
2019.

CHAIRMAN'S STATEMENT - cont'd

Given the Company's performance, your Our Omni-Channel

Board is unable to recommend payment of CxBanking/CxMarketing solutions have
Dividend for the reporting financial year.
The Soard is focused on turning the been embraced by the Nigerian market

fortunes of the Company around and and are the game-changer fn the financial
creating value for all the Company's
shareholders. We look to the years ahead Instttutiona' drive to optimise- customers'
with great enthusiasm and optimism.
experience.
We have shifted our business model to
becoming a global technology solutions NCR's Next Generation Self-Service
company that uses software and value- Platform
added endpoints, with higher-margin
services and a focus on cloud and mobile Activate Enterprise is NCR's ..next·

solutions, to help our customers deliver a generation" self-service application
rich, integrated, and personailsed platform that utitises modem "web-style"
experience to consumers across various
commerce channels. Our Sales/Business technologies to re-invent how self-service
team provides .software and servicesl-ed systems function and are managed. It
solutions to help Banksmanage the digital builds upon NCR,, years of industry
transformationfrom the back office to the leadership with advanced highly
branch. We also deploy digital banking
platforms through our Global Sales configurable multi-vendor self-service
Ope.rations which provide business and
process support for all Sales Organisaitons. applications. Activate Enterprise enables
Their mission is to help sales run integration across omnichannel
effectively and efficiently and provtde infrastructure, allowing sett-service to
support for business strategies and "break-out" of its tradiitonal silo.
objectives.
NC.R's strategic partnerships have ensured

that our distinguishing solutions continue-

to support financial mstitutions to meet
regulatory compliance objectives while
also growing their business and

simuttaneously reducing operatni g costs.

We are guided by three strategic pillars: We ha.ve consoltdated our pos.ition as the
leading Hardware, Software and Services
Excel: Improve customers' organisaiton. Based on this, we will
experience and quality
Accelerate: Deliver innovation continue to push our full bouquet of
fasterto global markets solutions stack into the Nigerian market
Grow: Increase market share in
Commerce and Banking with the stellar support of our technical

NCR continues to refine and develop its team.
solutions to give its customers greater
choice and flexibility. Solutions like the Services continue to be one of the
SetfServ 27 and SelfServ 80 series enable Company's major strengths with highly
financial institutions to grow their
businesses and cost-effectively serve more skilled and experienced employees. These
customers while de-livering an unrivalted
consumer experience. include Customer Engineers and Project

Engineers, Customer Care

Representative,s Service Management

Officers and a wide coverage of logistic

operations.

CHAIRMAN'S STATEMENT - cont'd

BOARD OF DIRECTORS

The Otunba AdeJwnlc Ojor•
OfR.. CON.FNIM.JP • Choltman

f .........

iffe\~} Mr, HM;t,~I J. V..r>licr CPACIA

Ms, Chrlstlan.;i, Nnawo Visa f\1111>,f~Otiletor
Ex'KWII! l)r.m,J9';11f !:~Off,;•1

~ni,d liMl:<:do2'0IV

r

":.,- -......;; .;
M:r. f'1:.1tthvw AJdolack, (FCA)
M:s, Loube Georgiou
h,tl~ Noo-CUl(ll,t/,,'t Or«,t0r
l'io,:,·~Dltoao•

BOARD OF DIRECTORS - cont'd

Tht! Otunba AdekunJe OJora OFR, CON. fNtM, JP HonOral')"Yice: Presidentor ugos :and Nlgeri:in Chlh-nber
.. Chab,nan of Comn'lel'Ce :lfld t,,duslt')' a,,d V1Ce Prelident or chie.
M:muf:11:tu~Assocl:ulacD,f N.igel'la.
ThoOtunba Adt.ik.unlc C>;or.i OFR. CON, FNIM. JP l$ a
Ms. Christian• NnawoYisa
~duatc of Joum;ili1m from tho l,ondQn Pofy\oc;hnic:now &ectltM Ohecco,/Chk(bro11.iveOffrcer
AppoJ.n1ed l1Morchl019
ee Unlvorsi.y of Wos:tminttor~ Mc aho a«ondod
M,. Ctviscilin:sNn~ Ylsa has OYcr 16 ye.,r,•c·1;pcrlencc
man.,gcmcnt ccurscs a,l Ha,v;vd U~rsity School o( in LCo1dership, $)IC$ & M:arketing .and Business
Bl1siness ;ind ~t Chrin Colcgo Cambridgq Vnivcnity. ~clopmtmL Prior tQ joining NCR.. Christl:in11 ~ die
Eng.land. Ho work.cd ;u ana»m;Vlt E~or ;n BBC London IBMCarnmcrci.11Sc!ccorLeader for~(1tnl, E:in ;ind West
Afr'ie.'I (CEWA), lc;i,ding n te3m ol Ao::ount M.:.1mgcrs
and Qmo b.JQ( to SQl"VC .it tho Ni~ 8ro:,dQ$ting a<:ross 16cOYntrje,\-,
Scrvi(Q, Ho mQvcd on co the United Africa CQmf>3flyQ(
Nigen:i (UAC) Limited whora ha SCl"V':d ;as. Public: Christrana has an MBA from Lagos State Un,versity, a
Rc:loiion, 1-bn~or ,1nd rcse ~ the position or~ Oin:«or, postgraduate diploma In M~mem from ,A.bobakar
t.beso«>nd N.igcrian co hold~t p0$it.ionin I 96l. ial'awa BalCJWa University. Bauchi, and a Bachelor ol
Science ,n Business Managcmoot from the University of
The Otunba Ojora OFR. CON. F'NIM. JP. was the first Jos. l'l addition.shehM artcndedmany corporate courses,
semin¥'$. and work.shops, on various business topia
Nigerian ec be appointed Chairman or a mu!t>-national 0tl including sales IC!adorship, consultativo scllwlg. channel
company, AGIP N,gwia Limited where he served for 28 m~mcnt.conflict management. building relationships
years. He has served as Chainnan in maf\y companies and inlNetlcing others.
cutting across oil & gas, Insurance, off'"Ke equtpment.
pharmace11tic.al.real eaece, and financial sectces of the Chrl,soana joins f\lCR {N"~ena) Pfc with 11 wealth of
Nigerian economy, TheOtunbaOjora OFR. CON, fNIM, experience cutting across sewral sectors.
JP also holds numerous positions in local, bilateral and
11ational business assodations. MlchaelJ. ValllerCPAOA•
ME.A Acgi<.mof C,onvoJJe, NC.R CorporotionJNon~ulfvt
Hehas receivedvarlCkf'S.113tlonalitnd lnteirn3donalewards Oirec.t.o,
for hrs prowess In business and was ho1loured W,th the
Nadooal Aw.ll'd or tM Order or the Federal Republ!c or MichaelJ. Valfieris the MEA Regional Controller ofNCR
Nlgerill In 1982. He was lllso awarded the Nlgetlan
Nation.ti hooour of Comll"IMldef' of the Order of the Corporation. He is a B.Sc. Graduate o4 8.aU State
Niger. He was awarded an honorary doctora.te degree of Un1versny.
law by the Cenu.ll State UNYel'S!t)' of ONo, Wilberforce.
USA and holds forelg11 honours or Ftteman of the Chy of From 1998-200 I, He worked as the Country Director
London. Grand Office,- or the Republic oi lmty. Grand and Senlot AlldlL Mnoage,' for Deloitte & Touche Vtlnlus.
Commander of the Republic of Italy and Grand Lithuaniaand Riyadh. S:sudl Arabia respKdYely.
CommM1der ofAustria.
In 1hc 8.ih"mas, Mic;h.lel wu the Senior' Au<ftt. M~n;agcr
He is a honorary t...1·w gradu.ltC ofA4o lbyeroUrwcrsity from 200 I, 2003 with Ernst: & YQ4.lng Con,p;:irry,H~ ~
~.Nig~rll\:md.1hono~ryawardeeofthc Ocp:trtmcnt ~1,o son«I u the coirJwltant l\t1d Pr()f«t M:.\nagcr for
ofComputer Scienc:c, Utli~rsrty' olhJ:td:tn,Fellow of the Conv<>I Solution lnu~rmu.1onal,Inc. at S~c:a. Aorida
lMtltut~ or MM:tgcment of Great Srit:iin in 1972. fellow from2001,200..
of the Ropl Society of Arts ol the Utlited Kingdo1n Md
In 200'f,hejoined NCRCorporation Dayton,Ohioas the
HonOJ'.lryFellow orthe Y.,b"College:af'f«h,iology. Oirectot Audit andAdvisoty Services . ..,e moYCdi11 2009
to NCR Japan and worked as the Chief Financial OHker
Tho Ownba Ojora OFR. CON, FNIM, JP. a Justice or (Tokyo.Japan),
Peace. a. a member or difl Nigerian Stodt Exchange.

