Group Financials RED STAR EXPRESS PLC 2019/003 UNAUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 30 JUNE 2018 2019/003
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 164,352 164,352 176,593 176,595 PROFIT AFTER TAX 111,759 111,759 120,083 120,085 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 134,412 134,412 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 294,748 294,748 294,748 294,748 SHARE PREMIUM 296,433 296,433 296,433 296,433 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 589,497 589,497 589,497 589,497 NET ASSET (N) 2,639,344 2,527,585 1,965,192 1,873,790 EARNINGS PER SHARE (KOBO) 19 20 16 10 NET ASSET PER SHARE(KOBO) 448 429 333 318
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 1,259,512 717,300 615,458 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 8 477 477 477 477 Investment in subsidiary - 374,065 374,065 Deposit for shares - - 1,500 - Employee Benefit asset - - - - Total Non Current Assets 1,483,288 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 1,993,762 850,595 1,197,127 Current prepayments 12 165,866 135,204 84,306 74,421 Other receivables 11 1,014,221 937,092 479,344 444,804 Due from related company 26 794,283 655,405 Cash and cash equivalents 13 477,718 549,868 389,601 391,029 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 15 181,313 181,313 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 360,704 336,618 113,463 108,166 Current liabilities Trade creditors 321,208 520,434 321,280 515,215 Other creditors and accruals 14 1,328,388 1,288,549 982,818 1,018,096 Due to related companies 26 204,695 185,296 Term loan: Falling due within 12 Months (finance lease) 42,363 70,580 - Income tax liabilities 6 302,822 250,229 209,575 166,563 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 16 294,748 294,748 294,748 294,748 Share premium 296,433 296,433 296,433 296,433 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/00000015290 Babura Auwalu Badamasi Chief Financial Officer FRC/2016/ICAN/00000014402
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 552,767 577,945 358,518 344,724 Other income 2 4,575 839 2,785 516 557,342 578,785 361,303 345,241 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 164,352 176,595 134,412 89,230 Interest and similar charges - - - - Provision for diminution in investments Profit Before Income Tax 164,352 176,595 134,412 89,230 Income Tax 6 (52,593) (56,510) (43,012) (28,555) Profit from continuing operation 111,759 120,085 91,400 60,676 Profit attributable to: Owners of the company 111,759 120,085 91,400 60,676 Non controlling Interests - - - - Profit for the period 111,759 120,085 91,400 60,676 Earnings per share Basic earnings per share (kobo) 27 19 20 16 10 Diluted earnings per share (kobo) Number of ordinary shares in issue 27 589,497 589,497 589,497 589,497
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Issued Capital Share Premium Retained Earnings Total Issued Capital Share Premium Retained Earnings Total 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 111,759 111,759 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 2018 294,748 296,433 2,048,163 2,639,344 As at 30th June 2018 294,748 296,433 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 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 120,085 120,085 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 2017 294,748 296,433 1,960,952 2,552,133 As at 30th June 2017 294,748 296,433 1,260,534 1,851,715
GROUP THE COMPANY NOTE Jun-18 Jun-17 Jun-18 Jun-17 Cash flows from operating activities: Cash receipts from customers 1,840,214 1,953,454 995,181 973,890 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 137,707 146,109 136,222 111,488 Cash flows from investing activities: - - - - Interest received 5,571 6,122 4,257 - Dividend received - - - 5,845 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 48,300 - - - 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 549,868 513,661 391,029 485,068 Cash and cash equivalents at the end of the year 477,718 570,355 389,601 529,025
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 394,690 373,003 Freight 224,494 231,525 Support Service 437,705 404,344 2 OTHER OPERATING INCOME 2,349,795 2,044,837 1,292,906 1,035,965 a. Other Income Insurance Claim 4,126 531 2,785 516 Profit on Disposals of fixed Assets - 0 - - Exchange gain - 0 - - Other Sundry income 449 308 - - Bad debt recovered - 0 - - Rent - - - 4,575 839 2,785 516 b. Investment Income Related Company Dividend - 0-0 - 0 OTHER OPERATING INCOME 4,575 839 2,785 516 3 COST OF SALES Staff cost 355,043 323,588 145,825 130,988 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 485,917 332,077 354,303 197,563 Domestic freight 298,179 261,506 136,199 117,586 Vehicle running costs 245,302 190,746 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 1,466,892 934,389 691,241
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 129,950 116,121 59,196 54,594 Hotel accommodation and entertainment 12,240 14,873 9,155 11,212 Insurance 3,081 587 1,041 44 Training 1,047 1,785 664 1,296 Newspaper and periodicals 438 381 369 306 Specific provision for doubtful debts 22,500 22,625 14,500 14,500 Annual general meeting expenses 6,705 5,081 3,058 1,828 369,224 371,791 210,987 233,646 4.0 Gratuity Employee benefit expenses 4,175 5,226 3,013 3,013 4,175 5,226 3,013 3,013 5.0 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
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 - - 52,593 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 - - 52,593 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 250,229 206,444 166,563 109,418 Charge for the year 52,593 225,389 43,012 148,353 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 302,822 250,229 209,575 166,563.3 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.
