ABC TRANSPORT PLC CONSOLIDATED AND … of finance Lease obligations (87,525) (87,525) Finance Charges/Leases (162,187) (422,712) (105,160) (171,216) Dividends paid to the company's

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE INCOME STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017

CONTINUING OPERATIONS Note 2017 2016 2017 2016

N,000 N,000 N,000 N,000

Revenue 14 5,245,008 5,099,074 4,256,686 4,090,203

Operating costs 16 (3,942,375) (4,283,357) (3,504,979) (3,399,257)

Gross profit 1,302,634 815,718 751,707 690,946

Admistrative expenses 17 (950,785) (1,069,853) (843,982) (838,513)

Other operating income 15 256,052 53,122 77,925 40,381

Interest income 18 2,115 2,876 2,110 1,206

Impairment losses - (2,976) (2,976)

Other gains and losses 19 58,032 87,211 46,181 87,211

Financing costs 20 (162,187) (422,712) (105,160) (171,216)

Profit before taxation 505,860 (536,615) (71,220) (192,961)

Income tax expenses(provision) 11 (170,140) (80,690) (69,353) (75,935)Profit from continuing operations 335,720 (617,305) (140,573) (268,896)

Attributable to:

Equity shareholders 96,993 (444,894) (140,573) (268,896)

Non-controlling interests 238,728 (172,412)

335,721 (617,306) (140,573) (268,896)

Items that may be reclassified subsequently to profit or loss

Foreign exchange translation loss, net of tax 14,096 (17,780)

Net gain/(loss) on defined benefit plans, net of tax Total comprehensive (loss)/income for the year 349,817 (635,086) (140,573) (268,896)

Total Comprehensive income Attributable to:

Equity shareholders 110,949 (462,497)

Non-controlling interests 238,869 (172,589)Total comprehensive (loss)/income for the year 349,817 (635,086) 0 0

Basic and diluted (loss)/earnings per share 20 (37) (8) (16)

1

Group Company

ABC TRANSPORT PLC

CONSOLIDATED INCOME STATEMENT

FROM JULY 31 TO SEPTEMBER 30 2017

CONTINUING OPERATIONS

Group Group

N,000 N,000

JUL-SEP JUL-SEP

2017 2016

Revenue 1,937,982 1,390,042

Operating costs (1,282,035) (1,116,758)

Gross profit 655,948 273,284

Admistrative expenses (307,633) (346,805)

Other operating income (136,930) 20,793

Interest income 2,113 1,103

Net value gains/(losses)on financial assets at FVTPL (683)

Impairment losses 0 (2,976)

Other gains and losses 9,512 35,751

Financing costs (47,377) (183,349)

Profit before taxation 174,949 (202,200)

Income tax expenses(provision) (438) (63,292)Profit from continuing operations 174,511 (265,492)

Attributable to:


Non-controlling interests 100,938 (74,151)

174,512 (265,492)

Items that may be reclassified subsequently to profit or loss

Foreign exchange translation loss, net of tax 15,452

Net gain/(loss) on defined benefit plans, net of tax

Foreign Exchange gain/(loss) transferred to income statement

others 20,781 (8,306)Total comprehensive income/(loss) for the period 210,745 (273,799)

Total Comprehensive income Attributable to:


Non-controlling interests 101,300 (74,407)210,745 (273,799)

2

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION


Note

Non-current assets GROUP

2017 2016 31/12/16 2017 2016

N,000 N,000 N,000

Deferred tax assets 59,864 59,864 60,543 59,864 59,864

Goodwill

Other Intangible assets 12 14,727 19,530 18,457 14,727 19,530

Property, plant and equipment 1 2,409,902 3,111,118 2,977,889 2,338,576 3,051,560

Investment in subsidiaries 41,470 6,520

Deposit for shares in TSS 34,950

Other investments 1,845 1,845 1,845 1,845 1,845

Financial Assets-FVTPL 19,043 16,251 16,935 19,043 16,251

Finance lease receivables

2,505,381 3,208,608 3,075,669 2,475,524 3,190,520

Current assets

Inventory 2 407,071 436,872 552,936 171,993 163,715

Finance lease receivables

Trade and other receivables 4 136,247 294,284 248,884 380,328 352,251

Other current assets 5 1,160,991 148,423 362,535 356,536 93,508

Cash and cash equivalents 6 107,670 89,100 85,635 72,271 61,593

Non-current assets HFS 3

1,811,980 968,680 1,249,990 981,128 671,066Total assets 4,317,361 4,177,288 4,325,659 3,456,652 3,861,586

Equity

Issued share capital 828,850 828,850 828,850 828,850 828,850

Share premium 575,391 575,391 575,391 575,391 575,391

General reserve 239,797 179,793 142,804 226,199 457,871

Accumulated OCI (31,579) (94,008) (45,534) (39,591) (67,189)

Total equity shareholders' funds 1,612,460 1,490,026 1,501,511 1,590,849 1,794,923

Non-controlling interests 121,868 (205,946) (117,001)

Total equity 1,734,327 1,284,080 1,384,510 1,590,849 1,794,923

Non -current liabilities

Long-term borrowings 10a 190,360 84,164 50,726 190,360 84,164

Finance lease obligations

Post employment benefits-Defined benefits 13 233,737 255,385 270,436 233,737 253,464

Provisions 9 38,870 5,704 6,614 15,360 5,704

462,968 345,253 327,776 439,458 343,332

Current liabilities

Deferred tax

Short term borrowings 10b 405,850 723,857 842,263 219,382 531,548

Finance lease obligations 85,252 45,607 85,252

Post employment benefits-Defined contribution 193,477 164,627 187,549 193,477 164,627

Current taxation liabilities 11 196,025 143,160 158,996 98,063 148,007

Trade and other payables 7 1,077,050 1,044,679 1,185,183 667,760 634,833

Deferred income 8 20,951 9,216 6,269 20,951 9,216

Bank overdraft 226,713 377,163 187,506 226,713 149,849

2,120,066 2,547,955 2,613,373 1,426,346 1,723,331

Total equity and liabilities 4,317,361 4,177,288 4,325,659 3,456,653 3,861,586

The consolidated financial statements were approved by the Board of Directors on 20th October 2017 and signed on its behalf by:

Chairman FRC/2014/00000009248

Managing Director/CEO FRC/2015/00000011771

Chief Financial Officer FRC/2014/ICAN/00000007350

The accompany notes and statement of significant accopunting policies form an intgral part of these consolidated financial statements

3

CompanyGROUP

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS


2017 2016 2017 2016

N,000 N,000 N,000 N,000

Cash flow from operating activities 305,032 1,634,497 136,986 911,581

Cash generated from operations

Interest paid

Income tax paidNet cash inflow(outflow) from operating activities 305,032 1,634,497 136,986 911,581

Cash flow from investing activities:

Investments in financial assets 5,000 5,000

Investment in finance lease receivables

Purchase of Property,plant and equipment (132,059) (264,575) (128,920) (219,573)

Purchase of Intangible assets (3,267) (2,468) (3,267) (2,468)

other movement in PPE 272,071 21,718 (72,679) 12,158

Investment in Subsidiaries(CSSL)