BOARD OF DIRECTORS - cont'd

Mr, Matthew Akinlade (FCA) Ms. Loub.eGNM'!IOU
ln<k.pendern Not1·&.ecuU've Director Notl·beaHMOlr«WI

H(".M.atthcw Ak:in13de FCA. FCMA ~=- i\ppO!n,od ;it -m Ms. LW!Se Georg10U ts. a Certified Pubic A«oonat'( .11~
holds a Bachelor of C,om,-nerce Des.ree In EcOflOlnies,
lndop,endcnt Non~E)(ceuti'l4) OirCQ:or of~ Co1T'IIW'!Y on Commercial Uw and A«oundns: rrom tht Un&enily of
dl4!WltwataN.lnd Johanl'leSbuCS:,South Aftlea( 19%).
O.tobcr I l. 20 I 6. Ho i, ~FeAlow ot the Chami-cd
Institute of M~n;,gemcnt Ac.coununa of London ;md She Is cum!tHly the Dlt'K.tor. International Wh
Operaoons.NCR Corpol'atlon..She rePf'e.sems-and leads
Institute of Chan:crec;t Ac:coul'\tilnt$ ofNiger ill. the NCR Cuh ntan,1'f!!Tlent Operauoni outside A,"encas.
forall the NCR Subslcflll'tesatld Btanehes gk)bafl)'.LouiseIs
He attended the Advanced Management Programme of ttiponsible for the regK1ns bank acecurus. bank
relaoonsh:ips. FX trad~clnc. dfbc aV21bb!l1ty,
l.agos Business School fn 199.. , International Graduate
busltl~ fltlallCl,-c and localcounuy specific requlre:menu.
School of M~ {IE.SE) Barcelona amoi,g ocher The f\ea:lon b spread over f SO coul'llnes In 3 tontil\MU..

management coones In N~ria and abroad in che course This po~tlon re,poru d.fl'ectly to die Globli VP T~asorer
of his wooong carttrwhich spanned over 30 )'ears.
S:he stal't!MIher care« Withd~ South Afrblt Sank of
M@ is cum,r.tly the Non-Exocutive Otiairman ol Na.mp,ak AOlf!ns ltd. as an AdYanCesand SKurltyHanacer.
N;g,cna Limitoda!'ldV'1»4?ada lntomat10nal Umitod. He also
::;0:!'Ye:S on Ulc 8oard of MRS 011 Pie as an lndopc:¥\dmt She speaksE.f\\lhsh.-Greek andAlrbns ~-
Ow-caor.

REPORT OF THE DIRECTORS

FOR TKE YEAR [IIDEO 31 DECEMBER 2020

"rhe directors present their report to the members of NCR (Ni9.eria} Pie ("the Company" or "NCR"I together
with the audited financial statements, the independent auditon report and other nationi,lt oisctosures for
the year ended 31 December 2020,

LEGAL FORM
The Com~nywas incorpor~t,ed on 9 De<:embef" 1949 un(ler the CompaniesAct of 1922 and is domiciled
m Hiseria. The. Company commenced operations under the name National Cash Re%ister Company (West
Africa) Limited and changed its name to NCR (Nigeria) limited in 197'4. The Company was granted a listing
on the Nigerian Stock Exchanje on 30 May 1979. In 1990, the name of lhe Company was tater changed
to NCR (Nige,ia) Public Liability Company in compliance with the Companies and Allied Matters Decree
1990. The name of the Companywas changed to AT&TGlobal lnformatM>n Solutio:ns (Nigeria) Pie in 1994
l\nd on 16 July 1996 the Company ~dopted Its present n~ or NCR (Nlge1ia) Pie.

The Company is a subsidiary of NCR Corporation (NYSE: NCR), the global leader in consumer transaction
technologies, turning everyday interactions with businesses into exceptional experiences. With its
software, hardware,and portfolioof services, NCR enables more than 550 mntion transactionsdaily across
r.etait, financial, travel, hospitality, telecom and technology, and small business. NCR solutions run the
everydaytransactions that make your tife easier.

The Comp~nytntrodue:ed the Irrst ATM in Nigefi.a.In 1989.

NCR is headquarteredin Atlanta, United States of America with over 38,000 emp(oyees and does business
in 180 countries. NCR is a trademark of NCR Corporation in the United States of America (.,NCI\
Corporation"> and other countries.

6·1. 76%of 1he share capital of I.he C<1mpany is held by NCR C-Orporntion while t~ balance of 38.24%is held
by N.igeriaJls.

PR!MCIPAL ACTIVITIES

The Company's principal activity Includes provhion of technology and servkes that help businesses

connect, interact and transa<t with their customers. The Company is a technologycomvany that provides
innovative products whi<:h inc;Lucfe:

ATM (Automated Tetter Machines)
ATM Vatue•add Software
Retail Point of Sates terminats (Point of Sale)
SeU Service Kiosks
Self-c:hecir.•in/Qut s~tems

CHANGE IN THE REPORTl~G FRAMEWORK
The nature and effectofthe changes as a resultof adoption ct the new accountingstandardsare described
m the accompanyingfinani;ia!statements.

severet amendmentsand lnt(!rpretatlons apply for the first time 1n 1020, but do not have a s+gnifkant
enpect on the ffnQrKial statements of the Compan~. The Company has not adopted any standards,
interpretation$"' amen<lments that have been issued but a.re not yet effective.

REPORT OF THE DIRECTORS • cont'd

FOR THE YEAR ENDED l 1 DECEMBER 2020

STATE OF AFFAIRS
In the oplnk>n of the Director$, the stare of the Company"~ affairs is satisfactory and no events have
occurredsince the reporting date,which woutd affect the financial .$laternents as presented.

DIVIDEND
The 8oard has not proposed any dividend In respect of the financial year ended 31 December 2020 {2019:

Ni1).

PROPERTY, PLANT ANO EQUIPMENT
Information r~ating to changes i.n property. plant and ecp.Jfpmenl (PPE) is shown in Note 17 to the financial
statements. In the opinion of the· Directots, the market value of the Company's PPE is not less than the
carl')'fng_ value- shown fn the ftf'!ancl.al sta.L<:mcnts ..

ACC(UISITIOH OF OWN SHARES
The Company has not purchased any or its own shares during the year ended 3·1 December 2020 (2019:
Nil).

DIRECTORS

The namesof Lh~ Olre<tol"Sat tri.c date-or th1s repo,t and or those whOheld orHeeduringthe f1Mnc1at year
are as rotlows:

Otunba AdekunteOjora OFR, CON, FNlM, JP Chairman

Ms. Christ1ana Nnawo Yisa Country Manager /CEO, Executive Director

Mt. Mich.actVallk!f {Am~rlcM• tfOn..txccuuve Director

Mr. MatthewAkinladit FCA lnde-pe,nck'nl Non·E>Cec:uttve Director
Nc)o..txeccuve Director
Ml. Louise Geol'giOu (CyprlOl)

ROTATION OF DIRECTOR

In accordance with Section 285 of the Companies and Allied Malters Act, 2020 and in line with Ankle 88
-91 of the Company'sArti,tes of Ass()Ciation, 1-iv. Mi,hael VaUie< will retire by rotation and being eligible,
offers himself for re-electionas a director of the Company.

DIRECTORS' INTEREST IN SHARES

The interestof Directors in the issued share capital of the Company as recorde<l 1n the Rea:iste-r of Direct.ors"

Shareho!diniS, and/or as notifiedby the Directorsfor the purpose of Sections301 and 302 of the Companies
and Allied Matters Ai;t, 2020 and t.he Listfng re~irements of the Nigerian Stock Exc.hange are as follows.:

2020 2019
Number of Sh.ares Humber of Shares

Otunba A<lekunte Ojora OFR, CON. FNIM, JP 1,222. 700 (Direct) 1,073,562 (Dire<t)
44,349 (D1tect) 44,349 {DinKtJ
Mr. Michael Vallier
Mr. Matthew AkJnlade FCA
Ms. loufae Georgiou
Ms. Christia_na Nnawo Yisa

DIRECTORS' INTEREST IN CONTRACTS

orNone of Lhe 01rect0f'S has notified tne Co,npany tor the pu(J)OS(' of Sect~ 303 th~ Co,npanles and AlUed

Mau.m Act, 2020 of any difecl or lndfrect interest r.n contracts or proposed cootrects lo whlctl the
Companywti! lnvotvedduring lhe year ~nded 31 December 2020 (2019: NIO.

REPORT OF THE DIRECTORS • cont'd

FOR THEYEAR ENDED l 1 DECEMBER 2020

SUBSTANTIAL INTER.EST IN SHARES
Atcordine to the rejister of members no one person or oreanization other than NCR Corporation, USA held
more than 5f6 of the issued snare capital of the Company as at 31 December 2020.

NCR lnc(l(J>Ol'atioo 2020 "61.76 2019 "61.76
Numbl?r of SharM Humber of Shar~s

66,705,456 66,705,456

FREE FLOAT Number o( shar~s "6.50 Number of shar~s "6.50

Strategic Shareholde<s. 7,017,424 61.76 7,017,424 61.76
Parent Company 66,705,456 31.74 66,705,456 31.74
Free Float 34,277, 120
J.4,277, no 100 100
···----···-- ------······

108,000,000 108,000,000

------ ------·

ANALYSIS OF SHAREHOLDING

The issued and fully paid•up share e,apital of the Company is !:54,000,000 divided into 108,000,000
ordinary sharesof SOkeach. Of these~.705,456 shares, equivalentto 61. 76 percent are-held by NCR
Corporation, USA,. while 41,294,544 shares equivalent lo 38.24 percent are held by Nigerian
sharenotders as al 31 December 2020.