7.1 SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT. 30TH JUNE, 2018 Company 10010 10015 10075 <<10025,10080 10030 <<10050,10040 <<10035,10045 10095 10060 Cost Land Buildings Plant & Machinery Motor Vehicles MOTOR CYCLES COMPUTER & OTHER EQUIPMENT Furniture, Fittings & Eqiup WORK IN PROGRESS Total 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 70,500 16,173 1,030 10,713 8,411 3,360 7,313 21,490 138,991 Disposals - - - - - - - - - Adjustment - - - - - - - - - At 30TH JUNE, 2018 200,045 339,069 70,822 337,224 85,854 325,793 59,241 39,294 1,457,343 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 - 9,412 2,355 11,730 3,248 4,466 5,941-37,152 Disposals - - - - - - - - - Adjustment - - - - - - - - - At 30TH JUNE, 2018-98,519 52,546 220,173 81,769 245,817 41,219-740,043 - - Net book value - At 30TH JUNE, 2018 200,045 240,551 18,276 117,050 4,086 79,976 18,022 39,294 717,300 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 JUNE, 2018 Group 10010 10015 10075 <<10025,10080 10030 <<10050,10040 <<10035,10045 10095 Cost Land Buildings Plant & Machinery Motor Vehicles MOTOR CYCLES COMPUTER & OTHER EQUIPMENT Furniture, Fittings & Eqiup WORK IN PROGRESS Total 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 70,500 17,923 1,030 13,399 38,911 3,360 7,313 93,025 245,461 Disposals - - - - - - - - - Adjustment - - - - - - - - - At 30TH JUNE, 2018 277,441 519,855 79,196 1,112,021 450,956 340,789 98,285 118,229 2,996,772 Depreciation and impairment At 1 April 2018-112,210 57,634 615,499 397,591 246,947 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, 2018-122,805 60,084 658,382 407,126 252,317 68,710-1,569,425 - - Net book value - At 30TH JUNE, 2018 277,441 397,050 19,112 453,638 43,830 88,472 29,575 118,229 1,427,349 At 31 March 2018 167,043 382,311 30,408 212,437 13,291 63,178 13,726-1,259,512 INTANGIBLE ASSETS 7.2 30TH JUNE, 2018 THE GROUP THE COMPANY N'000 N'000 At 1 April 2018 93,805 93,305 Addition 2,916 2,916 Disposals - - Adjustment - - At 30TH JUNE, 2018 96,721 96,221 Depreciation and impairment At 1 April 2018 61,137 60,637 Depreciation charge for the year 4,590 4,386 Disposals - - Adjustment - - At 30TH JUNE, 2018 65,727 65,023 Net book value At 30TH JUNE, 2018 30,994 31,198 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 8. FINANCIAL ASSETS AVAILABLE FOR SALE 2018 2018 2018 2018 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) 477 477 477 477 b Unquoted investments at cost: 8.2 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 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 - - - - 10 TRADE DEBTORS 53,089 52,956 49,886 49,216 Trade debtors 1,931,406 2,124,523 924,371 1,270,903 Provision for doubtful debts (130,761) (130,761) (73,776) (73,776) 1,800,646 1,993,762 850,595 1,197,127
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2018 2018 2018 2018 JUN MAR JUN MAR 11 OTHER RECEIVABLES WHT receivable from customers 422,749 361,495 161,099 125,340 WHT receipts received 254,684 254,684 147,011 147,011 Bank interest receivable 989 989 989 989 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 141,981 160,451 70,012 76,565-1,014,221 937,092 479,344 444,804 12 PREPAYMENTS Long term Prepayments 24,468 32,456 24,468 32,456 Current Prepayments 165,866 135,204 84,306 74,421 190,334 167,660 108,774 106,877 13. Cash, Bank balances and other equivalents Cash balances 4,614 751 4,586 723 Cash-in-transit 49,570 27,117 48,700 26,518 Bank Balances 122,142 223,936 86,011 137,249 Short Term Deposits 301,392 298,064 250,305 226,539 477,718 549,868 389,601 391,029 477,718 549,868 389,601 391,029 14. OTHER CREDITORS AND ACCRUALS Accruals 420,322 310,713 257,077 210,781 Agents clearing charges 380,420 472,994 378,247 472,994 Union dues - - - - Withholding Taxes 81,853 76,975 72,537 69,698 Value added tax 259,969 239,233 135,582 121,580 Staff pension accruals (Note 14.1) 24,974 18,606 8,304 4,727 Unclaimed Dividend 101,539 101,539 101,539 101,539 Other creditors 59,311 68,488 29,533 36,777 1,328,388 1,288,549 982,818 1,018,096 14.1 Staff pension accruals At the beginning of the year 18,606 10,967 4,727 4,347 Provision for the year 44,419 169,364 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 4,727 15. DEFERRED TAXATION At the beginning of the year 181,313 150,623 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 181,313 181,313 29,693 29,693
