AMS Public Transport : AMSPT - 2022/23 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)

2022/23

I N T E R I M R E P O R T

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 comprise the condensed consolidated statement of financial position as at 30 September 2022, 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 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 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

24 November 2022

Kwok Siu Kwan Sylvia

Practising Certificate No.: P06616

Interim Report 2022/23

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 2022, together with the unaudited comparative figures for the corresponding period in 2021. The unaudited condensed consolidated interim financial information has been reviewed by the auditor and the audit committee of the Company (the "Audit Committee").

CONDENSED CONSOLIDATED INCOME STATEMENT

For the six months ended 30 September 2022

		For the six months
		ended 30 September
		2022	2021
		Unaudited	Unaudited
	Notes	HK$'000	HK$'000
Revenue	4	181,461	178,828
Direct costs		(163,682)	(153,686)
Gross profit		17,779	25,142
Other revenue	5	4,466	3,779
Other income	5	37,467	3,367
Administrative expenses		(20,154)	(19,572)
Other operating expenses		(663)	(574)
Operating profit		38,895	12,142
Deficit on revaluation of PLB licences	12	(9,240)	(4,290)
Provision for impairment of public bus licences	12	(300)	-
Finance costs	7	(2,620)	(3,332)
Profit before income tax	8	26,735	4,520
Income tax credit/(expense)	9	353	(825)
Profit for the period attributable to
equity holders of the Company		27,088	3,695
Earnings per share attributable to
equity holders of the Company
- Basic (In HK cents)	11	9.96	1.36
- Diluted (In HK cents)	11	9.96	1.36

02 AMS Public Transport Holdings Limited

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 September 2022

For the six months

ended 30 September

20222021

Unaudited Unaudited

HK$'000HK$'000

Profit for the period	27,088	3,695
Other comprehensive income	-	-
Total comprehensive income for the period
attributable to equity holders of the Company	27,088	3,695

Interim Report 2022/23

03

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2022

		30 September	31 March
		2022	2022
		Unaudited	Audited
	Notes	HK$'000	HK$'000
ASSETS AND LIABILITIES
Non-current assets
Property, plant and equipment	12	45,774	43,250
Investment properties	12	423	437
Right-of-use assets	12	63,020	93,122
PLB licences	12	102,300	111,540
Public bus licences	12	9,000	9,300
Goodwill	12	22,918	22,918
Deferred tax assets		5,584	4,565
		249,019	285,132
Current assets
Trade and other receivables	13	11,124	8,209
Tax recoverable		241	261
Bank balances and cash		52,052	36,377
		63,417	44,847
Current liabilities
Trade and other payables	14	38,906	35,114
Bank borrowings		17,929	24,831
Lease liabilities	15	64,297	62,391
Tax payable		603	17
		121,735	122,353
Net current liabilities		(58,318)	(77,506)
Total assets less current liabilities		190,701	207,626
Non-current liabilities
Bank borrowings		123,297	127,260
Lease liabilities	15	-	31,953
Deferred tax liabilities		2,634	2,574
		125,931	161,787
Net assets		64,770	45,839
EQUITY
Share capital	16	27,191	27,191
Reserves		37,579	18,648
Total equity		64,770	45,839

04 AMS Public Transport Holdings Limited