Transfers from finance lease receivables(Net)

Tranfers to Associated Coy

Sale of property, plant and equipment/Assets Held-for-Sale 24,901 56,040 24,901 56,040

Sale of available-for-sale financial assets

Dividends received

Interest received 2,115 2,876 2,110 1,206

Cash received from Investment in finance leases 4,783 4,783

Borrowing cost on fixed assets additionNet cash inflow(outflow) from investing activities 163,761 (176,627) (177,854) (142,856)

Cash flows from financing activities:

Issue of shares

Borrowings/leases-Additions 331,834 331,834

Repayment of borrowings (655,613) (1,073,586) (214,189) (537,699)

Repayment of finance Lease obligations (87,525) (87,525)

Finance Charges/Leases (162,187) (422,712) (105,160) (171,216)

Dividends paid to the company's shareholders

Dividends paid to non-controlling interests

Net cash inflow(outflow) from financing activities (485,966) (1,583,823) 12,486 (796,440)

Net increase(decrease) in cash and cash equivalents (17,172) (125,953) (28,383) (27,715)

Cash and cash equivalents at 1 January (101,871) (162,110) (126,059) (60,541)Effects of exchange rate changes on cash and cash eqvts

Cash and cash equivalents at 30/9/2017 (119,043) (288,063) (154,442) (88,256)

4

CompanyGroup

ABC TRANSPORT PLC

CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY


I.GROUP

Share capital

Share

premium Retained Earnings OCI NCI Total

resrves

N,000 N,000 N,000 N,000 N,000 N,000

January 1, 2016 828,850 575,391 624,329 (76,405) (33,357) 1,918,808

Profit/(Loss) for the year (481,525) (118,273) (599,798)

Issued share capital 0

issue expenses 34,950 34,950

Translation gain 27,776 (83) 27,693

Other comprehensive income 0

Dividends paid 0

Acturial gain/(loss) 3,095 (238) 2,857

31-Dec-16 828,850 575,391 142,804 (45,534) (117,001) 1,384,510

January 1, 2017 828,850 575,391 142,804 (45,534) (117,001) 1,384,510

Profit/(Loss) for the year 96,993 238,728 335,721

Bonus issue 0

issue expenses 0

Translation gain 13,955 141 14,096

Other comprehensive income 0

Dividends paid 0

Acturial gain/(loss) 0

30-Sep-17 828,850 575,391 239,797 (31,579) 121,868 1,734,327

II.PARAENT

Share capital Share premium Retained OCI Total

Earnings resrves

N,000 N,000 N,000 N,000 N,000

01-Jan-16 828,850 575,391 726,410 (67,189) 2,063,462

Profit for the year (359,638) (359,638)

Bonus issue

Translation gain

Other comprehensive income 27,598 27,598

Dividends paid

Acturial gain/(loss)

31-Dec-2016 828,850 575,391 366,772 (39,591) 1,731,422

01-Jan-17 828,850 575,391 366,772 (39,591) 1,731,422

Profit for the year (140,573) (140,573)

Bonus issue

Translation gain

Other comprehensive income

Dividends paid

Acturial gain/(loss)

30-Sep-17 828,850 575,391 226,199 (39,591) 1,590,849

ABC TRANSPORT PLC

UNAUDITED INTERIM FINANCIAL STATEMENTS


NOTES TO THE ACCOUNTS

GROUP

1 PROPERTY,PLANT AND EQUIPMENT

MOTOR VEHICLE EQUIP, FURN LAND BUILDINGS WIP TOTAL

& FITTINGS COMPUTERS

COST/REVALUATION: N,000 N,000 N,000 N,000 N,000 N,000 N,000

BALANCE 01/01/17 7,468,615 353,650 71,301 163,706 1,309,790 800 9,367,862

ADJUSTMENTS -

ADDITIONS/REVALUATION 107,598 12,210 2,259 2,806 3,269 3,917 132,059

DISPOSALS/ADJUSTMENT (217,993) (217,993)

TRANSFERS TO ASSOCI. -

TRANSFERS FROM FLR -

TRANSFERS FROM WIP 84 (84) -

EXCHANGE DIFFERENCE -

BALANCE 30/9/17 7,358,220 365,860 73,560 166,512 1,313,143 4,633 9,281,928

DEPRECIATION:

BALANCE 01/01/17 5,496,012 232,043 60,701 601,217 - 6,389,973

ADJUSTMENTS - -

CHARGE 631,986 25,951 3,448 37,300 - 698,686

ELIMINATED ON DISPOSAL (216,633) (216,633)

DISPOSAL/ADJUSTMENT -

IMPAIRMENT -


DERECOGNISED -

BALANCE 30/9/17 5,911,365 257,994 64,149 0 638,517 0 6,872,026

AT 30/9/17 1,446,855 107,866 9,411 166,512 674,625 4,633 2,409,902

AT 30/9/16 2,102,067 125,352 11,497 153,706 717,696 800 3,111,118

5

PARENT

PROPERTY,PLANT AND EQUIPMENT

MOTOR VEHICLE EQUIP, FURN LAND BUILDINGS WIP TOTAL

& FITTINGS COMPUTERS

COST/REVALUATION: N,000 N,000 N,000 N,000 N,000 N,000 N,000

BALANCE 01/01/17 7,443,474 298,339 58,740 163,706 1,289,877 800 9,254,936

ADJUSTMENTS 0

ADDITIONS/REVALUATION 107,598 11,678 2,259 2,806 1,807 2,772 128,920

DISPOSALS/ADJUSTMENT (217,993) (217,993)

TRANSFERS TO ASSOCI. -


TRANSFERS FROM WIP 84 (84) -

EXCHANGE DIFFERENCE -

BALANCE 30/9/17 7,333,079 310,017 60,999 166,512 1,291,768 3,488 9,165,863

DEPRECIATION:

BALANCE 01/01/17 5,476,029 229,246 46,827 600,220 6,352,322

ADJUSTMENTS -

CHARGE 630,671 20,951 3,448 36,528 691,599

ELIMINATED ON DISPOSAL (216,633) (216,633)

DISPOSAL/ADJUSTMENT -

IMPAIRMENT -


DERECOGNISED -

BALANCE 30/9/17 5,890,067 250,197 50,275 0 636,748 0 6,827,287

AS AT 30/09/17 1,443,012 59,821 10,724 166,512 655,019 3,488 2,338,576

AS AT 30/9/16 2,114,998 71,317 11,498 153,706 699,241 800 3,051,560

INTANGIBLE ASSETS

2017 2016 2017 2016

N,000 N,000 N,000 N,000

COST 18,456 22,301 18,456 22,301

ADDITIONS/RECLASSIFICATIONS 3,267 2,468 3,267 2,468

AMORTIZATIONS (6,997) (5,239) (6,997) (5,239)

