Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 201,360,000, an increase of 3.9% compared to HKD 194,597,000 for the same period in 2023[4] - Gross profit for the same period was HKD 34,899,000, up from HKD 32,604,000, reflecting a gross margin improvement[4] - Operating profit increased to HKD 18,097,000 from HKD 16,681,000, indicating a growth of 8.5% year-over-year[4] - The company recorded a profit attributable to equity holders of HKD 6,909,000, a significant recovery from a loss of HKD 12,695,000 in the previous year[4] - Basic and diluted earnings per share for the period were HKD 2.54, compared to a loss per share of HKD 4.67 in the same period last year[4] - The total income tax expense for the six months ended September 30, 2024, was HKD 1,821,000, a slight decrease from HKD 1,917,000 in 2023[23] - Basic earnings per share for the period were HKD 0.0254, compared to a loss of HKD 0.0467 in the same period of 2023[27] - The company reported a profit of HKD 6,909,000 for the six months ended September 30, 2024, a significant improvement from a loss of HKD 12,695,000 in the same period last year[40] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 250,517,000, down from HKD 287,820,000 as of March 31, 2024[7] - Non-current assets decreased to HKD 122,800,000 from HKD 153,552,000, primarily due to depreciation and amortization[7] - Current liabilities increased to HKD 107,242,000 from HKD 105,018,000, reflecting a slight rise in operational obligations[7] - The company’s net asset value decreased to HKD 35,185,000 from HKD 39,000,000, indicating a decline in overall equity[7] - The company’s accounts receivable totaled HKD 2,220,000 as of September 30, 2024, down from HKD 4,433,000 as of March 31, 2024[34] - The company’s accounts payable amounted to HKD 22,127,000 as of September 30, 2024, compared to HKD 21,159,000 as of March 31, 2024[38] - The net current liabilities as of September 30, 2024, were HKD 40,959,000, compared to HKD 39,377,000 as of March 31, 2024, with a current ratio of 0.62[55] Revenue Sources - The group's revenue from public minibus and resident bus services in Hong Kong for the six months ended September 30, 2024, was HKD 201,360,000, an increase of 3.9% from HKD 194,597,000 in the same period of 2023[16] - Advertising revenue remained stable at HKD 2,250,000 for both periods, while interest income decreased to HKD 816,000 from HKD 1,014,000[17] - The company approved fare increases for 56 routes, ranging from 4.8% to 14.3%, contributing to the revenue growth[44] Costs and Expenses - The financing costs for the six months ended September 30, 2024, totaled HKD 5,407,000, up from HKD 2,379,000 in 2023, primarily due to an increase in lease liabilities[20] - The direct fuel costs increased to HKD 33,841,000 from HKD 31,380,000, and employee benefits expenses rose to HKD 100,077,000 from HKD 97,289,000[21] - Direct costs increased by HKD 4,468,000 or 2.8% to HKD 166,461,000, with labor costs, depreciation of right-of-use assets, fuel costs, and maintenance costs accounting for over 90% of total direct costs[45] - Administrative expenses increased by HKD 580,000 or 2.9% to HKD 20,389,000, mainly due to costs associated with recruiting drivers from mainland China[47] - Employee benefits expenses for the period amounted to HKD 100,077,000, representing 51.4% of total operating costs, slightly down from 52.0% in the previous year[70] Operational Highlights - The total passenger volume for the company's public minibus service increased by approximately 0.6% to about 27,684,000 passengers, compared to 27,528,000 passengers in the previous year[41] - The total mileage driven during the period was approximately 16.6 million kilometers, an increase of 0.6% from 16.5 million kilometers in the previous period[41] - As of September 30, 2024, the company maintained a fleet size of 354 public minibuses, with the number of routes increasing to 73[42] - The group faced challenges related to driver turnover and aging workforce, which limited its ability to increase service frequency[41] - The group faced challenges from unstable fuel prices and an aging workforce, with plans to recruit and train new drivers to address labor shortages[72] - Passenger volume increased by 0.6% during the review period, indicating stable demand, although weekend and public holiday traffic saw a significant decline[72] Governance and Future Outlook - The board of directors did not recommend any interim dividend for the six months ended September 30, 2024, compared to a final dividend of HKD 24,472,000 in 2023[25] - The group expects to adopt new and revised Hong Kong Financial Reporting Standards starting from April 1, 2024, with no significant impact anticipated on the interim financial information[14] - The group has no significant contingent liabilities as of September 30, 2024[67] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended September 30, 2024[69] - The group has not implemented any hedging policies for anticipated fuel consumption due to the conclusion that such contracts may not be effective in managing fuel price risks[65] - The group continues to advocate for the importance of minibuses in areas lacking railway services, especially in light of the government's transportation policies prioritizing railways[73] - The company will release detailed interim results and reports for the six-month period ending September 30, 2024, in accordance with listing rules[78] - The board of directors as of the announcement date includes executive and non-executive members, indicating a stable governance structure[80]

AMS PUBLIC TRANSPORT HOLDINGS LIMITED 進智公共交通控股有限公司 於開曼群島註冊成立之有限公司 年度報告書 56 獨立核數師報告 61 綜合收益表 62 綜合全面收益表 63 綜合財務狀況表 64 綜合權益變動表 65 綜合現金流量表 66 綜合財務報表附註 120 集團財務概要 公司資料 進智公共交通控股有限公司（「本公司」）及其附屬公司（統稱「本集團」）的主要業務為在香港經營專線公共小巴（「公共小巴」） （一般亦稱為綠色小巴）及居民巴士客運服務。 50年來，憑藉專業知識，本集團在香港交通網絡發展中發揮了不可或缺的作用，並繼續為我港的交通基礎設施作出貢獻。 目前，本集團營運一個廣泛的網絡，包括73條專線公共小巴路線，共354輛公共小巴。其亦經營四條居民巴士路線，共有七 輛公共巴士。本集團繼續致力優化其路線及服務，以滿足乘客不斷變化的需求，並與城市的交通需求保持同步。乘客的舒適 和便利對本集團的運營至關重要。其車隊由配備最先進設施的環保公共小巴組成。 安全仍然是本集團所有業務的重中之重。本集團之質量管理的承諾獲得認可，自二零一一年起，本集團電腦化維修保養中心 已獲得ISO ...

