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Group Financials

RED STAR EXPRESS PLC

UNAUDITED FINANCIAL REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2017


UNAUDITED FINANCIAL HIGHLIGHTS

FOR THE PERIOD ENDED 31ST DECEMBER, 2017

MAJOR STATEMENT OF COMPREHENSIVE INCOME ITEMS

Interim Period Year to Date Interim Period Year to Date

Oct'17 - Dec'17 Apr'17 - Dec'17 Oct'16 - Dec'16 Apr'16 - Dec'16

N'000 N'000 N'000 N'000

TURNOVER 2,100,091 6,202,192 1,832,632 5,095,118

PROFIT BEFORE TAX 104,656 428,186 117,207 401,807

PROFIT AFTER TAX 71,166 291,166 77,557 273,229


Oct'17 - Dec'17 Apr'17 - Dec'17 Oct'16 - Dec'16 Apr'16 - Dec'16

N'000 N'000 N'000 N'000

N' 000 N' 000 N' 000 N' 000

TURNOVER 1,074,007 3,152,514 1,010,997 2,829,172

PROFIT BEFORE TAX 73,329 214,182 33,372 146,670

PROFIT AFTER TAX 49,864 145,644 22,398 99,736

MAJOR STATEMENT OF FINANCIAL POSITION ITEMS

Dec-17 Mar-17 Dec-17 Mar-17

N' 000 N' 000 N' 000 N' 000

TOTAL ASSETS 4,936,985 4,431,557 3,689,892 3,394,317

SHAREHOLDERS FUND 2,487,415 2,432,048 1,700,884 1,791,039

SHARE CAPITAL 294,748 294,748 294,748 294,748

SHARE PREMIUM 296,433 296,433 296,433 296,433

REVENUE RESERVE 1,896,234 1,840,867 1,109,703 1,199,858

INFORMATION PER 50 KOBO ORDINARY SHARE


NO OF ORDINARY SHARES 589,497 589,497 589,497 589,497

NET ASSET (N) 2,487,415 2,432,048 1,700,885 1,791,039

EARNINGS PER SHARE (KOBO) 49 46 25 17

NET ASSET PER SHARE(KOBO) 422 413 289 304

THE GROUP

THE COMPANY

THE COMPANYTHE GROUP

THE GROUP THE COMPANY

Current Period Comparative Period



UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31ST DECEMBER, 2017


Note N'000 N'000 N'000

ASSETS

Non Current Assets

Property, plant and equipments 7.1 1,276,729 1,150,232 640,663 573,030

Intangible Assets 7.2 32,734 18,172 30,416 18,168

Long Term Prepayments 12 24,468 22,968 24,468 24,468

Financial Assets Available for Sale 8 477 477 477 477

Investment in subsidiary 374,065 284,065

Deposit for shares - - 1,500 -

Employee Benefit asset - - - -

Total Non Current Assets 1,334,408 1,191,849 1,071,589 900,208

Current Assets

Inventories 9 66,537 47,356 60,750 43,494

Trade debtors 10 1,799,952 1,887,381 956,625 1,137,594

Current prepayments 12 212,437 158,422 115,013 106,732

Other receivables 11 903,268 632,888 448,592 306,370

Due from related company 26 600,033 456,455

Cash and cash equivalents 13 620,383 513,661 437,290 443,464

Total Current Assets 3,602,577 3,239,708 2,618,304 2,494,109

TOTAL ASSETS 4,936,985 4,431,557 3,689,892 3,394,317

EQUITY AND LIABILITIES

LIABILITIES

Non-current liabilities

Deferred taxation 15 150,623 150,623 33,283 33,283

Provision for liabilities and charges

Finance Lease Obligation 117,708 48,903

Employee Benefit Liabilities 70,126 49,176 71,347 49,176

Total Non Current Liabilities 338,457 248,702 104,630 82,459

Current liabilities

Trade creditors 220,019 240,101 226,578 239,178

Other creditors and accruals 14 1,588,071 1,286,186 1,186,569 934,945

Due to related companies 26 304,454 237,279

Term loan: Falling due

within 12 Months (finance

lease) 42,363 18,077 -

Income tax liabilities 6 260,660 206,444 166,776 109,418

Total Current Liabilities 2,111,113 1,750,807 1,884,377 1,520,820

TOTAL LIABILITIES 2,449,570 1,999,509 1,989,007 1,603,279

Equity

Share capital 294,748 294,748 294,748 294,748

Share premium 296,433 296,433 296,433 296,433

