AMS PUBLIC TRANSPORT HOLDINGS LIMITED
進智公共交通控股有限公司
Incorporated in the Cayman Islands with limited liability
於開曼群島註冊成立之有限公司
( Stock Code 股份代號 : 77 )
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2024/25
INTERIM REPORT 中期報告書
Independent auditor's report on review of condensed consolidated interim financial information To the Board of Directors of
AMS Public Transport Holdings Limited
(incorporated in the Cayman Islands with limited liability)
INTRODUCTION
We have reviewed the condensed consolidated interim financial information of AMS Public Transport Holdings Limited (the "Company") and its subsidiaries (together, the "Group") set out on pages 2 to 20, which comprises the condensed consolidated statement of financial position as at 30 September 2024, and the related condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six-month period then ended, and notes to the interim financial information, including material accounting policy information. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on the interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 "Interim Financial Reporting" ("HKAS 34") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). The directors of the Company are responsible for the preparation and presentation of these condensed consolidated interim financial information in accordance with HKAS 34.
Our responsibility is to express a conclusion on these condensed consolidated interim financial information based on our review, and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.
SCOPE OF REVIEW
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the HKICPA. A review of these condensed consolidated interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial information is not prepared, in all material respects, in accordance with HKAS 34.
Grant Thornton Hong Kong Limited
Certified Public Accountants
11th Floor
Lee Garden Two
28 Yun Ping Road
Causeway Bay
Hong Kong SAR
29 November 2024
Wun Ho Chun
Practising Certificate No.: P08307
Interim Report 2024/25 | 01 |
The board of directors (the "Board") of AMS Public Transport Holdings Limited (the "Company") is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 September 2024, together with the unaudited comparative figures for the corresponding period in 2023. The unaudited condensed consolidated interim financial information has been reviewed by the auditors and the audit committee of the Company (the "Audit Committee").
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2024
Notes | |
Revenue | 4 |
Direct costs | |
Gross profit | |
Other revenue | 5 |
Other (expenses)/income | 5 |
Administrative expenses | |
Other operating expenses | |
Operating profit | |
Deficit on revaluation of public light bus ("PLB") licences | 12 |
Finance costs | 7 |
Profit/(Loss) before income tax | 8 |
Income tax expense | 9 |
Profit/(Loss) for the period attributable to | |
equity holders of the Company | |
Earnings/(Loss) per share attributable to equity holders | |
of the Company | |
- Basic (In HK cents) | 11(a) |
- Diluted (In HK cents) | 11(b) |
For the six months
ended 30 September
20242023
Unaudited Unaudited
HK$'000HK$'000
201,360 | 194,597 |
(166,461) | (161,993) |
34,899 | 32,604 |
4,635 | 4,772 |
- 20
(20,389)(19,809)
- (906)
18,097 | 16,681 |
(3,960) | (25,080) |
(5,407) | (2,379) |
8,730 | (10,778) |
(1,821) | (1,917) |
6,909 | (12,695) |
2.54(4.67)
2.54(4.67)
02 AMS Public Transport Holdings Limited
CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
For the six months ended 30 September 2024
For the six months | ||
ended 30 September | ||
2024 | 2023 | |
Unaudited | Unaudited | |
HK$'000 | HK$'000 | |
Profit/(Loss) for the period | 6,909 | (12,695) |
Item that will not be reclassified subsequently to | ||
profit or loss | ||
Remeasurement of provision for long service payments, | ||
net of tax expense of HK$31,000 (2023: HK$Nil) | 153 | - |
Total comprehensive income/(expense) for the period | 7,062 | (12,695) |
Interim Report 2024/25 | 03 |
CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
As at 30 September 2024
30 September | 31 March | ||
2024 | 2024 | ||
Unaudited | Audited | ||
Notes | HK$'000 | HK$'000 | |
ASSETS AND LIABILITIES | |||
Non-current assets | |||
Property, plant and equipment | 12 | 42,056 | 44,063 |
Investment properties | 12 | 725 | 764 |
Right-of-use assets | 12 | 122,800 | 153,552 |
PLB licences | 12 | 52,140 | 56,100 |
Public bus licences | 12 | 8,100 | 8,100 |
Goodwill | 12 | 22,918 | 22,918 |
Deferred tax assets | 1,778 | 2,323 | |
250,517 | 287,820 | ||
Current assets | |||
Trade and other receivables | 13 | 7,744 | 8,570 |
Tax recoverable | - | 21 | |
Bank balances and cash | 58,539 | 57,050 | |
