Group Financials RED STAR EXPRESS PLC UNAUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 30 JUNE / /003

Transcription

1 Group Financials RED STAR EXPRESS PLC 2019/003 UNAUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 30 JUNE /003

2 UNAUDITED FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED 30TH JUNE, 2018 MAJOR STATEMENT OF COMPREHENSIVE INCOME ITEMS THE GROUP Interim Period Year to Date Interim Period Year to Date Jan'18 - Mar'18 Apr'18 - Jun'18 Jan'17 - Mar'17 Apr'17 - Jun'17 TURNOVER 2,349,795 2,349,795 2,044,837 2,044,837 PROFIT BEFORE TAX 164, , , ,595 PROFIT AFTER TAX 111, , , ,085 THE COMPANY Current Period Comparative Period Interim Period Year to Date Interim Period Year to Date Jan'18 - Mar'18 Apr'18 - Jun'18 Jan'17 - Mar'17 Apr'17 - Jun'17 N' 000 N' 000 N' 000 N' 000 TURNOVER 1,292,906 1,292,906 1,035,965 1,035,965 PROFIT BEFORE TAX 134, ,412 89,231 89,230 PROFIT AFTER TAX 91,400 91,400 60,678 60,676 MAJOR STATEMENT OF FINANCIAL POSITION ITEMS THE GROUP THE COMPANY Jun-18 Mar-18 Jun-18 Mar-18 N' 000 N' 000 N' 000 N' 000 TOTAL ASSETS 4,994,829 4,993,995 3,797,022 3,867,126 SHAREHOLDERS FUND 2,639,344 2,527,585 1,965,190 1,873,790 SHARE CAPITAL 294, , , ,748 SHARE PREMIUM 296, , , ,433 REVENUE RESERVE 2,048,163 1,936,404 1,374,009 1,282,609 INFORMATION PER 50 KOBO ORDINARY SHARE THE GROUP THE COMPANY Jun-18 Mar-18 Jun-18 Mar-18 NO OF ORDINARY SHARES 589, , , ,497 NET ASSET (N) 2,639,344 2,527,585 1,965,192 1,873,790 EARNINGS PER SHARE (KOBO) NET ASSET PER SHARE(KOBO)

3 UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2018 Jun-18 Mar-18 Jun-18 Mar-18 Note N'000 N'000 N'000 ASSETS Non Current Assets Property, plant and equipments 7 1,427,349 1,259, , ,458 Intangible Assets 7 30,994 32,668 31,198 32,668 Long Term Prepayments 12 24,468 32,456 24,468 32,456 Financial Assets Available for Sale Investment in subsidiary - 374, ,065 Deposit for shares - - 1,500 - Employee Benefit asset Total Non Current Assets 1,483,288 1,325,113 1,149,008 1,055,124 Current Assets Inventories 9 53,089 52,956 49,886 49,216 Trade debtors 10 1,800,646 1,993, ,595 1,197,127 Current prepayments , ,204 84,306 74,421 Other receivables 11 1,014, , , ,804 Due from related company , ,405 Cash and cash equivalents , , , ,029 Total Current Assets 3,511,540 3,668,882 2,648,015 2,812,002 TOTAL ASSETS 4,994,829 4,993,995 3,797,022 3,867,126 EQUITY AND LIABILITIES LIABILITIES Non-current liabilities Deferred taxation , ,313 29,693 29,693 Provision for liabilities and charges Finance Lease Obligation 95,782 76,832 Employee Benefit Liabilities 83,609 78,473 83,770 78,473 Total Non Current Liabilities 360, , , ,166 Current liabilities Trade creditors 321, , , ,215 Other creditors and accruals 14 1,328,388 1,288, ,818 1,018,096 Due to related companies , ,296 Term loan: Falling due within 12 Months (finance lease) 42,363 70,580 - Income tax liabilities 6 302, , , ,563 Total Current Liabilities 1,994,781 2,129,791 1,718,367 1,885,170 TOTAL LIABILITIES 2,355,485 2,466,409 1,831,831 1,993,336 Equity Share capital , , , ,748 Share premium 296, , , ,433 General reserve 18 2,048,163 1,936,404 1,374,009 1,282,609 Total Equity 2,639,344 2,527,585 1,965,190 1,873,790 TOTAL EQUITY AND LIABILITIES 4,994,829 4,993,995 3,797,022 3,867,126 This consolidated financial statements were approved by the Board on the 24th of July 2018 and signed by: Sola Obabori Group Managing Director FRC/2016/IODN/ Babura Auwalu Badamasi Chief Financial Officer FRC/2016/ICAN/