Company Information and Performance Overview Overview of the company's basic information and key financial performance for the year ended March 31, 2024 [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) AMS Public Transport Holdings Limited (Stock Code: 77) announced its annual results for the year ended March 31, 2024 - Company Name: **AMS PUBLIC TRANSPORT HOLDINGS LIMITED** (AMS Public Transport Holdings Limited)[40](index=40&type=chunk)[41](index=41&type=chunk) - Stock Code: **77**[41](index=41&type=chunk) [Consolidated Statement of Profit or Loss](index=1&type=section&id=1.2%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2024, the company turned from profit to loss, recording a net loss of HK$11,952 thousand, primarily due to increased public light bus licence revaluation deficit and reduced one-off government subsidies Key Data from Consolidated Statement of Profit or Loss | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 393,686 | 374,896 | | Gross Profit | 70,650 | 53,310 | | Operating Profit | 37,311 | 67,441 | | (Loss)/Profit Before Income Tax | (7,788) | 41,747 | | (Loss)/Profit for the Year | (11,952) | 39,285 | - Public light bus licence revaluation deficit increased from **HK$20,460 thousand** in 2023 to **HK$34,980 thousand** in 2024[41](index=41&type=chunk) - Finance costs increased from **HK$5,384 thousand** in 2023 to **HK$8,769 thousand** in 2024[41](index=41&type=chunk) [Consolidated Statement of Comprehensive Income](index=2&type=section&id=1.3%20Consolidated%20Statement%20of%20Comprehensive%20Income) The company recorded a total comprehensive expense of HK$13,495 thousand in FY2024, mainly due to the loss for the year and remeasurement of long service payment provision Key Data from Consolidated Statement of Comprehensive Income | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | (Loss)/Profit for the Year | (11,952) | 39,285 | | Remeasurement of long service payment provision | (1,543) | - | | Total Comprehensive (Expense)/Income for the Year | (13,495) | 39,285 | [Consolidated Statement of Financial Position](index=2&type=section&id=1.4%20Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the company's net assets significantly decreased by 49.3% to HK$39,000 thousand, primarily due to a decline in public light bus licence revaluation and increased lease liabilities Key Data from Consolidated Statement of Financial Position | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 287,820 | 207,441 | | Current Assets | 65,641 | 75,297 | | Current Liabilities | 105,018 | 84,581 | | Non-current Liabilities | 209,443 | 121,190 | | Net Assets | 39,000 | 76,967 | | Total Equity | 39,000 | 76,967 | - Public light bus licence value decreased from **HK$91,080 thousand** in 2023 to **HK$56,100 thousand** in 2024[11](index=11&type=chunk) - Right-of-use assets significantly increased from **HK$31,718 thousand** in 2023 to **HK$153,552 thousand** in 2024[11](index=11&type=chunk) - Lease liabilities (non-current) increased from **HK$0 thousand** in 2023 to **HK$95,298 thousand** in 2024[11](index=11&type=chunk) Notes to the Financial Statements This section provides detailed notes on the basis of preparation, accounting policies, and specific financial item analyses for the consolidated financial statements [Basis of Preparation and Accounting Policies](index=3&type=section&id=2.1%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The consolidated financial statements are prepared in accordance with HKFRS and the Hong Kong Companies Ordinance, using a historical cost basis, except for public light bus licences which are stated at fair value - Financial statements are prepared in accordance with **Hong Kong Financial Reporting Standards (HKFRS)**[18](index=18&type=chunk) - Adopted historical cost basis, except for public light bus licences which are stated at **fair value**[19](index=19&type=chunk) [Changes in Accounting Policies](index=3&type=section&id=2.2%20Changes%20in%20Accounting%20Policies) This year, the company first applied revised HKFRS issued by the HKICPA, including new guidance on the MPF-long service payment offset mechanism, with no significant impact on the Group's results or financial position - Adopted revised HKFRS and new guidance, including the accounting impact of the **MPF - long service payment offset mechanism** from the HKICPA[20](index=20&type=chunk)[22](index=22&type=chunk) - Changes in accounting policies had **no significant impact** on the Group's results and financial position for the current and prior periods[20](index=20&type=chunk)[23](index=23&type=chunk) [Segment Information](index=4&type=section&id=2.3%20Segment%20Information) The company's executive directors consider scheduled public light bus and resident's bus services as the sole operating segment, with all revenue and non-current assets derived from Hong Kong - The Group's sole operating segment is **scheduled public light bus and resident's bus services**[24](index=24&type=chunk) - All revenue and non-current assets are derived from and located in **Hong Kong**[24](index=24&type=chunk) - No single customer accounted for **more than 10%** of the Group's revenue[25](index=25&type=chunk) [Revenue](index=4&type=section&id=2.4%20Revenue) Total revenue for the year increased by 5.0% year-on-year to HK$393,686 thousand, primarily contributed by scheduled public light bus service income - The Group primarily engages in providing **scheduled public light bus and resident's bus services** in Hong Kong[26](index=26&type=chunk) Revenue Composition | Service Type | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Scheduled Public Light Bus service income | 387,379 | 366,041 | | Resident's Bus service income | 6,307 | 5,291 | | Designated Bus Fleet service income | - | 3,564 | | **Total** | **393,686** | **374,896** | [Other Income and Other Net (Expenses)/Income](index=5&type=section&id=2.5%20Other%20Income%20and%20Other%20Net%20(Expenses)%2FIncome) Other income and other net (expenses)/income for the year significantly decreased by 82.7% to HK$9,399 thousand, mainly due to the absence of one-off government Anti-epidemic Fund subsidies received in the prior year Other Income and Other Net (Expenses)/Income | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Advertising income | 4,500 | 4,500 | | Administrative fee income | 2,419 | 2,419 | | Government grants | - | 847 | | Interest income | 1,892 | 669 | | Property rental income | 270 | 270 | | Management fee income | 196 | 190 | | Repair and maintenance service income | 224 | 139 | | **Total Other Income** | **9,501** | **9,034** | | Government subsidies (Anti-epidemic Fund) | - | 45,406 | | Loss on disposal of property, plant and equipment | (134) | (55) | | Miscellaneous income | 32 | 41 | | **Total Other Net (Expenses)/Income** | **(102)** | **45,392** | - Government Anti-epidemic Fund subsidies of **HK$45,406 thousand** were received in 2023, with **no such income** in 2024[30](index=30&type=chunk) [Finance Costs](index=5&type=section&id=2.6%20Finance%20Costs) Total finance costs for the year significantly increased by 62.9% year-on-year to HK$8,769 thousand, primarily due to increased interest expense on bank borrowings and finance charges on lease liabilities Finance Costs Details | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Interest expense on bank borrowings | 4,256 | 3,444 | | Finance charges on lease liabilities | 4,513 | 1,940 | | **Total** | **8,769** | **5,384** | [Loss)/Profit Before Income Tax](index=6&type=section&id=2.7%20(Loss)%2FProfit%20Before%20Income%20Tax) This year, a loss before income tax of HK$7,788 thousand was recorded, compared to a profit of HK$41,747 thousand last year, mainly due to decreased fuel costs but increased depreciation, auditor's remuneration, and loss on disposal of property Composition of (Loss)/Profit Before Income Tax | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Fuel costs under direct costs | 62,446 | 68,456 | | Short-term lease expenses | 221 | 270 | | Depreciation of right-of-use assets | 63,702 | 63,784 | | Depreciation of property, plant and equipment | 6,788 | 6,644 | | Depreciation of investment properties | 36 | 29 | | Auditor's remuneration - audit services | 609 | 580 | | Auditor's remuneration - non-audit services | 93 | 88 | | Loss on disposal of property, plant and equipment | 134 | 55 | [Income Tax Expense](index=6&type=section&id=2.8%20Income%20Tax%20Expense) Income tax expense for the year increased to HK$4,164 thousand, with the Hong Kong Profits Tax rate maintained at 16.5%, but a two-tiered tax rate of 8.25% applied to certain profits - Hong Kong Profits Tax rate remained at **16.5%**, with the first **HK$2,000,000** of assessable profits for eligible entities taxed at **8.25%**[4](index=4&type=chunk) Income Tax Expense Details | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Current tax - Hong Kong Profits Tax (current year) | 2,228 | 787 | | Current tax - Hong Kong Profits Tax (underprovision in prior years) | 4 | - | | Deferred tax (current year) | 1,932 | 1,675 | | **Total Income Tax Expense** | **4,164** | **2,462** | [Loss)/Earnings Per Share](index=6&type=section&id=2.9%20(Loss)%2FEarnings%20Per%20Share) Basic and diluted loss per share for the year were both 4.40 HK cents, compared to earnings per share of 14.45 HK cents last year, primarily due to the loss attributable to equity holders of the company (Loss)/Earnings Per Share | Metric | 2024 (HK cents) | 2023 (HK cents) | | :--- | :--- | :--- | | Basic (loss)/earnings per share | (4.40) | 14.45 | | Diluted (loss)/earnings per share | (4.40) | 14.45 | - Basic (loss)/earnings per share is calculated based on a loss attributable to equity holders of the company of **HK$11,952 thousand** (2023: profit of HK$39,285 thousand) and a weighted average of **271,913 thousand** ordinary shares in issue[6](index=6&type=chunk) - Diluted loss per share for the year is **the same as basic loss per share**, as potential shares had an anti-dilutive effect and were not included[7](index=7&type=chunk) [Public Light Bus Licences](index=7&type=section&id=2.10%20Public%20Light%20Bus%20Licences) Public light bus licences are considered to have an indefinite useful life, with a revaluation deficit of HK$34,980 thousand this year, leading to a year-end carrying amount of HK$56,100 thousand - Public light bus licences are considered to have an **indefinite useful life**[9](index=9&type=chunk) Public