2019/006 unaudited financial report for the period … · profit for the period 127,803 239,563...

2019/006

Group Financials

2019/006

RED STAR EXPRESS PLC

UNAUDITED FINANCIAL REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2018


UNAUDITED FINANCIAL HIGHLIGHTS

FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018

MAJOR STATEMENT OF COMPREHENSIVE INCOME ITEMS

Interim Period Year to Date Interim Period Year to Date

Jul'18 - Sep'18 Apr'18 - Sep'18 Jul'17 - Sep'17 Apr'17 - Sep'17

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

TURNOVER 2,530,707 4,880,502 2,057,264 4,102,101

PROFIT BEFORE TAX 187,946 352,298 147,976 324,573

PROFIT AFTER TAX 127,803 239,563 100,624 220,710

Interim Period Year to Date Interim Period Year to Date

Jul'18 - Sep'18 Apr'18 - Sep'18 Jul'17 - Sep'17 Apr'17 - Sep'17

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

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

TURNOVER 1,414,970 2,707,877 1,042,542 2,078,507

PROFIT BEFORE TAX 127,723 262,135 67,522 154,742

PROFIT AFTER TAX 86,851 178,251 45,915 105,226

MAJOR STATEMENT OF FINANCIAL POSITION ITEMS

Sep-18 Mar-18 Sep-18 Mar-18

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

TOTAL ASSETS 5,004,818 4,993,995 3,895,349 3,867,126

SHAREHOLDERS FUND 2,531,349 2,527,585 1,816,243 1,873,790

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

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

REVENUE RESERVE 1,940,168 1,936,404 1,225,062 1,282,609

INFORMATION PER 50 KOBO ORDINARY SHARE


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

NET ASSET (N) 2,531,350 2,527,585 1,816,243 1,873,790

EARNINGS PER SHARE (KOBO) 41 37 30 18

NET ASSET PER SHARE(KOBO) 429 429 308 318

THE GROUP

THE COMPANY

THE COMPANYTHE GROUP

THE GROUP THE COMPANY

Current Period Comparative Period


UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30TH SEPTEMBER, 2018


Note N'000 N'000 N'000

ASSETS

Non Current Assets

Property, plant and equipments 7 1,426,358 1,259,512 716,123 615,458

Intangible Assets 7 39,093 32,668 39,093 32,668

Long Term Prepayments 12 29,211 32,456 29,211 32,456

Financial Assets Available for Sale 8 477 477 477 477

Investment in subsidiary - 374,065 374,065

Deposit for shares - - 1,500 -

Employee Benefit asset - - - -

Total Non Current Assets 1,495,139 1,325,113 1,160,469 1,055,124

Current Assets

Inventories 9 47,386 52,956 44,183 49,216

Trade debtors 10 2,141,814 1,993,762 1,077,177 1,197,127

Current prepayments 12 135,756 135,204 68,160 74,421

Other receivables 11 849,472 937,092 340,698 444,804

Due from related company 26 945,219 655,405

Cash and cash equivalents 13 335,251 549,868 259,445 391,029

Total Current Assets 3,509,679 3,668,882 2,734,882 2,812,002

TOTAL ASSETS 5,004,818 4,993,995 # 3,895,349 3,867,126

EQUITY AND LIABILITIES

LIABILITIES

Non-current liabilities

Deferred taxation 15 181,313 181,313 29,693 29,693

Provision for liabilities and charges

Finance Lease Obligation 79,009 76,832

Employee Benefit Liabilities 75,778 78,473 80,907 78,473

Total Non Current Liabilities 336,100 336,618 # 110,600 108,166

Current liabilities

Trade creditors 468,413 520,434 468,880 515,215

Other creditors and accruals 14 1,487,846 1,288,549 1,191,614 1,018,096

Due to related companies 26 205,920 185,296

Term loan: Falling due within 12

Months (finance lease) 42,363 70,580 -

Income tax liabilities 6 138,747 250,229 102,092 166,563

