ABC TRANSPORT : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

ABC TRANSPORT PLC

RC No 219970

Km 5 MCC Road, Umuoba, Uratta

P.O. Box 2575, Owerri, Imo State, Nigeria

Tel:[phone]

0805-3002000,083-9600958

[e-mail]

Directors:Prince Olumide Obayomi(Chairman);Kabiru Yusuf;Mr Bamidele Asije;

John Okoro; Jude Nneji; Frank Nneji(MD/CEO)

TABLE OF CONTENTS

CONSOLIDATED AND SEPARATE STATEMENT OF	COMPREHENSIVE INCOME	1
CONSOLIDATED AND SEPARATE STATEMENT OF	FINANCIAL POSITION	2
CONSOLIDATED AND SEPARATE STATEMENT OF CASHFLOW	3
CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY	4
CONSOLIDATED AND SEPARATENOTE 1		5 -6
CONSOLIDATED AND SEPARATE NOTE 2-6		7
CONSOLIDATED AND SEPARATE NOTE 7-10		8
CONSOLIDATED AND SEPARATE NOTE 11-13		9
CONSOLIDATED AND SEPARATE NOTE 14-16		10
CONSOLIDATED AND SEPARATE NOTE 17		11
CONSOLIDATED AND SEPARATE NOTE 18-21		12

SEGMENT REPORT	13-14
DISCLOSURES 1-16	15-21

ABC TRANSPORT PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

FOR THE FIRST QUARTER ENDED MARCH 31, 2023

			Group	Company
			2023	2022	2023	2022
Continuing operations	Notes	=N=000	=N=000	=N=000	=N=000
Revenue	14	1,445,366	1,868,767	671,696	1,155,438
Direct costs	16	(1,216,636)	(1,563,132)	(566,398)	(976,790)
Gross profit			228,730	305,635	105,298	178,648
Administrative expenses	17	(265,069)	(361,920)	(128,817)	(276,847)
			(36,339)	(56,286)	(23,519)	(98,199)
Other operating income	15	37,483	16,378	27,239	14,299
Interest income	18	0	66	0	0
Investment income
Net fair value gains on financial assets through
profit or loss	18	471	231	471	231
Impairment losses
Other gains and losses	19	18,370	78,432	50,550	63,555
Finance costs	20	(100,663)	(44,932)	(90,840)	(29,587)
Profit/(loss) before income tax			(80,678)	(6,111)	(36,099)	(49,701)
Income tax expense	11.	(16,474)	(45,758)	(12,215)	(22,763)
(Loss)/profit from continuing operations			(97,152)	(51,869)	(48,314)	(72,464)

Attributable to:

Equity shareholders

Non-controlling interests

Other Comprehensive income:

Items that will not be reclassified subsequently to profit or loss:

Remeasurement of defined benefit obligation

Items that may be reclassified subsequently to profit or loss

Net exchange differences on translating foreign operations

Other comprehensive income

Total comprehensive (loss)/income for the year

(79,164)	(68,678)	(48,314)	(72,464)
(17,988)	16,810
(97,152)	(51,869)	(48,314)	(72,464)

42,790 20,080

42,790 20,080

(54,362)

(31,789)

(48,314)

(72,464)

Attributable to:
Equity shareholders	(36,802)	(48,799)	(48,314)	(72,464)
Non-controlling interests	(17,560)	17,010
	(54,362)	(31,789)	(48,314)	(72,464)
Basic earnings per share(kobo)	(4.06)	(3.13)	(2.02)	(4.37)
Diluted earnings per share(kobo)	(4.06)	(3.13)	(2.02)	(4.37)

The accompanying notes and statement of material accounting policy information form an integral part of these consolidated financial statements.

1

ABC TRANSPORT PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE FIRST QUARTER ENDED MARCH 31, 2023			31/12/2022
		Group	GROUP	Company
		2023	2022	2022	2023		2022
	Note	N'000	N'000	N'000	N'000	N'000
Non-current assets
Property, plant and equipment	1	3,834,219	2,930,589	3,978,080	2,841,438		2,061,679
Intangible assets	12	24,840	29,627	29,071	24,697		29,391
Right of use assets		36,461	41,700	39,776
Investment in subsidiaries					141,470		41,470
Financial assets - FVOCI		1,845	1,845	1,845	1,845		1,845
Financial assets - FVPL		18,044	16,593	17,574	18,044		16,593
Deferred tax asset		59,864	59,864	59,864	59,864		59,864

