Group Financials - Nigerian Stock Exchange

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Sep 30, 2017 - Group Financials ... MAJOR STATEMENT OF FINANCIAL POSITION ITEMS. 2017 ..... Rents ant rates of outlets .
Group Financials RED STAR EXPRESS PLC UNAUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2017

RED STAR EXPRESS PLC UNAUDITED FINANCIAL HIGHLIGHTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2017

MAJOR STATEMENT OF COMPREHENSIVE INCOME ITEMS THE GROUP 2017

2016

Current Period

Comparative Period

Interim Period

Year to Date Apr'17 - Sept'17

Jul'17 - Sept'17 N'000

TURNOVER PROFIT BEFORE TAX PROFIT AFTER TAX

N'000

2,057,264 147,977 100,625

4,102,101 324,573 220,710

Interim Period Jul'16 - Sept'16

Year to Date Apr'16 - Sept'16

N'000

N'000

1,659,064 111,196 73,354

3,255,684 277,901 188,973

THE COMPANY Current Period

TURNOVER PROFIT BEFORE TAX PROFIT AFTER TAX

Comparative Period

Interim Period

Year to Date

Interim Period

Year to Date

Jul'17 - Sept'17

Apr'17 - Sept'17

Jul'16 - Sept'16

Apr'16 - Sept'16

N'000

N'000

N'000

N'000

1,042,542 67,521 45,914

2,078,507 154,741 105,224

912,395 30,867 20,012

1,818,175 112,376 76,416

MAJOR STATEMENT OF FINANCIAL POSITION ITEMS THE GROUP

TOTAL ASSETS SHAREHOLDERS FUND SHARE CAPITAL SHARE PREMIUM REVENUE RESERVE

THE COMPANY

2017

2017

2016

2017

SEPT

N' 000 4,739,069 2,416,959 294,748 296,433 1,825,778

MARCH

SEPT

MARCH

N' 000 4,431,557 2,432,048 294,748 296,433 1,840,867

N' 000 3,495,795 1,660,464 294,748 296,433 1,069,283

N' 000 3,394,317 1,791,039 294,748 296,433 1,199,858

INFORMATION PER 50 KOBO ORDINARY SHARE THE GROUP

NO OF ORDINARY SHARES NET ASSET (N) EARNINGS PER SHARE (KOBO) NET ASSET PER SHARE(KOBO)

THE COMPANY

SEPT

MARCH

SEPT

MARCH

2017

2017

2017

2017

N' 000 589,497 2,416,959 37 410

N' 000 589,497 2,432,048 32 413

N' 000 589,497 1,660,465 18 282

N' 000 589,497 1,791,039 13 304

RED STAR EXPRESS PLC UNAUDITED CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPTEMBER, 2017 The Group 2017

2016

2017

SEPT

MARCH

SEPT

MARCH

N'000

N'000

N'000

Note ASSETS Non Current Assets Property, plant and equipments Intangible Assets Long Term Prepayments Financial Assets Available for Sale Investment in subsidiary Deposit for shares Employee Benefit asset

7 7 12 8

1,300,028 34,046 24,468 477 -

Total Non Current Assets

The Company

2017

1,150,232 18,172 22,968 477 -

622,307 34,046 25,968 477 374,065 -

573,030 18,168 24,468 477 284,065 -

1,359,019

1,191,849

1,056,863

900,208

43,459 1,752,636 259,495 931,846

47,356 1,887,381 158,422 632,888

392,613

513,661

38,849 1,012,736 147,394 453,089 487,967 298,898

43,494 1,137,594 106,732 306,370 456,455 443,464

Total Current Assets

3,380,050

3,239,708

2,438,933

2,494,109

TOTAL ASSETS

4,739,069

4,431,557

3,495,795

3,394,317

150,623

150,623

33,283

33,283

133,778 50,891 335,292

48,903 49,176 248,702

52,612 85,895

49,176 82,459

217,668 1,486,313

240,101 1,286,186

222,431 1,096,486 282,764

239,178 934,945 237,279

34,637 248,200 1,986,818

18,077 206,444 1,750,807

147,755 1,749,435

109,418 1,520,820

TOTAL LIABILITIES

2,322,110

1,999,509

1,835,330

1,603,279

Equity Share capital Share premium General reserve Total Equity

294,748 296,433 1,825,778 2,416,959

294,748 296,433 1,840,867 2,432,048

294,748 296,433 1,069,283 1,660,464

TOTAL EQUITY AND LIABILITIES

4,739,069

4,431,557

3,495,795

Current Assets Inventories Trade debtors Current prepayments Other receivables Due from related company Cash and cash equivalents