66,283 | 65,641 | ||
Current liabilities | |||
Trade and other payables | 14 | 22,127 | 21,159 |
Bank borrowings | 9,389 | 9,191 | |
Lease liabilities | 15 | 61,208 | 59,868 |
Provision for long service payments | 12,195 | 13,469 | |
Tax payable | 2,323 | 1,331 | |
107,242 | 105,018 | ||
Net current liabilities | (40,959) | (39,377) | |
Total assets less current liabilities | 209,558 | 248,443 | |
Non-current liabilities | |||
Bank borrowings | 99,052 | 103,816 | |
Lease liabilities | 15 | 64,281 | 95,298 |
Provision for long service payments | 7,280 | 6,695 | |
Deferred tax liabilities | 3,760 | 3,634 | |
174,373 | 209,443 | ||
Net assets | 35,185 | 39,000 | |
EQUITY | |||
Share capital | 16 | 27,191 | 27,191 |
Reserves | 7,994 | 11,809 | |
Total equity | 35,185 | 39,000 | |
04 AMS Public Transport Holdings Limited
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
For the six months ended 30 September 2024
Equity attributable to equity holders of the Company | ||||||
Share | ||||||
Share | options | Capital | Accumulated | |||
Share capital | premium | reserve | reserve | losses | Total | |
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | |
As at 1 April 2024 (Audited) | 27,191 | 74,612 | 347 | 19,296 | (82,446) | 39,000 |
Profit for the period | - | - | - | - | 6,909 | 6,909 |
Other comprehensive income: | ||||||
- Remeasurement of provision for long | ||||||
service payments (net of tax) | - | - | - | - | 153 | 153 |
Total comprehensive income for the period | - | - | - | - | 7,062 | 7,062 |
2024 special dividends (note 10(b)) | - | (10,877) | - | - | - | (10,877) |
As at 30 September 2024 (Unaudited) | 27,191 | 63,735 | 347 | 19,296 | (75,384) | 35,185 |
As at 1 April 2023 (Audited) | 27,191 | 74,612 | 398 | 19,296 | (44,530) | 76,967 |
Loss and total comprehensive expense | ||||||
for the period | - | - | - | - | (12,695) | (12,695) |
Lapse of share options | - | - | (30) | - | 30 | - |
2023 final dividends (note 10(b)) | - | - | - | - | (24,472) | (24,472) |
As at 30 September 2023 (Unaudited) | 27,191 | 74,612 | 368 | 19,296 | (81,667) | 39,800 |
Interim Report 2024/25 | 05 |
CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
For the six months ended 30 September 2024
For the six months | ||
ended 30 September | ||
2024 | 2023 | |
Unaudited | Unaudited | |
HK$'000 | HK$'000 | |
Net cash inflows from operating activities | 53,940 | 54,155 |
Net cash (outflows)/inflows from investing activities | ||
Decrease in time deposit | - | 10,000 |
Capital expenditure | (2,128) | (1,271) |
Proceeds from disposal of property,plant and equipment | 65 | - |
Receipt of government subsidies for acquisition of property, | ||
plant and equipment | - | 225 |
Interest received | 816 | 1,014 |
(1,247) | 9,968 | |
Net cash outflows from financing activities | ||
Dividends paid | (10,877) | (24,472) |
Capital element of lease rentals paid | (30,354) | (33,196) |
Interest element of lease rentals paid | (3,516) | (246) |
Repayment of bank borrowings | (4,566) | (5,483) |
Interest paid on bank borrowings | (1,891) | (2,133) |
(51,204) | (65,530) | |
Net increase/(decrease) in cash and cash equivalents | 1,489 | (1,407) |
Cash and cash equivalents at the beginning of the period | 57,050 | 58,651 |
Cash and cash equivalents at the end of the period | 58,539 | 57,244 |
06 AMS Public Transport Holdings Limited
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
For the six months ended 30 September 2024
-
Corporate information
The Company was incorporated in the Cayman Islands on 18 March 2003 as an exempted company with limited liability under the Companies Act Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The address of its registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, the Cayman Islands. The head office and principal place of business of the Company is located at 11th-12th Floor, Abba Commercial Building, 223 Aberdeen Main Road, Aberdeen, Hong Kong. The shares of the Company have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") since 15 April 2004.
The Company is an investment holding company and its subsidiaries (together referred to as the "Group") are principally engaged in the provision of franchised public light bus ("PLB") and residents' bus transportation services in Hong Kong.
This unaudited condensed consolidated interim financial information is presented in Hong Kong dollars ("HK$"), unless otherwise stated. - Basis of preparation
The unaudited condensed consolidated interim financial information has been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and the applicable disclosure requirements of the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules").