Total Current Liabilities 2,137,369 2,129,791 # 1,968,506 1,885,170

TOTAL LIABILITIES 2,473,469 2,466,409 # 2,079,106 1,993,336

Equity

Share capital 16 294,748 294,748 294,748 294,748

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

General reserve 18 1,940,168 1,936,404 1,225,062 1,282,609

Total Equity 2,531,349 2,527,585 1,816,243 1,873,790

TOTAL EQUITY AND LIABILITIES 5,004,818 4,993,995 # 3,895,350 3,867,126

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 by the Board on the 25th of October 2018 and signed by:


CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30TH SEPTEMBER 2018

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

Jul'18 - Sep'18 Apr'18 - Sep'18 Jul'17 - Sep'17 Apr'17 - Sep'17 Jul'18 - Sep'18 Apr'18 - Sep'18 Jul'17 - Sep'17 Apr'17 - Sep'17

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

Note

Turnover 1 2,530,707 4,880,502 2,057,264 4,102,101 1,414,970 2,707,877 1,042,542 2,078,507

Cost of sales 3 (1,922,126) (3,715,032) (1,529,545) (2,996,438) (1,029,902) (1,968,798) (737,368) (1,435,431)

Gross profit 608,581 1,165,471 527,718 1,105,663 385,068 739,079 305,174 643,076

Other income 2 1,599 6,174 2,713 3,552 1,599 4,384 496 1,012

610,180 1,171,645 530,430 1,109,216 386,668 743,464 305,670 644,089

Administarative and Other Operating Expences3 (393,856) (763,237) (359,999) (731,790) (234,104) (444,841) (225,996) (454,829)

Staff Gratuity 4 - (8,140) (3,833) (9,059) (3,013) (6,027) (3,013) (6,027)

Depreciation & Amortisation 5 (20,722) (39,802) (17,494) (45,383) (23,471) (36,362) (15,443) (40,640)

Impairement Loss - - - - - - - -

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

Total operating Expences (414,579) (811,180) (381,326) (786,232) (260,588) (487,229) (244,451) (501,496)

Finance Income 3,975 9,546 6,451 12,573 3,359 7,616 6,303 12,149

Finance Costs (11,630) (17,713) (7,579) (10,983) (1,716) (1,716) - -

Net Finance Costs (7,655) (8,167) (1,128) 1,590 1,643 5,900 6,303 12,149

Profit Before interest and Tax 187,946 352,298 147,976 324,573 127,723 262,135 67,522 154,742

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

Provision for diminution in investments

Profit Before Income Tax 187,946 352,298 147,976 324,573 127,723 262,135 67,522 154,742

Income Tax 6 (60,143) (112,735) (47,352) (103,863) (40,871) (83,883) (21,607) (49,517)

Profit from continuing operation 127,803 239,563 100,624 220,710 86,851 178,251 45,915 105,226

Profit attributable to:

Owners of the company 127,803 239,563 100,624 220,710 86,851 178,251 45,915 105,226

Non controlling Interests - - - - - - - -

Profit for the period 127,803 239,563 100,624 220,710 86,851 178,251 45,915 105,226

Earnings per share

Basic earnings per share (kobo) 27 22 41 17 37 15 30 8 18

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




NOTE

Sep-18 Sep-17 Sep-18 Sep-17

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

Cash flows from operating activities:

Cash receipts from customers 3,946,477 3,886,118 2,179,495 1,905,212

Payment to suppliers and employees (3,401,830) (3,362,590) (1,808,379) (1,691,119)

VAT (NET) (148,618) (71,359) (115,191) (51,653)

Taxes paid (82,250) (62,107) (12,026) (11,180) - - - -

Net cash provided by operating activities 313,779 390,061 243,899 151,260

Cash flows from investing activities: - - - -

Interest received 9,546 12,573 7,616 12,149

Dividend received - - - -

Proceeds from sale of PPE - - - -

Purchase of Intengible assets (16,356) (21,984) (16,356) (21,984)