BALANCE 14,727 19,530 14,727 19,530

6

COMPANYGROUP

2 INVENTORY 2017 2016 2017 2016

MOTOR VEHICLE PARTS 160,436 140,294 160,436 140,294

STATIONERIES & PRINTED MATS. 9,126 7,646 9,126 7,646

FUEL & DIESEL 641 13,711 641 13,711

FRUITS, DRINKS, SNACKS,ETC 399 341 399 341

UNIFORMS/PROMO MATS. 664 825 664 825

OIL & LUBRICANTS 6,115 6,255 6,115 6,255

SANITATION MATERIALS 237 173 237 173

CTI STOCKS 1,934 2,071 1,934 2,071

TSS -STOCK 235,078 273,157 - -

ALLOWANCE FOR IMPAIRED STOCK (7,559) (7,602) (7,559) (7,602)

407,071 436,872 171,993 163,715

3 NON CURRENT ASSETS HELD FOR SALE

MOTOR VEHICLES

OTHERS

4 TRADE AND OTHER RECEIVABLES

ACCOUNTS RECEIVABLE 204,103 201,443 170,263 198,231

ALLOWANCES FOR DOUTFUL BALANCES (46,007) (36,955) (46,007) (36,955)

158,096 164,489 124,256 161,277

CURRENT ACCOUNT (0) 3,504 (0) 3,504

STAFF DEBTS 174,012 134,132 172,263 134,132

ALLOWANCE FOR STAFF DEBTS. (199,177) (116,406) (159,177) (116,406)

ABC GHANA LTD 0 2,132 44,363 28,007

TRANSIT SUPPORT SERVICES LIMITED 0 0 195,307 35,303

RAPIDO VENTURES LTD. (27,727) 12,207 (27,727) 12,207

MAYFAIR SUITES & CONFERENCE CENTRE - 4,338 - 4,338

ABEX LIMITED 1,435 0 1,435 0

OTHER RECEIVABLES 2,053 1,984 2,053 1,984

OTHER DEBTORS 27,555 38,489 27,555 38,489

136,247 244,869 380,328 302,835

5 OTHER CURRENT ASSETS

PREPAID RENT 64,383 70,912 42,739 42,455

PREPAID INSURANCE 6,404 18,151 5,708 17,579

DEFERRED EXPENDITURE 12,177 7,338 12,177 7,338

WITHOLDING TAX RECOVERABLE 173,235 211,352 123,240 164,344

ALLOWANCE FOR WHT RECOVERABLES. (60,213) (69,243) (40,871) (69,243)

DEPOSIT WITH SUPPLIERS 889,766 6,384 253,842 0

OTHERS 124,114 752 (5,347) 0

TIB SECURITY DEPOSIT - 7,472 - 7,472

DIRECTOR'S CURRENT ACCOUNT (48,873) (55,281) (34,951) (27,023)

1,160,991 197,838 356,536 142,923

6 CASH AND CASH EQUIVALENTS

CASH IN HAND 33,931 55,259 21,521 44,030

CASH AT BANK 73,739 33,841 50,750 17,562

107,670 89,100 72,271 61,593

2017 2016 2017 2016

7 TRADE AND OTHER PAYABLES N,000 N,000 N,000 N,000

TRADE CREDITORS 281,384 513,876 212,440 212,055

ACCRUED EXPENSES 54,631 73,359 54,031 72,998

INDUSTRIAL TRAINING FUND LEVY 7,790 6,744 6,157 6,559

UNCLAIMED DIVIDEND FUND 45,161 45,161 45,161 45,161

CO-OPERATIVE 28,501 47,485 28,501 47,485

VAT PAYABLE 259,906 244,336 259,750 182,049

WHT 3,193 2,026 1,609 1,503

PAYE 14,195 12,265 14,195 12,265

ACCRUED SALARY 34,205 38,009 34,205 38,009

STAFF WELFARE 60 51 60 51

OTHER PAYABLES 347,152 61,083 10,779 16,414

CUSTOMER CASH TRANSFER 173 283 173 283

FRANCHISE SECURITY DEPOSIT 700 700

1,077,050 1,044,679 667,760 634,833

8 DEFERRED INCOME

DEFERRED INCOME FROM CARGO 7,534 5,998 7,534 5,998

DEFERRED INCOME FROM LEASED WAREHOUSE13,417 3,218 13,417 3,218

20,951 9,216 20,951 9,216

9

PROVISIONS

PROVISION FOR CONTINGENT LIABILITIES 38,870 5,704 15,360 5,704

38,870 5,704 15,360 5,704

GROUP COMPANY

2017 2016 2017 2016

10 N,000 N,000 N,000 N,000

BORROWINGS

A. LONG TERM BORROWINGS

FIDELITY BANK LEASE 16 - 8,139 8,139

FID LEASE 5,698 49,154 5,698 49,154

LEASE CREDITORS - 26,871 - 26,871

FIDELITY BANK N140.88 MILLION - FACILITY 103,303 - 103,303 -

DIAMOND BANK FACILITY 2. - 193.16M 81,360 - 81,360 -

190,360 84,164 190,360 84,164

B. LONG TERM LEASES

UDBN LEASE

THE INFRASTRUCTURE BANK LEASE.

GROUP COMPANY

7

GROUP COMPANY

GROUP COMPANY

2017 2016 2017 2016

B. SHORT-TERM BORROWINGS N,000 N,000 N,000 N,000

FIDELITY BANK LEASE 11 - 32,721 - 32,721


FIDELITY LOAN FACILITY. - 82,834 - 82,834

FIDELITY LEASE 26.33M - 6,208 - 6,208

FIDELITY BANK LEASE 16 8,860 42,537 8,860 42,537

FID. 25M LEASE FACILITY. - 4,941 - 4,941

FID LEASE 43,456 34,094 43,456 34,094



FIDELITY BANK LEASE - 13.499M - 2,993 - 2,993

FIDEITY BANK LEASE 19 - 2,995 - 2,995

FIDELITY LEASE - 97M - 29,801 - 29,801

FIDELITY BANK LEASE - - 3,828 - 3,828

FIDELITY BANK TERM LOAN - 6,727 - 6,727

FIDELITY BANK LEASE - - 3,110 - 3,110


LEASE ACCOUNT - HOF - 3,399 - 3,399

FIDELITY LEASE. - 5,621 - 5,621

LEASE CREDITORS 23,951 35,947 23,951 35,947

TSS BORROWINGS 186,468 192,309 - -

FIDELITY BANK N140.88 MILLION - FACILITY 35,366 - 35,366 -

DIAMOND BANK FACILITY 2. - 193.16M 107,749 - 107,749 -

405,850 723,857 219,382 531,548

B. SHORT TERM LEASES

THE INFRASTRUCTURE BANK LEASE. - 85,252 - 85,252

- 85,252 - 85,252

11 TAXATION

B/FWD 166,986 236,450 166,951 232,978

ADJUSTMENT (10,234) (8,212) (10,234) (8,212)

PROVISION FOR THE PERIOD 180,374 80,690 79,587 84,147

ADJ PROVISION FOR THE PERIOD 337,126 308,928 236,304 308,913

337,126 308,928 236,304 308,913

PAID IN THE PERIOD (141,101) (165,768) (138,241) (160,906)

C/FWD 196,025 143,160 98,063 148,007

12 INTANGIBLE ASSETS

COMPUTER SOFTWARE

LICENCES

OTHERS

13 POST EMPLOYMENT BENEFITS

GRATUITY 233,737 255,985 233,737 254,064

LONG SERVICE GRANT ADVANCE - (600) - (600)