Light Bus Licences Revaluation | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | At beginning of year | 91,080 | 111,540 | | Revaluation deficit charged to consolidated statement of profit or loss | (34,980) | (20,460) | | At end of year | 56,100 | 91,080 | - The fair value of public light bus licences is determined using the **market approach** by reference to recent average market quotations from various market dealers and revalued by an **independent qualified valuer**[34](index=34&type=chunk) [Trade and Other Receivables](index=8&type=section&id=2.11%20Trade%20and%20Other%20Receivables) As of March 31, 2024, total trade and other receivables increased to HK$8,570 thousand, primarily driven by an increase in net trade receivables and prepayments Trade and Other Receivables Details | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables - net | 4,433 | 1,792 | | Other receivables - net | 839 | 2,047 | | Deposits | 476 | 458 | | Prepayments | 2,822 | 2,270 | | **Total** | **8,570** | **6,567** | - The Group's majority of revenue is collected in **cash** or through **Octopus Card Limited or AlipayHK**, with credit terms ranging from **0 to 30 days**[36](index=36&type=chunk) Ageing Analysis of Trade Receivables | Ageing | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 4,207 | 1,504 | | 31 to 60 days | 113 | 132 | | 61 to 90 days | 113 | 131 | | Over 90 days | - | 25 | | **Total** | **4,433** | **1,792** | [Trade and Other Payables](index=8&type=section&id=2.12%20Trade%20and%20Other%20Payables) As of March 31, 2024, total trade and other payables amounted to HK$21,159 thousand, a decrease from the previous year Trade and Other Payables Details | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 5,496 | 5,912 | | Other payables and accrued charges | 15,663 | 17,320 | | **Total** | **21,159** | **23,232** | - The Group is granted credit terms ranging from **0 to 30 days** by its suppliers[44](index=44&type=chunk) [Reclassification of Comparative Figures](index=9&type=section&id=2.13%20Reclassification%20of%20Comparative%20Figures) Comparative figures for the 2023 consolidated statement of financial position have been reclassified, with long service payment provision separately presented from trade and other payables - Long service payment provision of approximately **HK$17,139 thousand** has been reclassified from trade and other payables to long service payment provision[46](index=46&type=chunk) Management Discussion and Analysis This section reviews the company's business operations, financial performance, cash flow, capital structure, and risk management strategies [Business Review](index=10&type=section&id=3.1%20Business%20Review) This year, the company continued route optimization, maintained fleet size, and saw increased passenger volume, but faced driver shortages and received approval for fare increases on some routes to ease cost pressures - Completed several route restructurings involving **eight scheduled public light bus routes**, focusing on adjusting fleet size and service hours/frequencies[50](index=50&type=chunk) - The number of public light bus routes remained at **72**, with **354 public light buses**; resident's bus routes numbered **4**, with a fleet size of **7 vehicles**[50](index=50&type=chunk) - The average fleet age was **7.7 years** (2023: 6.7 years), with **19-seater public light buses** accounting for approximately **78%** of the fleet[50](index=50&type=chunk) - Total passenger numbers for public transport and green minibuses increased by **8.6%** and **3.3%** respectively[50](index=50&type=chunk) - Due to driver shortages, total mileage slightly decreased by **1.7%** to approximately **34.1 million kilometers**[51](index=51&type=chunk) - Passenger volume for scheduled public light bus services increased by **4.7%** to approximately **55.5 million passengers**[51](index=51&type=chunk) - Approved fare increases for **9 routes**, ranging from **3.8% to 7.8%**[51](index=51&type=chunk) [Financial Review](index=11&type=section&id=3.2%20Financial%20Review) This year, the company turned from profit to loss, mainly due to the absence of one-off government subsidies and a significant increase in public light bus licence revaluation deficit, though operating profit improved excluding these non-recurring factors [Consolidated Results Overview](index=11&type=section&id=3.2.1%20Consolidated%20Results%20Overview) A loss of HK$11,952 thousand was recorded for the year, mainly due to not receiving government Anti-epidemic Fund subsidies and an increased public light bus licence revaluation deficit - A loss of **HK$11,952 thousand** was recorded for the year (2023: profit of HK$39,285 thousand)[54](index=54&type=chunk) - Key reasons for change: **no receipt of one-off government Anti-epidemic Fund subsidies of HK$45,406 thousand**, and an increase in non-cash public light bus licence revaluation deficit by **HK$14,520 thousand (71.0%)** to **HK$34,980 thousand**[54](index=54&type=chunk) - Excluding the impact of one-off government subsidies, public light bus licence revaluation deficit, and public bus licence impairment provision, operating profit increased by **71.8%** to approximately **HK$24,378 thousand**[54](index=54&type=chunk) [Revenue Analysis](index=11&type=section&id=3.2.2%20Revenue%20Analysis) Revenue for the year increased by 5.0% year-on-year to HK$393,686 thousand, primarily benefiting from increased passenger volume and fare adjustments - Revenue increased by **HK$18,790 thousand** or **5.0%** to **HK$393,686 thousand**[55](index=55&type=chunk) - Revenue growth was primarily attributable to a **4.7% increase in passenger volume** and **higher fares**[55](index=55&type=chunk) [Other Income and Other Net (Expenses)/Income Analysis](index=11&type=section&id=3.2.3%20Other%20Income%20and%20Other%20Net%20(Expenses)%2FIncome%20Analysis) Other income and other net (expenses)/income for the year significantly decreased by 82.7%, mainly due to the absence of government Anti-epidemic Fund subsidies - Other income and other net (expenses)/income significantly decreased by **HK$45,027 thousand** or **82.7%** to **HK$9,399 thousand**[56](index=56&type=chunk) - The main reason was the **non-receipt of one-off subsidies of HK$45,406 thousand** under the government Anti-epidemic Fund[56](index=56&type=chunk) [Direct Costs Analysis](index=12&type=section&id=3.2.4%20Direct%20Costs%20Analysis) Direct costs slightly increased by 0.5%, with fuel costs decreasing due to stable international oil prices, while labour costs rose to retain drivers - Direct costs slightly increased by **HK$1,450 thousand** or approximately **0.5%** to **HK$323,036 thousand**[58](index=58&type=chunk) - Fuel costs decreased by **HK$6,010 thousand** or approximately **8.8%** to **HK$62,446 thousand**, as average unit prices for diesel and LPG decreased by **9.8%** and **8.2%** respectively[58](index=58&type=chunk) - Labour costs increased by **HK$6,253 thousand** or approximately **4.4%** to **HK$149,821 thousand**, mainly due to increased wages to attract and retain drivers[58](index=58&type=chunk) - Depreciation of right-of-use assets for leased public light buses was **HK$63,702 thousand**, similar to last year[58](index=58&type=chunk) [Administrative Expenses Analysis](index=12&type=section&id=3.2.5%20Administrative%20Expenses%20Analysis) Administrative expenses increased by 5.6%, primarily due to higher staff costs, including annual salary increments and initial administrative costs for introducing mainland drivers - Administrative expenses increased by **HK$2,189 thousand** or **5.6%** to **HK$41,272 thousand**[59](index=59&type=chunk) - Primarily due to an increase in staff costs by **HK$1,580 thousand** or **5.0%** to **HK$33,135 thousand**, including annual salary increments and initial administrative costs for introducing mainland drivers[59](index=59&type=chunk) [Finance Costs Analysis](index=12&type=section&id=3.2.6%20Finance%20Costs%20Analysis) Total finance costs significantly increased by 62.9%, mainly due to rising average borrowing interest rates and finance charges on new lease liabilities - Interest expense on bank borrowings increased by **HK$812 thousand** or approximately **23.6%** to **HK$4,256 thousand**, mainly due to an increase in average borrowing interest rates by approximately **101 basis points**[60](index=60&type=chunk) - Finance charges on lease liabilities surged by **HK$2,573 thousand** or approximately **132.6%** to **HK$4,513 thousand**, attributable to new lease liabilities of **HK$184,197 thousand**[60](index=60&type=chunk) [Income Tax Expense Analysis](index=12&type=section&id=3.2.7%20Income%20Tax%20Expense%20Analysis) Income tax expense increased to HK$4,164 thousand, with an effective tax rate of 15.7%, and the Hong Kong Profits Tax rate maintained at 16.5% (with 8.25% applicable to some) - Income tax expense was **HK$4,164 thousand** (2023: HK$2,462 thousand)[61](index=61&type=chunk) - The effective tax rate for the year was **15.7%** (2023: 16.1%)[61](index=61&type=chunk) - Hong Kong Profits Tax rate remained at **16.5%**, with the tax rate for the first **HK$2,000,000** of assessable profits for one subsidiary reduced to **8.25%**[61](index=61&type=chunk) [Public Light Bus Licences Revaluation](index=13&type=section&id=3.2.8%20Public%20Light%20Bus%20Licences%20Revaluation) The market price of public light bus licences further declined, leading to an increased revaluation deficit, but management believes it has no significant impact on core business - The market price of public light bus licences further decreased by **HK$530 thousand** or approximately **38.4%** to **HK$850 thousand per licence**[76](index=76&type=chunk) - The total carrying amount of public light bus licences decreased to **HK$56,100 thousand**, a reduction of **HK$34,980 thousand** or approximately **38.4%**[76](index=76&type=chunk) - A total public light bus licence revaluation deficit of **HK$34,980 thousand** was charged to the consolidated statement of profit or loss[76](index=76&type=chunk) - Fluctuations in the market value of public light bus licences have **no significant impact** on the Group's core business[63](index=63&type=chunk) [Cash Flow](index=13&type=section&id=3.3%20Cash%20Flow) This year, net cash generated from operating activities decreased, net cash from investing activities turned positive, and net cash used in financing activities increased, resulting