Acquisition of PPE (311,170) (291,005) (154,523) (111,325)

Increase in investment - - - -

Net cash provided by investing activities (317,981) (300,416) (163,264) (121,160)

Cash flows from financing activities: - - - -

Proceeds from issue of share capital - - - -

Proceeds from Long term burrowings 48,300 - - -

Proceeds of Share premium - - - -

Term Loan repayment (28,784) (16,560) - -

Interest Paid (17,713) (10,983) - -

Dividend paid (212,219) (216,270) (212,219) (216,270)

Net cash provided by financing activities (210,416) (210,693) (212,219) (216,270)

Net (decrease)/increase in cash and cash

equivalents (214,617) (121,048) (131,584) (186,170)

Net foreign exchange difference - - - -

Cash and cash equivalents at the

beginning of the year 549,868 513,661 391,029 485,068

Cash and cash equivalents at the

end of the year 335,251 392,614 259,445 298,898

GROUP THE COMPANY

RED STAR EXPRESS PLCCONSOLIDATED STATEMENT OF CHANGES IN EQUITY


The Group The Company

Issued Capital

Share

Premium

Retained

Earnings Total

Issued

Capital

Share

Premium

Retained

Earnings Total

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

As at 1st April 2018 294,748 296,433 1,936,404 2,527,585 As at 1st April 2018 294,748 296,433 1,282,609 1,873,790

Profit for the year 239,563 239,563 Profit for the year 178,251 178,251

Other comprehensive income: Other comprehensive income:

Re-measurement gain/(loss) on

defined benefit plan


defined benefit plan -

Dividend (235,799) (235,799) Dividend (235,799) (235,799)

of 50 kobo each of 50 kobo each

As at 30th September 2018 294,748 296,433 1,940,168 2,531,349 As at 30th September 2018 294,748 296,433 1,225,062 1,816,243

Consolidated Statement of Changes in Equity Consolidated Statement of Changes in Equity

For the year ended 31 March 2017 For the year ended 31 March 2017

Issued Capital

Share

Premium

Retained

Earnings Total

Issued

Capital

Share

Premium

Retained

Earnings Total

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

As at 1st April 2017 294,748 296,433 1,840,867 2,432,048 As at 1st April 2017 294,748 296,433 1,199,858 1,791,039

Profit for the year 220,710 220,710 Profit for the year 105,224 105,224

Other comprehensive income: Other comprehensive income:





Dividend (235,799) (235,799) Dividend (235,799) (235,799)

of 50 kobo each of 50 kobo each

As at 30th September 2017 294,748 296,433 1,825,778 2,416,959 As at 30th September 2017 294,748 296,433 1,069,283 1,660,464

Notes to the Accounts (Statement Of Comprehensive Income)


1 TURNOVER

Interim

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

Interim

Period Year to Date


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

Courier 1,414,970 2,707,877 1,042,542 2,078,507 1,414,970 2,707,877 1,042,542 2,078,507

Logistics 432,279 826,968 421,413 794,416

Freight 236,203 460,697 178,001 409,525

Support Service 447,255 884,961 415,309 819,653

2,530,707 4,880,502 2,057,264 4,102,101 1,414,970 2,707,877 1,042,542 2,078,507

2 OTHER OPERATING INCOME

a. Other Income

Insurance Claim 1,599 5,725 1,165 1,696 1,599 4,384 496 1,012

Profit on Disposals of fixed Assets - - - 0 - - - -

Exchange gain - - - 0 - - - -

Other Sundry income - 449 1,148 1,456 - - - -

Bad debt recovered - - 400 400 - - - -

Rent - - - - - - -

1,599 6,174 2,713 3,552 1,599 4,384 496 1,012

b. Investment Income

Related Company Dividend - - - 0

- - 0 - - 0 0

OTHER OPERATING INCOME 1,599 6,174 2,713 3,552 1,599 4,384 496 1,012

3 COST OF SALES

Staff cost 382,930 737,973 334,806 665,393 156,873 310,219 136,511 279,322

Pension 19,652 38,892 17,940 35,528 7,514 15,035 7,065 13,888

Gratuity 19,828 32,561 15,333 36,237 15,067 24,107 12,054 24,107

Medical 51,121 98,498 48,134 93,188 18,232 34,978 13,679 27,132

Training 3,739 7,928 8,045 15,187 2,000 4,657 3,319 8,503

International delivery costs 544,775 1,030,692 322,533 654,610 399,003 753,306 220,456 418,019