The shareholdin_grange analysis as at 31 December2020 is as shown below;

BEGINNING ENDIMG TOl'Al SHARE %OF SHARE TOTAL SHARE "OF SHARE
RANGE HOLDER HOL0£R.S HOLDING HOLDING
RANGE 1,0\\
1,000 2.637 34, 1% l,116,909
1,001 5,000 l.,973 51.Sti 8,SS0,75? 7.9'>.
5,001 10.000 "1,443,222 4, 1'$
10,001 50,000 641 8.3\ 6,881,994 6.4%
50,001 100.000 385 5.0% 3,1)9,867 2.91.
100,001 500,000 0.6\ S,460,57l 7.81
500,001 1.000.000 45 1.888,313 1.81:
1,000.001 S,000,000 41 o.si 6,812,910 6.3%
10.000.001 9,999,999,999 f>6,705,4S6 61.8%
3 O.Olt: 108,000,000 100.00*
4 0.1~

7,730 o.o~

100,00%

REPORT OF THE DIRECTORS • cont'd

FOR THE YEAR ENDED l 1 DECEMBER 2020

The shareholding range analysf$ as at 31 Oecembf::r 2019 ts as shown below:

BEGINNING ENDING TOTAL SHARE %OF SHARE TOTAL %OF SHARE
RANGE RANGE SHARE HOLDING
HOLDER HOLDERS HOLDING

1,001 1,000 2,637 3'4. It. 1, 116,909- 1.0t.
s.001 5,000 l.973 51. 'Sl(; 8,550,757 7.9t
10,001 10.000 4,443,222. 4.11
so.001 50,000 641 8.)i 6,881,994 6.4t
100.001 100.000 )85 5.0% ), 1)9.867 2.9$
500,001 500.000 0.6% $,460.S71 7.8~
1.000,001 1.000,000 45 0.5~ l,888.)1) 1.8t
10,000.001 S,000,000 0.0$ 6,Stl,910 6.)t
9,999.999,999 41 0.1,s 66,705,456 61,8%
l 108 000 000
o.ox ,oo.oos
•
t00.00%
1 730

CHARITABLE CONTRIBUTIONS

The Company d1d not make any charitable donations cklring the year ended )1 December 2020 (2019: Nil).

In compliance with Section 4312) of the Companies and Allied Matters Act, 2.020, the Company did not
make any donations or tifts to any political association or for any potitbil purpose durfni the year ended
31 December 2020 (2019: NII).

DISTRIBUTION OF THE COMPANY'S PRODUCTS

The Company markets Its products throlJih its sates personnel and distributors.

The distributor used by the Company durlfl'S the year was Tricontlnentat Limited.

CONFLICT ~ESOLUTIOH

NCR recognt2es that oonll£cts may arsse amoog tndlVlduats who bring dlffetenl skltlS, qceunes, and

personaUtlt!'$ tnto the workplace. ea,ty rMOlutlon or these conntcts Is tn eve,ryone's best lntere,st
Throughout the Company, NCR J)(OVldes precesses and procedores to help employees and managers f~lve

conflicts in the WOOi.Place. We encourage eu employees to seek lnfonnatlon about conftict resolution from
their managm or HR Cent(al.

WORKPLACE VIOLENCE

NCR Is commttted to providing a sere and secure y.,:,rk envlronmtnt ror IU employees aoo visitors. All
fndiViduats on NCR premfS('s most treat one another with respect and courtesy. NCR will not tole,-ate eers
or threats or vlctence. To support NCR"s "?ero tole,ance" t>M1doo toward wo,·k-ptace victeeee. both
employees and visftM to NCR•s facltitk!s must report Instances of actual or threatened vlotence on NCR
premises.

REPORT OF THE DIRECTORS • cont'd

FOR THE YEAR ENDED l 1 DECEMBER 2020

NCR's Workplace Violence Policy provides guidelines on the appropriate actions if employees and visitors
witness act~I, or threatenedacts of viole~. Depending; upon rbe nature and $eVecity of the inc;ident,
NCR will ensage law entcecemeot authorities, on..site security guards, community mental health advisors,
or Human Resourcesto take prompt action lo remove, discipline, counsel or prosecute any individual on
NCR premises who poses a safety risk or commits an act of viotence.

NCR prohibits the possession of weapons ln the workplace.

NOH•OISCRIM.INATION

NCR 1s committed to providinga work environ.merit free from any iltegal dis(;rimination based on race.
color, religioo, fl(.ltional orig:in, g:ender~ age, disability, sexual oriefltation, marital statt)S, or any other
unlawfulfactor to the fullest extent reqeiredby law. Decision$conceming hiring, performance apprai$als.
aod pr¢motions wlt1 be based only on th0$e factors. permitted by taw, sui:h esan employee's qualific(ltions,
skills, and achievements.

NCR's policy is to ('()mplywith applicablehuman rl1hts and employm!M'lt laws. Wt! do not toll'irlllt> unlawful
diSt:l'iminotion in any aspect of e1nptoyment, inctudi~ employm~nt terms and conditions.., rcc.ruiling,
hlrfng, compensation, l)(Omotlon, or termlnat1oo.

NCR recognises the need to promote iendef dive<Slty In the worttplace and has estabHshed a f&fr
recruitment process fn sattsfacuoo of Its dtverslty goals.

HARASSMENT

NCR ls committed to prov1dtog a working environment that 1s free from harassment based on persooet
characteristics,Including race, color, rellgkln, nationalorigin, gender, age, disablllty, sexual0tientat&on,
madtal status, or any othe< characteristic protected by applicable taw. Vie do not toterateC<lnduct that
creates an lntfmldatlng or offensive work environment.

ENVIRONMENTAL, HEALTH & SAFETY MANAGEMENT

The Company conducts all aspec ts of its business in an envfronmentallysound manner, with care f0< the
safety and health of our employees, customers, and the general public. As with other financials. of the
bvsf1le$$,EnvironmentalHealth&.Safe-iy activitiesare rntegratedinto the existing managementstructure
and accoontability process. This system helps to achieve c.ontfnu.al Improvement In Envfronmefltal Heatth
and Safety performance by reduc.ing losses from operational accidents and risks associated with non-
complianc.e. Improvement in Environmental Heetth end Safety performance ultimately enhances the
Company's competitive market position for- providing services. productsand solutions to the Company's
customers. The Company recognizes the need for employees with Environmental, Health and SafetY
responsibility to develop and maintain an appropriate level of Ulvironmental, He~th and Safetytechnical
competency.

The Company strives to minimtze the envfroMlef'ltal footprint of us operations and products, white also
delivering lnno't'ative lec:hnoloaies and sotuUons cJesfgned to help bost'nessesa,nd consumersreduce their
own environmental footprint.

The Company ts comm1tte<I to complying with appllcabte health and safety regulations related to
protecting employees and p<ov1ding w0f1i.1ng condltlons that are free from recoa:nized hazards. The
Company'.s workptace proarams are destined to protec.t the safety and healthof employees and to prevent
and mitigate workplace incidents th.Jt could arise from abn~l opera.ting conditions and potential
emergeocysituations.

REPORT OF THE DIRECTORS • cont'd

FOR THE YEAR ENDED l 1 DECEMBER 2020

E.MPLOVEES'TRAINING

The Company l5 committed to trainingand career growth. NCR. Unlven1ty (NCRU) provides training

resources and education programs to lrlcrease employee productivity and ensure professionalgrowth.
Mana,gement'sprofess1onatand technk.alexpertiseare the Company's majo, assetsand inves.tment In their
further development continues. The Compan~ believes that success depends on ability to devetop a

produc~ive. capable organiustioncommittedto ongoinglearning; employeedevelopment is thereforean
iotegral part of che way the businffl is maneged. The Company Invests in tools and opportunitie5 that
empower eml)te>Yee$ to take c.haC¥e of their own personat and profffiional growth and development.

Training is carried out at various. t.evets throush both in-hou5e and professional training at itfo corporate

technicat trainini centres located in Cyprus, Unitedl<ingdom and United States of America.

BUSINESS CONDUCT A.NO ETHICS

NCR is a pcinciple•basedcompany, the reputationof our Company is fonned by eac;h and every ex,perieoce
that customers, business permers, suppliers and the communityhave with us. We treat eech Qther anc;i
our business partners with respect, honesty aDd fairness. We value the unique qualities, abilities and
perspectiveseach person brings to a challenge or opportunity, and we also know I.hat as a team we can
achieve togetherwhat would remain out of reachforus individually. We communbte-openlyand candidly
with each other and extend our respect and team spirit to customers, partners, suppliers and the
communitiesin which we live and work.

Customer Dedication: We genuinelycare aboutour customer$ and are Qedicatedto S,('rving the-m
well. We team their markets, understand their specificgoats.and objectives,and developsolutions
that detivec businessvatue.

Perf«mance: We commit to high performancein all functions. We take personal ownership for
the success of our Company and wor'k togetherto continuouslyimproveand achieve best•in<tass
performance.

Innovation: Throughoutour histo,y, NCR's ability to harness the power of new ideas and put them
to wo,k for our customers in the real world h~s defined our Companyand fueled our teadership;
innovbtlon powets the engine th.at drtves our soecess oow and ln the futur~.

Supplier and Customet Relatfons: Wt! rtc,ulrt our vMdors, agCf'll'S, sub<onttae:tol'S, and thtfr
emp(oye{'S to d~tratchonesty, fntegrilY,a1\d flliroess, and to adhete to 0tir <'thical tta!'ldard
or busin~s operation.

ANTI-BRIBERYI ANTl•CORRUPTIONLAWS

The Corrupt Practices and othet R&led orreeces Act 2000, antl·bf1bery and anli•C:Or'ruption laws around

the wOttd, ii,cluding the U.S. F'oreign Com..rpt PracticesA.Ct ("FCPA''), the U.K. 8rfbe,ryAct, ancfother anti·
bnbel'yand anti-corruptionlaws (ccttecuvew,"'Anli•cO<tupUonLaws"), make bribery a crimt?.

NCR expectsall NCR directors.offkers and ernpteyees,as wl?41 as Its COll'SUltants,age.nts, channt-l partners
and other thir~pilrtyrel)(es:entativesto cbseeveand comply with all Anli·Com.rptionLaws.