General reserve 1,896,234 1,840,867 1,109,703 1,199,858

Total Equity 2,487,415 2,432,048 1,700,884 1,791,039

TOTAL EQUITY AND LIABILITIES 4,936,985 4,431,557 3,689,892 3,394,317

Sola Obabori Babura Auwalu Badamasi

Group Managing Director Chief Financial Officer

FRC/2016/IODN/00000015290 FRC/2016/ICAN/00000014402

The CompanyThe Group

This consolidated financial statements were approved on 25th January 2018 and signed by:


CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31ST DECEMBER 2017

Interim Period Year to Date Interim Period Year to Date Interim PeriodYear to Date Interim Period Year to Date

Oct'17 - Dec'17 Apr'17 - Dec'17 Oct'16 - Dec'16Apr'16 - Dec'16 Oct'17 - Dec'17Apr'17 - Dec'17 Oct'16 - Dec'16 Apr'16 - Dec'16

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Note

Turnover 1 2,100,091 6,202,192 1,832,632 5,095,118 1,074,007 3,152,514 1,010,997 2,829,172

Cost of sales 3 (1,592,286) (4,589,558) (1,343,022) (3,619,240) (776,300) (2,225,621) (713,750) (1,939,865)

Gross profit 507,805 1,612,634 489,609 1,475,877 297,707 926,894 297,247 889,307

Other income 2 151 3,703 20,031 27,831 105 1,117 0 3,616

507,956 1,616,337 509,640 1,503,709 297,812 928,011 297,247 892,924

Administarative and Other Operating Expences3 (377,994) (1,109,992) (373,969) (1,041,635) (209,384) (664,213) (250,121) (699,750)

Staff Gratuity 4 (3,906) (12,965) (4,076) (14,379) (3,013) (9,040) (3,013) (9,911)

Depreciation & Amortisation 5 (16,559) (61,942) (17,093) (51,092) (14,531) (55,171) (15,912) (46,864)

Impairement Loss - - - - - - - -

Effect of change in estimate useful life of PPE - - - - - - - -

Total operating Expences (398,459) (1,184,900) (395,138) (1,107,105) (226,929) (728,424) (269,045) (756,525)

Finance Income 3,332 15,905 5,662 11,064 2,446 14,595 5,170 10,272

Finance Costs (8,174) (19,157) (2,957) (5,862) - - - -

Net Finance Costs (4,842) (3,251) 2,705 5,203 2,446 14,595 5,170 10,272

Profit Before interest and Tax 104,656 428,186 117,207 401,807 73,329 214,182 33,372 146,670

Interest and similar charges - - - - - - - -

Provision for diminution in investments

Profit Before Income Tax 104,656 428,186 117,207 401,807 73,329 214,182 33,372 146,670

Income Tax 6 (33,490) (137,019) (39,650) (128,578) (23,465) (68,538) (10,974) (46,934)

Profit from continuing operation 71,166 291,166 77,557 273,229 49,864 145,644 22,398 99,736

Profit attributable to:

Owners of the company 71,166 291,166 77,557 273,229 49,864 145,644 22,398 99,736

Non controlling Interests - - - - - - - -

Profit for the period 71,166 291,166 77,557 273,229 49,864 145,644 22,398 99,736

Earnings per share

Basic earnings per share (kobo) 27 12 49 13 46 8 25 4 17

Diluted earnings per share (kobo)

Number of ordinary shares in issue 27 589,497 589,497 589,497 589,497 589,497 589,497 589,497 589,497

The Group


The Company


RED STAR EXPRESS PLCCONSOLIDATED STATEMENT OF CHANGES IN EQUITY


2017 2016 2017 2016

Dec-17 Dec-16 Dec-17 Dec-16

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

GENERAL RESERVE

At the beginning of the year 1,840,867 1,620,862 1,199,858 1,091,932

Profit for the period 291,166 273,229 145,644 99,736

Other comprehensive Income - - -

Transfer to RSE Foundation - (3,590) - (3,590)

Acturial Loss on defined benefit plan -

Prior year adjustment (uncaptured) -

Dividend declared (235,799) (206,324) (235,799) (206,324)