Domestic freight 339,744 637,922 280,940 542,446 175,861 312,060 100,888 218,473

Vehicle running costs 249,675 494,977 200,992 391,738 48,792 98,274 48,834 94,005

Agent costs 65,676 128,556 66,496 117,393 65,478 128,233 66,484 117,148

Local transport 52,287 98,271 53,932 100,210 41,955 79,202 43,057 78,780

Clearing and documentation charges 69,678 148,491 65,232 132,187 30,318 63,191 24,265 45,919

Rents ant rates of outlets 27,625 63,430 26,326 56,238 22,683 49,838 18,715 41,918

Insurance 6,857 19,179 7,855 10,203 5,403 9,566 6,417 6,592

Depreciation 68,031 126,467 57,890 107,681 19,629 39,440 18,902 33,260

Repairs and maintenance 20,509 51,194 23,090 38,199 21,095 46,692 16,723 28,365

1,922,126 3,715,032 1,529,545 2,996,438 1,029,902 1,968,798 737,368 1,435,431


Current Period Comparative Period Current Period Comparative Period

Administation Costs

3.1 Administrative & other Expenses

Repairs and maintenance 25,665 52,988 31,698 56,202 21,143 41,692 23,088 42,340

Transportation and travelling costs 28,871 45,014 12,331 29,130 22,758 30,824 8,399 20,013

Legal and professional charges 27,080 52,944 34,773 67,070 21,089 40,396 29,360 57,612

Publicity and promotion 10,704 16,938 11,586 25,745 4,924 5,941 4,096 8,237

Communication and telephone 12,383 31,876 12,286 27,618 4,820 14,602 6,161 14,063

Printing and stationery 22,192 45,437 26,879 59,343 18,241 36,481 23,665 52,408

Subscriptions and donations 8,492 19,335 7,217 15,653 6,489 15,417 6,074 13,281

Audit fee 5,192 10,227 4,802 9,797 3,250 6,500 3,250 6,500

Bank Charges 6,451 11,652 5,323 9,733 3,173 7,156 3,996 7,225

Medical 12,780 24,625 12,033 23,297 4,558 8,744 3,420 6,783

Power and water 35,874 68,081 27,675 63,258 26,174 45,502 22,707 49,390

Office protection services 12,494 22,074 10,713 20,807 9,272 15,388 6,520 12,749

Staff costs 136,169 266,119 109,478 225,599 57,251 116,448 50,046 104,640

Hotel accommodation and entertainment14,629 26,868 18,044 32,917 12,761 21,916 14,859 26,072

Insurance 1,714 4,795 1,964 2,551 1,351 2,392 6,417 1,648

Training 935 1,982 2,011 3,797 500 1,164 830 2,126

Newspaper and periodicals 508 946 568 949 405 775 496 802

Specific provision for doubtful 24,593 47,500 25,125 47,750 14,500 29,000 14,500 29,000

Annual general meeting expenses 7,129 13,834 5,493 10,574 1,445 4,503 (1,888) -60

393,856 763,237 359,999 731,790 234,104 444,841 225,996 454,829

4.0 Gratuity

Employee benefit expenses - 8,140 3,833 9,059 3,013 6,027 3,013 6,027

- 8,140 3,833 9,059 3,013 6,027 3,013 6,027

5.0 Depreciation & Amortisation

Amortisation of Intangible Assets 9,931 9,931 6,106 6,106 13,818 9,931 6,106 6,106