233,737 255,385 233,737 253,464

GROUP COMPANY

2017 2016 2017 2016

14 REVENUE N,000 N,000 N,000 N,000

TRANSPORT EARNINGS-PASSENGER 1,855,381 1,862,313 1,855,381 1,862,159

LOADS & WAYBILL 1,016,784 809,128 1,016,784 809,128

HAULAGE 1,192,536 1,241,510 1,192,536 1,241,010

SERVICE CHARGE 146 241 146 241

HOSPITALITY (CTI) 191,838 177,664 191,838 177,664

REVENUE-TSS(SALE OF VEHICLES,ASSEMBLY INCOME,SPARE PARTS ETC)988,323 1,008,871 - -

5,245,008 5,099,728 4,256,686 4,090,203

15 OTHER OPERATING INCOME

FINANCE LEASE INCOME - 4,783 - 4,783

SALES OF DRUMS/USED TYRES 21,478 1,761 5,081 1,761

ADVERT INCOME 29,923 14,070 640 1,540

INSURANCE INDEMINITY 9,223 14,253 9,223 14,253

SALES OF PROMO MATERIALS 53 335 53 335

SALE OF DIESEL - 14 - 14

RENT INCOME 9,753 13,729 9,753 13,729

DEMURRAGE 357 271 357 271

TRAINING INCOME 5,658 3,655 5,658 3,655

UTILITY FEE 19 - 19 -

FRANCHISE INCOME 5,214 - 5,214 -

MISCALLANEOUS INCOME 41,926 41 41,926 41

SHOWER SUIT 116 210 - -

OTHERS 132,331 - - -

256,052 53,122 77,925 40,381

8

GROUP COMPANY

2017 2016 2017 2016

16 OPERATING COSTS N,000 N,000 N,000 N,000

TRIP ALLOWANCE 213,998 270,751 213,998 270,751

DEPRECIATION/AMORTIZATION 663,672 824,966 663,672 824,966

LOADING AND OFFLOADING 32,158 39,076 32,158 39,076

FUEL EXPNESES 1,024,810 924,752 1,024,236 924,752

FOOD ITEMS, DRINKS, ETC 72,891 70,936 72,891 70,936

HIRE OF TRUCKS - 119 - 119

OIL AND LUBRICANT 85,434 60,920 85,434 60,920

MOTOR VEH REPAIRS & MAINT 722,063 587,169 721,932 587,169

HOSPITALITY EXPENSES 67,625 59,220 67,625 59,220

PACKAGING (2,113) (5,734) (2,113) (5,734)