At the end of the year 1,896,234 1,684,177 1,109,703 981,754

The Group The Company



NOTE

2017 2016 2017 2016


N N N N

Cash flows from operating activities:

Cash receipts from customers 5,895,492 4,929,106 2,876,956 3,112,741

Payment to suppliers and employees (5,087,319) (4,320,023) (2,439,642) (2,770,705)

VAT (NET) (120,251) (85,906) (90,980) (68,701)

Taxes paid (82,803) (76,009) (11,180) (28,045) - - - -

Net cash provided by operating activities 605,120 447,167 335,153 245,289

Cash flows from investing activities: - - - -

Interest received 15,905 11,064 14,595 10,272

Dividend received - - - -

Proceeds from sale of PPE - 5,942 - 5,942

Purchase of Intengible assets (24,434) (15,398) (21,984) (15,398)

Acquisition of PPE (347,534) (442,247) (159,272) (160,761)

Increase in investment - - - -

Net cash provided by investing activities (356,063) (440,639) (166,661) (159,945)

Cash flows from financing activities: - - - -

Proceeds from issue of share capital - - - -

Proceeds from Long term burrowings 114,175 72,000 - -

Proceeds of Share premium - - - -

Term Loan repayment (21,084) (28,081) - -

Interest Paid (19,157) (5,862) - -

Dividend paid (216,270) (185,691) (216,270) (185,691)

Net cash provided by financing activities (142,335) (147,634) (216,270) (185,691)

Net (decrease)/increase in cash and

cash equivalents 106,722 (141,105) (47,778) (100,348)

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 620,383 494,030 437,290 384,719

GROUP THE COMPANY

Notes to the Accounts (Statement Of Comprehensive Income)


1 TURNOVER


Interim

Period Year to Date

Interim

Period Year to Date

Oct'17 - Dec'17 Apr'17 - Dec'17 Oct'16 - Dec'16 Apr'16 - Dec'16 Oct'17 - Dec'17 Apr'17 - Dec'17 Oct'16 - Dec'16 Apr'16 - Dec'16

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Courier 1,074,007 3,152,514 1,010,997 2,829,172 1,074,007 3,152,514 1,010,997 2,829,172

Logistics 393,695 1,188,111 317,223 874,887

Freight 220,226 629,751 121,466 277,911

Support Service 412,162 1,231,815 382,945 1,113,147

2,100,091 6,202,192 1,832,632 5,095,118 1,074,007 3,152,514 1,010,997 2,829,172

2 OTHER OPERATING INCOME

a. Other Income

Insurance Claim 105 1,801 923 1,816 105 1,117 922,807 1,625

Profit on Disposals of fixed Assets - - - 192 - - - 192

Exchange gain - - 16,167 18,780 - - - -

Other Sundry income 46 1,502 2,942 4,749 - - - -

Bad debt recovered - 400 - 2,295 - - - 1,800

Rent - - - 0 - - - -

151 3,703 20,031 27,831 105 1,117 922,807 3,616

b. Investment Income

Related Company Dividend - - 0

- - 0 - - 0

OTHER OPERATING INCOME 151 3,703 20,031 27,831 105 1,117 3,616

3 COST OF SALES

Staff cost 325,471 990,865 291,293 892,829 108,937 402,147 125,226 414,562

Pension 18,848 54,376 16,618 48,912 7,349 21,238 6,724 19,871

Gratuity 15,624 51,861 16,300 57,514 12,054 36,161 12,054 39,644

Medical 44,390 137,579 42,440 121,230 14,331 41,463 13,585 39,158

Training 5,860 21,046 4,561 13,886 1,681 10,185 3,283 8,793

International delivery costs 380,185 1,034,795 348,221 770,356 260,363 678,382 263,394 591,746

Domestic freight 271,507 813,953 238,890 615,160 128,971 347,444 97,077 246,988

Vehicle running costs 202,825 594,563 178,794 485,766 48,438 142,443 44,288 135,368

Agent costs 58,219 175,612 44,948 140,329 58,207 175,354 44,474 139,717

Local transport 51,758 151,968 46,868 135,310 39,617 118,396 35,894 104,229

Clearing and documentation charges 74,240 206,427 17,269 46,575 19,864 65,783 12,976 33,062

Rents ant rates of outlets 32,782 89,019 26,335 74,768 27,095 69,013 21,450 61,675