in a net decrease in cash and cash equivalents Key Data from Cash Flow Statement | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 105,381 | 139,446 | | Net cash generated from/(used in) investing activities | 5,278 | (16,472) | | Net cash used in financing activities | (112,260) | (100,700) | | Net (decrease)/increase in cash and cash equivalents | (1,601) | 22,274 | | Bank balances and cash at end of year | 57,050 | 68,651 | - The decrease in net cash generated from operating activities was mainly due to **not receiving government grants** as in the previous year[64](index=64&type=chunk) - Net cash generated from investing activities was primarily used for **purchasing vehicles and office renovation**, offset by **withdrawal of fixed deposits**[77](index=77&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=14&type=section&id=3.4%20Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) This year, total current liabilities significantly increased, leading to expanded net current liabilities, a decreased current ratio, and a substantially higher gearing ratio, primarily due to new lease liabilities and reduced shareholders' equity [Liquidity and Financial Resources Overview](index=14&type=section&id=3.4.1%20Liquidity%20and%20Financial%20Resources%20Overview) The Group's working capital is primarily funded by operating activities, but a significant increase in total current liabilities led to expanded net current liabilities and a decreased current ratio - Total current liabilities significantly increased to **HK$105,018 thousand** (2023: HK$84,581 thousand), mainly due to the recognition of lease liabilities under public light bus lease agreements[66](index=66&type=chunk) - Bank balances and cash decreased by **16.9%** to **HK$57,050 thousand**[79](index=79&type=chunk) - Net current liabilities were **HK$39,377 thousand** (2023: HK$9,284 thousand)[79](index=79&type=chunk) - Current ratio (current assets/current liabilities) decreased to **0.63 times** (2023: 0.89 times)[79](index=79&type=chunk) - Total banking facilities amounted to **HK$180,307 thousand**, of which **HK$113,007 thousand** was utilized[80](index=80&type=chunk) [Bank Borrowings](index=14&type=section&id=3.4.2%20Bank%20Borrowings) Total bank borrowings decreased by 12.4% to HK$113,007 thousand this year, primarily achieved through scheduled repayments Bank Borrowings Maturity Profile | Maturity | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Within one year | 9,191 | 11,084 | | In the second year | 21,814 | 9,284 | | In the third to fifth years | 20,549 | 40,846 | | After five years | 61,453 | 67,800 | | **Total** | **113,007** | **129,014** | - Total bank borrowings balance decreased by **HK$16,007 thousand** or approximately **12.4%** to **HK$113,007 thousand**[81](index=81&type=chunk) [Gearing Ratio and Shareholders' Equity](index=14&type=section&id=3.4.3%20Gearing%20Ratio%20and%20Shareholders'%20Equity) The gearing ratio significantly increased to 143.5%, primarily due to a 49.3% reduction in shareholders' equity - The gearing ratio (total bank borrowings less bank balances and cash, divided by shareholders' equity) was **143.5%** (2023: 78.4%)[82](index=82&type=chunk) - Shareholders' equity decreased by **HK$37,967 thousand** or approximately **49.3%** to **HK$39,000 thousand**[82](index=82&type=chunk) [Pledge of Assets](index=15&type=section&id=3.4.4%20Pledge%20of%20Assets) The Group has pledged public light bus licences, property, plant and equipment, and investment properties as collateral for banking facilities Pledged Assets | Asset Type | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Public Light Bus Licences | 30,600 | 60,720 | | Property, Plant and Equipment | 20,572 | 26,724 | | Investment Properties | 721 | 363 | [Capital Expenditure and Commitments](index=15&type=section&id=3.4.5%20Capital%20Expenditure%20and%20Commitments) Total capital expenditure for the year amounted to HK$189,031 thousand, primarily for right-of-use assets (public light bus leases) and property, plant and equipment Capital Expenditure | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Property, Plant and Equipment | 3,495 | 11,809 | | Right-of-use Assets | 185,536 | 2,380 | | **Total** | **189,031** | **14,189** | - Significant right-of-use assets refer to the **283 public light bus leases** recognized under renewed public light bus lease agreements with related parties[70](index=70&type=chunk) - Capital commitments were **HK$366 thousand** (2023: HK$865 thousand), primarily for **office and building renovation projects**[85](index=85&type=chunk) [Risk Management](index=15&type=section&id=3.5%20Risk%20Management) The Group faces interest rate and fuel price risks, but has no significant foreign exchange or credit risk, and has not adopted a fuel price hedging policy [Credit Risk Management](index=15&type=section&id=3.5.1%20Credit%20Risk%20Management) The Group's majority of income is collected in cash or electronic payments, and no guarantees are provided to third parties, thus posing no significant credit risk - The Group's majority of operating revenue is collected in **cash** or through **Octopus Card Limited or AlipayHK**[94](index=94&type=chunk) - The Group has **not provided any guarantees** to third parties that would expose it to credit risk, thus facing **no significant credit risk**[94](index=94&type=chunk) [Interest Rate Risk Management](index=15&type=section&id=3.5.2%20Interest%20Rate%20Risk%20Management) The Group's interest rate risk primarily stems from bank borrowings and lease liabilities, with all bank borrowings bearing floating interest rates, and management considers there to be no significant interest rate risk - Interest rate risk primarily arises from **bank balances, bank borrowings, and lease liabilities**[86](index=86&type=chunk) - All bank borrowings are denominated in **HKD** and bear **floating interest rates**, and management considers there to be **no significant interest rate risk**[86](index=86&type=chunk) [Foreign Currency Risk Management](index=15&type=section&id=3.5.3%20Foreign%20Currency%20Risk%20Management) The Group's majority of operating activities are denominated in HKD, thus posing no significant foreign exchange risk - The Group's majority of operating revenue and expenses, monetary assets, and liabilities are denominated in **HKD**, thus facing **no significant foreign exchange risk**[71](index=71&type=chunk) [Fuel Price Risk](index=16&type=section&id=3.5.4%20Fuel%20Price%20Risk) The Group faces fuel price risk, but after assessment, it was determined that hedging contracts are not an effective tool, thus no hedging policy has been adopted - The Group faces **fuel price risk**, and fluctuations in fuel prices may have a **significant impact on operations**[87](index=87&type=chunk) - The Board believes that entering into hedging contracts may **not be an effective tool** for managing fuel price risk, and thus **no hedging policy** has been adopted[87](index=87&type=chunk) [Significant Acquisitions and Disposals](index=16&type=section&id=3.6%20Significant%20Acquisitions%20and%20Disposals) This year, the Group had no significant acquisitions or disposals of any subsidiaries, associates, or joint ventures - For the year ended March 31, 2024, the Group had **no significant acquisitions or disposals** of any subsidiaries, associates, or joint ventures[73](index=73&type=chunk) [Contingent Liabilities](index=16&type=section&id=3.7%20Contingent%20Liabilities) As of March 31, 2024, the Group had no significant contingent liabilities - As of March 31, 2024, and March 31, 2023, the Group had **no significant contingent liabilities**[96](index=96&type=chunk) [Employee Benefits](index=16&type=section&id=3.8%20Employee%20Benefits) Employee benefit expenses constitute a major portion of the Group's total operating costs, amounting to HK$195,951 thousand this year, representing approximately 51.7% of total costs - Total employee benefit expenses were **HK$195,951 thousand** (2023: HK$187,834 thousand)[97](index=97&type=chunk) - Employee benefit expenses accounted for approximately **51.7%** (2023: 50.8%) of total costs (excluding public light bus licence revaluation deficit and public bus licence impairment provision)[97](index=97&type=chunk) Dividends and Corporate Governance This section covers the company's dividend policy, share transfer registration, corporate governance practices, and securities trading [Dividends Attributable for the Year](index=9&type=section&id=4.1%20Dividends%20Attributable%20for%20the%20Year) The Board recommended a special dividend of 4.0 HK cents per ordinary share for the year, totaling HK$10,877 thousand, but no final dividend was declared - The Board recommended a **special dividend of 4.0 HK cents per ordinary share** for the year ended March 31, 2024 (2023: nil), totaling **HK$10,877 thousand**[47](index=47&type=chunk) - The Board has **not declared a final dividend** for the year ended March 31, 2024 (2023: 9.0 HK cents per ordinary share, totaling HK$24,472 thousand)[47](index=47&type=chunk) - The special dividend will be paid on **September 20, 2024**, subject to shareholders' approval at the Annual General Meeting on **August 29, 2024**[47](index=47&type=chunk) [Closure of Register of Members](index=9&type=section&id=4.2%20Closure%20of%20Register%20of%20Members) To determine shareholders' eligibility to attend the AGM and receive the special dividend, the company will suspend share transfer registration in August and September, respectively - To determine eligibility for attending the Annual General Meeting, share transfer registration will be suspended from **August 26 to August 29, 2024**[48](index=48&type=chunk) - To determine entitlement to the special dividend, share transfer registration will be suspended from **September 6 to September 11, 2024**[48](index=48&type=chunk) [Corporate Governance](index=17&type=section&id=4.3%20Corporate%20Governance) The company has consistently complied with the code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules throughout the year - The company has consistently complied with the **code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules** for the year ended March 31, 2024[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=17&type=section&id=4.4%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) This year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the year ended March 31, 