Annual Report 2020

2020 Annual Report Transport International Holdings Limited 203 Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated) 13 Investment properties, investment property under development, interest in leasehold land and other property, plant and equipment (continued) (d) The Group leased out investment properties under operating leases. The leases typically run for an initial period from two to three years, with an option to renew the leases after that date, at which time all terms are renegotiated. Certain leases include contingent rentals, being the excess of a percentage of the monthly revenue generated by the lessees over the monthly minimum lease rentals. Undiscounted lease payments under non-cancellable operating leases in place at the reporting date will be receivable by the Group in future periods as follows: 2020 2019 $’ 000 $’ 000 Within 1 year 39,120 68,399 After 1 year but within 2 years 27,077 55,512 After 2 years but within 3 years 7,348 41,461 After 3 years but within 4 years 4,444 25,687 After 4 years but within 5 years 1,826 13,655 After 5 years – 1,826 79,815 206,540 (e) In 2020, subsidies totalling $18,046,000 (2019: $5,921,000) were received or receivable from the HKSAR Government for purchase of diesel-electric hybrid buses and electric buses (“the Buses”) and for installation of facilities at bus stops and termini. The purposes of the subsidies are to encourage the use of the Buses by granting financial assistance to franchised public bus operators to purchase the Buses for trial and to expedite the installation of facilities for the convenience of passengers. The Group has to use the Buses for trial on certain routes agreed with the HKSAR Government for two years. The subsidies received or receivable have been deducted from the carrying amount of the assets directly in accordance with the accounting policy set out in note 1(k). 14 Intangible assets Passenger service licences and transport operating rights $’ 000 Cost: At 1 January 2019 360,619 Additions 4,345 At 31 December 2019, 1 January 2020 and 31 December 2020 364,964 Accumulated amortisation: At 1 January 2019, 31 December 2019, 1 January 2020 and 31 December 2020 – Net book value: At 31 December 2020 364,964 At 31 December 2019 364,964