Depreciation charge 10,792 29,871 11,388 39,277 9,652 26,431 9,337 34,534

20,722 39,802 17,494 45,383 23,471 36,362 15,443 40,640

Finance Income/ Finance Costs

Interest Received 3,975 9,546 6,451 12,573 3,359 7,616 6,303 12,149

Finance Cost - Interest payment on lease rentals11,630 17,713 7,579 10,983 1,716 1,716 - 0

(7,655) (8,167) (1,128) 1,590 1,643 5,900 6,303 12,149



Interim Period Year to Date

Interim

Period Year to Date

Interim

Period Year to Date Interim Period Year to Date


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 60,143 105,689 44,393 97,372 40,871 78,640 20,256 46,423

Education tax - 7,046 2,960 6,491 - 5,243 1,350 3,095

Irrecoverable WHT - -

60,143 112,735 47,352 103,863 40,871 83,883 21,607 49,517

Tax back duty assessment

Deferred taxation (Note 15) - - - Relating to origination & reversal of

temporary differences

Charge for the year

Write back for the year - - - -

60,143 112,735 47,352 103,863 40,871 83,883 21,607 49,517


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

.2 Statement o Financial Position

At the beginning of the year 250,229 206,444 166,563 109,418

Charge for the year 112,735 225,389 83,883 148,353

Payments during the year (82,250) (61,808) (12,026) (11,180)

Withholding tax credit utilised (141,968) (119,796) (136,328) (80,028)

At the end of the year 138,747 250,229 102,092 166,563

.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.

Education tax is based on the provisions of the Education Tax Act, CAP E4, LFN 2004.


Current Period Comparative Period Current Period Comparative Period

7.1 SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT.30TH SEPTEMBER, 2018

Company 10010 10015 10075 <<10025,10080 10030 <<10050,10040 <<10035,10045 10095 10060

Cost Land Buildings Plant & Machinery Motor Vehicles MOTOR CYCLESCOMPUTER &

OTHER EQUIPMENT

Furniture, Fittings &

Eqiup

WORK IN

PROGRESSTotal

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

At 1 April 2018 129,545 322,896 69,792 326,511 77,443 322,433 51,928 17,804 1,318,352

Addition 81,736 19,468 1,030 11,883 9,642 8,307 12,168 10,290 154,523

Disposals - - - - - - - - -

Adjustment - - - - - - - - -

At 30TH JUNE, 2018 211,281 342,364 70,822 338,394 87,085 330,740 64,096 28,094 1,472,875

Depreciation and impairment

At 1 April 2018 - 89,107 50,191 208,443 78,521 241,351 35,278 - 702,891

Depreciation charge for the year - 1,343 4,435 19,781 6,307 9,977 12,019 - 53,862

Disposals - - - - - - - - -

Adjustment - - - - - - - - -

At 30TH JUNE, 2018 - 90,450 54,626 228,224 84,828 251,328 47,297 - 756,753

- -

Net book value -

At 30TH JUNE, 2018 211,281 251,914 16,196 110,170 2,257 79,411 16,799 28,094 716,123

At 31 March 2018 129,545 233,789 19,601 118,068 1,078 81,082 16,650 17,804 615,458

SCHEDULE OF PROPERTY PLANT AND EQUIPMENT.30TH SEPTEMBER, 2018

Group 10010 10015 10075 <<10025,10080 10030 <<10050,10040 <<10035,10045 10095

Cost Land Buildings Plant & Machinery Motor Vehicles MOTOR CYCLESCOMPUTER &

OTHER EQUIPMENT

Furniture, Fittings &

Eqiup

WORK IN

PROGRESSTotal

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

At 1 April 2018 206,941 501,932 78,166 1,098,622 412,045 337,429 90,972 25,204 2,751,311