2024, neither the company nor any of its subsidiaries **purchased, sold, or redeemed any of the company's listed securities**[100](index=100&type=chunk) Future Outlook and Management Statements This section outlines the company's future prospects, management's views on industry challenges, and statements regarding audit and governance [Prospects](index=17&type=section&id=5.1%20Prospects) Management remains cautiously optimistic about future prospects, expecting economic recovery and fare increases to boost passenger traffic and revenue, while urging the government to regularize the imported labour driver scheme to address industry challenges - The rapid expansion of Hong Kong's railway network poses a **significant challenge** to the minibus industry, with a substantial drop in public light bus licence prices reflecting a **tough operating environment**[74](index=74&type=chunk) - The Transport Department is considering **relaxing "red-to-green" restrictions**, but management believes the government lacks policy initiatives to improve the industry's **long-term prospects**[74](index=74&type=chunk) - Management remains **cautiously optimistic** about future prospects, expecting government economic stimulus measures and local economic recovery to **boost passenger traffic levels**[98](index=98&type=chunk) - Management anticipates that comprehensive fare increases on certain routes (**21 routes approved for fare hikes**) will also contribute to **operating revenue growth**[98](index=98&type=chunk) - The Group has applied to **further introduce mainland drivers** and hopes the government will incorporate the **imported labour driver scheme** into a regular program to address labour challenges from an aging population[90](index=90&type=chunk) [Review by Audit Committee](index=18&type=section&id=5.2%20Review%20by%20Audit%20Committee) The Audit Committee has reviewed the Group's annual financial statements and annual results announcement, providing advice and recommendations to the Board - The Audit Committee comprises **three independent non-executive directors**, one of whom possesses appropriate **accounting or financial management expertise**[102](index=102&type=chunk) - The Audit Committee held a meeting on **June 27, 2024**, to review the Group's annual financial statements and annual results announcement[102](index=102&type=chunk) [Review by Auditor](index=18&type=section&id=5.3%20Review%20by%20Auditor) The figures in the Group's preliminary results announcement are based on the audited consolidated financial statements agreed with the auditor, but the auditor has not issued any opinion or assurance conclusion on this preliminary announcement - The figures presented in the preliminary results announcement are based on the Group's **audited consolidated financial statements** for the year, as agreed with the Group's auditor, **Grant Thornton Hong Kong Limited**[102](index=102&type=chunk) - Grant Thornton Hong Kong Limited has **not issued any opinion or assurance conclusion** on the preliminary results announcement[102](index=102&type=chunk) [Board of Directors](index=18&type=section&id=5.4%20Board%20of%20Directors) As of this announcement date, the Board of Directors includes Executive Directors Mr. Wong Ling Sun (Chairman), Ms. Ng Shui Chun, Mr. Chan Man Chun (Chief Executive Officer), Non-executive Director Ms. Wong Wai Man, and Independent Non-executive Directors - Executive Directors: **Mr. Wong Ling Sun (Chairman)**, **Ms. Ng Shui Chun**, **Mr. Chan Man Chun (Chief Executive Officer)**[104](index=104&type=chunk) - Non-executive Director: **Ms. Wong Wai Man**[104](index=104&type=chunk) - Independent Non-executive Directors: **Not specifically named, but presence noted**[104](index=104&type=chunk) [Publication of Detailed Annual Results and Annual Report](index=18&type=section&id=5.5%20Publication%20of%20Detailed%20Annual%20Results%20and%20Annual%20Report) The company's financial information and other relevant disclosures required by the Listing Rules will be published on the HKEX website and the company's website in due course - Detailed financial information and other relevant data will be published on the **HKEX website www.hkex.com.hk** and the **company's website www.amspt.com**[103](index=103&type=chunk)

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 194,597,000, an increase of 7.5% compared to HKD 181,461,000 for the same period in 2022[7] - Gross profit for the same period was HKD 32,604,000, up 83.4% from HKD 17,779,000 year-on-year[7] - Operating profit decreased to HKD 16,681,000 from HKD 38,895,000, reflecting a decline of 57.1%[7] - The company reported a loss attributable to equity holders of HKD 12,695,000, compared to a profit of HKD 27,088,000 in the previous year[9] - Basic and diluted loss per share was HKD 4.67, compared to earnings of HKD 9.96 per share in the same period last year[7] - Total revenue for the group was HKD 194,597,000, reflecting a growth of 7% from HKD 181,461,000 in the previous year[28] - The group reported a net loss of HKD 12,695,000 for the period, compared to a profit of HKD 27,088,000 in the previous year[71] Assets and Liabilities - Total assets decreased to HKD 147,656,000 from HKD 207,441,000, a decline of 28.8%[12] - Current liabilities increased to HKD 56,071,000 from HKD 84,581,000, indicating a reduction of 33.8%[12] - The company's net assets decreased significantly to HKD 39,800,000 from HKD 76,967,000, a drop of 48.2%[12] - Cash and cash equivalents decreased to HKD 57,244,000 from HKD 68,651,000, a reduction of 16.5%[12] - The total accounts payable as of September 30, 2023, was HKD 5,306,000, a decrease from HKD 5,912,000 as of March 31, 2023, representing a decline of 10.2%[52] - The total lease liabilities as of September 30, 2023, amounted to HKD 114,000, compared to HKD 32,888,000 as of March 31, 2023[54] Cash Flow - Net cash inflow from operating activities for the six months ended September 30, 2023, was HKD 54,155,000, a decrease of 27% from HKD 74,441,000 in 2022[16] - The net cash inflow from investing activities was HKD 9,968,000, compared to a cash outflow of HKD 5,463,000 in the previous year, primarily due to a decrease in fixed deposits by HKD 10,000,000[78] Income and Expenses - Total other income for the six months ended September 30, 2023, was HKD 4,772,000, compared to HKD 4,466,000 for the same period in 2022, reflecting an increase of 6.8%[29] - Interest income significantly increased to HKD 1,014,000 in 2023 from HKD 74,000 in 2022, marking a growth of 1,267.6%[29] - Financing costs decreased to HKD 2,379,000 for the six months ended September 30, 2023, down from HKD 2,620,000 in 2022, a reduction of 9.2%[34] - Direct fuel costs decreased to HKD 31,380,000 in 2023 from HKD 36,508,000 in 2022, a decline of 14.1%[36] - Employee benefits expenses amounted to HKD 97,289,000, representing 52.0% of total costs, an increase from 50.8% in the previous year due to rising labor costs[89] Government Subsidies and Dividends - The group received government subsidies of HKD 225,000 for the acquisition of properties, machinery, and equipment[16] - Dividends paid increased significantly to HKD 24,472,000 from HKD 8,157,000 in the previous year, marking a rise of 200%[16] - The company received no government subsidies in the current period, compared to HKD 37,409,000 in the previous period, indicating a significant decrease[35] - No interim dividend was declared for the six months ended September 30, 2023, while a final dividend of HKD 24,472,000 was approved for the previous fiscal year[40] Operational Insights - The passenger volume has continued to recover following the end of the COVID-19 pandemic, contributing to improved operational performance[68] - The group faced challenges in recruiting and retaining drivers, leading to increased labor costs by 4.2% to HKD 75,049,000[74] - The company is facing challenges in recruiting and retaining drivers, but has received approval to bring in experienced drivers from mainland China, expected to arrive within one to two months[93] - The introduction of skilled drivers from mainland China aims to enhance service quality and operational capacity, with comprehensive training programs planned to ensure adaptation to local regulations and procedures[93] - The expansion of the Hong Kong railway network presents challenges for the minibus industry, but the company believes that a balanced transportation system, including cooperation between rail and minibuses, is essential to meet commuter needs[94] Future Outlook - Management expects that upcoming fare increase applications will contribute to revenue growth, despite ongoing operational pressures from high fuel prices and labor costs[92] - Passenger volume has not fully recovered to pre-pandemic levels, particularly during peak evening hours, but management is optimistic about improvements in the second half of the year due to ongoing economic stimulus measures and local economic recovery[92] Corporate Governance - The company has complied with the Corporate Governance Code during the six months ending September 30, 2023[105] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial information on November 30, 2023[106] - The executive directors include the chairman and CEO, with a total of four executive directors and three independent non-executive directors[108]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性及完整性 亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 AMS PUBLIC TRANSPORT HOLDINGS LIMITED 進智公共交通控股有限公司 (於開曼群島註冊成立之有限公司) (股股股股份份份份代代代代號號號號: 77) 截截截截至至至至二二二二零零零零二二二二三三三三年年年年九九九九月月月月三三三三十十十十日日日日止止止止六六六六個個個個月月月月 未未未未經經經經審審審審核核核核中中中中期期期期業業業業績績績績公公公公佈佈佈佈 進智公共交通控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司（統稱「本 集團」）截至二零二三年九月三十日止六個月之未經審核簡明綜合中期業績，連同二零二二年同期之未經 審核比較數字。未經審核簡明綜合中期財務資料已由本公司核數師及審核委員會（「審核委員會」）審閱。 簡簡簡簡明明明明綜綜綜綜合合合合收收收收益益益益表表表表 截至二零二三年九月三十日止六個月 截截截截至至至至九九九九月月月月三三三三十 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性及完整性亦不 發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 AMS PUBLIC TRANSPORT HOLDINGS LIMITED 進智公共交通控股有限公司 (於開曼群島註冊成立之有限公司) (股股股股份份份份代代代代號號號號: 77) 截截截截至至至至二二二二零零零零二二二二三三三三年年年年三三三三月月月月三三三三十十十十一一一一日日日日止止止止年年年年度度度度 全全全全年年年年業業業業績績績績公公公公佈佈佈佈 進智公共交通控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司（統稱「本 集團」）截至二零二三年三月三十一日止年度之綜合業績，連同截至二零二二年三月三十一日止年度之比較 數字如下： 綜綜綜綜合合合合收收收收益益益益表表表表 截截截截至至至至三三三三月月月月三三三三十十十十一一一一日日日日止止止止年年年年度度度度 附註 二二二二零零零零二二二二三三三三年年年年 二零二二年 千千千千港港港港元元元元 千港元 收收收收益益益益 4 ...