Insurance 25,213 36,250 7,227 31,112 12,584 19,177 5,051 15,135

Depreciation 64,035 171,716 48,765 130,565 18,690 51,951 16,755 49,534

Repairs and maintenance 21,330 59,528 14,493 54,928 18,119 46,485 11,519 40,385

1,592,286 4,589,558 1,343,022 3,619,240 776,300 2,225,621 713,750 1,939,865


Current Period Comparative Period Current Period Comparative Period

Administation Costs

3.1 Administrative & other Expenses

Repairs and maintenance 31,821 88,023 25,103 70,074 19,808 62,148 20,999 60,469

Transportation and travelling costs 25,397 54,527 17,778 43,585 15,355 35,368 14,682 34,714

Legal and professional charges 23,140 90,210 29,355 69,410 20,678 78,290 25,604 54,133

Publicity and promotion 17,757 43,502 13,669 30,373 6,017 14,254 7,693 18,861

Communication and telephone 19,957 47,575 16,462 45,242 8,641 22,704 15,150 41,244

Printing and stationery 25,621 84,964 25,674 75,186 20,908 73,316 17,980 60,601

Subscriptions and donations 4,530 20,183 11,938 33,029 2,273 15,554 8,069 23,293

Audit fee 4,225 14,022 4,225 13,775 3,250 9,750 3,250 9,750

Bank Charges 3,836 13,568 2,822 9,924 2,816 10,041 1,936 7,309

Medical 11,098 34,395 10,610 30,307 3,583 10,366 3,396 9,789

Power and water 33,099 96,357 38,745 101,316 23,066 72,456 38,520 99,144

Rent and rates - - - - - - - -

Licence and registration - - - - - - - -

Office protection services 10,849 31,656 11,167 31,682 6,844 19,593 7,721 21,232

Staff costs 117,327 342,927 123,055 363,977 52,762 157,401 56,101 179,233

Hotel accommodation and entertainment 7,800 40,717 10,073 28,639 4,856 30,927 8,860 24,880

Insurance 6,303 9,063 1,807 7,778 3,146 4,794 1,263 3,784

Training 1,465 5,262 1,141 3,472 420 2,546 820 2,198

Newspaper and periodicals 447 1,395 977 2,786 358 1,160 909 2,487

Specific provision for doubtful debts 29,625 77,375 25,125 72,283 14,500 43,500 14,500 42,908

Provisions for diminuition in investment - - - 592 - - - 592

Annual general meeting expenses 3,698 14,272 4,243 8,203 104 44 2,668 3,129

377,994 1,109,992 373,969 1,041,635 209,384 664,213 250,121 699,750

4.0 Gratuity

Gratuity 3,906 12,965 4,076 14,379 3,013 9,040 3,013 9,911

3,906 12,965 4,076 14,379 3,013 9,040 3,013 9,911

5.0 Depreciation & Amortisation

Amortisation of Intangible Assets 9,872 9,872 2,069 4,998 9,736 9,736 2,069 4,984

Depreciation charge 6,687 52,071 15,024 46,094 4,796 45,436 13,843 41,880

16,559 61,942 17,093 51,092 14,531 55,171 15,912 46,864

Finance Income/ Finance Costs

Interest Received 3,332 15,905 5,662 11,064 2,446 14,595 5,170 10,272

Finance Cost - Interest payment on lease rentals 8,174 19,157 2,957 5,862 - - - 0

(4,842) (3,251) 2,705 5,202 2,446 14,595 5,170 10,272



Interim

Period Year to Date Interim Period Year to Date

Interim

Period Year to Date

Interim

Period Year to Date

Oct'17 -

Dec'17

Apr'17 -

Dec'17 Oct'16 - Dec'16 Apr'16 - Dec'16

Oct'17 -

Dec'17

Apr'17 -

Dec'17

Oct'16 -

Dec'16

Apr'16 -

Dec'16

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

6. TAXATION

.1 Statement of Comprehensive Income

Income tax 33,490 137,019 39,650 128,578 23,465 68,538 10,974 46,934

Education tax - - - -

Irrecoverable WHT - -

33,490 137,019 39,650 128,578 23,465 68,538 10,974 46,934

Tax back duty assessment

Deferred taxation (Note 15) - -

Relating to origination & reversal of

temporary differences

Charge for the year

Write back for the year - - - -

33,490 137,019 39,650 128,578 23,465 68,538 10,974 46,934


N'000 N'000 N'000 N'000

.2 Statement o Financial Position

At the beginning of the year 206,444 256,886 109,418 158,548

Charge for the year 137,019 179,431 68,538 91,208

Tax Back Duty Audit Assessment - -

Payments during the year (82,803) (75,792) (11,180) (28,045)

Withholding tax credit utilised - (154,109) - (112,293)

At the end of the year 260,660 206,444 166,776 109,418

.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.


