ABC TRANSPORT : QUARTER 3 - 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;; Frank Nneji, Jude Nneji(MD/CEO)

TABLE OF CONTENTS

CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME 1-2

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

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

ABC TRANSPORT PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
			Group		Company
			2023		2022	2023	2022
Continuing operations	Notes	=N=000	=N=000	=N=000	=N=000
Revenue	14		4,787,965		5,767,365	2,317,952	3,944,260
Direct costs	16		(3,769,743)		(4,661,806)	(1,811,066)	(3,093,635)
Gross profit			1,018,222		1,105,559	506,886	850,625
Administrative expenses	17		(883,124)		(1,098,043)	(469,864)	(848,306)
			135,098		7,516	37,023	2,319
Other operating income	15		74,492		157,445	93,060	141,060
Interest income	18		0		562	0	711
Investment income
Net fair value gains on financial assets
through profit or loss	18		1,294		796	1,294	562
Impairment losses	0		0			0
Other gains and losses	19		(246,782)		55,820	243,262	47,029
Finance costs	20		(301,843)		(170,946)	(257,165)	(111,521)
Profit/(loss) before income tax			(337,742)		51,193	117,473	80,160
Income tax expense	11.		(65,370)		(100,200)	(56,907)	(86,703)
(Loss)/profit from continuing operations			(403,112)		(49,007)	60,566	(6,544)
Attributable to:
Equity shareholders			(161,584)		(38,063)	60,566	(6,544)
Non-controlling interests			(241,528)		(10,943)
			(403,112)		(49,006)	60,566	(6,544)
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

(34,732) 52,351

(34,732) 52,351

Total comprehensive (loss)/income for the year	(437,844)	3,345	60,566	(6,544)
Attributable to:
Equity shareholders	(195,969)	13,765	60,566	(6,544)
Non-controlling interests	(241,875)	(10,420)
	(437,844)	3,345	60,566	(6,544)
Basic earnings per share(kobo)	(16.85)	(2.05)	2.53	(0.27)
Diluted earnings per share(kobo)	(16.85)	(2.05)	2.53	(0.27)

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

1

ABC TRANSPORT PLC

CONSOLIDATED INCOME STATEMENT

FOR JULY 1 TO SEPTEMBER 30, 2023

	Note	Group	Group		Company
				2023	2022
		=N='000	=N='000		=N='000	=N='000
CONTINUING OPERATIONS
Revenue	14	1,637,373	2,094,369	881,790	1,457,452
Cost of sales	16	(1,284,194)	(1,713,901)	(672,381)	(1,095,973)
Gross profit		353,179	380,468		209,409	361,479
Admistrative expenses	17	(353,004)	(363,068)	(197,376)	(280,800)
Other operating income	15	(8,956)	108,644	32,460	110,415
Interest income	18	0	711	0	711
Net fair value gains/(losses) on financial assets at fair va	375	168	375	169
Impairment losses	19-	0		0
Other gains and losses		(220,014)	(20,076)	69,155	(11,302)
Financing costs	20	(102,787)	(61,079)	(81,165)	(40,211)
Profit before taxation		(331,208)	45,768	32,859	140,461	0
Income tax expenses(provision	11	5,472	(35,552)	(22,970)	(54,933)
Profit from continuing operations		(325,736)	10,216	9,889	85,528	0
Attributable to: Equity shareholders		(152,339)	48,063	9,889	85,528
Non-controlling interests		(173,397)	(37,845)
		(325,736)	10,218	9,889	85,528
Gains/(losses on revaluation of PPE
Foreign exchange translation reserve, net of tax	(5,131)	24,705	0
Net actuarial gains/(losses) on defined benefit plans

foreign exchange gains/(losses) transferred to the income statement others

Total comprehensive income/(loss) for the period Attributable to: Equity shareholders Equity sharehold Non-contollinginterests

(330,867)	34,923		9,889	85,528
(157,419)	72,519	9,889	85,528
(173,448)	(37,598)
(330,867)	34,921		9,889	85,528
2