GIFTS & HOSPITALITY

Girt-givingpracticesvary a,ound the world. Generauy-,aiftsare given to fostergoodwill and, In some parts
of the world. dectinlnga gift may insult the giver.On the otherhand, accep-tinior giving a gift may create
a conflict of interestor the appearanceof a conflic't, and mayalso v\OtateapplicableAnti-CorruptionLaws.

REPORT OF THE DIRECTORS • cont'd

FOR THE YEAR ENDED l 1 DECEMBER 2020
ACQUISITION Of OWN SHARES
The Company did not purchase any of its own shares dunng the year.

•~C "°"""'Ill!:• .......,..0

-~=-$~•,-.Co"'! .......,.

SUSTAINABILITY STATEMENT

FOR THE YEAR ENDED l 1 DECEMBER 2020

NCR (Nigeria) Plc;•s sustainability stratf:gyis fvlly alioned with NCR Corporation•s: global strategy, We take

our responsibilities as a rnember ol Lile business community very seriously. 1/le·re cor'l'lmitted to

conducting au aspec.ts.of bvsin.es.s in an envlronmantallv sound rnenoer. •Ne'rc vigilant whon it comes to

the safety and healtll of our <!mployces. \1/e also look, out for the needs o! our customers ana the general
public.

~Ve. strive- to minimi;z:~ the environmental footprint of our operations and orodvcts, while jlsO dehverino
lnncvatlve technologies: and solutions designed to help businesses and consumers reduce their own
cnvlronm<tntal tootortnt.

NCR has a rich history of providing high•qualltv, lnnovatJve solutions that meet our customers' needs In

rsan ever•challQTno ,narket·olace. Bvt a qreet C-oo,pany more than the product It sens. Vie believe a great

company is focused on lono·term and sustainable orowth. placino just as much emohaslS on orowino iti
product lint,, as. II does on growing its employees and !he communities il serves.

As a member ot the commernrv, NCR acts res.pon.sibly toward OU!' customers and the environment in which
our products. operations and services aredet>loyeCI.

NCR is committed to complylog with leqisJatlve requlrerneots that cover product recyclinQ, recovery,
trei,lment, maniloement and disposal of electrical and electronic equipment.

NCR's end-of-fife hardware management services ensure secure and environmentally responsible product
decomm1ssioninQ, recv,ling, treatment, ar\d co,npliant disposal. our decommissioning and retvcllng
pro9rarm are -compU.:int with fnternaUonal r(>Cyc:llng 1eglslaUon.

NCR Is committed to complyino with app!lcabfe health and safety regufattons relatttf to protectino
ernolovees and providing working conditions that are free from recognized hazards. NCR"s workptace-
proorams are desic;ined to protect the s.afetv and health of employees and to prevent and mitigate
workplace tndeents tt\at c:ould artse trom a.Doormat operating. conditions and potential emergency
sltu~tlons. As with otne, ar(>as of lhr! bu~lt'l:'Ss, NCR slr1ves for' continuous. trnprcvement in ttie area ol
workplace nealth and safety,

NCR is a place Where people v,anl to tome to work because ttiev are continvously invioorated ev new
Ideas and are engaged In impro\'ing how we do business. 1t Is a place thal recceoraes its profound
respooslblllty to the communities where. It does business. stoving to nefp those c-0mmun1Ues thrive by

supporting loea1 Institutions dfld errq:,1oyin9 people, who make voluntear WOfk. a p,Jority. ll Is an
or9anization that sees environmental stewardstlip not as the latest new· trend, but as a cntica.1 lssue In
sustaining the future- ensurino our natural resources are protected and preserved.

This is who we are. This Is NCR. And we expect business partners th(oughout our supplV chtiin lo emb,ace

the same prlnctotes we, as an organlzatfon, 51,are. Be<ause belt)() a responsll:lle corporate citizen is bo(n
trom botn tne actions we tak.e as lndlviauals and together as an or9a.ni.zation.

SUSTAINABILITY STATEMENT - cont'd

FOR THE YEAR ENDED l 1 DECEMBER 2020

ThQugh thes~ are not new ideas at NCR, we want to renew our focus bv capturing your imagin,ation,
treativity and ooodsense to help us nrornote these eev areas:

(l) Employees

NCR strlves lo provld& a positive und t?ngaQhlg wo-1 k environment. tools and teward~ lhat

support success for our people, We are committed to dive<slty and inclusion. upholdino
r~oonized hurnan riohts and labor standards. providing safe anct heatthv workino conditions.
and providino employee developmenl opportunities.

Goats:
The followlog goals have be(ln establlshed to improve our wockplace environment:

, Oevelop and communicate NCR's diversity strali:9y to employees.
~ Design and implement a global employee engagem.ent survey.
;. lncreese use of NCR University Online.
, Develop and tommunfcateuoucreson 11uman rights 10 n,anagers.

{11) Community
NCR i$ committed to supoorting the economic;, tultvral. soc;ial and educational well~eing of
communities whete U\e COl1'lpany has a s!qnilicant presence, by investing In mnoveuve
programs, appt0.1:d1es and s~uHons In the civic., a,1~. eoeceuoo, and health and hurnan
secvic.es areas and devetopln9 oroducts eno solutions that provide b@neht to communities at
laroe.

Goals:
The folluwlnggoals have been est.at>IJSt'teCIto contlnoouslv Improve NCR's ~rformance In the
area or community support:

, Support community investment.
, Promote innovative applkation of self service solutions to social development

initiatives.
,.. Promote emplOyee volunte-ertsm and cororounity engagement.

(iii) Environment

NCR operates. with ti continuous commitment to ensure the on-going protection of Lhe
environment. •Ne strive lo minimize Hie envlrcnmentel tootprlnl ot our operal1ons and
products, while etso dehverlng fnoovatlve technologies a.nd so1uUoos designed to helt>
businessesand consumers reducetheir own environmental footprint.

Coat5
The rol!owiog goals neve been established to continuously iinprove NCR's envltonmental
performance a11d reduce our environmental footprint:

,.. Reduce waste generated from NCR facilities, operatrons and products.
:;.. Reduce direct and indirect qreenhouse cas ernesions.retated lo NCR faci1ities. and

operencns.
Increase ene1'gy efficiency ot NCR products and servkes.
:.,. Increase en~of•ltfo re,cycling of NCR pcoducts and service parts.

SUSTAINABILITY STATEMENT - cont'd

FOR THE YEAR ENDED l 1 DECEMBER 2020

(iv) Supply Chain
NCR Is comtnitted to working with suppliets whO comply wlth all applicable: laws and
regulatit>1ls ~odembrace tbe highest standards 01 ethietll behAviar. \Ve will work ror positive

cnv,ronmcntal.social and et.hlcalImpactsin our supply chain, t.reatin9 supouerswith fairness

and respect. and valuing their diversity. Vie will work with suppliers In innovative "'aYS that
create added value tor our customers.

Goals
we have est30lrsh00 the following goals to continuously trnprove NCR's respooslb!e 1upply
chain rnanagementperformance:

~ Oevelopand communicate a Supplier Code-of Condu-ct to all NCRfirst·tier suppliers.
:.. Implement a supplier screenlne program based on the NCR Supplier Code of Conduct

requirements.

CORPORATE GOVERNANCE REPORT

FOR THE YEAR ENDED l 1 DECEMBER 2020

NCR is committed to high standards of corporate iQ"erl"l,ance. The Company has continued to-embrace
the best goveman<;e practices required to deliver sesternebte value to our shareholders.

During the year ended Jt December 2020, NCR (Nigeria) Pie complied with Best Practiceson Corporate
Govemao« .and the NCR Principles of Ethics aod Complianc:e.

The primary purpose of the Board is to create and deliver sustainable loog•term value to shareholders
through its general supervision of the Company's business.
As part of this goat, NCR has atwaY$ maintained different and separate roles. for the Chairman and the Chief
Exec\.ltive Officer. Presently the CQmpany has a five (5) ·member Soar<l led by the Chairman who is a non-
(Xe,Q.Jtfve Oirector. There are four Non - Ex<-cutive Directors and one Executive Director on the Board.

AU the DirectOfS bring various and varied compete-netts to bear on all Board dctibcratlons. The 8t>ard eeeu
regularly and Is r~poosfblc for errecu-e conttol bnd monflor1nt of th~ Comp~ny's stnu~gy. Th~Chairman
directs the Board, ensuring that it operates effecttvely, while fu:lly di.scharalng its legal and ree;ulatory
obUgations.

The Company's corpONlle governance fram~tk Is tn conf0tmlty wlt.h the existing corporalc governance
codes and is in tine with untversaUy accepted best. cracuces. Unde< lhi1 framewotk, the Board detegcU<'s

respooslbil.ity for the day-t(>day management of the Company to the Chtef Executive Officer

IL fs the r~spo11sibillty of tM Bo:itd of Direct()(S to ensure lhat au records are aca1rate tand correctly ft'ftttl

the finaoc(al position of the Company, Management lmptements s~tem controls, comprtslng policies,
standards and procedures to ensure tbe safety of assets and the reduction of rlsk, error, fraud and other
irregutarttles. Both the 1.nte,mat auditor and the external auditors independently appraise the adequacy of
fnternat controls.

The Soatd places great emphas~ on effective communk.ation with 1ts shareholders. IL recogmres the
tmportanc.e of ensuring an approprlate balance In meeting the many needs of its sharehotders and at the
same time building enduring retatlooshlps with them.

The Directors' s'hareholdtngs (direct and fndfrectl fn the Company, where it e,dsts~are disclosed etsewhere
1nthis re-port es requ1re<I by law.