Current Period Comparative Period Current Period Comparative Period

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT.31ST DECEMBER, 2017

Company

Cost Land Buildings Plant & Machinery Motor Vehicles MOTOR CYCLESCOMPUTER & OTHER

EQUIPMENTFurniture, Fittings & Eqiup WORK IN PROGRESS Total

N'000 N'000 N'000 N'000 N'000 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 1,141,771

Addition 41,186 14,744 4,136 47,418 12,425 23,788 4,237 11,339 159,272

Reclassifications - - - - - - - - -

Disposals - - - - - - - - -

Adjustment - - - - - - - - -

At 31ST DECEMBER, 2017 131,333 309,590 64,756 318,968 95,835 310,402 49,682 20,479 1,301,043

Depreciation and impairment

At 1 April 2017 - 39,318 32,979 165,174 73,202 228,265 29,803 - 568,741

Depreciation charge for the year - 7,723 6,806 37,895 6,332 28,765 4,118 - 91,639

Disposals - - - - - - - - -

Adjustment - - - - - - - - -

At 31ST DECEMBER, 2017 - 47,041 39,785 203,069 79,534 257,030 33,921 - 660,380

- -

Net book value -

At 31ST DECEMBER, 2017 131,333 262,549 24,971 115,898 16,300 53,372 15,762 20,479 640,663

At 31 March 2017 90,147 255,528 27,641 106,376 10,208 58,349 15,642 9,140 573,030

2017/006

SCHEDULE OF PROPERTY PLANT AND EQUIPMENT.

31ST DECEMBER, 2017

Group

Cost Land Buildings Plant & Machinery Motor Vehicles MOTOR CYCLESCOMPUTER & OTHER

EQUIPMENTFurniture, Fittings & Eqiup WORK IN PROGRESS Total

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

At 1 April 2017 167,543 439,080 68,994 902,117 384,424 302,932 77,791 9,140 2,352,020

Addition 41,186 26,330 4,136 188,126 39,315 30,255 5,098 13,088 347,534

Reclassifications - - - - - - - - -

Disposals - - - - - - - - -

Adjustment - - - - - - - - -

At 31ST DECEMBER, 2017 208,729 465,410 73,130 1,090,243 423,739 333,187 82,889 22,228 2,699,554


At 1 April 2017 - 57,853 39,422 436,877 379,018 237,306 51,312 - 1,201,788

Depreciation charge for the year - 10,531 7,604 139,781 24,403.31 31,745 6,975 - 221,039

Disposals - - - - - - - - -

Adjustment - - - - - - - - -

At 31ST DECEMBER, 2017 - 68,384 47,026 576,658 403,421 269,051 58,287 - 1,422,827

- -

Net book value -

At 31ST DECEMBER, 2017 208,729 397,025 26,104 513,585 20,318 64,136 24,602 22,228 1,276,729

At 31 March 2017 167,043 382,311 30,408 212,437 13,291 63,178 13,726 - 1,150,232

INTANGIBLE ASSETS31ST DECEMBER, 2017

THE GROUP THE COMPANY

N'000 N'000

At 1 April 2017 65,905 65,405

Addition 24,434 21,984

At 31ST DECEMBER, 2017 90,339 87,389


At 1 April 2017 47,733 47,237

Depreciation charge for the year 9,872 9,736

Disposals - -

Adjustment - -

At 31ST DECEMBER, 2017 57,605 56,973

Net book value

At 31ST DECEMBER, 2017 32,734 30,416

At 31 March 2017 18,172 18,168

The Intangible assets represent investments on Computer Software and Software Licenses. This is to be amortised to profit or loss over a period of three years when the application is installed and put into use.


