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FRONTIER SERVICES GROUP LIMITED
先 豐 服 務 集 團 有 限 公 司 *
(Incorporated in Bermuda with limited liability)
Website: www.fsgroup.com | www.irasia.com/listco/hk/frontier |
(Stock Code: 00500)
INTERIM RESULTS
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2019
The board of directors (the "Board") of Frontier Services Group Limited (the "Company") presents the unaudited consolidated financial results and financial position of the Company and its subsidiaries (together, the "Group") for the six months ended 30 June 2019 (the "Current Period"), together with the comparative amounts for the corresponding period of 2018. These unaudited condensed interim financial statements are reviewed by members of the audit committee of the Company.
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CONDENSED CONSOLIDATED INCOME STATEMENT
For the six-month period ended 30 June 2019
Six-month period | |||||
ended 30 June | |||||
2019 | 2018 | ||||
(Unaudited) | (Unaudited) | ||||
Note | HK$'000 | HK$'000 | |||
Revenue from contracts with customers | 2 & 3 | 346,690 | 348,199 | ||
Cost of direct materials and job expenses | (107,714) | (93,803) | |||
Cost of aircraft management services | (40,775) | (43,185) | |||
Data costs | (3,712) | (3,718) | |||
Employee benefit expenses | (112,999) | (99,846) | |||
Sub-contracting charges | (122,350) | (134,821) | |||
Operating lease rentals | (8,431) | (15,065) | |||
Repairs and maintenance costs | (8,098) | (20,468) | |||
Depreciation and amortisation | (26,840) | (20,189) | |||
Other income and other gains | 3,821 | 1,906 | |||
Other operating expenses | (55,743) | (46,832) | |||
Operating loss | (136,151) | (127,822) | |||
Interest income | 5,788 | 4,386 | |||
Finance costs | 4 | (5,705) | (6,903) | ||
Share of losses of associates | (1,194) | (943) | |||
Loss before income tax | (137,262) | (131,282) | |||
Income tax credit | 5 | 4,331 | 4,655 | ||
LOSS FOR THE PERIOD | 6 | (132,931) | (126,627) | ||
Attributable to: | |||||
(132,918) | |||||
Equity holders of the Company | (126,914) | ||||
Non-controlling interests | (13) | 287 | |||
(132,931) | (126,627) | ||||
LOSS PER SHARE ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
Basic and diluted loss per share | 7 | (5.67) cents | (7.40) cents | |
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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six-month period ended 30 June 2019
Six-month period | ||||
ended 30 June | ||||
2019 | 2018 | |||
(Unaudited) | (Unaudited) | |||
HK$'000 | HK$'000 | |||
LOSS FOR THE PERIOD | (132,931) | (126,627) | ||
Other comprehensive loss | ||||
Items that have been reclassified or may be subsequently reclassified | ||||
to profit or loss | ||||
Foreign exchange differences | (3,630) | (3,672) | ||
Other comprehensive loss for the period, net of tax | (3,630) | (3,672) | ||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (136,561) | (130,299) | ||
Attributable to: | ||||
Equity holders of the Company | (136,509) | (130,561) | ||
Non-controlling interests | (52) | 262 | ||
(136,561) | (130,299) | |||
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2019
30 June | 31 December | |||||
2019 | 2018 | |||||
(Unaudited) | (Audited) | |||||
Note | HK$'000 | HK$'000 | ||||
NON-CURRENT ASSETS | ||||||
Property, plant and equipment | 159,654 | 261,128 | ||||
Right-of-use assets | 159,805 | - | ||||
Goodwill and other intangibles | 15,052 | 15,854 | ||||
Interests in associates | 6,867 | 8,074 | ||||
Deferred income tax assets | 7,826 | 7,501 | ||||
Non-current prepayments | 54,108 | 52,543 | ||||
Prepaid operating lease rentals | 1,296 | 1,328 | ||||
Financial assets at fair value through other comprehensive | ||||||
income | 14 | 24 | ||||
Total non-current assets | 404,622 | 346,452 | ||||
CURRENT ASSETS | ||||||
Inventories | 7,094 | 6,468 | ||||
Trade receivables | 9 | 211,239 | 188,503 | |||
Prepayments, deposits and other receivables | 125,341 | 124,908 | ||||
Tax receivables | 1,136 | 1,143 | ||||
Restricted cash | 7,014 | 7,063 | ||||
Pledged bank deposits | 106,818 | 153,635 | ||||
Cash and cash equivalents | 581,738 | 677,811 | ||||
1,040,380 | 1,159,531 | |||||
Assets held for sale | 3,625 | - | ||||
Total current assets | 1,044,005 | 1,159,531 | ||||
Total assets | 1,448,627 | 1,505,983 | ||||
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) As at 30 June 2019
30 June | 31 December | |||||
2019 | 2018 | |||||
(Unaudited) | (Audited) | |||||
Note | HK$'000 | HK$'000 | ||||
CURRENT LIABILITIES | ||||||
Trade payables | 10 | 74,054 | 87,641 | |||
Other payables and accruals | 110,463 | 102,635 | ||||
Contract liabilities | 31,980 | 8,132 | ||||
Borrowings | 37,569 | 16,306 | ||||
Tax payables | 369 | 276 | ||||
Total current liabilities | 254,435 | 214,990 | ||||
Net current assets | 789,570 | 944,541 | ||||
Total assets less current liabilities | 1,194,192 | 1,290,993 | ||||
NON-CURRENT LIABILITIES | ||||||
Borrowings | 83,431 | 45,970 | ||||
Deferred income tax liabilities | 41,737 | 46,265 | ||||
Other long-term liabilities | 7,179 | 7,237 | ||||
Total non-current liabilities | 132,347 | 99,472 | ||||
Total liabilities | 386,782 | 314,462 | ||||
Net assets | 1,061,845 | 1,191,521 | ||||
EQUITY | ||||||
Equity attributable to the Company's equity holders | ||||||
Share capital | 11 | 234,482 | 234,482 | |||
Reserves | 700,502 | 830,126 | ||||
934,984 | 1,064,608 | |||||
Non-controlling interests | 126,861 | 126,913 | ||||
Total equity | 1,061,845 | 1,191,521 | ||||
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