SBS TRANSIT LTD INTERIM

Financial Statements

SBS TRANSIT LTD Company Registration No.: 199206653M First Quarter 2019 Financial Statements The Board of Directors announces the unaudited results for the First Quarter ended 31 March 2019. 1 GROUP INCOME STATEMENT Group 1st Qtr 1st Qtr Incr/ 2019 2018 (Decr) $'000 $'000 % Revenue 3 50,762 3 28,182 6 .9 Staff costs 1 80,816 1 71,990 5 .1 Repairs and maintenance costs 4 2,293 4 2,126 0 .4 Fuel and electricity costs 4 1,859 3 7,088 1 2.9 Premises costs * 1 2,307 1 4,736 ( 16.5) Depreciation expense * 2 5,618 2 4,140 6 .1 Other operating costs 2 1,590 1 7,528 2 3.2 Total operating costs 3 24,483 3 07,608 5 .5 Operating profit 2 6,279 2 0,574 2 7.7 Net income from investments 8 6 5 9 4 5.8 Finance costs * ( 986) ( 935) 5 .5 Profit before taxation 2 5,379 1 9,698 2 8.8 Taxation ( 4,714) ( 2,939) 6 0.4 Profit attributable to shareholders 2 0,665 1 6,759 2 3.3 * Incorporates the effect of adoption of SFRS(I) 16 Leases from 1 January 2019. Page 1 of 15 2 STATEMENTS OF FINANCIAL POSITION Group Company 31 Mar 31 Dec 31 Mar 31 Dec 2019 2018 2019 2018 $'000 $'000 $'000 $'000 ASSETS Current assets Short-term deposits and bank balances 6 ,103 3 2,711 4 ,992 3 1,785 Trade receivables 1 34,467 1 23,509 1 30,256 1 20,225 Other receivables and prepayments 6 3,510 5 6,466 2 84,745 2 59,551 Inventories 1 20,111 1 17,142 9 9,975 9 9,102 Total current assets 3 24,191 3 29,828 5 19,968 5 10,663 Non-current assets Subsidiary - - 5 ,000 5 ,000 Prepayments 3 ,860 6 ,021 3 ,595 5 ,889 Vehicles, premises and equipment 6 88,936 7 05,304 6 69,419 6 85,463 Right-of-use assets * 7 5,252 - 7 5,252 - Deferred tax assets 2 2,658 2 1,680 - - Total non-current assets 7 90,706 7 33,005 7 53,266 6 96,352 Total assets 1 ,114,897 1 ,062,833 1 ,273,234 1 ,207,015 LIABILITIES AND EQUITY Current liabilities Borrowings 1 9,500 - 1 9,500 - Lease liabilities * 1 0,145 - 1 0,145 - Trade and other payables 2 25,163 2 93,771 1 93,748 2 53,450 Deposits received 3 ,379 2 ,588 2 ,751 2 ,259 Insurance premiums payable and provision for accident claims 1 9,716 1 9,533 1 9,716 1 9,533 Fuel price equalisation account 1 9,992 1 9,992 1 9,992 1 9,992 Income tax payable 3 0,526 3 1,394 3 0,526 3 1,394 Total current liabilities 3 28,421 3 67,278 2 96,378 3 26,628 Non-current liabilities Borrowings 7 5,000 7 5,000 7 5,000 7 5,000 Lease liabilities * 7 6,435 - 7 6,435 - Deferred grants 6 ,186 6 ,326 6 ,186 6 ,326 Depo