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


2017 2017 2017 2017

DEC MAR DEC MAR

N'000 N'000 N'000 N'000

8. FINANCIAL ASSETS AVAILABLE FOR SALE

a. Quoted Equities

Nemeith International Pharmaceuticals Plc

822,743 ordinary shares of 50 Kobo each 2,057 2,057 2,057 2,057

2,057 2,057 2,057 2,057

Provision for diminution in investment (1,580) (1,580) (1,580) (1,580)

477 477 477 477

b Unquoted investments at cost:

8.2 Investment in subsidiaries: % Holding

Investment in Red Star Freight Limited 100 100,000 10,000

Investment in Red Star Supports Services Limited 100 49,065 49,065

Investment in Red Star Logistics Limited 100 225,000 225,000

374,065 284,065

477 477 374,542 284,542

9 STOCKS

Stationeries and packaging materials 57,103 35,610 51,991 32,672

Fuel and oil 8,835 10,822 8,759 10,822

Spare parts 599 924 - -

Provision for obsolete stock - - - -

66,537 47,356 60,750 43,494

10 TRADE DEBTORS

Trade debtors 1,879,384 2,001,656 1,018,089 1,232,408

Other debtors 34,843 - 33,350 -

Provision for doubtful debts (114,275) (114,275) (94,814) (94,814)

1,799,952 1,887,381 956,625 1,137,594




2017 2017 2017 2017

DEC MAR DEC MAR

N'000 N'000 N'000 N'000

11 OTHER RECEIVABLES

WHT receivable from customers 397,311 382,625 170,750 161,537

WHT receipts received 236,557 32,860 134,525 32,860

Bank interest receivable 989 2,319 989 2,319

Staff car advance 86,099 63,496 69,300 46,933

Staff business cash advance 35,439 27,440 (3,037) 19,085

Other staff advance 146,873 124,148 76,065 43,636

-

903,268 632,888 448,592 306,370

12 PREPAYMENTS

Long term Prepayments 24,468 22,968 24,468 24,468

Current Prepayments 212,437 158,422 115,013 106,732

236,905 181,390 139,481 131,200

13. Cash, Bank balances and other equivalents

Cash balances 4,771 1,109 4,357 892

Cash-in-transit 72,454 46,499 70,733 44,382

Bank Current Account 165,738 138,204 45,692 85,499

Domicilliary Account 93,741 7,844 93,716 7,844

Short Term Deposits 283,678 320,005 222,792 304,847

620,383 513,661 437,290 443,464

620,383 513,661 437,290 443,464

14. OTHER CREDITORS AND ACCRUALS

Accruals 491,275 422,291 267,948 226,905

Customers deposit 156,841 48,931 156,841 48,931

Agents clearing charges 437,168 362,311 437,168 362,311

Union dues - 12,502 - 6,709

Withholding Taxes 77,610 58,983 70,738 51,787

Value added tax 246,802 218,606 136,996 120,810

Staff pension accruals (Note 14.1) 24,130 10,967 10,296 4,347

Unclaimed Dividend 87,983 92,034 87,983 92,034

Other creditors 66,263 59,561 18,601 21,111

1,588,071 1,286,186 1,186,569 934,945

14.1 Staff pension accruals


Provision for the year 124,935 155,112 50,116 77,230

Payments and remittances (111,773) (169,211) (44,168) (77,862)


15. DEFERRED TAXATION


Charge for the year 41,632 2,457

Write-back - (183) - (183)





AS AT 31ST DECEMBER, 2017

2017 2016 2017 2016


N'000 N'000 N'000 N'000

19. RECONCILIATION OF NET PROFIT AFTER TAXATION

TO CASH PROVIDED BY OPERATING ACTIVITIES

Net profit after taxation 291,166 273,229 145,644 99,736

Adjustment to reconcile net income to

net cash provided by operating:

Depreciation 230,911 181,657 101,375 96,398

Interest income (15,905) (11,064) (14,595) (10,272)

Interest paid (Interest expense) 19,157 5,862 -

Provision for diminution in investments - - - -

(Profit)/loss on disposal of fixed assets - (192) - (192)

Loss on disposal of investment - - - -

Adjustment to investment - - (90,000) -

Adjustment to fixed assets - - - -

Impairment in receivables - - - -

Dividend received - - - -

Changes in assets and liabilities:

(Increase)/decrease in stocks (19,181) 315 (17,256) (2,524)

(Increase)/decrease in trade debtors 87,429 (174,045) 180,969 (39,787)