Total non-current assets
Current assets
Inventories	2
Trade and other receivables	4
Other assets	5
Cash and bank balances	6
Current Tax asset
Total current assets
Total assets
Equity and reserves
Issued share capital
Share premium
Retained earnings
Other comprehensive income reserve
Shareholder's fund
Non-controlling interests
Total equity and reserves
Non-current liabilities
Loans and borrowings	10a
Post employment benefits - defined benefits	13
Provisions	9
Deferred tax liabilities
Total non-current liabilities
Current liabilities
Loans and borrowings	10b
Post employment benefits - defined contribution
Current tax liabilities	11
Trade and other payables	7
Deferred income	8

Overdraft

Total current liabilities

Total Liabilities

Total equity and liabilities

3,975,274	3,080,218	4,126,211	3,087,358	2,210,842
1,188,346	920,413	1,269,522	239,029	234,830
367,562	556,967	285,002	489,598	285,402
812,695	1,359,541	863,269	352,608	309,652
142,908	384,866	97,279	19,088	133,153
1,437	1,776	1,618
2,512,948	3,223,563	2,516,690	1,100,323	963,037
6,488,221	6,303,781	6,642,901	4,187,682	3,173,879
1,196,311	828,850	1,196,311	1,196,311	828,850
434,607	558,916	434,607	434,607	558,916
(913,765)	(839,156)	(834,601)	(819,604)	(874,244)
44,410	47,141	2,048	18,188	18,188
761,563	595,751	798,365	829,502	531,710
441,143	431,485	458,703
1,202,706	1,027,236	1,257,069	829,502	531,710
1,343,221	205,053	1,412,393	1,168,932	28,515
143,828	156,773	148,620	142,020	155,053
71,537	74,178	71,538	71,537	74,178
27,695	27,695	27,695
1,586,281	463,699	1,660,246	1,382,489	257,746
502,868	833,984	706,078	434,669	479,733
321,891	302,965	311,289	321,891	302,965
476,281	466,074	461,244	178,716	166,503
2,157,171	2,707,924	2,055,162	943,157	1,160,407
177,539	54,277	191,815	97,255	25,824
63,483	447,621	0	0	248,991
3,699,234	4,812,846	3,725,587	1,975,691	2,384,423
3,699,234	4,812,846	3,725,587	1,975,691	2,384,423
6,488,221	6,303,781	6,642,901	4,187,681	3,173,879

The consolidated financial statements were approved by the Board of Directors on 25th April 2023 and signed on its behalf by:

Managing Director/CEO FRC/2015/00000011771

Chief Financial Officer FRC/2014/ICAN/00000007350

The accompanying notes and statement of material accounting policy information form an integral part of these consolidated financial statements.

2

ABC TRANSPORT PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE FIRST QUARTER ENDED MARCH 31, 2023

			Group	Company
			2023	2022	2023	2022
			=N=000	=N=000	=N=000	=N=000
Cash flow from operating activities	342,297	24,291	191,045	130,654
Cash generated from operations
Interest paid
Income tax paid
Net cash inflow(outflow) from operating act	342,297	24,291	191,045	130,654
Cash flow from investing activities:
Investments in financial assets
Investments in financial assets(withdrawal)
Investment in finance lease receivables
Purchase of Property,plant and equipment	(26,337)	(133,086)	(14,255)	(26,014)
Purchase of Intangible assets	0	(23,382)		(23,382)
other movement in PPE
Investment in Subsidiaries(ABC Cargo Express)			(100,000)
Transfers from finance lease receivables(Net)
Tranfers to Associated Coy
Sale of property, plant and equipment/Assets H	39,237	0	34,193	0
Proceed from investment
Sale of available-for-sale financial assets
Dividends received
Interest received	0	66	0	0
Cash received from Investment in finance leases
Borrowing cost on fixed assets addition
Net cash inflow(outflow) from investing acti	12,900	(156,402)	(80,062)	(49,396)
Cash flows from financing activities:
Issue of shares		(245,301)		0
Borrowings/leases-Additions		0
Repayment of borrowings	(272,382)	(185,866)	(56,980)	(45,132)
Repayment of finance Lease obligations		(44,932)		(29,577)
Finance Charges/Leases	(100,663)		(90,840)
Dividends paid to the company's shareholders
Dividends paid to non-controlling interests
Net cash inflow(outflow) from financing act	(373,046)	(476,099)	(147,820)	(74,709)
Net increase(decrease) in cash and cash eq	(17,849)	(115,608)	(36,837)	6,539
Cash and cash equivalents at 1 January			97,279	52,853	55,926	(122,377)
Cash and cash equivalents at 31/03/2023		79,430	(62,755)	19,088	(115,838)
N:B :Overdaft is considered as part of cash and cash equivalents		3