9 10 12 11 23 13

EQUITY AND LIABILITIES LIABILITIES Non-current liabilities Deferred taxation Provision for liabilities and charges Finance Lease Obligation Employee Benefit Liabilities Total Non Current Liabilities Current liabilities Trade creditors Other creditors and accruals Due to related companies Term loan: Falling due within 12 Months (finance lease) Income tax liabilities Total Current Liabilities

15

14 23

6

294,748 296,433 1,199,858 1,791,039 3,394,317

This consolidated financial statements were approved by the Board of Directors on 26th October 2017 and signed on its behalf by:

Sola Obabori Group Managing Director FRC/2016/IODN/00000015290

Babura Auwalu Badamasi Chief Financial Officer FRC/2016/ICAN/00000014402

RED STAR EXPRESS PLC CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 The Group Current Period Interim Period Year to Date Jul'17 - Sept'17 Apr'17 - Sept'17 N'000 N'000

The Company Comparative Period

Current Period

Interim Period Year to Date Jul'16 - Sept'16Apr'16 - Sept'16 N'000 N'000

Interim Period Year to Date Jul'17 - Sept'17Apr'17 - Sept'17 N'000 N'000

Comparative Period Interim Period Year to Date Jul'16 - Sept'16 Apr'16 - Sept'16 N'000 N'000

Note Turnover Cost of sales

1 3

2,057,264 (1,529,545)

4,102,101 (2,996,438)

1,659,064 (1,202,900)

3,255,684 (2,276,218)

1,042,542 (737,368)

2,078,507 (1,435,432)

912,395 (646,114)

1,818,175 (1,226,118)

Gross profit Other income

2

527,719 2,713 530,431

1,105,664 3,552 1,109,215

456,163 4,167 460,330

979,465 7,905 987,370

305,174 496 305,669

643,075 1,012 644,087

266,281 0 266,281

592,057 2,694 594,751

(359,999) (3,833) (17,494) (381,326)

(731,790) (9,059) (45,383) (786,233)

(329,838) (4,005) (17,643) (351,486)

(667,664) (10,303) (33,999) (711,966)

(225,995) (3,013) (15,443) (244,452)

(454,828) (6,027) (40,640) (501,495)

(219,305) (3,014) (16,335) (238,653)

(449,628) (6,898) (30,952) (487,477)

6,451 (7,579) (1,127)

12,573 (10,983) 1,590

3,539 (1,187) 2,352

5,402 (2,905) 2,497

6,303 6,303

12,149 12,149

3,239 3,239

5,102 5,102

147,977

324,573

111,196

277,901

67,521

154,741

30,867

112,376

-

-

-

-

-

-

-

-

Administarative and Other Operating Expences 3 Staff Gratuity 4 Depreciation & Amortisation 5 Impairement Loss Effect of change in estimate useful life of PPE Total operating Expences Finance Income Finance Costs Net Finance Costs Profit Before interest and Tax Interest and similar charges Provision for diminution in investments Profit Before Income Tax Income Tax

6

Profit from continuing operation Profit attributable to: Owners of the company Non controlling Interests Profit for the period Earnings per share Basic earnings per share (kobo) Diluted earnings per share (kobo) Number of ordinary shares in issue

24 24

147,977

324,573

111,196

277,901

67,521

154,741

30,867

112,376

(47,353)

(103,863)

(37,842)

(88,928)

(21,607)

(49,517)

(10,855)

(35,960)

100,625

220,710

73,354

188,973

45,914

105,224

20,012

76,416

100,625 100,625

220,710 220,710

73,354 73,354

188,973 188,973

45,914 45,914

105,224 105,224

20,012 20,012

76,416 76,416

17 17 589,497

37 37 589,497

12 12 589,497

32 32 589,497

8 8 589,497

18 18 589,497

3 3 589,497

13 13 589,497

RED STAR EXPRESS PLC CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 The Group 2017 2016 SEPT SEPT

The Company 2017 2016 SEPT SEPT

N'000

N'000

N'000

N'000

SHARE CAPITAL Authorised 1,000,000,000 ordinary shares of 50 kobo each

500,000

500,000

500,000

500,000

Issued and fully paid 589,496,760 ordinary shares of 50 kobo each

294,748

294,748

294,748

294,748

At the beginning of the year Profit for the period Other comprehensive Income Transfer to RSE Foundation Acturial Loss on defined benefit plan Prior year adjustment (uncaptured) Dividend declared

1,840,867

1,620,862

220,710 -

188,973

At the end of the year

1,825,778

GENERAL RESERVE

-

-

1,199,858 105,224 -

1,091,932 76,415 -

(235,799)

(206,324) 1,603,511

(235,799) 1,069,283

(206,324) 962,023

RED STAR EXPRESS PLC CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 GROUP

