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