4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Current Period Comparative Period Current Period Comparative Period Note Year to Date Year to Date Year to Date Year to Date Apr'18 - Jun'18 Apr'17 - Jun'17 Apr'18 - Jun'18 Apr'17 - Jun'17 Turnover 1 2,349,795 2,044,837 1,292,906 1,035,965 Cost of sales 3 (1,797,028) (1,466,892) (934,389) (691,241) Gross profit 552, , , ,724 Other income 2 4, , , , , ,241 Administarative and Other Operating Ex 3 (369,224) (371,791) (210,987) (233,646) Staff Gratuity 4 (4,175) (5,226) (3,013) (3,013) Depreciation & Amortisation 5 (19,080) (27,890) (17,148) (25,197) Impairement Loss Effect of change in estimate useful life of PPE Total operating Expences (392,478) (404,907) (231,148) (261,856) Finance Income 5,571 6,122 4,257 5,845 Finance Costs (6,083) (3,404) - - Net Finance Costs (512) 2,718 4,257 5,845 Profit Before interest and Tax 164, , ,412 89,230 Interest and similar charges Provision for diminution in investments Profit Before Income Tax 164, , ,412 89,230 Income Tax 6 (52,593) (56,510) (43,012) (28,555) Profit from continuing operation 111, ,085 91,400 60,676 Profit attributable to: Owners of the company 111, ,085 91,400 60,676 Non controlling Interests Profit for the period 111, ,085 91,400 60,676 Earnings per share Basic earnings per share (kobo) Diluted earnings per share (kobo) Number of ordinary shares in issue , , , ,497

5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Issued Capital Share Premium Retained Earnings Total Issued Capital Share Premium Retained Earnings Total As at 1st April , ,433 1,936,404 2,527,585 As at 1st April , ,433 1,282,609 1,873,790 Profit for the year 111, ,759 Profit for the year 91,400 91,400 Other comprehensive income: Other comprehensive income: Re-measurement gain/(loss) on defined benefit plan Re-measurement gain/(loss) on defined benefit plan - Dividend - - Dividend - - of 50 kobo each of 50 kobo each As at 30th June , ,433 2,048,163 2,639,344 As at 30th June , ,433 1,374,009 1,965,190 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 As at 1st April , ,433 1,840,867 2,432,048 As at 1st April , ,433 1,199,858 1,791,039 Profit for the year 120, ,085 Profit for the year 60,676 60,676 Other comprehensive income: Other comprehensive income: Re-measurement gain/(loss) on defined benefit plan - Re-measurement gain/(loss) on defined benefit plan - Dividend - - Dividend - - of 50 kobo each of 50 kobo each As at 30th June , ,433 1,960,952 2,552,133 As at 30th June , ,433 1,260,534 1,851,715

6 GROUP THE COMPANY NOTE Jun-18 Jun-17 Jun-18 Jun-17 Cash flows from operating activities: Cash receipts from customers 1,840,214 1,953, , ,890 Payment to suppliers and employees (1,645,915) (1,773,456) (818,012) (835,089) VAT (NET) (56,592) (33,888) (40,947) (27,313) Taxes paid Net cash provided by operating activities 137, , , ,488 Cash flows from investing activities: Interest received 5,571 6,122 4,257 - Dividend received ,845 Proceeds from sale of PPE Purchase of Intengible assets (2,916) (3,510) (2,916) (3,510) Acquisition of PPE (245,461) (86,737) (138,991) (69,867) Increase in investment Net cash provided by investing activities (242,806) (84,125) (137,650) (67,531) Cash flows from financing activities: Proceeds from issue of share capital Proceeds from Long term burrowings 48, Proceeds of Share premium Term Loan repayment (9,267) (1,886) - - Interest Paid (6,083) (3,404) - - Dividend paid Net cash provided by financing activities 32,950 (5,290) - - Net (decrease)/increase in cash and cash equivalents (72,150) 56,694 (1,428) 43,957 Net foreign exchange difference Cash and cash equivalents at the beginning of the year 549, , , ,068 Cash and cash equivalents at the end of the year 477, , , ,025