Financial Performance - For the six months ended September 30, 2022, the company reported revenue of HKD 181,461,000, an increase of 1.1% from HKD 178,828,000 in the same period last year[4] - The gross profit for the same period was HKD 17,779,000, down 29.5% from HKD 25,142,000 year-on-year[4] - The operating profit increased significantly to HKD 38,895,000, compared to HKD 12,142,000 in the previous year, marking a growth of 220.5%[4] - Profit attributable to equity holders for the period was HKD 27,088,000, a substantial increase from HKD 3,695,000 in the prior year, representing a growth of 632.5%[4] - Basic and diluted earnings per share were both HKD 0.0996, compared to HKD 0.0136 in the same period last year, reflecting a significant increase[4] Assets and Liabilities - The total assets as of September 30, 2022, were HKD 249,019,000, compared to HKD 285,132,000 as of March 31, 2022[10] - The net asset value increased to HKD 64,770,000 from HKD 45,839,000, indicating a growth of 41.2%[10] - The company reported total payables of HKD 38,906,000 as of September 30, 2022, compared to HKD 35,114,000 as of March 31, 2022[59] - The bank borrowings as of September 30, 2022, totaled HKD 201,526,000, with approximately HKD 141,226,000 utilized, down from HKD 205,391,000 and HKD 152,091,000 respectively as of March 31, 2022[66] Cash Flow and Financing - The net cash inflow from operating activities for the six months ended September 30, 2022, was HKD 74,441,000, compared to HKD 52,914,000 for the same period in 2021, representing an increase of approximately 40.9%[14] - The cash and cash equivalents increased by HKD 15,675,000 during the period, contrasting with a decrease of HKD 9,225,000 in the previous year[14] - The company’s financing costs decreased to HKD 2,620,000 from HKD 3,332,000, a reduction of 36.5%[4] - The total cash outflow from financing activities was HKD 53,303,000, slightly reduced from HKD 57,305,000 in the previous year[14] Government Subsidies and Other Income - Government subsidies received amounted to HKD 37,409,000 for the six months ended September 30, 2022, significantly up from HKD 3,347,000 in the same period of 2021[33] - Other income totaled HKD 4,466,000, an increase from HKD 3,779,000 year-on-year[32] - The company received government subsidies of HKD 30,000 related to the disposal of property, plant, and equipment during the period[14] Operational Highlights - Passenger volume for the group's public minibus service decreased by approximately 5.0% to about 25,585,000 passengers, down from 26,944,000 passengers in the previous year[81] - The group adjusted service schedules in response to changes in passenger demand, resulting in a total mileage reduction of approximately 6.5% to about 16.6 million kilometers[81] - The group replaced 23 old public minibuses with new 19-seat minibuses during the period, increasing the number of 19-seat minibuses in operation to 269[82] Dividends and Shareholder Information - The company paid dividends of HKD 8,157,000 during the period, a decrease from HKD 19,034,000 in the previous year, reflecting a reduction of approximately 57.2%[14] - The group did not declare any interim dividend for the six months ended September 30, 2022, consistent with the previous year[80] - The company declared a special dividend of HKD 0.03 per ordinary share, totaling HKD 8,157,000, compared to a final dividend of HKD 0.07 per share amounting to HKD 19,034,000 in the previous year[44] Challenges and Future Outlook - The group expects fuel costs to continue negatively impacting profitability due to rising prices, with inflation posing a major risk to the global economy[113] - The group anticipates receiving approximately HKD 8 million in subsidies from the Hong Kong government in the second half of the fiscal year, in addition to HKD 37.4 million received in the first half[114] - The group plans to rationalize routes and service schedules to mitigate rising costs and will continue to submit fare increase applications to the Transport Department[114] - The group faces challenges in recruiting drivers due to tightening local labor supply as Hong Kong gradually returns to normal[113] Corporate Governance - The company has complied with the Corporate Governance Code as per the Listing Rules during the six months ending September 30, 2022[131] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial information on November 24, 2022[132] - The executive directors include the chairman and CEO, with independent non-executive directors providing oversight[132]

Financial Performance - Revenue for the year ended March 31, 2022, was HKD 339,198,000, an increase of 11.8% from HKD 303,366,000 in the previous year[7] - Net profit attributable to equity holders was a loss of HKD 18,385,000, compared to a profit of HKD 21,821,000 in the previous year, representing a significant decline[7] - The group recorded a revenue increase of approximately 11.8% to HKD 339,200,000 for the fiscal year ending March 31, 2022, compared to HKD 303,400,000 in the previous year[20] - The group reported a loss of HKD 18,385,000 for the fiscal year, compared to a profit of HKD 21,821,000 in the previous year, largely due to the impact of rising fuel costs and the fifth wave of the COVID-19 pandemic[16] - The basic loss per share for the year was HKD 0.0676, compared to a basic earnings per share of HKD 0.0803 in the previous year[17] - Other income decreased by HKD 54,645,000 or approximately 83.3% to HKD 10,966,000 (2021: HKD 65,611,000), primarily due to a significant reduction in government subsidies[37] - Direct costs increased by HKD 26,051,000 or approximately 9.4% to HKD 304,462,000 (2021: HKD 278,411,000), with labor costs rising by HKD 10,375,000 or approximately 7.9% to HKD 141,353,000[37] - Fuel costs surged by HKD 16,484,000 or approximately 40.2% to HKD 57,467,000 (2021: HKD 40,983,000) due to rising international fuel prices[40] Passenger and Service Metrics - Passenger volume increased by 9.6% to 50.2 million, up from 45.8 million in the previous year[10] - The overall passenger volume increased by 9.6% to approximately 50,200,000 passengers, up from about 45,800,000 passengers in the previous year[20] - The group experienced a 19.2% increase in passenger volume for the first three quarters of the year, but a decline of 18.3% in the last quarter compared to the same period last year[35] - The number of public minibuses in service at year-end was 354, unchanged from the previous year, while the number of public buses decreased by 12.5% to 7[10] - The group completed several route restructuring plans, increasing the number of public minibus routes to 72 as of March 31, 2022, up from 70 in the previous year[29] Liquidity and Financial Position - The company reported a current ratio of 0.37, down from 0.59 in the previous year, indicating a decline in liquidity[7] - The equity attributable to shareholders decreased by 44.9% to HKD 45,839,000 from HKD 83,258,000[7] - The total current liabilities of the group increased to HKD 122,353,000 from HKD 104,416,000 in 2021, primarily due to an increase in short-term borrowings[50] - The net current liabilities rose to HKD 77,506,000 as of March 31, 2022, compared to HKD 42,431,000 in 2021, resulting in a current ratio of 0.37, down from 0.56 in the previous year[50] - The capital debt ratio increased to approximately 252.4% as of March 31, 2022, from 118.3% in 2021, mainly due to a decrease in shareholders' equity by HKD 37,419,000 or about 44.9%[52] Environmental and Sustainability Initiatives - The company plans to maintain or reduce greenhouse gas emissions density next year to improve roadside air quality and comply with government environmental protection policies[70] - The company aims to replace 24 Euro IV diesel minibuses with new LPG minibuses by the end of 2022[70] - The group aims to achieve carbon neutrality by 2050, aligning with government policies[74] - The company is actively seeking methods to minimize fuel usage and greenhouse gas emissions in its operations[70] - The group reported a significant increase in waste metal, with 74,013 kg collected this year compared to 8,627 kg last year, due to the recycling replacement program[79] Governance and Risk Management - The board of directors has implemented a governance framework that complies with all code provisions and some recommended best practices[130] - The company has established a risk management and internal control system that includes environmental, social, and governance risks[67] - The board is responsible for determining the business strategy, objectives, and risk tolerance of the group[181] - The internal audit function is outsourced to a professional accounting firm, ensuring independence and thorough annual audits based on risk assessment methods[195] - The company has established a shareholder communication policy to ensure timely and effective information dissemination to shareholders and potential investors[200] Employee and Community Engagement - The total number of employees as of March 31, 2022, was 1,166, a decrease from 1,196 in 2021[92] - The overall employee turnover rate increased to 23.8% in 2022 from 20.0% in 2021[93] - The company has implemented a diversity policy since 2013 to eliminate discrimination in hiring processes[92] - The company actively participates in community service and has received recognition for its contributions to social activities[117] - The company donated and sponsored a total of HKD 201,000 in the year, down from HKD 298,000 in 2021 due to cancellations of events related to the COVID-19 pandemic[118]

