SBS TRANSIT LTD ANNUAL

Financial Statements

SBS TRANSIT LTD Company Registration No.: 199206653M Full Year Financial Statements and Dividend Announcement The Board of Directors announces the audited results for the year ended 31 December 2019. 1 GROUP INCOME STATEMENT Group Full Year Full Year Incr/ 2019 2018 (Decr) $'000 $'000 % Revenue 1 ,445,297 1 ,383,613 4 .5 Staff costs 7 13,354 7 05,519 1 .1 Repairs and maintenance costs 1 92,741 1 73,219 1 1.3 Fuel and electricity costs 1 82,008 1 71,844 5 .9 Premises costs * 4 8,078 6 4,155 ( 25.1) Depreciation expense * 1 04,070 9 3,136 1 1.7 Other operating costs 1 01,560 7 8,439 2 9.5 Total operating costs 1 ,341,811 1 ,286,312 4 .3 Operating profit 1 03,486 9 7,301 6 .4 Net income from investments 1 37 2 74 ( 50.0) Finance costs * ( 4,249) ( 3,390) 2 5.3 Profit before taxation 9 9,374 9 4,185 5 .5 Taxation ( 18,086) ( 14,083) 2 8.4 Profit attributable to shareholders 8 1,288 8 0,102 1 .5 * Incorporates the effect of adoption of SFRS(I) 16 Leases from 1 January 2019. Page 1 of 19 2 STATEMENTS OF FINANCIAL POSITION Group Company 31 Dec 31 Dec 31 Dec 31 Dec 2019 2018 2019 2018 $'000 $'000 $'000 $'000 ASSETS Current assets Short-term deposits and bank balances 3 1,463 3 2,711 3 0,280 3 1,785 Trade receivables 1 67,433 1 23,509 1 64,063 1 20,225 Other receivables and prepayments 6 7,748 5 6,466 3 17,693 2 59,551 Inventories 1 30,571 1 17,142 1 04,126 9 9,102 Total current assets 3 97,215 3 29,828 6 16,162 5 10,663 Non-current assets Subsidiary - - 5 ,000 5 ,000 Prepayments 3 ,385 6 ,021 3 ,327 5 ,889 Vehicles, premises and equipment 6 44,165 7 05,304 6 25,013 6 85,463 Right-of-use assets * 7 0,980 - 7 0,980 - Deferred tax assets 2 1,540 2 1,680 - - Total non-current assets 7 40,070 7 33,005 7 04,320 6 96,352 Total assets 1 ,137,285 1 ,062,833 1 ,320,482 1 ,207,015 LIABILITIES AND EQUITY Current liabilities Borrowings 7 5,000 - 7 5,000 - Lease liabilities * 1 1,375 - 1 1,375 - Trade and other payables 2 57,866 2 93,771 2 19,384 2 53,450 Deposits received 3 ,560 2 ,588 2 ,917 2 ,259 Insurance premiums payable and provision for accident claims 2 1,205 1 9,533 2 1,205 1 9,533 Fuel price equalisation account 1 9,992 1 9,992 1 9,992 1 9,992 Income tax payable 3 0,612 3 1,394 3 0,612 3 1,394 Total current liabilities 4 19,610 3 67,278 3 80,485 3 26,628 Non-current liabilities Borrowings - 7 5,000 - 7 5,000 Lease liabilities * 7 1,801 - 7 1,801 - Deferred grants 6 ,2