THE COMPANY

NOTE

2017 SEPT N Cash flows from operating activities: Cash receipts from customers Payment to suppliers and employees VAT (NET) Taxes paid

2016 SEPT N

2017 SEPT N

2016 SEPT N

3,886,118 (3,362,590) (71,359) (62,107) 390,062

3,189,679 (2,681,932) (51,726) (72,628) 383,392

1,905,212 (1,691,119) (51,653) (11,180) 151,260

1,898,368 (1,657,500) (39,591) (28,045) 173,231

Cash flows from investing activities: Interest received Dividend received Proceeds from sale of PPE Purchase of Intengible assets Acquisition of PPE Increase in investment

12,573 (21,984) (291,005) -

5,402 5,942 (13,898) (299,723) -

12,149 (21,984) (111,325) -

5,102 5,942 (13,898) (126,333) -

Net cash provided by investing activities

(300,416)

(302,277)

(121,160)

(129,187)

Cash flows from financing activities: Proceeds from issue of share capital Proceeds from Long term burrowings Proceeds of Share premium Term Loan repayment Interest Paid Dividend paid

16,560 (10,983) (216,270)

(19,208) (2,905) (185,691)

(216,270)

(185,691)

Net cash provided by financing activities

(210,693)

(207,804)

(216,270)

(185,691)

Net (decrease)/increase in cash and cash equivalents

(121,048)

(126,688)

(186,170)

(141,648)

Cash and cash equivalents at the beginning of the year

513,661

635,134

443,464

485,068

Cash and cash equivalents at the end of the year

392,613

508,446

298,898

343,420

Net cash provided by operating activities

Notes to the Consolidated Financial Statement FOR THE PERIOD ENDED 30TH SEPTEMBER 2017

The Group 1 TURNOVER

Current Period Interim Period Jul'17 - Sept'17

Courier Logistics Freight Support Service

The Company Comparative Period

Year to Date Apr'17 - Sept'17

Interim Period Year to Date

Current Period Interim Period Year to Date

Comparative Period Interim Period Year to Date

Jul'16 - Sept'16 Apr'16 - Sept'16

Jul'17 - Sept'17Apr'17 - Sept'17

Jul'16 - Sept'16Apr'16 - Sept'16

N'000 1,042,542 421,413 178,001 415,309

N'000 2,078,507 794,416 409,525 819,653

N'000 912,395 270,649 110,114 365,906

N'000 1,818,175 550,979 156,445 730,085

N'000 1,042,542

N'000 2,078,507

N'000 912,395

N'000 1,818,175

2,057,264

4,102,101

1,659,064

3,255,684

1,042,542

2,078,507

912,395

1,818,175

1,165 1,148 400 -

1,696 1,456 400 -

191 192 2,614 271 900 -

893 192 2,614 1,912 2,295 0

496 -

1,012 -

192 900 -

702 192 0 0 1,800 0

2,713

3,552

4,167

7,905

496

1,012

1,092

2,694

-

-

2,713

3,552

4,167

7,905

496

1,012

334,806 17,940 15,333 48,134 8,045 322,533 280,940 200,992 66,496 53,932 65,232 26,326 7,855 57,890 23,090

665,393 35,528 36,237 93,188 15,187 654,610 542,446 391,738 117,393 100,210 132,187 56,238 10,203 107,681 38,199

293,974 12,576 16,022 41,143 4,519 279,807 188,547 156,134 48,247 44,495 14,894 28,453 12,809 41,944 19,336

601,536 32,294 41,214 78,790 9,325 422,135 376,270 306,972 95,381 88,442 29,306 48,433 23,885 81,800 40,435

136,511 7,065 12,054 13,679 3,319 220,456 100,888 48,834 66,484 43,057 24,265 18,715 6,417 18,902 16,723

279,322 13,888 24,107 27,132 8,503 418,019 218,473 94,005 117,148 78,780 45,919 41,918 6,592 33,260 28,365

138,981 2,804 12,054 13,277 2,447 203,693 73,449 46,315 48,224 33,509 9,812 24,437 5,150 18,556 13,406

289,336 13,147 27,590 25,573 5,510 328,352 149,911 91,080 95,243 68,335 20,086 40,225 10,084 32,779 28,866

1,529,545

2,996,438

1,202,900

2,276,218

737,368

1,435,432

646,114

1,226,118

2 OTHER OPERATING INCOME a.

Other Income Insurance Claim Profit on Disposals of fixed Assets Exchange gain Other Sundry income Bad debt recovered Rent

b.