ABC TRANSPORT PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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	3,581,453	3,724,427	3,978,080	2,603,885		2,759,833
Intangible assets	12	25,975	27,618	29,071	25,890		27,317
Right of use assets		29,861	42,948	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		18,867	16,924	17,574	18,867		16,924
Deferred tax asset		59,864	59,864	59,864	59,864		59,864
Total non-current assets		3,717,866	3,873,626	4,126,211	2,851,821		2,907,253
Current assets
Inventories	2	928,358	874,239	1,269,522	258,680		239,296
Finance lease receivables		497	497				497
Trade and other receivables	4	329,243	695,514	285,002	456,123		516,173
Other assets	5	1,305,692	901,884	863,269	398,151		368,950
Cash and bank balances	6	362,896	154,070	97,279	7,445		121,716
Current Tax asset		4,058	1,722	1,618
Total current assets		2,930,744	2,627,926	2,516,690	1,120,398		1,246,632
Total assets		6,648,610	6,501,552	6,642,901	3,972,220		4,153,885
Equity and reserves
Issued share capital		1,196,311	1,196,311	1,196,311	1,196,311		1,196,311
Share premium		434,607	436,482	434,607	434,607		436,482
Retained earnings		(996,185)	(228,335)	(834,601)	(710,724)		(754,828)
Other comprehensive income reserve		(32,337)	(43,878)	2,048	18,188		18,188
Shareholder's fund		602,396	1,360,580	798,365	938,382		896,153
Non-controlling interests		216,828	299,678	458,703
Total equity and reserves		819,225	1,660,258	1,257,069	938,382		896,153
Non-current liabilities
Loans and borrowings	10a	1,269,742	1,386,266	1,412,393	923,288		1,355,781
Post employment benefits - defined benefits	13	133,894	155,524	148,620	132,020		153,804
Provisions	9	71,471	66,738	71,538	71,471		66,738
Deferred tax liabilities		27,695	27,695	27,695
Total non-current liabilities		1,502,801	1,636,223	1,660,246	1,126,779		1,576,323
Current liabilities
Loans and borrowings	10b	559,292	730,570	706,078	508,585		368,205
Post employment benefits - defined contribution		335,187	298,663	311,289	335,187		299,257
Current tax liabilities	11	462,180	458,598	461,244	150,969		230,443
Trade and other payables	7	2,765,325	1,479,237	2,055,162	789,686		731,959
Deferred income	8	163,668	49,886	191,815	122,632		21,433
Overdraft		40,931	188,117	0	0		30,112
Total current liabilities		4,326,584	3,205,071	3,725,587	1,907,059		1,681,409
Total Liabilities		4,326,584	3,205,071	3,725,587	1,907,059		1,681,409
Total equity and liabilities		6,648,610	6,501,552	6,642,901	3,972,220		4,153,885
		0			0		0

The consolidated financial statements were approved by the Board of Directors on 28th October 2023 and signed on its behalf by:

Chairman FRC/2014/ICAN/009248

Managing Director/CEO FRC/2015/PCNNG/00000011844

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.

3

ABC TRANSPORT PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
		Group	Company
		2023	2022	2023	2022
		=N=000	=N=000	=N=000	=N=000
Cash flow from operating activities	782,831	(365,474)	478,863	(341,018)
Cash generated from operations
Interest paid
Income tax paid
Net cash inflow(outflow) from operating activities	782,831	(365,474)	478,863	(341,018)
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	(101,560)	(1,161,119)	(68,509)	(916,055)
Purchase of Intangible assets	(6,000)	(17,941)	(6,000)	(17,868)
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 Held-for-Sale	139,401	72,015	131,744	72,015
Proceed from investment
Sale of available-for-sale financial assets
Dividends received
Interest received	1,294	1,358	1,294	1,273
Cash received from Investment in finance leases
Borrowing cost on fixed assets addition
Net cash inflow(outflow) from investing activities	33,135	(1,105,687)	(41,471)	(860,635)
Cash flows from financing activities:
Issue of shares		245,027		245,027
Borrowings/leases-Additions		1,701,253	0	1,701,253
Repayment of borrowings	(289,437)	(562,020)	(228,707)	(530,647)
Repayment of finance Lease obligations		0		0
Finance Charges	(301,843)		(257,165)
Dividends paid to the company's shareholders
Dividends paid to non-controlling interests
Net cash inflow(outflow) from financing activities	(591,280)	1,384,260	(485,872)	1,415,633
Net increase(decrease) in cash and cash equivalents	224,686	(86,901)	(48,480)	213,980
Cash and cash equivalents at 1 January		97,279	52,853	55,926	(122,377)
Cash and cash equivalents at 30/09/2023	321,964	(34,048)	7,445	91,603

N:B :Overdaft is considered as part of cash and cash equivalents

4

ABC TRANSPORT PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 Attributable to equity holiders- the Group

At 1 January 2022

Changes in equity for 2022

Profit for the year

Issue share capital

Remeasurement of defined benefit obligation Net exchange differences on translating foreign operations

