SBS TRANSIT LTD INTERIM

Financial Statements

SBS TRANSIT LTD Company Registration No.: 199206653M First Quarter 2018 Financial Statements The Board of Directors announces the unaudited results for the First Quarter ended 31 March 2018. 1 GROUP INCOME STATEMENT Group 1st Qtr 1st Qtr Incr/ 2018 2017 (Decr) $'000 $'000 % Revenue 3 28,182 2 83,434 1 5.8 Staff costs 1 71,990 1 55,957 1 0.3 Repairs and maintenance costs 4 2,126 3 1,389 3 4.2 Fuel and electricity costs 3 7,088 3 0,919 2 0.0 Premises costs 1 4,736 1 2,999 1 3.4 Depreciation expense 2 4,140 2 4,252 ( 0.5) Other operating costs 1 7,528 1 4,887 1 7.7 Total operating costs 3 07,608 2 70,403 1 3.8 Operating profit 2 0,574 1 3,031 5 7.9 Net income from investments 5 9 5 9 - Finance costs ( 935) ( 1,148) ( 18.6) Profit before taxation 1 9,698 1 1,942 6 4.9 Taxation ( 2,939) ( 1,707) 7 2.2 Profit attributable to shareholders 1 6,759 1 0,235 6 3.7 Page 1 of 14 2 STATEMENTS OF FINANCIAL POSITION Group Company 31 Mar 31 Dec 31 Mar 31 Dec 2018 2017 2018 2017 $'000 $'000 $'000 $'000 ASSETS Current assets Cash and bank balances 6 ,009 5 ,275 4 ,409 4 ,028 Investments 5 ,078 5 ,134 5 ,078 5 ,134 Trade receivables 1 18,893 1 22,582 1 15,189 1 19,470 Other receivables and prepayments 6 9,351 3 1,701 2 52,212 1 99,599 Inventories 9 8,419 9 4,012 8 5,938 8 2,997 Total current assets 2 97,750 2 58,704 4 62,826 4 11,228 Non-current assets Subsidiary - - 5 ,000 5 ,000 Prepayments 4 ,433 2 ,537 3 ,988 2 ,506 Vehicles, premises and equipment 7 54,750 8 03,844 7 35,188 7 83,821 Deferred tax assets 2 4,529 2 2,737 - - Total non-current assets 7 83,712 8 29,118 7 44,176 7 91,327 Total assets 1 ,081,462 1 ,087,822 1 ,207,002 1 ,202,555 LIABILITIES AND EQUITY Current liabilities Borrowings 7 2,000 5 6,000 7 2,000 5 6,000 Trade and other payables 2 28,240 2 72,302 1 98,518 2 40,764 Deposits received 3 ,830 3 ,648 3 ,379 3 ,271 Insurance premiums payable and provision for accident claims 2 2,129 2 1,965 2 2,129 2 1,965 Fuel price equalisation account 1 9,992 1 9,992 1 9,992 1 9,992 Income tax payable 1 8,140 9 ,309 1 8,140 9 ,309 Total current liabilities 3 64,331 3 83,216 3 34,158 3 51,301 Non-current liabilities Borrowings 1 25,000 1 25,000 1 25,000 1 25,000 Deferred grants 6 ,799 6 ,958 6 ,799 6 ,958 Deposits received 5 ,589 5 ,600 4 ,416 4 ,390 Deferred tax liabilities 8 3,012 8 7,112 8 3,012 8 7,112 Provision for service benefits and long service awards 1 0,591 1 0,71