[Financial Statements](index=2&type=section&id=Financial%20Statements) [Independent Auditor's Review Report](index=2&type=section&id=Independent%20Auditor's%20Review%20Report) Grant Thornton Hong Kong Limited, the auditor, reviewed the Group's condensed consolidated interim financial statements for the six months ended September 30, 2021, concluding that nothing indicated the statements were not prepared in all material respects in accordance with HKAS 34 "Interim Financial Reporting" - The auditor issued an unmodified review conclusion on these interim financial statements, deeming them compliant with HKAS 34 in all material respects[2](index=2&type=chunk)[3](index=3&type=chunk) [Condensed Consolidated Income Statement](index=3&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended September 30, 2021, Group revenue increased by 23.4% to HKD 179 million, driven by passenger volume recovery, while operating profit decreased by 47.6% to HKD 12.14 million due to reduced government subsidies and rising costs, resulting in a profit for the period of HKD 3.7 million after revaluation loss, and basic earnings per share of HKD 1.36 cents Condensed Consolidated Income Statement Summary (For the six months ended September 30) | Metric | 2021 (HKD thousands) | 2020 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 178,828 | 144,930 | +23.4% | | Gross Profit | 25,142 | 6,845 | +267.3% | | Operating Profit | 12,142 | 23,149 | -47.6% | | Profit Before Income Tax | 4,520 | 462 | +878.4% | | **Profit for the Period** | **3,695** | **2,696** | **+37.1%** | | Basic Earnings Per Share (HK cents) | 1.36 | 0.99 | +37.4% | - A revaluation loss on public light bus licenses of **HKD 4.29 million** was recorded during the period, significantly lower than **HKD 18.48 million** in the prior year, contributing to the substantial increase in profit before tax[6](index=6&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended September 30, 2021, the Group recorded no other comprehensive income, thus total comprehensive income for the period equaled profit for the period at HKD 3,695,000 Total Comprehensive Income (For the six months ended September 30) | Metric | 2021 (HKD thousands) | 2020 (HKD thousands) | | :--- | :--- | :--- | | Profit for the Period | 3,695 | 2,696 | | Other Comprehensive Income | – | – | | **Total Comprehensive Income for the Period** | **3,695** | **2,696** | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of September 30, 2021, total assets were HKD 373 million, a 10.9% decrease from March 2021, with net assets falling 18.4% to HKD 67.92 million primarily due to dividends and reduced reserves, and net current liabilities expanding from HKD 42.43 million to HKD 59.81 million, indicating increased short-term liquidity pressure Condensed Consolidated Statement of Financial Position Summary | Metric | September 30, 2021 (HKD thousands) | March 31, 2021 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 324,220 | 357,010 | -9.2% | | Current Assets | 49,274 | 61,985 | -20.5% | | **Total Assets** | **373,494** | **418,995** | **-10.9%** | | Current Liabilities | 109,081 | 104,416 | +4.5% | | Non-current Liabilities | 196,494 | 231,321 | -15.1% | | **Total Liabilities** | **305,575** | **335,737** | **-9.0%** | | **Net Assets** | **67,919** | **83,258** | **-18.4%** | - The Group's net current liabilities increased to **HKD 59.81 million** at period-end from **HKD 42.43 million** at the beginning of the period; however, directors believe the Group has sufficient working capital for continued operation, supported by strong operating cash flows and undrawn bank facilities[23](index=23&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended September 30, 2021, total equity decreased from HKD 83.26 million to HKD 67.92 million, primarily due to the distribution of a HKD 19.03 million final dividend for 2021, partially offset by the current period's profit of HKD 3.7 million - Total equity decreased by **HKD 15.34 million** during the period, primarily due to the distribution of a **HKD 19.03 million** final dividend[14](index=14&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) During the period, net cash inflow from operating activities was HKD 52.91 million, largely consistent with the prior year, while net cash outflow from investing activities was HKD 4.83 million for capital expenditure, and net cash outflow from financing activities was HKD 57.31 million for dividends and debt repayment, resulting in a net decrease of HKD 9.23 million in cash and cash equivalents Condensed Consolidated Cash Flow Statement Summary (For the six months ended September 30) | Metric | 2021 (HKD thousands) | 2020 (HKD thousands) | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 52,914 | 55,832 | | Net Cash (Outflow)/Inflow from Investing Activities | (4,834) | 2,559 | | Net Cash Outflow from Financing Activities | (57,305) | (48,317) | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(9,225)** | **10,074** | | Cash and Cash Equivalents at Beginning of Period | 47,602 | 21,263 | | **Cash and Cash Equivalents at End of Period** | **38,377** | **31,337** | [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) [Company Information, Basis of Preparation and Principal Accounting Policies](index=8&type=section&id=Company%20Information%2C%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The Group primarily provides scheduled public light bus and resident bus passenger transport services in Hong Kong, with interim financial information prepared under HKAS 34 using consistent accounting policies, and despite net current liabilities at period-end, directors deem the going concern basis appropriate given operating cash flows and available credit facilities - The Group's principal activities are providing public light bus and resident bus services in Hong Kong[21](index=21&type=chunk) - Directors confirm that despite net current liabilities of **HKD 59.81 million**, the Group possesses sufficient working capital for continued operation[23](index=23&type=chunk) [Revenue and Segment Information](index=10&type=section&id=Revenue%20and%20Segment%20Information) All Group revenue is derived from passenger transport services in Hong Kong and is considered a single operating segment, with total revenue of HKD 179 million for the six months ended September 30, 2021, predominantly from scheduled public light bus services Revenue Composition (For the six months ended September 30) | Service Type | 2021 (HKD thousands) | 2020 (HKD thousands) | | :--- | :--- | :--- | | Scheduled Public Light Bus Services | 175,640 | 142,137 | | Resident Bus Services | 3,188 | 2,793 | | **Total** | **178,828** | **144,930** | - The Group treats all its operations as a single operating segment, with all revenue and non-current assets originating from Hong Kong[36](index=36&type=chunk)[37](index=37&type=chunk) [Other Income and Net Income](index=11&type=section&id=Other%20Income%20and%20Net%20Income) Total other income and net income for the period was HKD 7.15 million, an 81.0% decrease from HKD 37.53 million in the prior year, primarily due to a sharp reduction in subsidies from the Hong Kong Government's Anti-epidemic Fund from HKD 33.92 million to HKD 3.35 million Other Income and Net Income (For the six months ended September 30) | Item | 2021 (HKD thousands) | 2020 (HKD thousands) | | :--- | :--- | :--- | | Other Income | 3,779 | 3,527 | | Other Net Income (Primarily Government Subsidies) | 3,367 | 34,000 | | **Total** | **7,146** | **37,527** | - A significant reduction in subsidies from the Hong Kong Government's Anti-epidemic Fund was the primary reason for the year-on-year decrease in other net income[34](index=34&type=chunk)[35](index=35&type=chunk) [Assets