1. Composition of the 80,rd of Dir~tors

The Soard Is currentty made up of four t4) Non·tx:ecutlve Directors and One (1 > Executive Dfrector,
All the Directors have access to the advice and .services of the compliny wcretiry and olher
professionals, where such cdvice would improve the quality of their' contribution to the Board's
decision ·making process.

The Soard is currenr.(y compri~ of two (2) female Directors and three tl) male Direc;tors: in
satisf~tion of the Comcanv·s diversity objectives. Below i$ a tfst of the Directors that hetd office
dtJrins the year under revfew:

r Otunbd Adek.\11l-le ojore OFR. CON, fNIM, JP Chatnnan
~ Ms. Chtistiana Nnawo YiSa Country Men.ager/CEO. executive
Director
'::- Jlir. M.icha.el Vallier (American> Non-Executive Oirec.tor
,- Mi, Matthew Aklnlade FCA (Cypriot) 11\dependent Non-Executive Director

> i,.\$, Louise Georeklu Non-Executive Director

CORPORATE GOVERNANCE REPORT

FOR THE YEAR ENDED l 1 DECEMBER 2020

In eccordencewith Section 285 of the Companiesand AlliedMatters Att, 2020and in tioe with Article 88
• 91 of the COl'n~ny's Artklcs of Association, Ml'. Mkhacl Vallier wtll retire by rotation and IX'lng
elig_1ble,offers himself f0<re-election as a Dtrecto< of the Company.

2.. Appointment of OlrectO<$, Induction and tratnlrta

The Soard carries out lntervfewassessme,,t and baekgroond checks on prospectivedirectors. The
Soard (.On.siders business rnanagemem e,q>e!ience, expertise in financial a.«ountins, appropriate

industryspecific knowledge, businessexperience in local and/orintemationatmarkets, good p(anning
and teadcl"Shtp skill and, ability to provtde sLrateglc tnsfghl and dltecuon a-nd good 1nt1oage-ment skUls
when appointing a n(!W dlrtttor. During the pedod und@-r review, no new dirtctor wes apPointf!d to
the Board.

The Company has in place a format induction peogrem for new1y appointed Directcis. As part or this
tnducUon, each l'W:'W Oll'ector t,s p,<ivlded wlU'I core materials and asl«.->d to attend a Se-fl~ of
tncroductory meetings to become knowledgeable aOOut lhe Company's busfness end be familiar with
the senior management team.

3. Board Evaluationand Corpo<ate Governance Audit

The 8Qard is in the precess of elljaglng an e)(temal cons1.1ltant to carry out itr. 2020 evaluationexercise,
the report of which would be included in the Company's 2021 annual reoort,

ou,ing lh<? 2020 finaodat year, the Company sec,etary car,ied oul a company secretartat and
cO<PQnne governance audit on the Company. The key hlghllghts of the g&ps Identified ln the report
reteted to the need forBoard expansion by the appointment of i!<:lctltional Independent Non-f)(ecvtfve
Directors. establishment of key Board policies and governance documents, appointment of compliance
ofiie:e, end r,equency of meetings of Board Committees.

4. Record of Oi(ec.tors' Attendance or Board Meetings

The Soard held a total of four (4) meetinas d1.1ring the year. In accordance with Sectjon 284 (2) of the
Companies and Allied Matters A<t, '2020: the rec.ord of the Directors' Attendance at Board Meetings
chJring 2020 ts available f0< inspection at the Mou.al GeneralMeeting.

CORPORATE GOVERNANCE REPORT

FOR THE YEAR ENDED l 1 DECEMBER 2020

Attendance of Board meetings are set out betow:

Date of Meeting

DIRECTORS 23/3/20 28/5/20 27/7/20 19/10/20
The Otunba Adckunle cjcre. p p
OFR, CON, FNIM, JP, p pp p
Mr, Michael Valller p p
p pp p
Mr MatthewAkinlade, FCA p p
pp
Ms. Christiana Nnawo Yi.sa
Ms.. t.oui.s.e Georgiou pp
pp

Attendance Keys:
P: PRESENT;

A = Absent with Apology;

The rneetmgsof the BoardWef(' prcskledover by the Chafrman. In all cases. wrltt~nnotieesof the

met-tings along with the agenda were- c1rcutaled at teesi 14 days before the meetings. The minutes of

the meetings were appropriately recorded and clrcutate'<I.

5. Romuner&tlon of Dlr«tors

The remuneration of Directors is approved by the sh&reholders at the Company's Annual Generc,l
MeetJn.'i, Below Are the det-ails of remuneration paid to the directors during the peliod wider re\llE."W:

Chairman" Directors' fees Sitting Allowance
tndecendeor HOll·Executfve Director - 111,1,500,000
a.75,000
il1,000,000 *75,000

The.other Hon-Executive Directors of the Comp.'lny do not receive Directors' fees or sitti~ allowances.
The Company did not also pay any a.Uowances, benefits or reimbutsable expenses to the Directors
beyond the Directors' fees and sitting allowances.

6. Bustness Conduct and Code of Govel'nance ten· Directors

The ..CR Code of COflduct (the "Code") ts OIX guide and point of retereoce for upholding NCR'.s Shared

vetoes. NCR•scorpccate policies and procedures,as well as our individualcommitment to ethfcal and

legal behavior, etso guide NCR employees and Oire<:.tors. The Code applies to au employee$ of NCR
and its affiliates (<;oltectively "NCR"> and to NCR's Board of Directors. The Code affirms our
commitment to the highest standards of integrity· in our relalionships with one another and with our
customers, S!Jl)pliers, strQt,egic partners. and shareholders. We expect our suppliers, contractors,

fep<esentattvt>s Md age-ots to embt'ace ltlese same values aOO standards.

CORPORATE GOVERNANCE REPORT

FOR THE YEAR ENDED l 1 DECEMBER 2020

Securities lawsand NCR policy prohibit emptoyees.OirectM, Members of the Audit Committee of the
Company, External Adviser-sand their related persons from trading, directly or indirectly, in NCR
securitieswhile in possession of "'materialnon•pubUcinformation"about the Compal'\y.Materialnon•
publ"ic information is generally defined as any infonnation that has not been wkJely dlsctcsed to the
pubUcand is likely to influence an investot to buy, sett, or holda company's stock. Matt>l'ial non•public
lnfo,matlon can take many forms. Examples include acquls-itloJl or dives:thure plans; actual Of
p(ojected financial infoanatlon not yet public; new contracts, products, or discovef'ies; major
organiz.ation.alchanges; or other business plans.

NCR employeesand officers as well as membersof the Company's Board of Directors, Members of the
Audit Committee a.nd E)(ternal Advisersof the Companyand their {elated parties, are atsc prohibited
fromdirectlyor indirectlytrading in the securitiesofother publiclyheld companies, such as customers
and vendors, on the basjos of mate(ial OOll•public information. It is also illegal and against Company
policy for NCR employees to share matei'ial non•public information about NCR or another Company
with their friends, familymembers,or other third parties (this is called "lipping").

All emplc,yees and officm of ~R (Nigeria) Pie as well as members of the Company-'s Board of
Directors, Members of the Auclit Committee and External Advisers of the C0:mpany and their related
persons with material non•publ.icinformation about NCR and ether companies, including customers
and vendorsare tocomplywith NCR's insidff trading policy as follows:

:;. To never- provide material non•public information about NCR or other companies known to
them througlltheir work at NCR;

; To restrict access to matenal non-public informauon a.bout NCR or other ccrnpanles to those
employees who ..need4to4know.. that information for business reasons (such persons may be
identifiedin & ncn-disctceure &yeement)

),, To not ewise ce encourageanother pe(SOO to trade in a company'sstock if they have material
non•publicinrocmationabout that company; and

, To never buy or sell NCR securities or another company's publicly traded stock while in possession
of material infonnatlOn,whether or not a blackout period is peoding.

8. Reta.ted Party Transactions

Most of the Comp~ny·srelated partytransactions we.reconductedwith NCRInc. and h.lrve been disclosed
inMote JOof thefin.anaatstAtements. The relatedparty transactionswere carriedout at arm'slength in
accordancewith the Compi:'lny's policy.

9. Whistle Blowing

HCR NigeriaPie WhistleBlOW<!( PotIcy are ett:tbliffied,guklelln~.wh(?reln tnrececrs. employeesof the
Company, contract0<s aod the general publlc can report serious actual or suspected coocerns e<

happe,nlngs consklered unethical, inapp<opr1ateor Illegal.

CORPORATE GOVERNANCE REPORT

FOR THEYEAR ENDED l 1 DECEMBER2020

The Company is committed to the highf;,sf standards of integrity in employees' relationships with
one another and with customers, $upplien, strategic partners and sharehotder·s. Alt suppliers,
contractors, repres.entatives a.nd a.ients are expected to embrace these Sime values and standards.

The Policy is designed to ensure that Directors, employees of the Company, contractors-and the public;
cen raise their corw;erns about wrongdoing or malpractice within the CQmpany without fear Qf
victimization, subsequent discrimination, disadvantage or dismissal.

Anyone who comes a.er()$$ a breach sh<)~d 1mmedia.tely notify their uee Manager, HumaJl Re$0urces.
Gtoba1 ~curity, the Law Department or report either throuihour confidential whistl®towing helpline
or by emalt to cpmpli;uu.eoffi£e.ethigqna,cpm.Ourapproach to breecn management i$ embedded in
the global NCR Ethics& Compliance Policy and local Disciplinary Processes. The Company takes reports

of potential viola,tions of the. Code, the law or other NCR policy or procedures seriously, including

those made anonymously. All matters reported will be investiiclted and appropriate action will be

taken.