Investment Income Related Company Dividend

OTHER OPERATING INCOME

3 COST OF SALES Staff cost Pension Gratuity Medical Training International delivery costs Domestic freight Vehicle running costs Agent costs Local transport Clearing and documentation charges Rents ant rates of outlets Insurance Depreciation Repairs and maintenance

0

-

-

0 0 2,694

Administation Costs 3.1 Administrative & other Expenses Repairs and maintenance Transportation and travelling costs Legal and professional charges Publicity and promotion Communication and telephone Printing and stationery Subscriptions and donations Audit fee Bank Charges Medical Power and water Rent and rates Licence and registration Office protection services Staff costs Hotel accommodation and entertainment Insurance Training Newspaper and periodicals Specific provision for doubtful debts Provisions for diminuition in investment Annual general meeting expenses

4.0 Gratuity Gratuity

31,698 12,331 34,773 11,586 12,286 26,879 7,217 4,802 5,323 12,033 27,675 10,713 109,478 18,044 1,964 2,011 568 25,125 5,493

56,202 29,130 67,070 25,745 27,618 59,343 15,653 9,797 9,733 23,297 63,258 20,807 225,599 32,917 2,551 3,797 949 47,750 10,574

23,020 14,079 18,848 7,920 13,415 22,197 9,113 5,325 4,115 10,285 32,239 10,800 118,573 9,742 3,202 1,130 710 25,125 -

44,971 25,807 40,055 16,704 28,780 49,512 21,091 9,550 7,102 19,697 62,571 0 0 20,515 240,922 18,566 5,971 2,331 1,809 47,158 592 3,960

359,999

731,790

329,838

667,664

3,833 3,833

9,059 9,059

4,005 4,005

6,106 11,388 17,494

6,106 39,277 45,383

6,451 7,579 (1,127)

12,573 10,983 1,590

23,088 8,399 29,360 4,096 6,161 23,665 6,074 3,250 3,996 3,420 22,707 6,520 50,046 14,859 6,417 830 496 14,500 (1,888)

42,340 20,013 57,612 8,237 14,063 52,408 13,281 6,500 7,225 6,783 49,390 12,749 104,640 26,072 1,648 2,126 802 29,000 (60)

20,661 10,572 12,161 6,083 11,881 20,046 6,078 3,250 3,308 3,319 30,962 7,116 58,526 8,360 1,287 612 583 14,500 -

39,470 20,032 28,529 11,168 26,094 42,621 15,224 6,500 5,373 6,393 60,624 0 0 13,511 123,132 16,020 2,521 1,378 1,578 28,408 592 461

225,995

454,828

219,305

449,628

10,303 10,303

3,013 3,013

6,027 6,027

3,014 3,014

6,898 6,898

2,116 15,527 17,643

2,929 31,070 33,999

6,106 9,337 15,443

6,106 34,534 40,640

2,116 14,219 16,335

2,915 28,037 30,952

3,539 1,187 2,352

5,402 2,905 2,497

6,303 6,303

12,149 12,149

3,239 3,239

5,102 0 5,102

5.0 Depreciation & Amortisation Amortisation of Intangible Assets Depreciation charge

Finance Income/ Finance Costs Interest Received Finance Cost - Interest payment on lease rentals

RED STAR EXPRESS PLC

FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 The Group

The Company

Current Period Interim Period Jul'17 - Sept'17

N'000 6.

TAXATION

.1

Statement of Comprehensive Income Income tax Education tax Irrecoverable WHT

Comparative Period

Year to Date

Interim Period

Apr'17 - Sept'17 N'000

Jul'16 - Sept'16

N'000

37,842

88,928

47,353

103,863

37,842

88,928

Jul'17 - Sept'17

N'000

Comparative Period Interim Period Year to Date

Year to Date Apr'17 - Sept'17 N'000

Jul'16 - Sept'16 Apr'16 - Sept'16

N'000

N'000

21,607 -

49,517 -

10,855

35,960

21,607

49,517

10,855

35,960

-

-

-

-

10,855

35,960

-

103,863

2017 SEPT N'000

At the end of the year

Apr'16 - Sept'16 N'000

103,863 -

47,353

Statement o Financial Position At the beginning of the year Charge for the year Tax Back Duty Audit Assessment Payments during the year Withholding tax credit utilised

Year to Date

47,353 -

Tax back duty assessment Deferred taxation (Note 15) Relating to origination & reversal of temporary differences Charge for the year Write back for the year

.2

Current Period Interim Period

206,444 103,863 (62,107)

248,200

.3

The charge for income tax in these consolidated financial statements is based on the provisions of the Companies Income Tax Act, CAP C21, LFN 2004 as amended to date.