(Increase)/Decrease in other debtors and prepayments (324,395) (69,755) (213,133) (6,155)

Decrease/(increase) in due from related companies (143,578) (36,542)

Decrease/(increase) in term Loans (21,031) (43,919) - -

(Decrease)/increase in trade creditors (20,082) 44,024 (12,600) 32,813

Increase/(decrease) in other creditors and accruals 301,885 297,096 251,624 93,742

Increase/(decrease) in due to related companies 67,175 108,909

(Decrease)/increase in taxation 54,216 (101,622) 57,358 (93,404)

(Decrease)/increase in deferred taxation - 5,381 -

Increase/(decrease) in staff Pension -

Increase/(decrease) in employee benefits 20,950 44,060 22,171 39,579

313,954 173,939 189,511 145,554

Net cash provided by operating activities 605,120 447,168 335,153 245,290





2017 2016 2017 2016


N'000 N'000 N'000 N'000

20. RECONCILIATION OF CASH

AND CASH EQUIVALENTS

Cash balances 4,771 984 4,357 905

Cash-in-transit 72,454 55,908 70,733 52,753

Bank Current Account 165,738 129,613 45,692 23,538

Domicilliary Account 93,741 16,726 93,716 16,726

Short term deposits 283,678 290,798 222,792 290,798

620,383 494,030 437,290 384,719

21. EMPLOYMENT AND EMPLOYEES

.1 Staff

Number Number Number Number

Managerial 7 7 4 4

Senior staff 41 44 31 38

Supervisors 229 237 62 66

Junior staff 1,572 1,576 164 168

1,849 1,864 261 276

Staff costs:

Salaries, wages and other benefits 1,238,581 1,154,373 502,684 471,504

Staff pension and gratuity 132,796 135,131 45,201 43,477

1,371,376 1,289,504 547,885 514,981

.2 Employees remunerated at higher rates,

excluding allowances:

N N Number Number Number Number

140,001 - 210,000 1,445 1,464 160 163

210,001 - 360,000 348 343 59 67

360,000 - 900,000 48 44 36 34

900,001 - 1,700,000 5 11 3 10

1,700,001 - 2,011,000 3 2 3 2

1,849 1,864 261 276

Average number of persons employed in the financial year

under review and the staff costs were as follows:





22. Compensation of key management personnel of Red Star Express

2017 2017 2017 2017

DEC MAR DEC MAR

N'000 N'000 N'000 N'000

.1 Fees and sitting Allowances 3,089 4,118 3,089 4,118

Executive compensation 3,078 3,908 3,078 3,908

Other Directors and benefits 6,754 8,577 6,754 8,577

12,920 16,603 12,920 16,603

Fees and emoluments disclosed above include ammount paid to:

N'000 N'000 N'000 N'000

Chairman 660 880 660 880

The highest paid Director earned 4,960 6,613 4,960 6,613

.2 The number of Directors excluding the

Chairman whose emoluments were within

the following ranges were:

N N Number Number Number Number

Below N1,000,000 6 - 6 -

1,000,000 - 2,000,000 - 5 - 5

2,000,001 - 3,000,000 - 1 - 1

3,000,001 and above - 3 - 3

23. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

.1 Contingent liabilities

.2 Financial commitments

.3 Performance Bond

As at 31ST DECEMBER 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.

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.

The Company accepted a performance bond of N50 million (2016- N50 million) in favour of Nigeria Customs

Service.





24. SUPPLIERS

Kungo-Rock Investments Limited

Chita Express Limited

Aegis Core LimitedKnight Pride Int'l Limited

Air France

British Airways

25. POST BALANCE SHEET EVENTS

26. 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

%

Red Star Retirement Benefit Scheme 100

Red Star Freight Limited 100

Red Star Logistics Limited 100

Red Star Supports Services Limited 100

b.

2017 2017 2017 2017

DEC MAR DEC MAR

N'000 N'000 N'000 N'000

Due from related company

Red Star Freight Limited 99,196 162,092

Red Star Logistics Limited 500,837 294,363

600,033 456,455

Due to related companies

Red Star Supports Services Limited 304,454 237,279

304,454 237,279

The Company's significant suppliers are mainly local. Some of the major suppliers are:

The Company is not associated with the suppliers.

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.