Addition 81,736 22,628 1,030 97,772 71,751 9,112 12,228 14,913 311,170

Disposals -

Adjustment -

At 30TH JUNE, 2018 288,677 524,560 79,196 1,196,394 483,796 346,541 103,200 40,117 3,062,481


At 1 April 2018 - 112,210 57,634 615,499 397,591 246,947 61,916 - 1,491,797

2017/006Depreciation charge for the year 3,717 4,626 86,777 23,963 11,230 14,016 - 144,328

Disposals - -

Adjustment - -

At 30TH JUNE, 2018 - 115,927 62,260 702,276 421,554 258,177 75,932 - 1,636,125

- -

Net book value -

At 30TH JUNE, 2018 288,677 408,633 16,936 494,118 62,242 88,364 27,268 40,117 1,426,358

At 31 March 2018 167,043 382,311 30,408 212,437 13,291 63,178 13,726 - 1,259,512

7.2 INTANGIBLE ASSETS31ST MARCH, 2018

THE GROUP THE COMPANY

N'000 N'000

At 1 April 2018 93,805 93,305

Addition 16,356 16,356

Disposals - -

Adjustment - -

At 30TH JUNE, 2018 110,161 109,661


At 1 April 2018 61,137 60,637

Depreciation charge for the year 9,931 9,931

Disposals - -

Adjustment - -

At 30TH JUNE, 2018 71,068 70,568

Net book value

At 30TH JUNE, 2018 39,093 39,093

At 31 March 2018 32,668 32,668

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


2018 2018 2018 2018

SEPT MAR SEPT 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

8.2 Unquoted investments at cost:

Investment in subsidiaries: % Holding

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

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

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

374,065 374,065

477 477 374,542 374,542

9 STOCKS

Stationeries and packaging materials 34,504 38,950 31,665 35,713

Fuel and oil 9,526 9,457 9,526 9,457

Spare parts 3,356 4,549 2,992 4,046

Provision for obsolete stock - - - -

47,386 52,956 44,183 49,216

10 TRADE DEBTORS

Trade debtors 2,272,575 2,124,523 1,150,953 1,270,903

Provision for doubtful debts (130,761) (130,761) (73,776) (73,776)

2,141,814 1,993,762 1,077,177 1,197,127


RED STAR EXPRESS PLCNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


2018 2018 2018 2018

SEPT MAR SEPT MAR

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

11 OTHER RECEIVABLES

WHT receivable from customers 353,058 361,495 82,218 125,340

WHT receipts received 204,684 254,684 97,011 147,011

Bank interest receivable 989 989 989 989

Staff car advance 79,567 89,714 66,095 74,040

Staff business cash advance 67,642 69,759 23,233 20,859

Other staff advance 143,533 160,451 71,152 76,565

-

849,472 937,092 340,698 444,804

12 PREPAYMENTS

Long term Prepayments 29,211 32,456 29,211 32,456

Current Prepayments 135,756 135,204 68,160 74,421

164,967 167,660 97,371 106,877

13. Cash, Bank balances and other equivalents

Cash balances 2,528 751 2,483 723

Cash-in-transit 49,670 27,117 47,929 26,518

Bank Balances 209,710 223,936 135,841 137,249

Short Term Deposits 73,343 298,064 73,192 226,539

335,251 549,868 259,445 391,029

335,251 549,868 259,445 391,029

14. OTHER CREDITORS AND ACCRUALS

Accruals 483,141 310,713 382,995 210,781

Agents clearing charges 469,678 472,994 461,981 472,994

Union dues - - - -

Withholding Taxes 100,361 76,975 89,323 69,698

Value added tax 243,827 239,233 115,029 121,580

Staff pension accruals (Note 14.1) 16,279 18,606 4,678 4,727

Unclaimed Dividend 101,539 101,539 101,539 101,539

Other creditors 73,021 68,488 36,070 36,777

1,487,846 1,288,549 1,191,614 1,018,096

14.1 Staff pension accruals


Provision for the year 89,842 169,364 35,403 67,007

Payments and remittances (92,169) (161,725) (35,452) (66,627)