This unaudited condensed consolidated interim financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 March 2024.
This unaudited condensed consolidated interim financial information has been prepared on the historical cost basis except for PLB licences which are stated at fair values. The accounting policies and critical accounting estimates and judgements used in the preparation of this unaudited condensed consolidated interim financial information are consistent with those used in the Group's annual financial statements for the year ended 31 March 2024, except for the adoption of the amended Hong Kong Financial Reporting Standards ("HKFRSs") issued by the HKICPA which are relevant to and effective for the Group's financial statements for annual accounting period beginning on 1 April 2024 as disclosed in note 3 to this unaudited condensed consolidated interim financial information.
Interim Report 2024/25 | 07 |
Notes to the Unaudited Condensed Consolidated Interim Financial Information
For the six months ended 30 September 2024
3. Adoption of amended HKFRSs
-
Amended HKFRSs that are effective for annual period beginning on 1 April 2024
In the current interim period, the Group has applied for the first time the following amended HKFRSs issued by the HKICPA, which are relevant to the Group's operations and effective for the annual period beginning on 1 April 2024 for the preparation of the Group's unaudited condensed consolidated interim financial information:
Amendments to HKFRS 16 | Lease Liability in a Sale and Leaseback |
Amendments to HKAS 1 | Classification of Liabilities as Current or Non-current and Related |
Amendments to Hong Kong Interpretation 5 | |
Amendments to HKAS 1 | Non-current Liabilities with Covenants |
Amendments to HKAS 7 and HKFRS 7 | Supplier Finance Arrangements |
The adoption of the amended HKFRSs had no material impact on how the results and financial position for the current and prior periods have been prepared and presented.
-
Issued but not yet effective HKFRSs
The HKICPA has issued a number of new and amended HKFRSs that are not yet effective and have not been early adopted by the Group for the financial year beginning on 1 April 2024.
Amendments to HKAS 21 | Lack of Exchangeability1 |
Amendments to HKFRS 9 and HKFRS 7 | Amendments to the Classification and Measurement of Financial |
Instruments2 | |
Amendments to HKFRS Accounting | Annual Improvement to HKFRS Accounting Standards - |
Standards | Volume 112 |
HKFRS 18 | Presentation and Disclosure in Financial Statements3 |
HKFRS 19 | Subsidiaries without Public Accountability: Disclosures3 |
Amendments to HKFRS 10 and HKAS 28 | Sale or Contribution of Assets between an Investor and its |
Associate or Joint Venture4 |
- Effective for annual periods beginning on or after 1 January 2025
- Effective for annual periods beginning on or after 1 January 2026
- Effective for annual periods beginning on or after 1 January 2027
- Effective date not yet determined
The directors anticipate that all of the pronouncements will be adopted in the Group's accounting policy for the first period beginning on or after the effective date of the pronouncement. Except for HKFRS 18, the new and amended HKFRSs are not expected to have material impact on the condensed consolidated interim financial information. The management is currently assessing the impact of applying HKFRS 18 on the presentation and the disclosure of the consolidated financial statements.
08 AMS Public Transport Holdings Limited
Notes to the Unaudited Condensed Consolidated Interim Financial Information
For the six months ended 30 September 2024
4. Revenue
The Group is principally engaged in the provision of the franchised PLB and residents' bus transportation services in Hong Kong.
For the six months
ended 30 September
20242023
UnauditedUnaudited
HK$'000HK$'000
Franchised PLB services income | 198,007 | 191,562 |
Residents' bus services income | 3,353 | 3,035 |
201,360 | 194,597 | |
The Group derived all revenue from the provision of the franchised PLB and residents' bus transportation services at a point in time in Hong Kong during the six months ended 30 September 2024 and 2023.
5. | Other revenue and other (expenses)/income | |||
For the six months | ||||
ended 30 September | ||||
2024 | 2023 | |||
Unaudited | Unaudited | |||
HK$'000 | HK$'000 | |||
Other revenue | ||||
Advertising income | 2,250 | 2,250 | ||
Administration fee income | 1,210 | 1,210 | ||
Interest income | 816 | 1,014 | ||
Properties rental income | 27 | 135 | ||
Others | 332 | 163 | ||
4,635 | 4,772 | |||
Other (expenses)/income | ||||
Loss on disposal of property, plant and equipment | (470) | - | ||
Sundry income | 21 | 20 | ||
(449) | 20 | |||
Interim Report 2024/25 | 09 |