Net fair values loss on equity investments designated at FVOCI

Transactions with owners, recorded directly in equity:

Dividend paid

SEPTEMBER 30, 2022

As at 1 January 2023

Profit or loss for the year

Remeasurement of defined benefit obligation Net exchange differences on translating foreign operations

Net fair values loss on equity investments designated at FVOCI

Net Acturial loss transferred to equity upon cessation

Transactions with owners, recorded directly in equity:

Dividend paid

SEPTEMBER 30, 2023

Attributable to equity holiders- the Company

Issued							Non
share	Share		Retained		OCI		controlling
capital	premium		earnings		reserves			Total
				interests
=N=000	=N=000		=N=000		=N=000		=N=000	=N=000
828,850	558,916		(190,273)		(95,706)		310,098	1,411,885
								0
								0
			(38,063)				(10,943)	(49,006)
367,461	(122,434)
								0
					51,827		524	52,351
								0
								0
								0
1,196,311	436,482		(228,336)	0	(43,879)	0	299,679	1,660,257
1,196,311	434,607		(834,601)		2,048		458,703	1,257,069
								0
			(161,584)				(241,528)	(403,112)
								0
					(34,385)		(347)	(34,732)
								0
								0
								0
								0
1,196,311	434,607	0	(996,185)	0	(32,337)	0	216,828	819,225

	Issued
	share	Share	Retained		OCI
	capital	premium	earnings		reserves	Total
	=N=000	=N=000	=N=000		=N=000	=N=000
At 1 January 2022	828,860	558,916	(748,285)	0	18,188	657,679
						0

Changes in equity for 2022

Profit/(Loss) for the year

Right issue

Remeasurement of defined benefit obligation Net exchange differences on translating foreign operations

Net fair values loss on equity investments designated at FVOCI

Transactions with owners, recorded directly in equity:

Dividend paid

SEPTEMBER 3O, 2022

As at 1 January 2023

Changes in equity for 2023

Profit/(Loss) for the year

Remeasurement of defined benefit obligation Net exchange differences on translating foreign operations

Right issue/expenses

Net Acturial loss transferred to equity upon cessation

Net fair values loss on equity investments Net fair values loss on equity investments Transactions with owners, recorded directly in equity:

Dividend paid

SEPTEMBER 30, 2023

							0
			(6,543)				(6,543)
367,461	(122,434)
			0				0
							0
							0
							0
							0
1,196,321	436,482		(754,828)		18,188		896,163
1,196,311	434,607	0	(771,290)		18,188	0	877,816
							0
			60,566				60,566
							0
							0
							0
							0
							0
							0
							0
1,196,311	434,607	0	(710,724)	0	18,188	0	938,382

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

5

ABC TRANSPORT PLC
CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
NOTES TO THE ACCOUNTS
1 PROPERTY,PLANT AND EQUIPMENT		GROUP
		EQUIP,
	MOTOR	FURN & &
	VEHICLE	FITTINGS	COMPUTERS LAND	BUILDINGS	WIP	TOTAL			Right of Use-TSS	Total
COST/REVALUATION:	=N=000	=N=000	=N=000	=N=000	=N=000	=N=000	=N=000			=N=000	=N=000
BALANCE 01/01/2023	6,681,743	553,094	98,634	299,529	1,375,626	790,215	9,798,841	89,288	89,288
ADJUSTMENT	0						0				0
ADDITIONS/REVALUATION	48,191	21,785	3,582	0	1,626	26,376	101,560				0
TRANS & RECLASSIFICATION	(3,459)						(3,459)				0
DISPOSALS/ADJUSTMENT	(844,439)						(844,439)				0
TRANSFERS FROM WIP							0				0
BALANCE 30/9/2023	5,882,036	574,879	102,216	299,529	1,377,252	816,591	9,052,503	89,288	89,288
DEPRECIATION:
BALANCE 01/01/2023	4,400,288	445,939	74,777	0	899,758	0	5,820,761	49,512	49,512
ADJUSTMENT							0				0
CHARGE	407,008	33,046	5,665	0	40,896		486,615	9,915	9,915
ELIMINATED ON DISPOSAL	(836,327)	0		0	0		(836,327)				0
DISPOSAL/ADJUSTMENT							0				0
TRANSFER TO FLR/ASSO							0				0
DERECOGNISED							0				0
BALANCE 30/9/2023	3,970,969	478,985	80,442	0	940,654	0	5,471,050	59,427	59,427
AT 30/9/2022	2,073,533	98,088	20,444	299,528	481,574	751,260	3,724,427		42,948	42,948
AT 30/9/2023	1,911,067	95,894	21,774	299,529	436,598	816,591	3,581,453	29,861	29,861
			6