-

-

37,842

88,928

-

21,607

49,517

2017 MARCH

2017 SEPT

2017 MARCH

N'000

N'000

N'000

256,886 179,431 (75,792) (154,109)

109,418 49,517

206,444

147,755

(11,180)

-

158,548 91,208 (28,045) (112,293) 109,418

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT. 30TH SEPTEMBER, 2017

Company Cost

Land

Buildings

Plant & Machinery

Motor Vehicles

MOTOR CYCLES

N'000

N'000

N'000

N'000

N'000

COMPUTER & OTHER EQUIPMENT N'000

Furniture, Fittings & Eqiup

WORK IN PROGRESS

Total

INTANGIBLES

N'000

N'000

N'000

N'000

At 1 April 2017

90,147

294,846

60,620

271,550

83,410

286,614

45,445

9,140

Addition

29,744

13,074

3,681

40,226

8,923

20,397

3,442

(8,163)

Reclassifications

-

-

-

-

-

-

-

-

-

-

Disposals

-

-

-

-

-

-

-

-

-

-

Adjustment

-

-

-

-

-

-

-

-

-

At 30TH SEPTEMBER, 2017

119,891

307,920

64,301

311,776

92,333

307,011

48,887

977

1,141,771

65,405

111,325

21,984

-

1,253,096

87,389

Depreciation and impairment At 1 April 2017

-

39,318

32,979

165,174

73,202

228,265

29,803

-

568,741

47,237

Depreciation charge for the year

-

5,104

4,976

23,989

4,167

21,103

2,707

-

62,047

6,106

Disposals

-

-

-

-

-

-

-

-

-

-

Adjustment

-

-

-

-

-

-

-

-

-

At 30TH SEPTEMBER, 2017

-

44,422

37,955

189,163

Net book value

-

77,369

249,368

32,510

-

630,788

53,343

-

-

At 30TH SEPTEMBER, 2017

At 31 March 2017

119,891

263,498

26,346

122,613

14,964

57,643

16,377

977

622,307

34,046

90,147

255,528

27,641

106,376

10,208

58,349

15,642

9,140

573,030

18,168

17/006 SCHEDULE OF PROPERTY PLANT AND EQUIPMENT. 30TH SEPTEMBER, 2017

Group Cost

At 1 April 2017

Land

Buildings

Plant & Machinery

Motor Vehicles

MOTOR CYCLES

N'000

N'000

N'000

N'000

N'000

COMPUTER & OTHER EQUIPMENT N'000

Furniture, Fittings & Eqiup

WORK IN PROGRESS

Total

INTANGIBLES

N'000

N'000

N'000

N'000

167,543

439,080

68,994

902,117

384,424

302,932

77,791

9,140

2,352,020

65,905

29,744

16,874

3,681

77,496

29,477

24,457

4,063

105,212

291,005

21,984

Reclassifications

-

-

-

-

-

-

-

-

-

-

Disposals

-

-

-

-

-

-

-

-

-

-

Adjustment

-

-

-

-

-

-

-

-

-

Addition

At 30TH SEPTEMBER, 2017

197,287

455,954

72,675

979,613

413,901

327,389

81,854

114,352

-

2,643,025

87,889

Depreciation and impairment At 1 April 2017

-

57,853

39,422

436,877

379,018

237,306

51,312

-

1,201,788

47,733

Depreciation charge for the year

-

6,935

5,508

84,922

15,825.22

23,113

4,910

-

141,212

6,106

Disposals

-

-

-

-

-

-

-

-

-

Adjustment

-

-

-

-

-

-

-

-

-

At 30TH SEPTEMBER, 2017

-

64,788

44,930

-

Net book value

521,799

394,843

260,419

56,222

-

1,343,000

53,839

1,300,028

34,050

1,150,232

18,172

-

-

At 30TH SEPTEMBER, 2017

197,287

391,166

27,745

457,814

19,058

66,971

25,633

At 31 March 2017

167,043

382,311

30,408

212,437

13,291

63,178

13,726

114,352 -

RED STAR EXPRESS PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 The Group

8.

FINANCIAL ASSETS AVAILABLE FOR SALE

a.