7 Notes to the Accounts (Statement Of Comprehensive Income) 1 TURNOVER Comparative Current Period Period Comparative Current Period Period Year to Date Year to Date Year to Date Year to Date Apr'18 - Jun'18 Apr'17 - Jun'17 Apr'18 - Jun'18 Apr'17 - Jun'17 Courier 1,292,906 1,035,965 1,292,906 1,035,965 Logistics 394, ,003 Freight 224, ,525 Support Service 437, ,344 2 OTHER OPERATING INCOME 2,349,795 2,044,837 1,292,906 1,035,965 a. Other Income Insurance Claim 4, , Profit on Disposals of fixed Assets Exchange gain Other Sundry income Bad debt recovered Rent , , b. Investment Income Related Company Dividend OTHER OPERATING INCOME 4, , COST OF SALES Staff cost 355, , , ,988 Pension 19,241 17,588 7,520 6,823 Gratuity 16,699 20,903 12,054 12,054 Medical 47,377 45,054 16,745 13,453 Training 4,189 7,141 2,657 1,684 International delivery costs 485, , , ,563 Domestic freight 298, , , ,586 Vehicle running costs 245, ,746 49,482 42,171 Agent costs 62,880 50,897 62,755 50,664 Local transport 46,141 43,278 37,247 35,723 Clearing and documentation charges 78,813 66,956 32,874 21,654 Rents ant rates of outlets 35,806 29,911 27,154 23,203 Insurance 12,323 10,347 4,164 3,674 Depreciation 58,435 44,792 19,811 14,359 Repairs and maintenance 30,685 22,108 25,596 19,642 1,797,028 1,466, , ,241

8 Administation Costs 3.1 Administrative & other Expenses Repairs and maintenance 27,323 24,504 20,549 19,252 Transportation and travelling costs 16,143 16,800 8,066 11,614 Legal and professional charges 25,864 32,297 19,307 28,251 Publicity and promotion 6,484 14,159 1,267 4,141 Communication and telephone 19,493 15,332 9,782 7,902 Printing and stationery 23,246 32,464 18,240 28,744 Subscriptions and donations 10,843 8,436 8,929 7,207 Audit fee 5,035 4,995 3,250 3,250 Bank Charges 5,201 4,410 3,984 3,230 Medical 11,844 11,264 4,186 3,363 Power and water 32,208 35,583 19,328 26,683 Office protection services 9,580 10,094 6,115 6,229 Staff costs 129, ,121 59,196 54,594 Hotel accommodation and entertainment 12,240 14,873 9,155 11,212 Insurance 3, , Training 1,047 1, ,296 Newspaper and periodicals Specific provision for doubtful debts 22,500 22,625 14,500 14,500 Annual general meeting expenses 6,705 5,081 3,058 1, , , , , Gratuity Employee benefit expenses 4,175 5,226 3,013 3,013 4,175 5,226 3,013 3, Depreciation & Amortisation Amortisation of Intangible Assets 4,590 2,721 4,386 2,721 Depreciation charge 14,489 25,169 12,762 22,476 19,080 27,890 17,148 25,197 Finance Income/ Finance Costs Interest Received 5,571 6,122 4,257 5,845 Finance Cost - Interest payment on lease rentals 6,083 3,404-0 (512) 2,718 4,257 5,845

9 Current Period Comparative Period Comparative Current Period Period Year to Date Year to Date Year to Date Year to Date 6. TAXATION Apr'18 - Jun'18 Apr'17 - Jun'17 Apr'18 - Jun'18 Apr'17 - Jun'17.1 Statement of Comprehensive Income Income tax 49,305 52,979 40,324 26,769 Education tax 3,287 3,532 2,688 1,785 Irrecoverable WHT ,593 56,510 43,012 28,555 Tax back duty assessment Deferred taxation (Note 15) - - Relating to origination & reversal of temporary differences Charge for the year Write back for the year ,593 56,510 43,012 28,555 Jun-18 Mar-18 Jun-18 Mar-18.2 Statement o Financial Position At the beginning of the year 250, , , ,418 Charge for the year 52, ,389 43, ,353 Tax Back Duty Audit Assessment - - Payments during the year (61,808) (11,180) Withholding tax credit utilised (119,796) (80,028) At the end of the year 302, , , ,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.