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:





27.EARNINGS PER SHARE

Basic Earnings Per Share

Interim Period Year to Date

Interim

Period Year to Date

Interim

Period Year to Date Interim Period Year to Date

Oct'17 - Dec'17

Apr'17 - Dec'17

Oct'16 - Dec'16

Apr'16 - Dec'16

Oct'17 - Dec'17

Apr'17 - Dec'17

Oct'16 - Dec'16

Apr'16 - Dec'16

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Profit for the year attributable to shareholders 71,166 291,166 77,557 273,229 49,864 145,644 22,398 99,736

Number Number Number Number Number Number Number Number

Weighted Average number of ordinary shares outstanding 589,497 589,497 589,497 589,497 589,497 589,497 589,497 589,497

Earnings per share (Kobo) 12 49 13 46 8 25 4 17

28.COMPARATIVE FIGURES

Certain prior year's figures have been reclassified in line with current year's presentation for more meaningful comparison.

29.Segment Information

The Group

Segment

Statement of

Year to Date Year to Date Year to Date Year to Date Year to Date Year to Date Year to Date Year to Date Year to Date Year to Date

Apr'17 - Dec'17 Apr'16 - Dec'16 Apr'17 - Dec'17 Apr'16 - Dec'16 Apr'17 - Dec'17Apr'16 - Dec'16 Apr'17 - Dec'17Apr'16 - Dec'16 Apr'17 - Dec'17 Apr'16 - Dec'16

Segment

Statement of

Comprehensive

Income N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Revenue 3,152,514 2,829,172 1,188,111 874,887 629,751 277,911 1,231,815 1,113,147 6,202,192 5,095,118

Total Revenue 3,152,514 2,829,172 1,188,111 874,887 629,751 277,911 1,231,815 1,113,147 6,202,192 5,095,118

Cost of Sales (2,225,621) (1,939,865) (917,731) (713,627) (523,751) (209,149) (963,906) (837,560) (4,589,558) (3,619,240)

Other Income 1,117 3,616 1,902 23,530 - 495 684 784 3,703 27,831

Depreciation & Amortisation (55,171) (46,864) (5,466) (3,649) (343) (251) (963) (328) (61,942) (51,092)

Other Operating Expenses (673,253) (709,661) (160,697) (94,911) (60,454) (33,924) (194,206) (134,582) (1,122,958) (1,056,014)

Finance Income 14,595 10,272 1,310 200 - - - - 15,905 11,064

Finance Charges - - (11,676) (4,203) (377) (292) - (3,981) (19,157) (5,862)

Profit before income tax 214,182 146,670 95,753 82,227 44,826 35,374 73,424 137,480 428,186 401,807

Income tax expence (68,538) (46,934) (30,641) (26,313) (14,344) (11,320) (23,496) (43,993) (137,019) (128,578)

Profit after tax 145,644 99,736 65,111 55,914 30,482 24,054 49,928 93,487 291,166 273,229

2017 2017 2017 2017 2017 2017 2017 2017 2017 2017

Dec-17 Mar-17 Dec-17 Mar-17 Dec-17 Mar-17 Dec-17 Mar-17 Dec-17 Mar-17

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 1,071,589 900,208 468,468 384,770 6,895 8,572 162,759 183,861 1,334,408 1,191,849

Current assets 2,618,304 2,494,109 735,917 677,298 375,232 373,795 542,204 394,876 3,602,577 3,239,708

Total Assets 3,689,892 3,394,317 1,204,385 1,062,068 382,126 382,367 704,963 578,737 4,936,985 4,431,557

Ordinary Share Capital 294,748 294,748 225,000 225,000 100,000 10,000 49,065 49,065 294,748 294,748

Share Premium 296,433 296,433 - - - - - - 296,433 296,433

Retained Earnings 1,109,703 1,196,268 332,065 266,954 123,971 93,489 334,118 284,190 1,896,234 1,840,901

Non Current Liabilities 104,630 82,459 186,779 79,470 1,646 1,292 50,922 79,531 338,457 248,702

Current liabilities 1,884,377 1,524,410 460,541 490,644 156,510 277,586 270,858 165,951 2,111,113 1,750,810

Total Equity & Liabilities 3,689,892 3,394,317 1,204,385 1,062,068 382,126 382,367 704,963 578,737 4,936,985 4,431,557

Courier Logistics Freight

Current Period

The calculation of basic earnings per share at 31ST DECEMBER 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


Current Period Comparative PeriodComparative Period

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