Quoted Equities Nemeith International Pharmaceuticals Plc 822,743 ordinary shares of 50 Kobo each

Provision for diminution in investment

2017 MARCH

2017 SEPT

2017 MARCH

N'000

N'000

N'000

N'000

2,057

2,057

2,057

2,057

2,057 (1,580)

2,057 (1,580)

2,057 (1,580)

2,057 (1,580)

477

b 8.2

9

477

Unquoted investments at cost: Investment in subsidiaries: % Holding Investment in Red Star Freight Limited100 Investment in Red Star Supports Services 100 Limited Investment in Red Star Logistics Limited 100

477

477

100,000 49,065 225,000

10,000 49,065 225,000

374,065

284,065 284,542

477

477

374,542

32,486 9,921 1,052 -

35,610 10,822 924 -

29,416 9,433 -

32,672 10,822 -

43,459

47,356

38,849

43,494

1,107,549 (94,814)

1,232,408 (94,814)

STOCKS Stationeries and packaging materials Fuel and oil Spare parts Provision for obsolete stock

10

The Company

2017 SEPT

TRADE DEBTORS Trade debtors

Provision for doubtful debts

1,866,911 (114,275)

2,001,656 (114,275)

1,752,636

1,887,381

1,012,736

1,137,594

RED STAR EXPRESS PLC FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 The Group 2017 SEPT N'000 11

12

OTHER RECEIVABLES WHT receivable from customers WHT receipts received Other debtors Bank interest receivable Staff car advance Staff business cash advance Other staff advance

PREPAYMENTS Long term Prepayments Current Prepayments

13. Cash, Bank balances and other equivalents Cash balances Cash-in-transit Bank balances Business Deposits

14. OTHER CREDITORS AND ACCRUALS Accruals Customers deposit Agents clearing charges Union dues Withholding Taxes Value added tax Staff pension accruals (Note 14.1) Unclaimed Dividend Other creditors

2017 MARCH N'000

2017 SEPT N'000

The Company 2017 MARCH N'000

501,353 86,557 25,151 989 86,904 97,367 133,525

382,625 32,860 2,319 63,496 27,440 124,148

185,886 84,525 23,658 989 67,785 23,816 66,429

161,537 32,860 2,319 46,933 19,085 43,636 -

931,846

632,888

453,089

306,370

24,468 259,495

22,968 158,422

25,968 147,394

24,468 106,732

283,963

181,390

173,362

131,200

3,574 72,264 245,192 71,583 392,613

1,109 46,499 146,048 320,005 513,661

3,364 71,773 152,178 71,583 298,898

892 44,382 93,343 304,847 443,464

392,613

513,661

298,898

443,464

454,687

422,291

225,797

503,595 73,483 231,440 17,958 87,983 117,167

411,242 12,502 58,983 218,606 10,967 92,034 59,561

503,595 66,982 132,078 4,389 87,983 75,663

226,905 411,242 6,709 51,787 120,810 4,347 92,034 21,111

1,486,313

1,286,186

1,096,486

934,945

14.1 Staff pension accruals At the beginning of the year Provision for the year Payments and remittances

10,967 81,850 (74,859)

25,066 155,112 (169,211)

4,347 32,902 (32,860)

4,979 77,230 (77,862)

At the end of the year

17,958

10,967

4,389

4,347

At the beginning of the year Charge for the year Write-back

150,623

109,174 41,632 (183)

33,283 -

31,009 2,457 (183)

At the end of the year

150,623

150,623

33,283

33,283

15. DEFERRED TAXATION

-

RED STAR EXPRESS PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30TH SEPTEMBER, 2017 The Group 2017 2016 SEPT SEPT N'000 N'000 16.

The Company 2017 2016 SEPT SEPT N'000 N'000

RECONCILIATION OF NET PROFIT AFTER TAXATION TO CASH PROVIDED BY OPERATING ACTIVITIES Net profit after taxation

220,710

108,557

105,224

53,347

Adjustment to reconcile net income to net cash provided by operating: Depreciation Interest income Interest paid (Interest expense) Provision for diminution in investments (Profit)/loss on disposal of fixed assets Loss on disposal of investment Adjustment to investment Adjustment to fixed assets Impairment in receivables Dividend received

147,318 (12,573) 10,983 -

56,212 (1,863) 1,718 (22,133) -

68,153 (12,149) (90,000) -

28,840 (1,863)

3,897 134,745 (400,031)

14,221 (118,708) (24,746)

63,849 (22,433) 200,127

9,339 (27,461) 129,989

41,756 -

51,086 -

13,308 (101,702) (44,599) (7,506) (22,611) 102,093 50,190 25,105

1,715

49,135

4,645 124,859 (250,010) (31,512) (16,747) 161,541 45,485 38,337 3,436

169,352

116,788

46,036

82,315

390,061

225,345

151,260

135,662

Changes in assets and liabilities: (Increase)/decrease in stocks (Increase)/decrease in trade debtors (Increase)/Decrease in other debtors and prepayments Decrease/(increase) in due from related companies Decrease/(increase) in term Loans (Decrease)/increase in trade creditors Increase/(decrease) in other creditors and accruals Increase/(decrease) in due to related companies (Decrease)/increase in taxation (Decrease)/increase in deferred taxation Increase/(decrease) in staff Pension Increase/(decrease) in employee benefits

Net cash provided by operating activities

(12,790) -

53,850

RED STAR EXPRESS PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2017

17.