			PARENT
	MOTOR VEHI EQUIP, FUR COMPUTERS LAND	BUILDINGS	WIP	TOTAL
		& FITTINGS
COST/REVALUATION:	=N=000	=N=000	=N=000	=N=000	=N=000	=N=000	=N=000
BALANCE 01/01/2023	6,480,539	444,838	98,634	179,528	1,375,626	685	8,579,850
ADJUSTMENT							0
ADDITIONS/REVALUATION	48,191	15,102	3,582		1,626	8	68,509
TRANS & RECLASSIFICATION	0						0
DISPOSALS/ADJUSTMENT	(844,439)						(844,439)
TRANSFERS FROM WIP							0
BALANCE 30/9/2023	5,684,291	459,940	102,216	179,528	1,377,252	693	7,803,920
DEPRECIATION:
BALANCE 01/01/2023	4,246,593	382,357	74,777	0	899,758	0	5,603,485
ADJUSTMENT			0				0
CHARGE	364,588	21,728	5,665		40,896		432,877
ELIMINATED ON DISPOSAL	(836,327)						(836,327)
DISPOSAL/ADJUSTMENT							0
TRANSFER TO FLR/ASSO							0
DERECOGNISED							0
BALANCE 30/9/2023	3,774,854	404,085	80,442	0	940,654	0	5,200,035
							0
AT 30/9/2022	2,015,629	60,022	20,445	179,528	481,574	2,635	2,759,833
AT 30/9/2023	1,909,437	55,855	21,774	179,528	436,598	693	2,603,885
INTANGIBLES
	GROUP	GROUP	COMPANY	COMPANY
	2023	2022	2023	2022
	=N=000	=N=000	=N=000	=N=000
BALANCE 01/01/2023	29,084	26,891	28,627	26,434
ADDITIONS	6,000	17,942	6,000	17,869
ADJUSTMENT		(8,844)	0	(8,844)
ACCUMULATED DEP/AMORTIZA	(9,108)	(8,371)	(8,736)	(8,142)
BALANCE 30/9/2023	25,976	27,618	25,891	27,317

7

ABC TRANSPORT PLC
CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
NOTES TO THE ACCOUNTS
2 INVENTORY	2023	2022	2023	2022
	=N=000	=N=000	=N=000	=N=000
Motor vehicle spares	185,449	185,776	185,449	185,776
Fuel and diesel	44,779	20,615	44,779	20,615
Stationeries and printed materials	17,816	21,010	17,816	21,010
Oil and lubricants	7,299	9,457	7,299	9,457
Snacks and fruit drinks	23	67	23	67
Uniform and promotional materials	1,320	2,207	1,320	2,207
Sanitation materials	273	165	273	165
City Transit Inn (CTI)	1,720	0	1,720
Transit Support Services (TSS)	669,678	634,943
	928,358	874,239	258,680	239,297

1. NON CURRENT ASSETS HELD FOR SALE MOTOR VEHICLES
   OTHERS
2. TRADE AND OTHER RECEIVABLES

ACCOUNTS RECEIVABLE	187,635	635,552	19,016	245,771
STAFF DEBTS	110,000	20,517	79,990	19,428
ABC GHANA LTD	0		179,943	211,529
OTHER RECEIVABLES	450	37,794	450	37,794
CITY SIGHT SEEING NIG. LIMITED.	(0)	1,651	(0)	1,651
TRANSIT SUPPORT SERVICES LIMITED	0		83,890.7
ABC CARGO EXPRESS	0		92,833
CURRENT ACCTS	31,158
	329,243	695,514	456,123	516,173
5 OTHER CURRENT ASSETS
PREPAID RENT	64,709	38,773	20,584	37,396
PREPAID INSURANCE	15,720	17,272	15,228	16,879
WITHOLDING TAX RECOVERABLE	547,100	386,860	362,338	297,094
DEPOSIT WITH SUPPLIERS	495,758	199,837			0
DEFERRED EXPENDITURE		(5,141)			(5,141)
DIRECTORS CURRENT ACCOUNT		213,273			(23,274)
OTHERS	182,404	51,010			45,996
	1,305,692	901,884	398,151	368,950
6 CASH AND CASH EQUIVALENTS
CASH IN HAND	27,864	15,741	14,509	15,016
CASH AT BANK	335,032	138,328	(7,064)	106,699
OVERDRAFT	(40,931)
	321,965	154,069	7,445	121,715
	8