STANDBY ALLOWANCE 5,600 5,081 5,600 5,081

OTHERS 428,276 - - -

FINES 1,826 1,554 1,826 1,554

ROAD EXPNESES 177,152 112,779 177,152 112,779

STAFF GRATUITY EXPENSES 17,213 9,149 17,213 9,149

INSURANCE 23,845 49,644 23,845 49,644

RENT EXPENSES 49,803 23,054 41,388 23,054

UNIFORM & TRAINING 3,521 3,534 3,521 3,534

SALARIES & ALLOWANCES 303,094 313,330 303,094 313,330

REPAIRS & MAINT BUILDINGS 7,957 2,644 7,957 2,644

REPAIRS & MAINT OTHER ASSETS 30,055 25,092 30,055 25,092

HAULAGE OPERATION'S LEVY 13,495 21,485 13,495 21,485

OTHERS - 884,100 - -

3,942,375 4,283,619 3,504,979 3,399,519

2017 2016 2017 2016

17 ADMINISTRATIVE EXPENSES N,000 N,000 N,000 N,000

SALARIES AND ALLOWANCES 202,084 201,930 172,348 178,168

INCONVENIENCE ALLOWANCE 5,364 5,647 5,364 5,608

OUTSTATION ALLOWANCE 18,820 16,786 18,820 16,786

MEDICAL EXPENSES 16,802 16,550 16,765 16,280

INVESTIGATION EXPENSE 399 10 399 10

ADVERT AND PUBLICITY 11,929 10,695 9,084 7,753

ACCIDENT EXPENSES 4,330 8,423 4,330 8,423

TERMINAL BENEFIT (3,533) 1 (3,533) 1

PUBLIC RELATION 19,584 15,072 16,919 13,929

TRANSPORT /OVERSEAS TRAVEL EXPENSES 30,241 24,575 16,262 22,502

RENT EXPENSES 8,547 19,498 2,178 8,363

MEAL SUBSIDY 7,452 6,681 7,452 6,681

BONUSES 16,575 16,754 15,964 15,907

STAFF GRATUITY EXPENSES 11,414 5,663 9,788 5,202

COMPENSATION 13,228 13,743 13,228 13,743

CLEANING AND SANITATION 16,644 21,447 15,333 20,611

CLEARING EXPENSES 207 114 207 114

ENTERTAINMENT EXPENSES 2,897 2,935 2,802 2,880

DIRECTOR'S EMOLUMENT 28,146 21,246 20,496 20,496

DIRECTOR'S FEES 2,543 - 1,710 -

GENERAL EXPENSES 50,436 64,661 73,311 81,710

OFFICE EXPENSES 2,894 7,417 2,894 4,137

BAD DEBTS - 163 - -

ELECTRICITY AND LIGHTING 97,094 86,084 93,421 83,115

TELEPHONE AND POSTAGES 16,045 13,746 15,460 13,278

PENSION 25,156 26,199 24,846 25,827

HOTEL EXPENSES 5,649 3,598 5,367 3,009

INSURANCE 14,206 3,081 13,559 2,613

SECURITY EXPENSES 54,776 52,532 51,682 50,056

DONATION/PUBLIC RELATIONS 5,869 5,192 5,869 5,192

NEWSPAPER EXPENSES 330 248 330 243

LEGAL & PROFESSIONAL CHARGES 15,978 12,439 14,728 11,839

LICENSING/REGISTRATION 26,818 23,068 26,753 21,422

SUBSCRIPTION & DUES 19,161 9,383 18,290 9,105

AUDIT FEES 7,639 7,502 7,639 7,502

PRINTING & STATIONERY 22,884 21,853 22,010 21,469

PRINTED AND PROMOTIONAL MATERIALS 107 231 107 231

NSITF- EMPLOYER'S CONTRIBUTION 5,536 5,522 5,290 5,331

FUEL 21,231 17,232 18,931 15,491

REPAIRS & MAINT BUILDINGS 981 139 419 139

REPAIRS & MAINT OTHER ASSETS 2,570 2,030 1,582 1,321

REPAIRS & MAINT M/VEH. 14,675 11,769 13,185 10,991

DEPRECIATION 42,017 47,906 34,930 43,419

FOREIGN EXCHANGE DIFFERENCE 11,503 194,381 11,503 26,627

WATER RATE 2,641 1,502 988 436

RATES EXPENSES 2,382 961 2,382 961

FIRST AID 57 33 57 33

INFRASTRUCTURAL DEV. FEE 483 228 483 228

AGM EXPENSES 4,288 3,750 4,288 3,750

COMPUTER REPAIRS 12,254 10,615 12,057 10,487

STAFF TRAINING AND DEVT 4,615 2,350 4,615 2,350

OTHER ALLOWANCES 23,539 26 29 26

INSTALLATION MATERIALS 865 - - -

BANK CHARGES 13,159 14,583 10,165 12,488

OTHER MARKETING/DISTRIBUTION EXPENSES 8,345 11,322 - -

OTHER TAXES, LEVIES, FEES ETC. 898 - 898 -

LOADING EXPENSES 33 110 - -

950,785 1,069,626 843,982 838,286

9

GROUP COMPANY

COMPANYGROUP

GROUP COMPANY

2017 2016 2017 2016

18 INTEREST/OTHER INCOME N,000 N,000 N,000 N,000

BANK INTEREST 2,115 2,876 2,110 1,206

19 OTHER GAINS AND LOSSES

Profit on disposal of PPE 23,542 30,308 23,542 30,308

exchange gains etc) 34,490 19,310 22,639 19,310

Others(Miscellaneous income) - 42,539 - 42,539

58,032 92,157 46,181 92,157

20 FINANCE COST

FINANCE LEASE CHARGES 162,175 422,712 105,148 171,216

LOAN INTEREST 12 - 12 -162,187 422,712 105,160 171,216

21 CASH FLOW FROM OPERATING ACTIVITIES

PROFIT AFTER TAXATION 335,721 (536,616) (140,573) (192,962)

ADD/(LESS):

FINANCE CHARGES 162,187 422,712 105,160 171,216

DEPRECIATION AND AMORTIZATION 705,683 872,738 698,595 868,295

(LOSS)/PROFIT ON SALE OF FIXED ASSETS (23,542) (30,308) (25,542) (30,308)

FOREIGN EXCHANGE TRANSLATION GAIN - - - -

INTEREST INCOME 2,115 (2,876) (2,110) (1,206)

IMPAIRMENT - 8,184 - 8,184

DIVIDEND RECEIVED - - - -

TRANSLATION DIFFERENCES - - - -

OPERATING PROFIT/(LOSS) BEFORE CHANGES

IN OPEARTING ASSETS 1,182,164 733,835 635,531 823,220

(INCREASE)/DECREASE IN OPERATING ASSETS

INVENTORY 145,865 760,018 (713) 11,528

ASSETS HELD FOR SALE

TRADE AND OTHER DEBTORS 112,637 25,966 (73,209) 181,540

PREPAYMENTS

OTHER CURRENT ASSETS (798,456) 302,657 (57,114) 277,423

STAFF LOAN

INCREASE/(DECREASE) IN OPERATING LIABS.

CREDITORS (108,133) (11,581) (168,984) (211,683)

PROVISIONS (32,256) (4,430) (8,746) (4,430)

POST EMPLOYMENT BENEFIT (30,771) (3,337) (26,622) (2,249)

DEFERRED INCOME (14,682) (3,221) (14,682) (3,221)

NET CASH FROM OPERATING ACTIVITIES

BEFORE TAX

TAX PAID (151,335) (165,768) (148,475) (160,906)

NET CASH FROM OPERATING ACTIVITIES 305,032 1,634,139 136,986 911,223

10

ABC TRANSPORT PLC

CONSOLIDATED SEGMENT PERFORMANCE STATEMENT

FOR THE NINE MONTHS ENDED 30TH SEPTEMBER, 2017.

2017 COACH SPRINTER SHUTTLE CARGO HAULAGE

HOSPITALITY

(CTI)

TRADING(

TRUCK/SP

ARE OTHERS TOTAL

Income N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Gross Segment Revenue 1,051,132 480,020 324,229 1,016,784 1,192,536 191,838 988,323 146 5,245,008

Intersegment Revenue 49,726 6,196 12,946 0 68,868

Total Revenue 1,100,858 486,216 337,175 1,016,784 1,192,536 191,838 988,323 146 5,313,876

Other Income 0 5,214 0 6,388 0 0 189,855 114,742 316,199

1,100,858 491,430 337,175 1,023,173 1,192,536 191,838 1,178,178 114,888 5,630,076

LESS: DIRECT COSTS

Material 301,597 182,904 110,948 248,500 338,611 37,715 428,276 0 1,648,551

Wages & Salaries 86,939 18,630 24,840 93,652 67,515 15,309 23,463 3,628 333,975

Depreciation-Direct 177,271 48,171 31,930 81,206 218,464 14,375 7,035 55,909 634,360

Depreciation-Apportioned 9,150 5,175 5,700 11,250 13,125 0 0 44,399

Finance Lease Charges 7,010 1,502 2,003 0 89,376 5,257 57,027 0 162,175

Operating Lease Charges 0 0 0 0 0 0 0 0 0

Impairment 0 0 0 0 0 0 0 0 0

Other direct overheads 388,189 173,712 92,033 325,354 396,631 35,668 34,700 1,314 1,447,601

970,156 430,093 267,453 759,961 1,123,722 108,325 550,501 60,851 4,271,062

GROSS PROFIT/(LOSS) 130,702 61,337 69,722 263,212 68,814 83,514 627,677 54,037 1,359,014

LESS: APPORTIONED COSTS

Workshop charge 29,763 6,378 8,504 30,211 5,371 - 0 - 80,227

General Administration 214,837 46,037 61,382 181,043 211,216 9,000 49,412 0 772,927

244,601 52,414 69,886 211,254 216,587 9,000 49,412 0 853,154

TOTAL EXPENSES 1,214,757 482,508 337,339 971,215 1,340,309 117,325 599,913 60,851 5,124,216

PROFIT/(LOSS) BEFORE TAXATION (113,899) 8,922 (164) 51,958 (147,773) 74,514 578,265 54,037 505,860

INCOME TAX EXPENSES (PROVISION) (170,140)

-

PROFIT FROM CONTINUING OPERATIONS 335,720

ABC TRANSPORT PLC

CONSOLIDATED SEGMENT PERFORMANCE STATEMENT

FOR THE HALF YEAR ENDED 30TH SEPTEMBER , 2016.