A whistle blower must exercise $00nd judgment to avoid baseless allegations. A whistle blower who
intentionally files a fal$e repon of wronsdoins will be subjei;t to disciptine up to and ini;luding termination.
There shall be no retaliatoryaction against.a whistte blower for any report made in good faith. In so
far .is possible, the confidentiality of the whistleblower wfU be maintained. However, identity may
have to be disdosed to conduct a thorough investigation, to comply with the law and to provide
accused individuals their tegal rights of defense. The Company will not tolerate retaliation against
persons who make reports in good faith.

10. The Audit Committee

The Audit Committee is comprised of six membersmade up of three shareholders' representatives
elected at the 2020Annual General Meetingfor a tenure of one year until the conclusion of the 2021
Annual General A\eetingand three representatives of the Board of Directors nomin_ated by the Board.
The Chairman of the Audit Commit.tee is Alhaji Mustapha I.Jinadu F:loD.

The functions ot the Audit Committee are governed by th~ provisions of Section 404(7) of the.
Companies and Altied Matt~s Act, 2020.

Memborsct tho Audit CommlttH

A~ji Mustapha I. Ji.nadu (F.loO.) •Chairman
·Member
Mis. T. 0. Assan
• Ii.ember
1'N, M..A. Adedoyin -Membe<
Ml:, Matthew Akfnlade \FCAI
•"-\ember
Mr. Michael Vallier
• Ii.ember
Ms. Louise Georgiou

CORPORATE GOVERNANCE REPORT

FOR THE YEAR ENDED l 1 DECEMBER 2020

Meetings. of the Audit Committee

Ouring the year under review, the Committee held five (5) meetings. Attendance of Audit Committee
Mectlnts, tn 2020 we(e as follows:

Date or Meeting

Members 6/2120 23/3120 28/5120 2717120 19110120
pp p p p
Alhaj! Mustapf,a I. Jlnadu (F.loD.) •
Chairman ppA p p
Mrs. T. O, Assan pp pp p
Mr. M,A. Adedoy,n pp pp p
Mr. Matthew Al<inlade (FCA) pp pp p
Mr. ~fichael Vallier pp pp p
ti.ts. Louise Georgiou

Attendance Keys: P • PRESENT; A• Absent with Apology;

11. Committees of the Board

tu confOffi'lilywith tne Code of Best practicesIn C.ofporato Govema~e,the Boardhas estabUshed

the following committees to function £n respect of issues too complex and/or numerous to be

hru,dted by the entire Boatd. AU Board ~omnlltte~ make recommc-ndatlons tor approval by the

full Board:

11. 1 Fln..\nclal Risk and General Purposes Committee

The Committee is estabtt-shed to provide independent and expert advice to assist the Board to
discharge it's financial and risk management responsibilities.

The Committee does not replace Of replicate established management responsibilities and
delegations, lhe responsibilities of other executive management groups within the Company, or
the reportingtines and responsibilities of either internalaudit or extemat audit functions.

The Committee is also responsible for dealing with urgent bu:siooss which needs to be dealt wilh
at short notice.

/Al?fnb<!orsof lhe cominlltec-are as Icttows:

#,r. Mlchaet Vallier -Chafrman

H,r, Matthew Akfnlade fCA ·Membef
>1.s. Louise Geotglou •Mefnber

Althouvh the Committee d}d not holdany formal meeti"i during the year ended 31 December 2020,
the Committee has held one (1) meeting subsequent to year-end, where it teviewed its terms: or

referenceanddelibe<.!ltedon repositionins the Committee (or efficient performance in the future.

CORPORATE GOVERNANCE REPORT

FOR THE YEAR ENDED l 1 DECEMBER 2020

11.2 Appofntment, Oiscip1(ne and Remunereticn Committee

The Committee ls esU.bUshed to set the over-arching principles. parametel'$ and governance

framework of the Company's remuneration policy and the rerncnerenon of Senior Execu.tives

(being those whose appointment requires Board approval; employees who perform a significant
influence function; employees whose activities have or- could have a material impact on the
Company's risk profile; and any at.her employee as determined by the Committee from time to
lime• and to r(MView the structure, sue and composition of the Board (including the skills.

k.nawlOOge, independence. experience and diversity) and the appointment of members to the

Board and make recommendations to the Board as appropriate?.

Members. o( tOO (00\mlttee a,e as follows:

;.. /As. Loufse Geo,gJou • Cha1mllln
, Mt. /\\lchael Vallier • MembC'<
•M<'f'l)ber
~ "". M. Aklnlode (FCAI

Althouvh Lhe Committee dKI not holdany formAlmeetini during the year ended 31 December 2020,
the Committee has held one (1) meeting subsequent to ye&(·end, where it teviewed its terms of

referenceanddelibe<.!ltedon repositioninsthecomminee (orefficientperfonnance in the(ut1.We.

By Order of the Board

Mrs.. Oyindamola Ehiwere

For: Alsec- Nominees Limited (company Seuetary)

FRC/2013/ICSAN/00000001651
31 M<lrch 2021

COMPLAINTS MANAGEMENT POLICY

FOR THE YEAR ENDED l 1 DECEMBER 2020

The Complaint Management Policy or NCR (Nigeria) P1c has been pre-pared pU1$0ant to the requirements.
of Lhe Securities&. Exchange Commission's Rules relating to the Complaints Management Framework of
tne Nigel'Uln Capital Market (..SEC Rules'',> Issued on 16 F~bfuiu•y 1.019 and Tht Nigerian Stock Exchange
Directive (NSE/LMD/LROtCIR6/15/04/22) to all llstedCompanios 1•the NSE Directive") Issued on 22
April 1019.

This policy has been prepared rn recognition of the imponaoc.e of effective er,gagement in promoting

shareholder/investorconfidencein the Company. This Policy .sets out the broadframeworkby which the
Company and iU R~iSttar provide ossist31'Kt" regardin-g shareholder tssues and ccocerns, It also provklc-s
opportunity for shareholders to provrde feedback to the Company on matters that affect shareholders.

This policy only relates to the shareholders of 1'4CR (Nigeria) Pk and does not exteod to 1ts customers,
suppUers or other stakeho{ders. This poUcy is designed to ensure that complaints a1ld enquiries. from the
Company's shareholders are managed tn a fair, impartial, efficient and timely manner.

nns pot.Icy wilt be made aval'ta.bleto shareoolders of the Company at General MeetCngs.

GUIDING PRINCIPLES FOR IMNAG111G COMPLAINTS

The followin"Q: principles shalt jvkle the Company in manasfne the complaints of shareholders:

1. COMMITMENT

NCR (Nigeria) Plc is committed to the resolution of complaints and or disputes received from
sherehotders. The Company shall proffer solutions that ere fair and reasonable to atl parties. The
CompanyshaU objectively manage and deal fairlywith all complaints lodged by sharC!ho(def's without
bies. The rights of any shareholder. who has lodged a com.plalr"ll. shall be adequately procected.
However, it shall be withlo the sole drs,c.retionof the Company to take a decislOn on the investigation
of a complaint considered to be trivial, vexatious or abusive. The Company shall take necessary steps
to guard against the victimisation in respect of all complaints received.

2. CONFiOEHTIAL1TY

AU comptalnts sha.U be handled In strtct confklence aoo person.at lnfom'latkln of coo,platnants shalt
be adequatelyprotected.

3. PROCEDURE FOR COMPLA1NTI/ENQUIRIE5

A Compl.ninl I.Odg~m~t FOt'm shall be provldtd to alt share,ho(det's to lodge: their cofnplaint. Alt
co1Tiptafnts made through authorked third parties or comp(alnts anonymous in nature, shall be
duly recognised and addre$sed.

Share-holdCt's. can make complaints/~nqulriM and access reteva.,l lnfonnatk>n in the fo4towjni
rrermer:

(it Contact the Registrar. Shareholderswho wish co make a complaint/ enquiry shall in the first
instancecontact the Registrar, Apel Capital & Trust (Registrars) limited at 18b, Nnobi Street,
Masha, Surulere, Lagos. The Registrar manages all the registered information relating to all
Shareholdings, induding shareholder narne(s), shareitiolder address and dividend payment
lnstructfons amongst others. Upon receipt of a complaint or an enquiry, the Reg.lstrar shall
lmmedtatety provide the reCevant details of such comp(alnt or eoqulry to NCR (Nfieria> Plc for
monitoring, record keeping and reporting purposes.

COMPLAINTS MANAGEMENT POLICY - cont'd

FOR THE YEAR ENDED l 1 DECEMBER 2020

(iO Contact the Company Secret.ary: If the Registrar ls uoebte to satisfac;ton1y "dt;lrffi
shareholders' enquiries and resolve their comptaints, then shareholders should contact the
ernce of the Coinpat1y Secr('taly.

4. fEEOBACK

Where a complaint or- an enquiry is sent directly to the Company. NCR shall upon receipt of the
comptnlnl or enquiry use tts besl endcavouts to ensure th~t;

a) Relevant details of the complafnt or-enquiry are immediately recorded.

b) A response ts provided by the Company or the Registrar within the specified time frame.
c) Complaintsor eoqutrlesreceivedby e-rnall are a<koowtedgedwithin two (2) workingdaysof

receipt.
d) Complaints or enquiries received by post art> rl?$ponde<I to within five (S) woti(.ine days of

re<efp\.
ej Complaints or enquiries are resolved within ten 110) working days of receipt.

n The Nlger~n Stock Exchange I.S noufled, within two (2t WOfktng da~. of the resotutfon of a

complaint or enquiry.

g) Where a complaint/ enqt.1iry cannot be resolved within the stipulated time frame set out
above, the shareholder shatl be notified that the matt.er is being investigated. Delays may be
experien(:ed in some situation.s~ including where documents need to be retrieved from
storage.

h) The same or similar medium that was used for the initial enquiry shall be utilized in providing
a response (whether by email, phone. post or fax>. unless otl"lerwise notified to or agreed with
the sharehotder.

