Suncorp Technologies Limited — Earnings Release 2024

Mar 20, 2025

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

FRONTIER SERVICES GROUP

FRONTIER SERVICES GROUP LIMITED

先豐服務集團有限公司*

(Incorporated in Bermuda with limited liability)

(Stock Code: 00500)

PROFIT WARNING

This announcement is made by Frontier Services Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board (the "Board") of directors (the "Directors") of the Company wishes to inform the shareholders of the Company (the "Shareholders") and potential investors that, based on preliminary figures for the Group's financial results for the year ended 31 December 2024 (the "Year"), the Group is expected to record a potential net loss ranging from approximately HK$85.0 million to HK$95.0 million for the Year, as compared to a net profit of HK$53.5 million in the prior year.

The shift from a net profit in the prior year to a net loss for the Year is primarily attributable to the following factors:

1. Impairment provision of approximately HK$51.7 million on purchased goodwill related to certain cash generating units of the Group's existing business segments.
2. Absence of a deconsolidation gain from a South African subsidiary in the prior year, which was HK$52.8 million.
3. Reduction in fair value gain on contingent consideration payable, estimated at HK$34.7 million.
4. Loss on disposal of property, plant, and equipment (aircraft) amounting to approximately HK$10.8 million.
5. Other additional potential losses relating to certain non-performing business segments, which are still under assessment.

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The information contained in this announcement is only based on a preliminary assessment by the Board with reference to the information currently available, including the latest unaudited management accounts of the Group, which have not yet been finalised as of the date of this announcement. Further details of the Group's performance for the Year will be disclosed in its consolidated annual results announcement, which is expected to be published before the end of March 2025.

Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

By Order of the Board
Frontier Services Group Limited
Chan Kam Kwan, Jason
Company Secretary

Hong Kong, 20 March 2025

At the date of this announcement, the Board of the Company comprises the non-executive director of Mr. Chang Zhenming (Chairman), Mr. Chan Kai Kong, Mr. Yang Feng and Ms. Ye Ying; the executive directors of Mr. Ko Chun Shun, Johnson (Deputy Chairman) and Mr. Luo Ning (Deputy Chairman); and the independent non-executive directors of Mr. Yap Fat Suan, Henry, Mr. Hooi Hing Lee and Mr. Cui Liguo.

• For identification purposes only

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