2016 COACH SPRINTER SHUTTLE CARGO HAULAGE

HOSPITALITY

(CTI)

TRADING(

TRUCK/SP OTHERS TOTAL

Income N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Gross Segment Revenue 1,185,319 343,309 333,531 809,128 1,241,010 177,664 1,008,871 241 5,099,074

Intersegment Revenue 39,810 4,798 15,951 - - 60,558

-

Total Revenue 1,225,129 348,107 349,482 809,128 1,241,010 177,664 1,008,871 241 5,159,632

Other Income - - - 9,998 - - 14,200 119,011 143,209

1,225,129 348,107 349,482 819,127 1,241,010 177,664 1,023,071 119,252 5,302,840

LESS: DIRECTLY ALLOCATED COSTS

Material 289,607 132,939 120,841 177,463 334,803 29,175 883,642 238 1,968,708

Wages & Salaries 97,636 13,948 27,896 82,668 84,859 13,686 18,839 - 339,532

Depreciation-Direct 277,239 40,719 45,658 77,194 340,299 19,667 4,443 10,669 815,887

Depreciation-Apportioned 8,399 2,696 4,906 8,146 12,397 - - 36,543

Finance Lease Charges 11,211 1,602 3,203 - 144,122 11,078 251,496 - 422,712

Operating Lease Charges - - - - - - - - -

Impairment - - 403 - 2,573 - - - 2,976 Other direct overheads 393,315 76,970 89,706 245,986 409,743 36,051 - 3,172 1,254,942

1,077,406 268,874 292,613 591,458 1,328,796 109,657 1,158,420 14,079 4,841,301

GROSS PROFIT/(LOSS) 147,723 79,232 56,869 227,669 (87,785) 68,007 (135,349) 105,173 461,539

LESS: APPORTIONED COSTS

Workshop charge 31,344 4,478 8,956 34,570 4,861 - - - 84,209 General Administration 214,668 30,667 61,334 155,750 237,033 9,000 205,496 - 913,947

246,012 35,145 70,289 190,321 241,893 9,000 205,496 - 998,155

TOTAL EXPENSES 1,323,418 304,019 362,902 781,778 1,570,689 118,657 1,363,916 14,079 5,839,456

PROFIT/(LOSS) BEFORE TAXATION (98,289) 44,088 (13,420) 37,348 (329,678) 59,007 (340,845) 105,173 (536,616)

INCOME TAX EXPENSES (PROVISION) (80,690)

PROFIT FROM CONTINUING OPERATIONS (617,306)

11

Corporate and others

ABC TRANSPORT PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR NINE MONTHS ENDED SEPTEMBER 30, 2017

1. General information

Going Concern

2.Basis of preparation of half year report

3. (i) Standards and amendments issued,yet to be adopted

At the date of authorization of the financial

statement,standards,amendments and interpretations to existing

standards have been published by the International Accounting

Standard Board (IASB) which will be effective in future,so, they have

not been adpoted early by the company.Management is committed to

adopting the relevant pronouncements as early as the first period

beginning after the effective date of the pronouncement.

The following standards have been issued but are not effective for

the nine months financial statements of 2017 and have not been early

adopted

(a) IFRS 15 Revenue from contracts with customers

It was originally issued in May 2014 and its effective date is reporting

period beginning on or after January 1, 2018. The objective of IFRS

15 is to establish the principles that an entity shall apply to report

useful information to users of financial statements about the

nature,amount,timing and uncertainty of revenue and cash flows

(b) IFRS 9 Financial Instrument (Final version)

Final version issued July 24,2014 and its effective date is reporting

period beginning on or after January 1,2018.It incorporates a new

expected loss impairment model and amends the classification and

measurement model for financial assets by adding a new fair value

through other other comprehensive income category for certain debt

instruments and additional guidance on how to apply the business

model and contractual cash flow characteristics test.The Group is yet

to assess the full impact.

(c) IFRS 16 Leases

It was issued on 13 January, 2016 and its effective date is reporting

period beginning on or after january 1, 2019.However, an entity

cannot adopt the standard earlier than it adopts IFRS 15.The

objective is to ensure that lessees and lessors provide relevant

information in a manner that faithfully represents those transactions.It

supersedes: IAS 17, IFRIC 4,SIC-15 AND SIC-27.IFRS 16 introduces

number of significant changes to the lease accounting

model,including a requirement for lessees to recognise assets and

liabilities for all leases(with limited exceptions).The Group is yet to

assess the full impact of the standard and intends to adopt it not later

than the accounting period beginning on or after January 1, 2019.

(d) Amendments toIFRS 10 and IAS 28 Sale or Contribution of

Assets between an investor and its associates or Joint venture

(Effective date deferred indefinitely)

It clarifies the treatment of the sale or contribution of assets from an

investor to its associate or joint venture.

The Group is presently not involved in joint arrangements.

(e) Amendments to IFRS 2 Share-based payment

Amends IFRS 2 Share-based Payment to clarify the standard in

relation to the accounting for cash settled share-based payment

transactions that include a performance condition, the classification

of share-based payment transactions with net settlement features,

and the accounting for modifications of share-based payment

transactions from cash-settled to equity-settled

12

The Group's management has made assessment of the Group's

ability to continue as a going concern and is satisfied that the

Group has the resources to continue in business for the

foreseeable future.Furthermore,management is not aware of any

material uncertainties that may cast doubt upon the Group's ability

to continue as a going concern.Therefore, the financial statements

are prepared on going concern basis.

This consolidated financial statement for nine months ended

September 30, 2017 has been prepared in accordance with the

International Financial Reporting Standard (IFRS) set by

International Accounting Standard Board(IASB) and specifically in

compliance with Interim Financial Reporting (IAS 34). The

The financial statements are prepared on the historical cost basis

of accounting.The financial statements are presented in Naira,

which is the functional currency of the economic environment in

which the entity operates and are presented in thousands of

Naira.

ABC Transport Plc was incorporated in April 1993.The

Company's business is road passenger transportation between

major cities in the south,north central and Abuja.

In July 2004, the Company commenced road passenger

transportation on the west coast between Lagos Nigeria and

Accra Ghana.ABC Transport Ghana in which ABC Transport Plc

owns a 99% equity stake was incorporated in 2007 to provide

transport services within Ghana and to offer passenger and cargo

handling service to ABC Transport Plc.

ABC Transport Plc is also involved in cargo business across the

road passenger network and hospitality business at its City Transit

Inn (CTI), Abuja. Haulage activities picked up actively for the

company in the year 2010.

ABC Transport Plc which became public company in 2005

equally owns 50% equity stake in Transit Support Services Ltd, a

trading company engaged in the importation, sales of vehicles

spares and installation of motor vehicle speed governing devices

and assembly of heavy duty trucks and a 5% stake in ABC

Express Courier (ABEX) ltd.

(f) Amendments to IFRS 4 Insurance Contracts

Amends IFRS 4 Insurance Contracts provide two options for entities

that issue insurance contracts within the scope of IFRS 4:

An option that permits entities to reclassify, from profit or loss to other

comprehensive income, some of the income or expenses arising

from designated financial assets; this is the so called overlay

approach;

An optional temporary exemption from applying IFRS 9 for entities

whose predominant

activity is issuing contracts within the scope of

IFRS 4; this is the so-called deferral approach.

The application of both approaches is optional and an entity is

permitted to stop applying them before the new insurance contracts

standard is applied.

(g) Amendments to IAS 40 Investment Property

Amends paragraph 57 to state that an entity shall transfer a property

to, or from, investment property when, and only when, there is

evidence of a change in use. A change of use occurs if property

meets, or ceases to meet, the definition of investment property. A

change in management’s intentions for the use of a property by itself

does not constitute evidence of a change in use. The list of examples

of evidence in paragraph 57(a) – (d) is now presented as a nonexhaustive

list of examples instead of the previous exhaustive list.

(h) Amendments to IFRS 1 First-time Adoption of International

Financial Reporting Standards

Amendments’ resulting from Annual Improvements 2014–2016

Cycle, the amendment deletes the short-term exemptions in

paragraphs E3–E7 of IFRS 1, because they have now served their

intended purpose.