5. ELECTRONIC COMPLAINTS REGISTER AND QUARTERLY REPORTING OBLIGATIONS

NCR (Nigeria) Pie shall maintain an etectromc complaint register. The etectronic complaints register
shall include Lhe rotlowinginformation:

The date t.hat the enquiry or complaint was received.
C.omplainant•s infonnation (ioc;tudfng name, address, tetephone number, e•mail address).
Nature and details of the enquiry or comp(aint.
ACtioo taken/ Status.
Date of the resotution of the complaint.
lnformatk;>n on the details and status of complaints shall be provided to the Securities alld Exchange
Commission (SEC) and The Nigerian Stock Exchange (NSE) on a quartel'lybasiS.

COMPLAINTS MANAGEMENT POLICY - cont'd

FOR THE YEAR ENDED l 1 DECEMBER 2020

6. ACCESS TO POLICY
This policy can be accessed by Shareholders through the following avenues:

This policy sha.11be avaflab(eon the Company'swebsite.www.ncr.com.ng
.A copy of the policy may be reques-ted by contacting the Office of the Company Secretary.
This policy shall be made hvaflabtc at ienen\l metotl:ngs of the Company.

7. REVIEW OF POLICY

This policy and procederes conceroina shareholder enquiries. complaints and feedback may from
time to time be reviewed by the Company.

Al.AC HONt---. ..-n-0

c:2£k-<---

C~,u, s....-~

Mrs. Oylndamola Ehiwere
For: Alsec Nomin~es Umited (Company Secretary)
fRC/2013/ICSAN/00000001651
31 March 2021

The CompanleS and Allied Ma~ten, Act, 2020, requires the Directors to prepare financial statements for
e.a(h financial ~ar that givea true and Iair vtew ct the state of finan.ci.al affairs of the Companyat the end
of the year and of its profit or loss. The responsibilities include ensuring that the Company:

a) keeps proper accounting records that dssctcse, with reasooabte accuracy, the fiMnc.iat position-Qf
the Company and comply with the requirements of the Companies and Allied Matters Act, 2020;

b> establishes adequate internal controls to safeguard its assets and tQ prevent and det«.t fraud and
other irregularities; and

c) prepares its financial statements using suitabte accountina pohCWs supported by re~nabte and
pnJdent judgmerits and estimates, and are coosistently app4ied.

The Directors accept respoosibility for the annual financial statements, which have been prepared using
appropriate accountiflS policies supported by reMOna~e and prudent judgments and estimates, rn
conformity with International Financial Reporting Standards bsued by the International Accounting
Standards Board, Financial Reporting Council of Nigeria Ac;t No 6, 2011 and the provisionsof the Companies
andAlliedJf\auersAct, 2020.

The Oire(tors are of the opinion ther the financial statements srve a true and fafr view of the state of the

financial affairs of the Company as at 31 December 2020 and of its loss for the year then ended. The
Directors further accept responsibility for the maintenance of accounting recordstnat may be retied upon
in the preparation of fi.nanci.alstatements.as weU as adequate systems of internal financial control.

Noth!~ has come to the .attentionof the Directors to indicate th.at ttie Companywill not remain a going
c;oncern for at least twelve months from the date of this statement.

-~-c u-0)~ Ms. Christiana Nnawo Visa
Country #.anaa,er/CEO, Executive Director
Otunba Adekunle Ojora OFR, CON. FNIM, JPMr. FRC/2020/003i000000206SS

Chairman
FRC/2013 /IOON/00000002581

31 March 2021

Certification Pursuant to ~tfon -405(1) of Companies and Allied Mauer Act. 2020

We the ur'Klerslgned he<ebycertify the followingwith regards to our Audited Flllanc1at Statements for the
year ended Jl December 2020 that:

a. Wt! haverevic-we<I uie report;
To the best of our knowle~. the reportdOMnot contain:

Any untruestatement of a matertat fact, or
Omit lo state a material fact, which would make the statements misleading In the tight of
orcumstaeces under whidl such statements were made;

b. To the best of our MOWledee, the financialstatement and other financial fnformadon ln<luded In this
report fair1y present in alt material respects the linancia1 condition and results of operation of the
Companyas of. and for the periods presented in this report.

c.. We:

are responsible for establishingand maintaining fntemal controls.
have designed such intern.alcontrols to ensure that material lnformatloo relating to the Company
and fts consoUdate<I subskl1arles is made known to such officers by othe<s v,ithln those enLIUe-s
particularlyduringthe period in which the periodicreports are beini prepared;
have evaluated lhe ef(ecttveness of the Company's Internal controls as of dale w1lhln 90 days
prior to the fcpott;
have presented in the report 01.r conclusions-aboutthe effectivenessotour intemat controls based
on our evaluation as of that cate;

d. We have disclosed to the audltOl'S of the Company and Audit Committee:

Alt slanlficanl deficiencies in the destgn or operation of interr\alcontrotswhich would adversely
affect the Company's ability to record, process, $Ummari-zeand report fillancia1 data and have
klentified for the Company's auditorsarrf material weaknes.sin internal controls, and
Any fraud, whether qr not material, tha~involves management or other empl.oyees who (lave
sii,nif1cant role in the Company's internal controls.

We have kleotffled in the report Whether or not thereweresignificantchanges in Internalcontrots.o«other
fa.ctorsthat could stg:nific;a.n~tyaffectinternal controls subsequent to the date ofour evaluation, including

, . ....any correctiveactions with regardto signiHcanl defkiencies and materialweaknesses.

Ms. Chrls.ttana Nnawo Yl.sa Mr. Onytl<achl Chukwuek.e
Country ,\\anager/CEO.Exewttve Oh'e-ctor ChiefFinancial Officer
FRCi20l0/003i0000002068S FRC/201SIICAt<JOOOOOO13361

In accordance with the-provisions of Section404 (7> of the Companies ind Allied Matten Act, 2020, we
the Members of the Audit Committee of NCR (Nigeria) Pie. confirm that we have carried out our statutory
furw;tions under the Act and have examined the-Audit.or's Report for the year eoded 31 December 2020
and hereby state as follows:

1. The scope and planning of the audit ate adequate.

2. The ac<CK.Jntins and reporting polick>s of the Company conform with the statutory requirements
and agreed e-thk.al precuces.

3. The internal control was beingconstantty and effectively monitored.

4. We have reviewed the Auditor's findings on man.,.gement matters and are satisfied with rhe
manag~t responses thereon,

Dated this 31 March 2021

Afhajl Mustapha I. Jlnadu r.ien,
Chairman • Audft Committee
FRC/2013110DNl00000001516

Members of the Audit Committee

AthaJ1 MUstapha ,. Jlna:du F.too. • Chairman
Mrs~ T. O. As:san - Member
Mr. M.A. Adedoyln - Member
Mr. MattM!w Akinta.de FCA • Mf!mbec
Mr. Michael Vallier- • Member
Ms. Louise Georgiou • Member
Abee t«Jminees Limited • Secretary to the Committee

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INCEF£NOENT AUDITOQS' REPOR-
TOTHENEftl~ltSOF NCR(~ICE.kl1') Pl.:C
REPORT ON 1HE 1,tJ01T(>FTHE tltlAt~CIAL $TAT£ME>ITS

O;)lt,io,t

we Mve <IU!l.fled ne I n.Jl'JC.ill 5tt.tcmctm of NCR (N Q('IIO) Pl( <"'~nc:tCO(n¢311y") $C:1 001 :Jil,;11.'S 32 10 95

wl\lc.l\'t.OO'i:tl!.t Ult stot~nlof Un..ni; .al position es .,1 ll p,.,."mi,...; r'070. I'll" ,.lllll"tr,MI tif fl~tl'll ar

'°",Q11S r,no olhl!f o::more112ns.l\•eincome. s:3tQR'lcnt er c-i.:in~i. 1, cqul":'I and-!l;Jt<'lfl~nl 01 ca..sn IIM

l!·l.i yi,,11 U11111vt1ll~.-J.r.1\d 110tE!$to U'M! riniloda!state'!Wlts.l!K'h.:dingasonmary otsiQ11 lic,,ntocco..atho

eeue.es.

tn OI# OI*! oo. the accomp:11"1<;"10 flnill1c1u1 s1.:itcr1cnts :.rvc o iruc enc,- t11i~ •AQy.·or ·nc rr.anc\al potlUcn

c-1.flCR (Nkf:'Ia) Ok c1s cl 31 tl!:'tt!lnJer202'0, ornt ih fk!-,nc-io p~r,a,mantc ind cadiIIC\11~ lo, I.he ye.1r
trel" ,-ndkl m 11uar.ianu, w1lh 1n1ema:l0flal I inanc1u1 tteQ~rtlnoSt<1idar~ lli~ o,qo.it,iol'I:: ol tee

~«Cotri»rJQ$ .iud Allh,ir.l ~lh11i. Al:.l, 2020 .eucl b\ oow:ll=nce ,-.Ith lhf Flran~lc.1 ~pS'lrtir~ Counc!I of

'h1e-r:., tkl f,, 'ii I 1

aa,1sMr Opl.,ioit

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fJI lM rln.:ifld;jl Stu.1.er1CV1JS '.:C<IIOl'l ~ 01.t1 ,-rpon. WI!- ;;r~1n.:1~endent or the co:npany In acrcrcance
1r!lh U!" tnti,rn~llnr'lrllC:ndr nf-rllit,\ lot P11>fl'.'.'o,l•i1\iUAC«1unl-an11.<l~dUOIOOtntet'nation.il [email protected]
£1Df\Q.l(C:$J(IESBA (On(>) IQ()N:'>C'" Wllh 11'11!- Clhk:a1 re,~olre.-ne-nts tnat il>'E (eleYa-nt lo OUT ;11.1dil 9f lhu
r 111,t1c!ol ~at~~~ !n H~@'c'i.!i, erv.i v.e te ..e fi..lfl!le,cl OlWOlher l>thlr-,,1te!>r.or,~r.it lie'I in accritr;!.,ue., with
tnci;eroq,4rem«t~aM the 1:set. eeee. w'= !N!lle\•elhallhi 11\lllll v·.iQAr1Q:1- lw•,votil11i tlf<lh ..ulfiJ:!1,t
•n3 a;:;:j:t'O:iril~ lo plh•ide ~ basl,> lor oul' liflir,!1'11'.