10 7.1 SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT. 30TH JUNE, 2018 Company <<10025, <<10050,10040 <<10035, Cost Land Buildings Plant & Machinery Motor Vehicles MOTOR CYCLES COMPUTER & OTHER EQUIPMENT Furniture, Fittings & Eqiup WORK IN PROGRESS Total N'000 At 1 April , ,896 69, ,511 77, ,433 51,928 17,804 1,318,352 Addition 70,500 16,173 1,030 10,713 8,411 3,360 7,313 21, ,991 Disposals Adjustment At 30TH JUNE, , ,069 70, ,224 85, ,793 59,241 39,294 1,457,343 Depreciation and impairment At 1 April ,107 50, ,443 78, ,351 35, ,891 Depreciation charge for the year - 9,412 2,355 11,730 3,248 4,466 5,941-37,152 Disposals Adjustment At 30TH JUNE, ,519 52, ,173 81, ,817 41, , Net book value - At 30TH JUNE, , ,551 18, ,050 4,086 79,976 18,022 39, ,300 At 31 March , ,789 19, ,068 1,078 81,082 16,650 17, ,458 SCHEDULE OF PROPERTY PLANT AND EQUIPMENT. 30TH JUNE, 2018 Group <<10025, <<10050,10040 <<10035, Cost Land Buildings Plant & Machinery Motor Vehicles MOTOR CYCLES COMPUTER & OTHER EQUIPMENT Furniture, Fittings & Eqiup WORK IN PROGRESS Total N'000 At 1 April , ,932 78,166 1,098, , ,429 90,972 25,204 2,751,311 Addition 70,500 17,923 1,030 13,399 38,911 3,360 7,313 93, ,461 Disposals Adjustment At 30TH JUNE, , ,855 79,196 1,112, , ,789 98, ,229 2,996,772 Depreciation and impairment At 1 April ,210 57, , , ,947 61,916-1,491,797 Depreciation charge for the year - 10,595 2,450 42,883 9,535 5,370 6,794-77,628 Disposals Adjustment At 30TH JUNE, ,805 60, , , ,317 68,710-1,569, Net book value - At 30TH JUNE, , ,050 19, ,638 43,830 88,472 29, ,229 1,427,349 At 31 March , ,311 30, ,437 13,291 63,178 13,726-1,259,512 INTANGIBLE ASSETS TH JUNE, 2018 THE GROUP THE COMPANY N'000 N'000 At 1 April ,805 93,305 Addition 2,916 2,916 Disposals - - Adjustment - - At 30TH JUNE, ,721 96,221 Depreciation and impairment At 1 April ,137 60,637 Depreciation charge for the year 4,590 4,386 Disposals - - Adjustment - - At 30TH JUNE, ,727 65,023 Net book value At 30TH JUNE, ,994 31,198 At 31 March ,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.

11 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 8. FINANCIAL ASSETS AVAILABLE FOR SALE JUN MAR JUN MAR 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) b Unquoted investments at cost: 8.2 Investment in subsidiaries: % Holding Investment in Red Star Freight Limited , ,000 Investment in Red Star Supports Services Limited ,065 49,065 Investment in Red Star Logistics Limited , , , , , ,542 9 STOCKS Stationeries and packaging materials 43,704 38,950 40,865 35,713 Fuel and oil 7,197 9,457 7,197 9,457 Spare parts 2,188 4,549 1,824 4,046 Provision for obsolete stock TRADE DEBTORS 53,089 52,956 49,886 49,216 Trade debtors 1,931,406 2,124, ,371 1,270,903 Provision for doubtful debts (130,761) (130,761) (73,776) (73,776) 1,800,646 1,993, ,595 1,197,127

12 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS JUN MAR JUN MAR 11 OTHER RECEIVABLES WHT receivable from customers 422, , , ,340 WHT receipts received 254, , , ,011 Bank interest receivable Staff car advance 85,747 89,714 71,964 74,040 Staff business cash advance 108,070 69,759 28,268 20,859 Other staff advance 141, ,451 70,012 76,565-1,014, , , , PREPAYMENTS Long term Prepayments 24,468 32,456 24,468 32,456 Current Prepayments 165, ,204 84,306 74, , , , , Cash, Bank balances and other equivalents Cash balances 4, , Cash-in-transit 49,570 27,117 48,700 26,518 Bank Balances 122, ,936 86, ,249 Short Term Deposits 301, , , , , , , , , , , , OTHER CREDITORS AND ACCRUALS Accruals 420, , , ,781 Agents clearing charges 380, , , ,994 Union dues Withholding Taxes 81,853 76,975 72,537 69,698 Value added tax 259, , , ,580 Staff pension accruals (Note 14.1) 24,974 18,606 8,304 4,727 Unclaimed Dividend 101, , , ,539 Other creditors 59,311 68,488 29,533 36,777 1,328,388 1,288, ,818 1,018, Staff pension accruals At the beginning of the year 18,606 10,967 4,727 4,347 Provision for the year 44, ,364 17,702 67,007 Payments and remittances (38,052) (161,725) (14,125) (66,627) At the end of the year 24,974 18,606 8,304 4, DEFERRED TAXATION At the beginning of the year 181, ,623 29,693 33,283 Charge for the year 37,642 3,362 Write-back in the year - (6,952) - (6,952) At the end of the year 181, ,313 29,693 29,693