(i) Amendments to IAS 28 Investments in Associates and Joint

Ventures

This amendment Clarifies that the election to measure at fair value

through profit or loss an investment in an associate or a joint venture

that is held by an entity that is a venture capital organization, or other

qualifying entity, is available for each investment in an associate or

joint venture on an investment by investment basis, upon initial

recognition.

(ii) New standards and amendmentsadopted

(Amendments effective from annual periods beginning on or

after 1 January 2017)

(a) Amendments to IFRS 12 Disclosure of Interests in Other

Entities

This amendment clarifies the scope of the standard by specifying that

the disclosure

requirements

in the standard, except for those in

para-graphs B10–B16, apply to an entity’s interests listed in

paragraph 5 that are classified

as held for sale, as held for

distribution or as discontinued operations in accordance with IFRS 5

Non-current Assets Held for Sale and Discontinued Operations

(b) Amendments to IFRS for SMEs

Three amendments are however of larger impact:

The standard now allows an option to use the revaluation model for

property, plant and equipment as not allowing this option has been

identified as the single biggest impediment to adoption of the IFRS

for SMEs in some jurisdictions in which SMEs commonly revalue

their property, plant and equipment and/or are required by law to

revalue property, plant and equipment;

The main recognition and measurement requirements for deferred

income tax have been aligned with current requirements in IAS 12

Income Taxes (in developing the IFRS for SMEs, the IASB had

already anticipated finalization of its proposed changes to IAS 12,

however, these changes were never finalized); and

The main recognition and measurement requirements for exploration

and evaluation assets have been aligned with IFRS 6 Exploration for

and Evaluation of Mineral Resources to ensure that the IFRS for

SMEs provides the same relief as full IFRSs for these activities.

(c) Amendments to IAS 7 Statement of Cash Flows

This amendment to IAS7 clarify that entities shall provide disclosures

that enable users of financial statements to evaluate changes in

liabilities arising from financing activities

(d) Amendments to IAS 12 Income Taxes

Amends to recognition

of deferred tax assets for unrealized losses,

IAS 12 Income Taxes clarify the following aspects:

Unrealized losses on debt instruments measured at fair value and

measured at cost for tax purposes give rise to a deductible temporary

difference regardless of whether the debt instrument's holder expects

to recover the carrying amount of the debt instrument by sale or by

use.

The carrying amount of an asset does not limit the estimation of

probable future taxable profits.

Estimates for future taxable profits exclude tax deductions resulting

from the reversal of deductible temporary differences.

An entity assesses a deferred tax asset in combination with other

deferred tax assets. Where tax law restricts the utilization of tax

losses, an entity would assess a deferred tax asset in combination

with other deferred tax assets of the same type.

13

At the date of authorization of the financial

statement,standards,amendments and interpretations to existing

standards have been published by the International Accounting

Standard Board (IASB) which will be effective in future,so, they

have not been adpoted early by the company.Management is

committed to adopting the relevant pronouncements as early as

The following standards have been issued but are not effective for

the nine months financial statement of Sept, 2016 and have not

been early adopted

IFRS 15 Revenue from contracts with customers

IFRS 9 Financial Instrument (Final version)

IFRS 16 Leases

AMENDMENTS TO IFRS 10 and IAS 28

Sale or Contribution of Assets between an

investor and its associates or Joint venture

(Effective date deferred indefinitely)

The Group is presently not involved in joint

arrangements.

AMENDMENTS TO IAS 7 Disclosure

Initiatives

(ii) New standards and amendments adopted

(Amendments effective from annual periods beginning on or

after 1 January 2017)

(a) Amendments to IFRS 12 Disclosure of Interests in Other

Entities

This amendment clarifies the scope of the standard by specifying that

the disclosure

requirements

in the standard, except for those in

para-graphs B10–B16, apply to an entity’s interests listed in

paragraph 5 that are classified

as held for sale, as held for

distribution or as discontinued operations in accordance with IFRS 5

Non-current Assets Held for Sale and Discontinued Operations

(b) Amendments to IFRS for SMEs

Three amendments are however of larger impact:

The standard now allows an option to use the revaluation model for

property, plant and equipment as not allowing this option has been

identified as the single biggest impediment to adoption of the IFRS

for SMEs in some jurisdictions in which SMEs commonly revalue

their property, plant and equipment and/or are required by law to

revalue property, plant and equipment;

The main recognition and measurement requirements for deferred

income tax have been aligned with current requirements in IAS 12

Income Taxes (in developing the IFRS for SMEs, the IASB had

already anticipated finalization of its proposed changes to IAS 12,

however, these changes were never finalized); and

The main recognition and measurement requirements for exploration

and evaluation assets have been aligned with IFRS 6 Exploration for

and Evaluation of Mineral Resources to ensure that the IFRS for

SMEs provides the same relief as full IFRSs for these activities.

(c) Amendments to IAS 7 Statement of Cash Flows

This amendment to IAS7 clarify that entities shall provide disclosures

that enable users of financial statements to evaluate changes in

liabilities arising from financing activities

(d) Amendments to IAS 12 Income Taxes

Amends to recognition

of deferred tax assets for unrealized losses,

IAS 12 Income Taxes clarify the following aspects:

Unrealized losses on debt instruments measured at fair value and

measured at cost for tax purposes give rise to a deductible temporary

difference regardless of whether the debt instrument's holder expects

to recover the carrying amount of the debt instrument by sale or by

use.

The carrying amount of an asset does not limit the estimation of

probable future taxable profits.

Estimates for future taxable profits exclude tax deductions resulting

from the reversal of deductible temporary differences.

An entity assesses a deferred tax asset in combination with other

deferred tax assets. Where tax law restricts the utilization of tax

losses, an entity would assess a deferred tax asset in combination

with other deferred tax assets of the same type.

14

Final version issued July 24,2014 and its effective date is

reporting period beginning on or after January 1,2018.It

incorporates a new expected loss impairment model and amends

the classification and measurement model for financial assets by

adding a new fair value through other other comprehensive

It was issued on 13 January, 2016 and its effective date is

reporting period beginning on or after january 1, 2019.However,

an entity cannot adopt the standard earlier than it adopts IFRS

15.The objective is to ensure that lessees and lessors provide

relevant information in a manner that faithfully represents those

transactions.It supersedes: IAS 17, IFRIC 4,SIC-15 AND SIC-

27.IFRS 16 introduces number of significant changes to the lease

accounting model,including a requirement for lessees to recognise

assets and liabilities for all leases(with limited exceptions).The

Group is yet to assess the full impact of the standard and intends

to adopt it not later than the accounting period beginning on or

after January 1, 2019.

It clarifies the treatment of the sale or contribution of assets from

an investor to its associate or joint venture.

It was issued on January 27,2016 and its effective date is

reporting period beginning on or after january 1, 2017. It clarifies

that an entity shall provide disclosures that enable users of

Financial statements to evaluate changes in liabilities arising from

financing activities.The company will comply accordinghly.