15. DEFERRED TAXATION


Charge for the year 37,642 3,362

Write-back in the year - (6,952) - (6,952)



RED STAR EXPRESS PLCNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS



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

16 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

18 GENERAL RESERVE

At the beginning of the year 1,936,404 1,840,867 1,282,609 1,199,858

Profit for the period 239,563 347,558 178,251 334,772

Other comprehensive Income - - -

Transfer to RSE Foundation - - - -

Acturial Loss on defined benefit plan - (16,220) (16,220)

Prior year adjustment (uncaptured) -

Dividend declared (235,799) (235,801) (235,799) (235,801)

At the end of the year 1,940,168 1,936,404 1,225,062 1,282,609




AS AT 30TH SEPTEMBER, 2018


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 239,563 220,710 178,251 105,226

Adjustment to reconcile net income to

net cash provided by operating:

Depreciation 154,259 147,318 63,792 68,153

Interest income (9,546) (12,573) (7,616) (12,149)

Interest paid (Interest expense) 17,713 10,983 - -

Impairment in receivables (91,935) - (21,835) (90,000)

Dividend received - - - -

Changes in assets and liabilities:

(Increase)/decrease in stocks 5,570 3,897 5,033 4,645

(Increase)/decrease in trade debtors (148,052) 134,745 119,950 124,859

(Increase)/Decrease in other debtors and prepayments 87,067 (400,031) 110,367 (250,010)

Decrease/(increase) in due from related companies (289,814) (31,512)

Decrease/(increase) in term Loans 26,040 63,849 - -

(Decrease)/increase in trade creditors (52,021) (22,433) (46,335) (16,747)

Increase/(decrease) in other creditors and accruals 199,297 200,127 173,518 161,541

Increase/(decrease) in due to related companies 20,624 45,485

(Decrease)/increase in taxation (111,482) 41,756 (64,471) 38,337

(Decrease)/increase in deferred taxation - - - -

Increase/(decrease) in employee benefits (2,695) 1,715 2,434 3,436

74,217 169,352 65,647 46,036

Net cash provided by operating activities 313,779 390,061 243,899 151,260





2018 2017 2018 2017


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

20. RECONCILIATION OF CASH

AND CASH EQUIVALENTS

Cash balances 2,528 3,574 2,483 3,364

Cash-in-transit 49,670 72,264 47,929 71,773

Bank Current Account 209,710 245,192 135,841 152,178

Short term deposits 73,343 71,583 73,192 71,583

335,251 392,614 259,445 298,898

21. EMPLOYMENT AND EMPLOYEES

.1 Staff

Number Number Number Number

Managerial 7 7 4 4

Senior staff 50 41 34 31

Supervisors 228 229 58 62

Junior staff 1,780 1,572 175 164

2,065 1,849 271 261

Staff costs:

Salaries, wages and other benefits 922,466 831,742 387,774 349,152

Staff pension and gratuity 89,316 89,706 30,134 30,134

1,011,782 921,449 417,908 379,286

.2 Employees remunerated at higher rates,

excluding allowances:

N N Number Number Number Number

140,001 - 210,000 1,599 1,445 163 160

210,001 - 360,000 408 348 64 59

360,000 - 900,000 49 48 37 36

900,001 - 1,700,000 6 5 4 3

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

2,065 1,849 271 261

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

2018 2018 2018 2018

SEPT MAR SEPT MAR

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

.1 Fees and sitting Allowances 2,059 4,118 2,059 4,118

Executive compensation 2,052 3,908 2,052 3,908

Other Directors and benefits 4,503 8,577 4,503 8,577

8,614 16,603 8,614 16,603

Fees and emoluments disclosed above include ammount paid to:

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

Chairman 1,078 2,155 330 660

The highest paid Director earned 7,770 15,540 827 3,307

.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

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

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

3,000,001 and above 3 3 3 3

23. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

.1 Contingent liabilities

.2 Financial commitments

.3 Performance Bond

As at 30th September 2018, 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 (2017- 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 Freight Limited 100

Red Star Logistics Limited 100

Red Star Supports Services Limited 100

b.

