Annual Report 2019

Group Profile 002 Business at a Glance 004 Key Franchised Bus Network in Hong Kong 006 Financial and Operational Highlights 008 Corporate Milestones 2019 010 Chairman’s Letter 012 Managing Director’s Message 016 Management Discussion and Analysis 018 Business Review • Hong Kong Franchised Public Bus Operations 020 • Hong Kong Non-franchised Transport Operations 030 • China Mainland Transport Operations 034 • Property Holdings and Development 036 Sustainability Report • Safety First 044 • Care for Customers 050 • Care for the Environment 054 • Care for Employees 060 • Engaging Stakeholders 068 Financial Review 080 Corporate Governance Report 094 Remuneration Report 112 Directors’ Profiles 116 Key Corporate Executives 123 Financial Reports 124 Financial Summary 236 Corporate Directory 237 Contents Property Holdings and Development China Mainland Transport Operations Hong Kong Non-franchised Transport Operations Hong Kong Franchised Public Bus Operations 001 Transport International Holdings Limited 2019 Annual Report