1(9y 411dft Mitter.\
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'™'eur :ud I ot tt1,e flnandsl !lilt!?mer1h of th: <i.rf':nl vee-, T~·"'m1111,.r1 "''""4t 'ldd11''1l,M!n eoeren

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1~(}£PENO(HTA.UOCTORS'REPORT

erTOnlE M[J,IBERS NCR (NIGERIA) PLC

~EPORTON 1'11£ AUDIT Or rnE nHA.~CIAl STATEMEt4TS - Continued

R,:.i.ponslbilr!lc~ al lh• Offt.•durs-fortt:1: rlltdnc{dlSidtl!!'ll&1nb

lh~<llr@c,01$ a,o f¢Gl)f)(l$itlto fo, we PfC'1X11.>tion c.na 1.,it.:,t!oot.:itio:i01111C:;e hn\liv-.Jat $l,1terr-\'nl.s

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or rir.ancial ita:cmtt1ts.-u1u1are iree rrcm mo1terlaJ rnls.s.t.item!nt~ t'.tllf.tn!r aue tr, trauo ar HrM.

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us.l!IQ IN; oonQ COl'\{H'n bas·, 01 ""olinh,"ll'J1,nJ,ess II\! !)1reclf.lf'J P.-t~r Intend to llr,1 id;;te ttlP..
Cor,,pal'I\' or to ceese open10or.s. or nave no reeusnc a:ternactve. Dl1 tcco so.

~vdft~($' Rttpon$!01t,•trc:lor Ch~ Awl! of tho ri,,.,n,,'"'St.,lcmcf'IU
Ouro:jo?<'i1v1n .ire toot>f11ln reasorecie assv1,,n:.t atr.vt ,•1he4hir th;; tin;,.;ck,1 stalnr;;:ntsas; '<11hO~
ore eee trom ma:tctlill mls::t~tc~nl. whtth<.'r eee lo tra~d ,:r error. anti to Issue an J.Cllt~r5' r;:por.

!Nit !nctJoos Gr.tr oitrJJn, Rea!onallle assuranu-1! a, hicr le..-.e101 ~sura1a, but s rd c guatainteti-

tNt an aooll CO!IC'utted in eeeercseee "''!tn SA! ••Illereevs eerecr a ria:~rtal m1s:otatomcnt "-'t\Cn 1:

t1oi1.tJ.. Mlnt.'.lttr..enh ~,_ a·lw frnm r·vi:d u error ord ¥'1 ~;l~~cl nw.er~I It, lndl11ld~!ly ;r ._
lhc .vJorC<Jilt<', lOO'l-::<>JICl "::.Y..01.Jtily ee -:-x_pcctco lo ln-fllao-::c tbc cc:OIIOfTl!c dcdsk.oo ot UW'S-4a•;cn

nn IM hfv~,it th•\• liruind,l •t!ITT'rnr-·h.

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'l1 t111n:h J07 I

STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME

fOR THE YEAR ENDED l 1 OECEJ,IBEli 2020

Note 2020 2019
!!'000 1!!,'000

Eteve.nue fro,n conlracts with C:U$tomM 6 5, 125,50~ 6,06'7,675

Gost of sl!llts 1 (.4.,.8.3.3., .3.3.0.) (.S.,.t.8.6.,.1.·6..5)

Gross profit 292, 178 881,510

Oistnbut1on exl)(ffises 8 (56, 131) (486,958.)
lmPilfrment write•tiack/ (IOss) Qll re(;ejvabtes
Adn:'iblittratiVe.exP.!'!nses 9 181r291 (173,99'6)
Qth~roprr,allrtg l()C:orne:
Foreten exct,ar,ge lo'sS 10 (115,894) (305,261)
fai( va.lu1:t loss Of' nQfl"f;urrent mte<company payat>le
11 33.228 62,171
L<KsobefOre taxation
12 (176,259) (30,580)
Income tax expense
13 (357, 198) (3,983)
Lossfor-the year -------- ·------

Other-co,nprehefls:tvetocome (198, 785) (56,497)
Items that wlll oot be reclassified sobsequentlyto profitor
los" 14a (92,34:i) (893, t65)
R<.. m~:tsure,nent toes.on Ictiftuncnt btnetit; net o( tax
--·--···- ·-----·-
Other comprehensive loss for th~yea{,,."net of (ax
(791, 130) (949,662)
Total(ompr«!h1a>f1Sfye, loss for the year, n'!t of tax
27b(IJ) -\15-,6·6-3·) -(4-5-,-27-9·-)
Eamlnjjp•r sha~ data:
Sask/ <Jiluted IO$S per share (Nair"a) /15,663) (45,279)

--------- ---------

-----·(306,793) (.9.9.4.,9.4..1.).

15 (:t70) (8.79)

Se.~ nolt:S,toth~ (ina.nc.iat s'tntc!oim!nts.

STATEMENT OF FINANCIAL POSITION

AS.i.T"11 DECEMBER 2020

ASSETS Note 2020 2019
Non-current assets 16 !:'000 ~000
Property, plant and equipment
Reti.rement benefit assets 27b{iii> 522.<92 561,894
14,431 22,494
Total non-current assets 17
18 -···--. -- .........
Current assets
Inventories 20 536,923 584,388
Trade and other receivables
Prepayments 21 --------- ---------
Ush and short-term deposits 22
Other current assets 686,859 2,076,844
Ha 1,665,739 1,334,870
Total current assets ill>
41,5~9 51.,806
Total as.sets 14a 2,5n,699 3~438,805

Equity and liabilities 885,253 938,9i8
Equity
ls.sued share capital ---------- ----------·
Retained ei'lmfngs
5,857,099 7,841,253
Other reserve
---------- __.... .----------·
Total equity
.6.,3..9.<.,.02. .2. s.•2.S,6-4t
N:onllQ.lrre,nt llabllitfes
lntercompany payables. 5'1,000 5• ..000
(&09,929) (518,799)
Total oonocurrent liabilities
--18--8-,-n--.-8) --(7.2-,-5·6.5.).
(-8--4-4--,-1-5-7)
(537,364>
3,203,771
-----····
...............
2,846,573
3,203,771 -··-···-···-
2,846,573
-·············-·
-··-···-··-

Hou, 2020 2019
!!'000
!!:'000
Current liabilities 24b ),)21,481
Trade and other payables 4,-492,513
Contract liabilities 25 509,219 1,013.467
26 114,411
Provisions 151,219
1.rc 89,297 459,233
Current tax payable
···············- 6, 116,432
Total current liabilities
<4,0l~,,408 8,963,005
Total tlabilities
···············- 8,<425,6<11
Total equity and liabilities ==-===-=
7,238, 179

···············-

6,19-4,022

====·====

Approved by the Directorson 31 March 2021 and signed on its behalf by:

Otunba Adekunltt OJora OtR, CON, FHIM, JP M.s. Chtlstlana Nnawo Visa
Chairman country Man<1.ger/CEO/E:xt>Culiv~Director
fRC/2013/IOON/00000002581
FRC/2020/003/00000020685
.P. '... :.::.
Mr. Ooyekachi Chukwueke

Financial ControUer
FRC/2015/ICAN/0000001336 I

See ootes to the financ-i.al statements.

STATEMENT OF CHANGES II'! EQUITY

FOR THEYEAR ENDED l 1 DECEMBER 2020

Al 1 J&nua_ry 2020 Issued Rtt1':incd Othet Total
Loss for the yc,ar share earnings reserves 11'000
capitaJ (537,364)
Other comprfllensive toss for the year, net or tax N'OOO N'OOO H'OOO
m.s6sJ (291,130)
Total comprehensfve tess for the year , net of tax 54,000 <518,799) i15t663)
At l 1 December 2020 {15,661)
{291, 130) (106,791)
At 1 Janva,yl019
1291, 130) PS.661) ·-----{844, 157)
Loss foe the year
Other comprehrnslv-e toss for the yt'l'lt. net or UIX ------- ___..__54.000 (809,929) (88,228)

Totalcomprehensrv~ tus1, tor the yt-ar, ~t ot tex Issued Retained Other Total
earnings reserves N'OOO
At 3,1 December 2019 share 457,577
capital N'OOO H'OOO
See notes to the financial statemenu. N'OOO 127.286) (949,662)
4)0,861
54,000 i45,279) ----(45,279)

{949,662) (45,279) (994,941)

(949,662) ·--·-(72,565) -·---·-·

-- ·-·54,000 (518,799) {$17,364)

==·