2018 2018 2018 2018

SEPT MAR SEPT MAR

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

Due from related company

Red Star Freight Limited 282,873 112,000

Red Star Logistics Limited 662,346 543,405

945,219 655,405

Due to related companies

Red Star Supports Services Limited 205,920 185,296

205,920 185,296

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


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

Profit for the year attributable to shareholders 127,803 239,563 44,113 220,710 86,851 178,251 45,915 105,226

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) 22 41 7 37 15 30 8 18

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'18 - Sep'18 Apr'17 - Sep'17 Apr'18 - Sep'18 Apr'17 - Sep'17 Apr'18 - Sep'18 Apr'17 - Sep'17 Apr'18 - Sep'18 Apr'17 - Sep'17 Apr'18 - Sep'18 Apr'17 - Sep'17

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 2,707,877 2,078,507 826,968 794,416 460,697 409,525 884,961 819,653 4,880,502 4,102,101

Total Revenue 2,707,877 2,078,507 826,968 794,416 460,697 409,525 884,961 819,653 4,880,502 4,102,101

Cost of Sales (1,968,798) (1,435,431) (674,713) (613,802) (388,542) (338,729) (711,065) (637,022) (3,715,032) (2,996,438)

Other Income 4,384 1,012 449 1,856 - - 1,341 684 6,174 3,552

Depreciation & Amortisation (36,362) (40,640) (4,708) (3,919) (304) (228) (428) (596) (39,802) (45,383)

Other Operating Expenses (450,867) (460,856) (108,531) (98,566) (50,961) (37,070) (126,438) (113,305) (771,378) (740,849)

Finance Income 7,616 12,149 1,930 424 - - - - 9,546 12,573

Finance Charges (1,716) - (10,161) (5,249) (1,448) (254) (8,883) (7,987) (17,713) (10,983)

Profit before income tax 262,135 154,742 31,234 75,160 19,442 33,244 39,488 61,427 352,298 324,573

Income tax expence (83,883) (49,517) (9,370) (24,051) (5,833) (10,638) (11,846) (19,657) (112,735) (103,863)

Profit after tax 178,251 105,226 21,863 51,108 13,609 22,606 27,641 41,770 239,563 220,710

2017 2017 2017 2017 2017 2017 2017 2017 2017 2017

Sep-18 Mar-18 Sep-18 Mar-18 Sep-18 Mar-18 Sep-18 Mar-18 Sep-18 Mar-18Segment

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 1,160,469 1,055,124 527,724 485,785 4,970 6,147 177,542 152,123 1,495,139 1,325,113

Current assets 2,734,882 2,812,002 1,017,402 948,674 426,199 381,419 420,234 367,492 3,509,679 3,668,882

Total Assets 3,895,349 3,867,126 1,545,126 1,434,459 431,169 387,566 597,777 519,615 5,004,818 4,993,995

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

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

Retained Earnings 1,225,062 1,282,609 287,152 265,289 120,745 107,136 309,027 281,386 1,940,168 1,936,404

Non Current Liabilities 110,600 108,166 192,637 174,162 910 910 50,503 71,733 336,100 336,618

Current liabilities 1,968,506 1,885,170 840,337 770,008 209,514 179,520 189,182 117,431 2,137,369 2,129,791

Total Equity & Liabilities 3,895,349 3,867,126 1,545,126 1,434,459 431,169 387,566 597,777 519,615 5,004,818 4,993,995

Courier Logistics Freight

Current Period

The calculation of basic earnings per share at 30th September 2018 for the company was based on the profit attributable to ordinary shareholders of N178.3 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 N239.6 million and a weighted average number of ordinary

shares outstanding of 589.5 million shares.


Current Period Comparative PeriodComparative Period

GroupSupport Services

2019/006 unaudited financial report for the period … · profit for the period 127,803 239,563...

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