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Jun-18 Mar-18 Jun-18 Mar-18 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 111,759 347,558 91,400 334,772 Other comprehensive Income - - - Transfer to RSE Foundation - - - - Acturial Loss on defined benefit plan - (16,220) (16,220) Prior year adjustment (uncaptured) - Dividend declared - (235,801) - (235,801) At the end of the year 2,048,163 1,936,404 1,374,009 1,282,609
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30TH JUNE, 2018 19. RECONCILIATION OF NET PROFIT AFTER TAXATION TO CASH PROVIDED BY OPERATING ACTIVITIES Jun-18 Jun-17 Jun-18 Jun-17 Net profit after taxation 111,759 120,085 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 3,404 - - 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 72,433 346,532 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 1,886 - - (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 137,707 146,109 136,222 111,488
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2018 2017 2018 2017 Jun-18 Jun-17 Jun-18 Jun-17 20. 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 122,142 172,562 86,011 135,944 Short term deposits 301,392 329,932 250,305 329,932 21. EMPLOYMENT AND EMPLOYEES.1 Staff 477,718 570,356 389,601 529,025 Average number of persons employed in the financial year under review and the staff costs were as follows: Number Number Number Number Managerial 7 7 4 4 Senior staff 53 41 36 31 Supervisors 225 229 59 62 Junior staff 1,707 1,572 177 164 1,992 1,849 276 261 Staff costs: Salaries, wages and other benefits 443,803 413,234 182,282 169,985 Staff pension and gratuity 44,924 48,114 15,067 15,067.2 Employees remunerated at higher rates, excluding allowances: 488,728 461,349 197,349 185,052 N N Number Number Number Number 140,001-210,000 1,529 1,445 163 160 210,001-360,000 403 348 67 59 360,000-900,000 51 48 39 36 900,001-1,700,000 6 5 4 3 1,700,001-2,011,000 3 3 3 3 1,992 1,849 276 261
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. Compensation of key management personnel of Red Star Express 2018 2018 2018 2018 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 2,155 539 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 8-8 - 1,000,000-2,000,000-5 - 5 2,000,001-3,000,000 - - - - 3,000,001 and above - 3-3 23. 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.
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: 2018 2018 2018 2018 JUN MAR JUN MAR Due from related company Red Star Freight Limited 152,300 112,000 Red Star Logistics Limited 641,983 543,405 Due to related companies 794,283 655,405 Red Star Supports Services Limited 204,695 185,296 204,695 185,296
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 589.5 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 589.5 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 111,759 111,759 120,083 120,085 91,400 91,400 60,678 60,676 Number Number Number Number Number Number Number Number Weighted Average number of ordinary shares outstanding 589,497 589,497 589,497 589,497 589,497 589,497 589,497 589,497 Earnings per share (Kobo) 19 19 20 20 16 16 10 10 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 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 1,035,965 394,690 373,003 224,494 231,525 437,705 404,344 2,349,795 2,044,837 Total Revenue 1,292,906 1,035,965 394,690 373,003 224,494 231,525 437,705 404,344 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 2,785 516 449 584 - - 1,341 15 4,575 839 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 1,314 - - - - - 5,571 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 34,069 164,352 176,595 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 23,167 111,759 120,085 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 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 1,055,124 521,026 485,785 5,739 6,147 180,252 152,123 1,483,288 1,191,849 Current assets 2,648,015 2,812,002 794,663 948,674 421,753 381,419 424,224 367,492 3,511,540 3,239,708 Total Assets 3,797,022 3,867,126 1,315,689 1,434,459 427,492 387,566 604,476 519,615 4,994,829 4,431,557 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 1,374,009 1,282,609 272,001 265,289 111,462 107,136 291,305 281,386 2,048,163 1,840,901 Non Current Liabilities 113,463 108,166 186,779 174,162 1,792 910 50,922 71,733 360,704 248,702 Current liabilities 1,718,367 1,885,170 631,909 770,008 214,238 179,520 213,185 117,431 1,994,781 1,750,810 Total Equity & Liabilities 3,797,022 3,867,126 1,315,689 1,434,459 427,492 387,566 604,476 519,615 4,994,829 4,431,557