SBS TRANSIT LTD INTERIM

Financial Statements

SBS TRANSIT LTD Company Registration No.: 199206653M First Quarter 2017 Financial Statements The Board of Directors announces the unaudited results for the First Quarter ended 31 March 2017. 1 GROUP INCOME STATEMENT Group 1st Qtr 1st Qtr Incr/ 2017 2016 (Decr) $'000 $'000 % Revenue 2 83,434 2 63,473 7 .6 Staff costs 1 55,957 1 39,892 1 1.5 Repairs and maintenance costs 3 1,389 3 1,195 0 .6 Fuel and electricity costs 3 0,919 2 8,946 6 .8 Premises costs 1 2,999 1 1,840 9 .8 Depreciation expense 2 4,252 1 8,585 3 0.5 Other operating costs 1 4,887 2 1,982 ( 32.3) Total operating costs 2 70,403 2 52,440 7 .1 Operating profit 1 3,031 1 1,033 1 8.1 Net income from investments 5 9 6 0 ( 1.7) Finance costs ( 1,148) ( 1,506) ( 23.8) Profit before taxation 1 1,942 9 ,587 2 4.6 Taxation ( 1,707) ( 1,503) 1 3.6 Profit attributable to shareholders 1 0,235 8 ,084 2 6.6 Page 1 of 14 2 STATEMENTS OF FINANCIAL POSITION Group Company 31 Mar 31 Dec 31 Mar 31 Dec 2017 2016 2017 2016 $'000 $'000 $'000 $'000 ASSETS Current assets Cash and bank balances 1 0,548 4 ,254 9 ,618 3 ,446 Trade receivables 1 28,497 7 7,238 1 27,395 7 6,284 Other receivables and prepayments 1 1,327 1 9,274 1 40,466 1 28,408 Inventories 6 9,016 5 9,695 6 1,464 5 3,000 Total current assets 2 19,388 1 60,461 3 38,943 2 61,138 Non-current assets Subsidiary - - 5 ,000 5 ,000 Investments 5 ,257 5 ,268 5 ,257 5 ,268 Prepayments 2 ,786 2 ,527 2 ,706 2 ,519 Vehicles, premises and equipment 8 49,427 8 66,186 8 35,266 8 51,924 Deferred tax assets 2 2,223 2 0,354 - - Total non-current assets 8 79,693 8 94,335 8 48,229 8 64,711 Total assets 1 ,099,081 1 ,054,796 1 ,187,172 1 ,125,849 LIABILITIES AND EQUITY Current liabilities Borrowings 2 32,600 1 50,000 2 32,600 1 50,000 Trade and other payables 2 07,543 2 41,948 1 87,158 2 14,181 Deposits received 4 ,197 4 ,967 3 ,969 4 ,301 Insurance premiums payable and provision for accident claims 2 3,602 2 4,799 2 3,602 2 4,799 Fuel price equalisation account 1 9,992 1 9,992 1 9,992 1 9,992 Income tax payable 1 ,876 6 7 1 ,876 6 7 Total current liabilities 4 89,810 4 41,773 4 69,197 4 13,340 Non-current liabilities Borrowings 5 0,000 6 6,000 5 0,000 6 6,000 Deferred grants 7 ,495 7 ,709 7 ,495 7 ,709 Deposits received 5 ,280 4 ,802 4 ,239 3 ,908 Deferred tax liabilities 8 7,028 8 5,554 8 7,028 8 5,554 Provision for service benefits and long service awards 1 0,559 1 0,981 1 0,41