The Group 2017 2016 SEPT SEPT

The Company 2017 2016 SEPT SEPT

N'000

N'000

Cash balances Cash-in-transit Bank balances Short term deposits

3,574 72,264 245,192 71,583

392,613 18.

N'000

N'000

RECONCILIATION OF CASH AND CASH EQUIVALENTS 2,870 41,695 254,287 209,593

508,446

3,364 71,773 152,178 71,583

298,898

2,854 38,669 107,305 194,593

343,420

EMPLOYMENT AND EMPLOYEES .1 Staff Average number of persons employed in the financial year under review and the staff costs were as follows: Managerial Senior staff Supervisors Junior staff

Staff costs: Salaries, wages and other benefits Staff pension and gratuity

Number

Number

Number

Number

7 41 229 1,572

7 44 237 1,576

4 31 62 164

4 38 66 168

1,849

1,864

261

276

831,742 89,706

777,728 93,270

349,152 30,134

371,504 43,477

921,447

870,998

379,286

414,981

.2 Employees remunerated at higher rates, excluding allowances: N

N 140,001 210,001 360,000 900,001 1,700,001

-

210,000 360,000 900,000 1,700,000 2,011,000

Number 1,445 348 48 5 3

Number 1,464 343 44 11 2

Number 160 59 36 3 3

Number 163 67 34 10 2

RED STAR EXPRESS PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2017

19.

Compensation of key management personnel of Red Star Express The Group 2017 2017 SEPT MARCH

The Company 2017 2017 SEPT MARCH

N'000

N'000

.1 Fees and sitting Allowances Executive compensation Other Directors and benefits

N'000

N'000

2,059 2,052 4,503

4,118 3,908 8,577

2,059 2,052 4,503

4,118 3,908 8,577

8,614

16,603

8,614

16,603

Fees and emoluments disclosed above include ammount paid to:

Chairman The highest paid Director earned

N'000

N'000

N'000

N'000

440 3,307

880 6,613

660 3,307

880 6,613

Number -

Number

.2 The number of Directors excluding the Chairman whose emoluments were within the following ranges were: N Below N1,000,000

N 1,000,000 2,000,001 3,000,001 and

20.

Number

2,000,000 3,000,000 above

6 -

5 1 3

6 -

Number 5 1 3

GUARANTEES AND OTHER FINANCIAL COMMITMENTS .1 Contingent liabilities As at 30th September 2017, there were no contingent liabilities . The Directors are of the opinion that, based on the Solicitors' advice, no material loss will arise from them. Consequently, no provision has been made in these consolidated financial statements for the amount. .2 Financial commitments The Directors are of the opinion that all known liabilities and commitments which are relevant in assessing the Company's state of affairs have been taken into account in the preparation of these consolidated financial statements under review. .3 Performance Bond The Company accepted a performance bond of N50 million (2016- N50 million) in favour of Nigeria Customs Service.

RED STAR EXPRESS PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 21.

SUPPLIERS The Company's significant suppliers are mainly local. Some of the major suppliers are: Kungo-Rock Investments Limited Chita Express Limited

Aegis Core Limited Knight Pride Int'l Limited Air France British Airways The Company is not associated with the suppliers. 22.

POST BALANCE SHEET EVENTS The Directors are of the opinion that there were no significant post balance sheet events which would have had any material effect on the balance sheet and the profit for the period ended on that date, which have not been adequately provided for or disclosed in the consolidated financial statements.

23.

RELATED PARTY TRANSACTIONS

a.

Parent and ultimate controlling party The consolidated financial ststements include the financial statements of Red Star Express Plc and the subsidiaries listed below % 100 100 100 100

Red Star Retirement Benefit Scheme Red Star Freight Limited Red Star Logistics Limited

Red Star Supports Services Limited b.

The companies receive payments from customers on behalf of each other and these are transferred accordingly. The balances due from/to the related companies which are disclosed in the balance sheet are as follows: The Group 2017 2017 SEPT MARCH