It was originally issued in May 2014 and its effective date is

reporting period beginning on or after January 1, 2018. The

objective of IFRS 15 is to establish the principles that an entity

shall apply to report useful information to users of financial

statements about the nature,amount,timing and uncertainty of

revenue and cash flows arising from a contract with customer.The

Group is yet assess the full impact.

4. Seasonality of operations

5.Segment information

Coach Passenger Operations - long distance service using luxury buses.

Sprinter Passenger Operations - long distance service using midi buses

Shuttle Passenger Service - relatively shorter distance service using midi buses

Haulage services - dedicated

long distance haulage servicing manufacturers.

Cargo services -

consolidated cargo services including mails and

light packages delivery.

Hospitality -budget

accommodation targeted at sleep-over

passengers.

6.Unusual items

7. SIGNIFICANT ACCOUNTING POLICIES

Property,Plant and Equipment

8.Contingent liabilities/Litigation settlements

Cintingent liabilities increased from N6.61m to N15.36m. This is as a result of damages awarded against the company

in one of the cases instituted againsted the company.The company has however filed an appeal against the judgment.

9.Related party transactions

Rapido Ventures Limited

Abex Express Parcel Services Limited.

Mayfair Hotels and Suites

Transit Supports Services Ltd.

10. Events occuring after the reporting period

11. Debt and equity securities,loan repayments and financing arrangements

Borrowings N'000

Opening balance (1/1/2017) 892,989

New borrowings 331,834

Repayments (655,613)

Closing balance (30/09/2017) 569,210

Current portion 405,850

Non-current portion 190,360

Total 596,210

Leases N'000

Opening balance (1/1/2017) 45,607

New Leases 0

Rentals (45,607)

Closing balance (30/09/2017) 0

Current portion 0

Non-current portion 0

Total 0

15

There have not been significant events after the interim period

that could alter the position as presented on the interim financial

statements.

There were no issuances or repurchases of debt securities within the period.Movement in borrowings is as presented below:

ABC Transport Plc owns 5% of the share capital of Abex Express

Parcel Services Ltd.During the period under review,invoices from

Abex Ltd to ABC Transport Plc was N118,261.50 while the total

amount of invoices from ABC Transport Plc to Abex Ltd was

N1,305,587.05

Included in "Trade & Other Receivables" is the sum of

The wife of ABC's managing director is the managing director of

Mayfair Hotels which offers hospitality services to ABC Transport

Plc.Invoices from Mayfair Hotels to ABC Transport Plc for the

period under review was N9,017,567.62 while total amount of

invoices from ABC Transport Plc to Mayfair was N5,885,904.00

Included in"Other Receivables"is the sum of N10,142,367.88 due

to ABC Transport Plc from Mayfair Hotels as at 30/09/2017.

ABC Transport Plc owns 50% equity in Transit Support services

Ltd.During the period under review,invoices from Transit Support

Services to ABC Transport Plc was N44,632,365.04 while the

total amount of invoices from ABC Transport Plc to Transit

Support Services was N2,802,543.42

Included in"Other Receivables"is the sum of N195,306,728 due to

ABC Transport Plc from Transit Support services Ltd as at

The committee considers the business from an operating basis

based on services,subject to differing risks and return patterns

and have identified the reportable segments as follows:

There were no unusual transactions or items of a material nature

The movement in property,plant and equipment are as presented

in note 1 to this interim financial statement. PPE valued at

N132.059million was acquired within the interim period.

The Group has business relationship with Rapido Ventures

Ltd,Abex Express Pacel services Ltd,Mayfair hotels and suites

and Transit Support Service Limited.

Mr Frank Nneji,(MD/CEO) is the largest shareholder in both

Rapido Ventures Ltd and ABC Transport Plc.During the period

under review, invoices from Rapido Ventures Ltd to ABC

Transport was N16,465,235.00 while the total amount of invoices

from ABC Transport plc to Rapido ventures Ltd was

N8,428,636.04. Hence, balance due to Rapido Ventures Ltd is

N27,114,253.52AS AT 30/09/17

The company experiences peak in its passenger operations in

January (end-of-year holiday travellers) March/April (Easter

holidays). August (summer holidays) and December (Xmas

holidays).Cargo business peaks on month before the passenger

peaks,while haulage business remains relatively smooth

Management has determined the operating segments based on

the reports reviewed by the Budget Committee that are used to

make strategic decisions. The budget committee currently

consists of the Managing director,the Chief Financial Officer,the

Head of Planning,the Chief Internal Auditor,Head of Human

Resources and the operating divisional heads.

12. Discontinued operations

13. Dividends

There was no dividend paid as at 30/09/17

14. Business combinations

The company was not involved in any merger

or acquisition within the period under review.

(a) Investments in Subsidiaries and Associates

(b) Financial instruments

(c) Investment in Finance Leases

15.Restructurings

There were no restructurings or reversals relating to same within the period under review.

16. Changes in estimates/Prior year adjustments

17.Impairments/Write-down of inventory to NRV

No provision was made for impairment but allowance of N31,197,061 was made for buses

transferred to materials department for possible damages on recoverable parts. Refer to note 2 .

18. Risks and Uncertainties

19.Key events within the interim period

The profit reported by Transit Supports Services Ltd is largely due to increased patronage from Dangote group and commissions from suppliers

20.Earnings Per Share

The earnings and weighted average number of

ordinary shares used in the calculation of basic

and dilluted earnngs per share is as follows: GroupGroup Company

2016 20152017 2016 2017 2016

N'000 N'000N'000 N'000 N'000 N'000

Profit attributable to equity Shareholders 96,993 (444,894) (140,573) (268,896)

Weighted number of ordinary shares for the

purpose of basic earning per share 1,657,700 1,657,700 1,657,700 1,657,700

Weighted number of ordinary shares for the

1,657,700 1,657,700 1,657,700 1,657,700

16

There was no investment in finance lease as at 30/09/17

There were no material prior year adjustments due to either errors

or accounting policy changes within the period under review.

The group's principal risk and uncertainty exposures as

enunciated in the 2016 audited accounts have remained relatively

the same up till the time of filing this interim financial statements.

No line of the company was discontinued during the period in

review.No item of PPE was reclassified as non -current assets

held for sale.

Application of IAS 27, IAS 28, IFRS 10, 11 and 12 which define

the criteria for infering control and significant influence demands

that the company consolidates its subsidiaries and applies the

equity method to the associated company.The interim financial

There were no increments in other subsidiaries and associated

company within the period under review.

An unclaimed dividend pool of N14,424,653.73 was transferred in

Aug'12 from the custody of the company's registrars to Stanbic

IBTC Assets Management Ltd for investment to the benefit of the

company in line with the provisions of the investment and

Securities Act 2007. Fair value gain of N2,107,878.84 earned

within the interim period is included in interest income reported in

the Statement of Profit or Loss.The fund was valued at

N19,043,030.29 as at September 30, 2017. Unclaimed dividend

fund stands at a total of N45,161,291.27 as reported under note 7

(Trade and Other Payables).

Documents

ABC TRANSPORT PLC CONSOLIDATED AND … of finance Lease obligations (87,525) (87,525) Finance Charges/Leases (162,187) (422,712) (105,160) (171,216) Dividends paid to the company's