13 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Jun-18 Mar-18 Jun-18 Mar SHARE CAPITAL Authorised 1,000,000,000 ordinary shares of 50 kobo each 500, , , ,000 Issued and fully paid 589,496,760 ordinary shares of 50 kobo each 294, , , , GENERAL RESERVE At the beginning of the year 1,936,404 1,840,867 1,282,609 1,199,858 Profit for the period 111, ,558 91, ,772 Other comprehensive Income Transfer to RSE Foundation Acturial Loss on defined benefit plan - (16,220) (16,220) Prior year adjustment (uncaptured) - Dividend declared - (235,801) - (235,801) At the end of the year 2,048,163 1,936,404 1,374,009 1,282,609

14 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30TH JUNE, RECONCILIATION OF NET PROFIT AFTER TAXATION TO CASH PROVIDED BY OPERATING ACTIVITIES Jun-18 Jun-17 Jun-18 Jun-17 Net profit after taxation 111, ,085 91,400 60,676 Adjustment to reconcile net income to net cash provided by operating: Depreciation 82,218 72,619 41,538 34,493 Interest income (5,571) (6,122) (4,257) (5,845) Interest paid (Interest expense) 6,083 3, Provision for diminution in investments (Profit)/loss on disposal of fixed assets Loss on disposal of investment Adjustment to investment Exchange difference Impairment in receivables (49,583) (5,730) 6,488 (43,101) Dividend received Changes in assets and liabilities: (Increase)/decrease in stocks (133) 8,458 (670) 8,784 (Increase)/decrease in trade debtors 193,116 72, ,532 99,668 (Increase)/Decrease in other debtors and prepayments (107,791) (232,857) (44,425) (111,133) Decrease/(increase) in due from related companies (138,878) (30,345) Decrease/(increase) in term Loans 9,267 1, (Decrease)/increase in trade creditors (199,226) (31,615) (193,935) (30,726) Increase/(decrease) in other creditors and accruals 39,839 94,370 (35,278) 49,507 Increase/(decrease) in due to related companies 19,399 56,068 (Decrease)/increase in taxation 52,593 56,511 43,012 28,554 (Decrease)/increase in deferred taxation Increase/(decrease) in employee benefits 5,136 (7,332) 5,297 (5,111) 25,948 26,024 44,822 50,812 Net cash provided by operating activities 137, , , ,488

15 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Jun-18 Jun-17 Jun-18 Jun RECONCILIATION OF CASH AND CASH EQUIVALENTS Cash balances 4,614 9,873 4,586 9,670 Cash-in-transit 49,570 57,988 48,700 53,480 Bank Current Account 122, ,562 86, ,944 Short term deposits 301, , , , EMPLOYMENT AND EMPLOYEES.1 Staff 477, , , ,025 Average number of persons employed in the financial year under review and the staff costs were as follows: Number Number Number Number Managerial Senior staff Supervisors Junior staff 1,707 1, ,992 1, Staff costs: Salaries, wages and other benefits 443, , , ,985 Staff pension and gratuity 44,924 48,114 15,067 15,067.2 Employees remunerated at higher rates, excluding allowances: 488, , , ,052 N N Number Number Number Number 140, ,000 1,529 1, , , , , ,001-1,700, ,700,001-2,011, ,992 1,

16 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. Compensation of key management personnel of Red Star Express JUN MAR JUN MAR.1 Fees and sitting Allowances 1,030 4,118 1,030 4,118 Executive compensation 1,026 3,908 1,026 3,908 Other Directors and benefits 2,251 8,577 2,251 8,577 Fees and emoluments disclosed above include ammount paid to: 4,307 16,603 4,307 16,603 Chairman 539 2, ,155 The highest paid Director earned 3,885 15,540 3,395 13,581.2 The number of Directors excluding the Chairman whose emoluments were within the following ranges were: N N Number Number Number Number Below N1,000, ,000,000-2,000, ,000,001-3,000, ,000,001 and above GUARANTEES AND OTHER FINANCIAL COMMITMENTS.1 Contingent liabilities As at 30th June 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..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 accepted a performance bond of N50 million (2017- N50 million) in favour of Nigeria Customs Service.

