Annual Report 2019

236 Transport International Holdings Limited 2019 Annual Report Financial summary for the year ended 31 December (Expressed in Hong Kong dollars) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 $’M $’M $’M $’M $’M $’M $’M $’M $’M $’M (Restated) (Restated) (Restated) Note (d) Note (c) Note (b) Note (a) Note (a) Statement of profit or loss Continuing operations Revenue 8,112 8,009 7,888 7,744 7,780 7,557 7,420 7,181 6,948 6,687 Profit before taxation 699 837 1,008 1,016 747 508 458 197 275 931 Income tax (expense)/credit (94) (117) (148) (150) (128) (69) (55) (6) 48 (75) Profit for the year from continuing operations 605 720 860 866 – – – – – – Discontinued operations Profit/(loss) for the year from discontinued operations – – 429 (42) – – – – – – Profit for the year 605 720 1,289 824 619 439 403 191 323 856 Non-controlling interests – – 6 7 10 (24) (32) (25) 8 11 Profit attributable to equity shareholders of the Company 605 720 1,295 831 629 415 371 166 331 867 Statement of financial position Investment properties, investment property under development, interest in leasehold land and other property, plant and equipment 10,154 9,841 9,261 8,875 6,133 4,817 4,487 3,852 4,121 4,276 Intangible assets 365 361 132 132 132 135 132 132 44 23 Goodwill 84 84 84 84 84 84 84 84 63 63 Non-current prepayments – – – 2 15 7 12 4 2 44 Interest in associates 607 611 625 602 634 740 724 672 668 640 Other financial assets 1,264 1,709 1,493 1,207 112 183 229 591 472 636 Employee benefit assets 1,307 913 1,287 626 577 861 1,018 326 263 790 Net current assets 1,372 711 438 377 1,321 2,112 2,009 2,226 2,280 1,763 Employment of funds 15,153 14,230 13,320 11,905 9,008 8,939 8,695 7,887 7,913 8,235 Financed by: Share capital 447 435 422 412 404 404 404 404 404 404 Reserves 10,525 9,761 9,120 7,414 6,804 6,793 6,704 5,832 5,668 6,334 Total equity attributable to equity shareholders of the Company 10,972 10,196 9,542 7,826 7,208 7,197 7,108 6,236 6,072 6,738 Non-controlling interests – – – 146 154 190 192 185 182 205 Total equity 10,972 10,196 9,542 7,972 7,362 7,387 7,300 6,421 6,254 6,943 Contingency provision – insurance 244 241 285 253 251 274 298 311 310 300 Long-term bank loans 2,707 2,625 2,353 2,724 589 545 399 598 798 470 Employee benefit liabilities – 3 – 9 9 6 – – – – Other liabilities 1,230 1,165 1,140 947 797 727 698 557 551 522 Funds employed 15,153 14,230 13,320 11,905 9,008 8,939 8,695 7,887 7,913 8,235 Earnings/(loss) per share ($) 1.38 1.68 3.11 2.04 1.56 1.03 0.92 0.41 0.82 2.15 – From continuing operations 1.38 1.68 2.07 2.12 – – – – – – – From discontinued operations – – 1.04 (0.08) – – – – – – Dividends per share ($) 1.00 1.20 1.25 1.25 1.20 0.90 0.60 0.60 0.60 1.35 Total assets per share ($) 37.40 35.46 34.69 32.34 27.42 25.28 25.36 23.19 22.78 24.01 Net assets per share ($) 24.55 23.46 22.59 19.36 18.24 18.30 18.09 15.91 15.49 17.20 Notes: (a) In order to comply with Revised Hong Kong Accounting Standard 19, Employee benefits , which was effective for the accounting period beginning on 1 January 2013, the Group adopted new accounting policies for defined benefit plans. Figures for the years 2011 and 2012 have been adjusted and it is not practicable to restate earlier years for comparison purposes. (b) The disposal of RoadShow in 2017 constituted a discontinued operation. In accordance with HKFRS 5, Non-current assets held for sale and discontinued operations , the Group has re-presented the comparative information in 2016 in this regard. (c) The Group has initially applied HKFRS 9, Financial instruments , at 1 January 2018. Under the transition method chosen, comparative information is not restated. (d) As a result of the adoption of HKFRS 16, Leases , with effect from 1 January 2019, the Group has changed its accounting policies in respect of the lessee accounting model. In accordance with the transitional provisions of the standard, the changes in accounting policies were adopted by way of recognising right-of-use assets and lease liabilities as at 1 January 2019. After initial recognition of these assets and liabilities, the Group as a lessee is required to recognise interest expense accrued on the outstanding balance of the lease liability, and the depreciation of the right-of-use asset, instead of the previous policy of recognising rental expenses incurred under operating leases on a straight-line basis over the lease term. Figures in years earlier than 2019 are stated in accordance with the policies applicable in those years.