进智公共交通(00077) - 2024 - 年度业绩

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 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][41] - Stock Code: 77[41] Consolidated Statement of Profit or Loss 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] - Finance costs increased from HK$5,384 thousand in 2023 to HK$8,769 thousand in 2024[41] Consolidated Statement of Comprehensive Income 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 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] - Right-of-use assets significantly increased from HK$31,718 thousand in 2023 to HK$153,552 thousand in 2024[11] - Lease liabilities (non-current) increased from HK$0 thousand in 2023 to HK$95,298 thousand in 2024[11] 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 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] - Adopted historical cost basis, except for public light bus licences which are stated at fair value[19] Changes in Accounting Policies 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][22] - Changes in accounting policies had no significant impact on the Group's results and financial position for the current and prior periods[20][23] Segment Information 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] - All revenue and non-current assets are derived from and located in Hong Kong[24] - No single customer accounted for more than 10% of the Group's revenue[25] Revenue Total revenue for the year increased by 5.0% year-on-year to HK$393,686 thousand, primarily contributed by scheduled public light bus service income - The Group primarily engages in providing scheduled public light bus and resident's bus services in Hong Kong[26] Revenue Composition | Service Type | 2024 (HK$ 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 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] Finance Costs 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 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 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$2,000,000 of assessable profits for eligible entities taxed at 8.25%[4] Income Tax Expense Details | Item | 2024 (HK$ 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 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] - 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] Public Light Bus Licences 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$56,100 thousand - Public light bus licences are considered to have an indefinite useful life[9] Public Light Bus Licences Revaluation | Item | 2024 (HK$ 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] Trade and Other Receivables 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] 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 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] Reclassification of Comparative Figures 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] Management Discussion and Analysis This section reviews the company's business operations, financial performance, cash flow, capital structure, and risk management strategies Business Review 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] - 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] - 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] - Total passenger numbers for public transport and green minibuses increased by 8.6% and 3.3% respectively[50] - Due to driver shortages, total mileage slightly decreased by 1.7% to approximately 34.1 million kilometers[51] - Passenger volume for scheduled public light bus services increased by 4.7% to approximately 55.5 million passengers[51] - Approved fare increases for 9 routes, ranging from 3.8% to 7.8%[51] Financial Review 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 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] - 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] - 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] Revenue Analysis 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] - Revenue growth was primarily attributable to a 4.7% increase in passenger volume and higher fares[55] Other Income and Other Net (Expenses)/Income Analysis 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] - The main reason was the non-receipt of one-off subsidies of HK$45,406 thousand under the government Anti-epidemic Fund[56] Direct Costs Analysis 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] - 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] - 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] - Depreciation of right-of-use assets for leased public light buses was HK$63,702 thousand, similar to last year[58] Administrative Expenses Analysis 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] - 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] Finance Costs Analysis 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] - 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] Income Tax Expense Analysis 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] - The effective tax rate for the year was 15.7% (2023: 16.1%)[61] - 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] Public Light Bus Licences Revaluation 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] - 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] - A total public light bus licence revaluation deficit of HK$34,980 thousand was charged to the consolidated statement of profit or loss[76] - Fluctuations in the market value of public light bus licences have no significant impact on the Group's core business[63] Cash Flow This year, net cash generated from operating activities decreased, net cash from investing activities turned positive, and net cash used in financing activities increased, resulting in a net decrease in cash and cash equivalents Key Data from Cash Flow Statement | Item | 2024 (HK$ 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] - Net cash generated from investing activities was primarily used for purchasing vehicles and office renovation, offset by withdrawal of fixed deposits[77] Capital Structure, Liquidity and Financial Resources 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 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] - Bank balances and cash decreased by 16.9% to HK$57,050 thousand[79] - Net current liabilities were HK$39,377 thousand (2023: HK$9,284 thousand)[79] - Current ratio (current assets/current liabilities) decreased to 0.63 times (2023: 0.89 times)[79] - Total banking facilities amounted to HK$180,307 thousand, of which HK$113,007 thousand was utilized[80] Bank Borrowings 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] Gearing Ratio and Shareholders' Equity 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] - Shareholders' equity decreased by HK$37,967 thousand or approximately 49.3% to HK$39,000 thousand[82] Pledge of Assets The Group has pledged public light bus licences, property, plant and equipment, and investment properties as collateral for banking facilities Pledged Assets | Asset Type | 2024 (HK$ 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 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] - Capital commitments were HK$366 thousand (2023: HK$865 thousand), primarily for office and building renovation projects[85] Risk Management 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 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] - The Group has not provided any guarantees to third parties that would expose it to credit risk, thus facing no significant credit risk[94] Interest Rate Risk Management 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] - All bank borrowings are denominated in HKD and bear floating interest rates, and management considers there to be no significant interest rate risk[86] Foreign Currency Risk Management 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] Fuel Price Risk 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] - 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] Significant Acquisitions and Disposals 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] Contingent Liabilities 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] Employee Benefits 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] - 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] 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 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] - 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] - The special dividend will be paid on September 20, 2024, subject to shareholders' approval at the Annual General Meeting on August 29, 2024[47] Closure of Register of Members 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] - To determine entitlement to the special dividend, share transfer registration will be suspended from September 6 to September 11, 2024[48] Corporate Governance 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] Purchase, Sale or Redemption of the Company's Listed Securities 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] 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 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] - 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] - Management remains cautiously optimistic about future prospects, expecting government economic stimulus measures and local economic recovery to boost passenger traffic levels[98] - Management anticipates that comprehensive fare increases on certain routes (21 routes approved for fare hikes) will also contribute to operating revenue growth[98] - 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] Review by Audit Committee 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] - The Audit Committee held a meeting on June 27, 2024, to review the Group's annual financial statements and annual results announcement[102] Review by Auditor 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] - Grant Thornton Hong Kong Limited has not issued any opinion or assurance conclusion on the preliminary results announcement[102] Board of Directors 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] - Non-executive Director: Ms. Wong Wai Man[104] - Independent Non-executive Directors: Not specifically named, but presence noted[104] Publication of Detailed Annual Results and Annual Report 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)