AMS Public Transport : AMSPT - 2021/22 Interim Report

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)

中期報告書2021/22 INTERIM REPORT

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 statements of AMS Public Transport Holdings Limited (the "Company") and its subsidiaries (together, the "Group") set out on pages 2 to 20, which comprise the condensed consolidated statement of financial position as at 30 September 2021 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 other explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on 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 statements in accordance with HKAS 34.

Our responsibility is to express a conclusion on these condensed consolidated interim financial statements 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 statements 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 statements are 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

25 November 2021

Kwok Siu Kwan Sylvia

Practising Certificate No.: P06616

Interim Report 2021/22

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 2021, together with the unaudited comparative figures for the corresponding period in 2020. 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 2021

		For the six months
		ended 30 September
		2021	2020
		Unaudited	Unaudited
	Notes	HK$'000	HK$'000
Revenue	4	178,828	144,930
Direct costs		(153,686)	(138,085)
Gross profit		25,142	6,845
Other revenue	5	3,779	3,527
Other net income	5	3,367	34,000
Administrative expenses		(19,572)	(20,392)
Other operating expenses		(574)	(831)
Operating profit		12,142	23,149
Deficit on revaluation of PLB licences	12	(4,290)	(18,480)
Provision for impairment of public bus licences	12	-	(2,680)
Finance costs	7	(3,332)	(1,789)
Share of results of a joint venture		-	262
Profit before income tax	8	4,520	462
Income tax (expense)/credit	9	(825)	2,234
Profit for the period attributable to
equity holders of the Company		3,695	2,696
Earnings per share attributable to
equity holders of the Company
- Basic (In HK cents)	11	1.36	0.99
- Diluted (In HK cents)	11	1.36	0.99

02 AMS Public Transport Holdings Limited

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	For the six months ended 30 September 2021
		For the six months
		ended 30 September
	2021	2020
		Unaudited	Unaudited
		HK$'000	HK$'000
Profit for the period		3,695	2,696
Other comprehensive income		-	-
Total comprehensive income for the period		3,695	2,696

Interim Report 2021/22

03

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2021

		30 September	31 March
		2021	2021
		Unaudited	Audited
	Notes	HK$'000	HK$'000
ASSETS AND LIABILITIES
Non-current assets
Property, plant and equipment	12	38,990	37,246
Investment properties	12	451	51
Right-of-use assets	12	122,871	153,656
PLB licences	12	125,400	129,690
Public bus licences	12	10,050	10,050
Goodwill	12	22,918	22,918
Deferred tax assets		3,540	3,399
		324,220	357,010
Current assets
Trade and other receivables	13	10,481	12,855
Tax recoverable		416	1,528
Bank balances and cash		38,377	47,602
		49,274	61,985
Current liabilities
Trade and other payables	14	37,106	33,083
Bank borrowings		10,634	10,462
Lease liabilities	15	61,050	60,732
Tax payable		291	139
		109,081	104,416
Net current liabilities		(59,807)	(42,431)
Total assets less current liabilities		264,413	314,579
Non-current liabilities
Bank borrowings		131,206	135,644
Lease liabilities	15	62,679	93,431
Deferred tax liabilities		2,609	2,246
		196,494	231,321
Net assets		67,919	83,258
EQUITY
Share capital	16	27,191	27,191
Reserves		40,728	56,067
Total equity		67,919	83,258

04 AMS Public Transport Holdings Limited