The Company 2017 2017 SEPT MARCH

N'000

N'000

N'000

N'000

Due from related company

Red Star Freight Limited Red Star Logistics Limited

42,785 445,182

162,092 294,363

487,967

456,455

282,764

237,279

282,764

237,279

Due to related companies

Red Star Supports Services Limited

RED STAR EXPRESS PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 24 EARNINGS PER SHARE Basic Per TheEarnings calculation ofShare basic earnings per share at 30th September 2017 for the company was based on the profit attributable to ordinary shareholders of N105 million and a weighted average number of ordinary shares outstanding of 589.5 million for the company. While the group EPS calculation was based on the profit attributable to the group shareholders of N219 million and a weighted average number of ordinary shares outstanding of 589.5 million shares The Group The Company Current Period Comparative Period Comparative Period Interim Current Period Interim Period Year to Date Interim Period Year to Date Period Year to Date Interim Period Year to Date Apr'17 - Sept'17 Apr'16 - Sept'16 Apr'17 - Sept'17 Apr'16 - Sept'16 Jul'17 - Sept'17 N'000 Profit for the year attributable to shareholders

100,625

Number Weighted Average number of ordinary shares outstanding

Jul'16 - Sept'16 N'000

N'000 220,710

Number

Jul'17 - Sept'17 N'000

N'000

73,354

Number

188,973

Number

45,914

Number

Jul'16 - Sept'16 N'000

N'000 105,224

Number

N'000

20,012

Number

76,416

Number

589,497

589,497

589,497

589,497

589,497

589,497

589,497

589,497

17

37

12

32

8

18

3

13

Earnings per share (Kobo) 25 COMPARATIVE FIGURES

The Consolidate Statement of Comprehensive Income and the associated notes have been presented in line with the new IFRS standard, together with the comparative figures . 26

Segment Information The Group Segment Statement of Courier Year to Date Year to Date Apr'17 - Sept'17 Apr'16 - Sept'16

Logistics Year to Date Year to Date Apr'17 - Sept'17 Apr'16 - Sept'16

Freight Support Services Group Year to Date Year to Date Year to Date Year to Date Year to Date Year to Date Apr'17 - Sept'17 Apr'16 - Sept'16 Apr'17 - Sept'17Apr'16 - Sept'16 Apr'17 - Sept'17 Apr'16 - Sept'16

Segment Statement of Comprehensive Income

N'000

N'000

Revenue

2,078,507

1,818,175

794,416

550,979

409,525

156,445

819,653

Total Revenue

2,078,507

1,818,175

794,416

550,979

409,525

156,445

(1,435,432) 1,012 (40,640) (460,855) 12,149 -

(1,226,118) 2,694 (30,952) (456,526) 5,102 -

(613,802) 1,856 (3,919) (98,566) 424 (5,249)

(433,853) 4,421 (2,688) (69,121) (3,458)

(338,729) (228) (37,070) (254)

Cost of Sales Other Income Depreciation & Amortisation Other Operating Expenses Finance Income Finance Charges Profit before income tax

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

730,085

4,102,101

3,255,684

819,653

730,085

4,102,101

3,255,684

(114,738) 495 (138) (21,606) (207)

(637,022) 684 (596) (113,305) (7,987)

(542,527) 491 (222) (87,886) (970)

(2,996,438) 3,552 (45,383) (740,849) 12,573 (10,983)

(2,276,218) 7,905 (33,999) (677,967) 5,402 (2,905)

20,251

61,427

98,971

324,573

154,741

112,375

75,160

46,280

33,244

277,902

Income tax expence

(49,517)

(35,960)

(24,051)

(14,809)

(10,638)

(6,480)

(19,657)

(31,670)

(103,863)

(88,928)

Profit after tax

105,224

76,415

51,108

31,471

22,606

13,771

41,770

67,301

220,710

188,974

2017 SEPT

2017 MARCH

2017 SEPT

2017 MARCH

2017 SEPT

2017 MARCH

2017 SEPT

2017 MARCH

2017 SEPT

2017 MARCH

Segment Statement of Financial Position

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Non Current Assets Current assets Total Assets

1,056,863 2,438,933 3,495,795

900,208 2,494,109 3,394,317

488,997 682,930 1,171,927

384,770 677,298 1,062,068

7,466 300,503 307,970

8,572 373,795 382,367

181,259 496,643 677,901

183,861 394,876 578,737

1,359,019 3,380,050 4,739,069

1,191,849 3,239,708 4,431,557

Ordinary Share Capital Share Premium Retained Earnings Non Current Liabilities Current liabilities

294,748 296,433 1,069,283 85,895 1,749,435

294,748 296,433 1,196,268 82,459 1,524,410

225,000 318,062 186,996 441,869

225,000 266,954 79,470 490,644

100,000 116,095 1,646 90,745

10,000 93,489 1,292 277,586

49,065 324,133 36,577 270,858

49,065 284,190 79,531 165,951

294,748 296,433 1,825,778 335,292 1,986,818

294,748 296,433 1,840,901 248,702 1,750,810

Total Equity & Liabilities

3,495,795

3,394,317

1,171,927

1,062,068

308,486

382,367

680,633

578,737

4,739,069

4,431,557