17 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24. SUPPLIERS '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 is not associated with the suppliers. 25. 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. 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. 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: JUN MAR JUN MAR Due from related company Red Star Freight Limited 152, ,000 Red Star Logistics Limited 641, ,405 Due to related companies 794, ,405 Red Star Supports Services Limited 204, , , ,296

18 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27.EARNINGS PER SHARE Basic The calculation Earnings of Per basic Share earnings per share at 30th June 2018 for the company was based on the profit attributable to ordinary shareholders of N91.4 million and a weighted average number of ordinary shares outstanding of million for the company. While the group EPS calculation was based on the profit attributable to the group shareholders of N111.8 million and a weighted average number of ordinary shares outstanding of million shares. Current Period Comparative Period Current Period Comparative Period Interim Period Year to Date Interim Period Year to Date Interim Period Year to Date Interim Period Year to Date Jan'18 - Mar'18 Apr'18 - Jun'18 Jan'17 - Mar'17 Apr'17 - Jun'17 Jan'18 - Mar'18 Apr'18 - Jun'18 Jan'17 - Mar'17 Apr'17 - Jun'17 Profit for the year attributable to shareholders 111, , , ,085 91,400 91,400 60,678 60,676 Number Number Number Number Number Number Number Number Weighted Average number of ordinary shares outstanding 589, , , , , , , ,497 Earnings per share (Kobo) COMPARATIVE FIGURES Certain prior year's figures have been reclassified in line with current year's presentation for more meaningful comparison. 29.Segment Information Segment Statement of Courier Logistics Freight Support Services Group 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 - Jun'18 Apr'17 - Jun'17 Apr'18 - Jun'18 Apr'17 - Jun'17 Apr'18 - Jun'18 Apr'17 - Jun'17 Apr'18 - Jun'18 Apr'17 - Jun'17 Apr'18 - Jun'18 Apr'17 - Jun'17 Segment Statement of Comprehensive Income N'000 N'000 Revenue 1,292,906 1,035, , , , , , ,344 2,349,795 2,044,837 Total Revenue 1,292,906 1,035, , , , , , ,344 2,349,795 2,044,837 Cost of Sales (934,389) (691,241) (326,856) (272,497) (192,622) (188,532) (356,692) (310,816) (1,797,028) (1,466,892) Other Income 2, , , Depreciation & Amortisation (17,148) (25,197) (23,858) (19,927) (131) (113) (436) (396) (19,080) (27,890) Other Operating Expenses (214,000) (236,659) (32,479) (49,792) (25,561) (20,455) (64,206) (55,108) (373,399) (377,017) Finance Income 4,257 5,845 1, ,571 6,122 Finance Charges - - (3,670) (499) - - (3,544) (3,970) (6,083) (3,404) Profit before income tax 134,412 89,230 9,590 30,872 6,180 22,425 14,169 34, , ,595 Income tax expence (43,012) (28,555) (2,877) (9,879) (1,854) (7,176) (4,251) (10,902) (52,593) (56,510) Profit after tax 91,400 60,676 6,712 20,992 4,326 15,249 9,919 23, , , Jun-18 Mar-18 Jun-18 Mar-18 Jun-18 Mar-18 Jun-18 Mar-18 Jun-18 Mar-18 Segment Statement of Financial Position N'000 N'000 Non Current Assets 1,149,008 1,055, , ,785 5,739 6, , ,123 1,483,288 1,191,849 Current assets 2,648,015 2,812, , , , , , ,492 3,511,540 3,239,708 Total Assets 3,797,022 3,867,126 1,315,689 1,434, , , , ,615 4,994,829 4,431,557 Ordinary Share Capital 294, , , , , ,000 49,065 49, , ,748 Share Premium 296, , , ,433 Retained Earnings 1,374,009 1,282, , , , , , ,386 2,048,163 1,840,901 Non Current Liabilities 113, , , ,162 1, ,922 71, , ,702 Current liabilities 1,718,367 1,885, , , , , , ,431 1,994,781 1,750,810 Total Equity & Liabilities 3,797,022 3,867,126 1,315,689 1,434, , , , ,615 4,994,829 4,431,557