and Liabilities Analysis](index=14&type=section&id=Assets%20and%20Liabilities%20Analysis) At period-end, the Group recorded a revaluation loss of HKD 4.29 million due to a decline in the fair value of public light bus licenses, while accounts receivable and payable maintained healthy aging profiles with most within 30 days, and total lease liabilities decreased to HKD 124 million from the beginning of the period - Due to market changes, the fair value of each public light bus license decreased from **HKD 1.965 million** to **HKD 1.90 million**, resulting in a revaluation loss of **HKD 4.29 million** recognized in the condensed consolidated income statement[49](index=49&type=chunk) - As of September 30, 2021, net accounts receivable amounted to **HKD 1.93 million**, with approximately **75%** aged within 30 days[55](index=55&type=chunk)[57](index=57&type=chunk) - As of September 30, 2021, the present value of lease liabilities was **HKD 124 million**, of which **HKD 61.05 million** were current liabilities due within one year[61](index=61&type=chunk) [Dividends and Earnings Per Share](index=13&type=section&id=Dividends%20and%20Earnings%20Per%20Share) The Board did not recommend an interim dividend, while the company paid a final dividend of HKD 0.07 per share for the year ended March 31, 2021, totaling HKD 19.03 million, with basic and diluted earnings per share both at HKD 1.36 cents - The Board did not recommend an interim dividend for the six months ended September 30, 2021[44](index=44&type=chunk) - A final dividend for the 2021 fiscal year, totaling **HKD 19.034 million**, was paid during the period[45](index=45&type=chunk) - Basic earnings per share were **HKD 1.36 cents**, an increase compared to **HKD 0.99 cents** in the prior year[46](index=46&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=22&type=section&id=Business%20and%20Financial%20Review) Following the end of Hong Kong's fourth COVID-19 wave, Group passenger volume rebounded by 22.5%, driving a 23.4% revenue increase; however, soaring fuel costs and significantly reduced government subsidies led to a 66.5% year-on-year profit decline to HKD 7.99 million excluding license revaluation impact, with profit for the period at HKD 3.7 million after revaluation loss, and no interim dividend recommended - Passenger volume rebounded by **22.5%** year-on-year, with total mileage increasing by **9.2%**, contributing to a **HKD 33.9 million** increase in revenue[79](index=79&type=chunk)[83](index=83&type=chunk) - Other income and net income significantly decreased by **81.0%** from **HKD 37.53 million** to **HKD 7.15 million** due to reduced government subsidies[84](index=84&type=chunk) - Direct costs increased by **11.3%**, primarily driven by a **48.3%** surge in fuel costs and an **11.4%** rise in driver labor costs[86](index=86&type=chunk) [Capital Structure, Liquidity, and Financial Resources](index=25&type=section&id=Capital%20Structure%2C%20Liquidity%2C%20and%20Financial%20Resources) The Group's working capital primarily stems from operations; at period-end, net current liabilities increased to HKD 59.81 million, current ratio decreased to 0.45x, and gearing ratio rose to 152.3% due to reduced cash and equity, yet the Group retains HKD 38.38 million in cash and undrawn bank facilities despite weakening liquidity metrics Liquidity and Gearing Ratios | Metric | September 30, 2021 | March 31, 2021 | | :--- | :--- | :--- | | Net Current Liabilities | HKD 59.81 million | HKD 42.43 million | | Current Ratio | 0.45x | 0.59x | | Gearing Ratio | 152.3% | 118.3% | - As of September 30, 2021, total bank borrowings amounted to **HKD 142 million**, with bank balances and cash at **HKD 38.38 million**[95](index=95&type=chunk)[96](index=96&type=chunk) [Risk Management](index=27&type=section&id=Risk%20Management) The Group faces significant fuel price risk, with volatility potentially impacting operations, yet no hedging policy is in place; interest rate risk from floating-rate bank borrowings is deemed immaterial by management, while credit and foreign currency risks remain low - The Group faces significant fuel price risk but does not use hedging derivatives for management[104](index=104&type=chunk) - Interest rate risk primarily stems from floating-rate bank borrowings, though management believes market interest rate changes will not have a significant impact[104](index=104&type=chunk) - The Group's credit and foreign currency risks are very low, as most revenue is cash-based or settled next day, and all operations are denominated in HKD[101](index=101&type=chunk)[102](index=102&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) As a labor-intensive industry, staff costs represent the Group's largest operating expense, accounting for 52.8% of total costs; employee benefit expenses increased by 6.8% year-on-year to HKD 93.98 million during the period, with 1,198 employees at period-end Employee Data | Metric | September 30, 2021 | Prior Year Period | | :--- | :--- | :--- | | Employee Benefit Expenses | HKD 93.98 million | HKD 88.04 million | | Percentage of Total Costs | 52.8% | 55.4% | | Number of Employees | 1,198 | N/A | [Outlook](index=29&type=section&id=Outlook) Management anticipates difficulties in fully restoring passenger volume to pre-pandemic levels, with rising international fuel prices and the cessation of government fuel subsidies posing significant adverse impacts on near-term profitability; in response, the Group will optimize operating costs and continue submitting fare increase applications to the Transport Department, hoping for a return to normal approval processes - Key challenges include difficulties in passenger volume recovery, rising international fuel prices, and the termination of government fuel subsidy schemes in June 2021[110](index=110&type=chunk) - Response strategies involve optimizing internal operating costs, such as adjusting fleet size and routes, and actively seeking government support for fare increase approvals[111](index=111&type=chunk) [Other Disclosures](index=30&type=section&id=Other%20Disclosures) [Directors' and Substantial Shareholders' Interests](index=30&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Interests) The report discloses directors' and substantial shareholders' interests in the company's shares as of September 30, 2021, with Chairman Mr. Wong Ling Sun and his associates collectively holding approximately 60.07% through trusts and personal holdings, and HSBC International Trustee also holding significant shares as trustee - Chairman Mr. Wong Ling Sun is deemed to be interested in **163,345,100** shares of the Company, representing **60.07%** of the total issued ordinary shares[113](index=113&type=chunk) - Substantial shareholders include HSBC International Trustee, JETSUN, Metro Success, and Skyblue, all related to family trusts of directors such as Mr. Wong Ling Sun[124](index=124&type=chunk)[125](index=125&type=chunk) [Share Option Scheme](index=31&type=section&id=Share%20Option%20Scheme) As of September 30, 2021, the company had 6,939,000 outstanding share options; no new options were granted or exercised during the period, but 558,000 options lapsed, and the company adopted a new share option scheme in 2013 to replace the 2004 scheme - As of period-end, there were **6,939,000** outstanding share options with a weighted average exercise price of **HKD 1.48**[64](index=64&type=chunk) - No share options were granted, cancelled, or exercised during the period, while **558,000** share options lapsed[119](index=119&type=chunk) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) The company consistently complied with the Code Provisions of Appendix 14 of the Listing Rules on Corporate Governance throughout the reporting period; the Audit Committee, comprising three independent non-executive directors, reviewed the interim financial information, and neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period - The company confirmed compliance with all applicable code provisions of the Corporate Governance Code during the reporting period[128](index=128&type=chunk) - The Audit Committee reviewed these interim results and provided recommendations to the Board[128](index=128&type=chunk)

進智公共交通控股有限公司 ii :///// ▼谁智公交 AMS PUBLIC TRANSPORT HOLDINGS LIMITED 進智公共交通控股有限公司 於開曼群島註冊成立之有限公司 (股份代號：77) 2020/21 年度報告書 | --- | --- | --- | --- | --- | --- | |---------|------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 目錄 | | | | | | 02 03 | 公司資料 集團概況 | | | | | | 04 | 財務及業務摘要 | | | | | | | | | | | | | 06 | 主席報告 | | | | | | | | | | | | | 09 | 管理層討論及分析 | | | | | | 16 | 環境、社會及管治報告 | | | | | | 22 | 企業管治報告 | | | | | | ...