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FRONTIER SERVICES GROUP LIMITED
ᔮਕණྠϞࠢʮ̡ *
(Incorporated in Bermuda with limited liability)
Website:www.fsgroup.comwww.irasia.com/listco/hk/frontier
(Stock Code: 00500)
FINAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2018
The board of directors (the "Board") of Frontier Services Group Limited (the "Company") announces the final results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2018, together with the comparative figure for the year ended 31 December 2017. The final results of the Group have been reviewed by the audit committee of the Company (the "Audit Committee").
* For identification purposes only - 1 -
CONSOLIDATED INCOME STATEMENT For the year ended 31 December 2018
2018 | 2017 | ||
Note | HK$'000 | HK$'000 | |
Revenue from contracts with customers | 3 | 866,748 | 724,414 |
Cost of direct materials and job expenses | 6 | (283,938) | (131,705) |
Cost of aircraft management services | (128,814) | (125,448) | |
Data costs | (7,028) | (6,950) | |
Employee benefit expenses | (211,722) | (178,612) | |
Sub-contracting charges | (288,488) | (295,382) | |
Operating lease rentals | 6 | (33,438) | (22,412) |
Repair and maintenance costs | (33,580) | (35,694) | |
Depreciation and amortisation | 6 | (37,310) | (35,375) |
Other income and other gains/(losses), net | 8,871 | 6,309 | |
Other operating expenses | (98,144) | (88,552) | |
Gain on disposal of available-for-sale financial assets | - | 592 | |
Provision for impairment of other intangibles | (4,087) | (9,000) | |
Provision for impairment of property, plant and equipment | |||
and assets held for sale | (8,318) | (23,633) | |
Operating loss | (259,248) | (221,448) | |
Interest income | 12,426 | 9,463 | |
Finance costs | 4 | (13,928) | (18,213) |
Share of losses of associates | (1,517) | (2,859) | |
Loss before income tax | (262,267) | (233,057) | |
Income tax credit | 5 | 5,644 | 9,955 |
LOSS FOR THE YEAR | 6 | (256,623) | (223,102) |
Attributable to: | |||
Equity holders of the Company | (258,846) | (223,760) | |
Non-controlling interests | 2,223 | 658 | |
(256,623) | (223,102) | ||
LOSS PER SHARE ATTRIBUTABLE TO EQUITY | |||
HOLDERS OF THE COMPANY | |||
Basic and diluted loss per share | 7 | (13.61) cents | (15.84) cents |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2018
2018 | 2017 | |
HK$'000 | HK$'000 | |
LOSS FOR THE YEAR | (256,623) | (223,102) |
Other comprehensive (loss)/income | ||
Items that have been reclassified or may be subsequently | ||
reclassified to profit or loss | ||
- Foreign exchange differences | (7,005) | 14,653 |
- Change in value of available-for-sale financial assets | - | (125) |
- Realisation of equity instrument reserve upon disposal of | ||
available-for-sale financial assets | - | (604) |
Other comprehensive (loss)/income for the year, net of tax | (7,005) | 13,924 |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (263,628) | (209,178) |
Attributable to: | ||
Equity holders of the Company | (265,746) | (209,917) |
Non-controlling interests | 2,118 | 739 |
(263,628) | (209,178) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2018
2018 | 2017 | ||
Note | HK$'000 | HK$'000 | |
NON-CURRENT ASSETS | |||
Property, plant and equipment | 261,128 | 272,752 | |
Goodwill and other intangibles | 15,854 | 28,121 | |
Interests in associates | 8,074 | 9,848 | |
Deferred income tax assets | 7,501 | 7,249 | |
Non-current prepayments | 52,543 | 27,675 | |
Prepaid operating lease rentals | 1,328 | 1,351 | |
Available-for-sale financial assets | - | 42 | |
Financial assets at fair value through other comprehensive | |||
income | 24 | - | |
Total non-current assets | 346,452 | 347,038 | |
CURRENT ASSETS | |||
Inventories | 6,468 | 11,287 | |
Trade receivables | 9 | 188,503 | 120,434 |
Prepayments, deposits and other receivables | 124,908 | 82,900 | |
Tax receivables | 1,143 | 905 | |
Restricted cash | 7,063 | 5,085 | |
Pledged bank deposits | 153,635 | 231,365 | |
Short-term bank deposits | - | 379 | |
Cash and cash equivalents | 677,811 | 65,228 | |
1,159,531 | 517,583 | ||
Assets held for sale | - | 19,556 | |
Total current assets | 1,159,531 | 537,139 | |
Total assets | 1,505,983 | 884,177 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) As at 31 December 2018
2018 | 2017 | ||
Note | HK$'000 | HK$'000 | |
CURRENT LIABILITIES | |||
Trade payables | 10 | 87,641 | 116,254 |
Other payables and accruals | 102,635 | 65,969 | |
Contract liabilities | 8,132 | - | |
Borrowings | 16,306 | 194,654 | |
Tax payables | 276 | 133 | |
Total current liabilities | 214,990 | 377,010 | |
Net current assets | 944,541 | 160,129 | |
Total assets less current liabilities | 1,290,993 | 507,167 | |
NON-CURRENT LIABILITIES | |||
Borrowings | 45,970 | 58,905 | |
Deferred income tax liabilities | 46,265 | 52,775 | |
Other long-term liabilities | 7,237 | 7,546 | |
Total non-current liabilities | 99,472 | 119,226 | |
Total liabilities | 314,462 | 496,236 | |
Net assets | 1,191,521 | 387,941 | |
EQUITY | |||
Equity attributable to the Company's equity holders | |||
Share capital | 234,482 | 144,970 | |
Reserves | 830,126 | 118,704 | |
1,064,608 | 263,674 | ||
Non-controlling interests | 126,913 | 124,267 | |
Total equity | 1,191,521 | 387,941 |