Annual Report 2020

2020 Annual Report Transport International Holdings Limited 95 The revenue and underlying profit generated by the Group’s five Divisions for the year ended 31 December 2020 are shown below: Revenue Profit before taxation HK$ million 2020 2019 2020 2019 Franchised Public Bus Operations Division 5,909.7 7,732.5 34.5 473.1 Non-franchised Transport Operations Division 208.3 312.7 42.2 47.6 Property Holdings and Development Division 72.9 67.0 63.0 65.5 Financial Services Division – – 66.3 76.8 China Mainland Transport Operations Division – – 6.5 21.5 6,190.9 8,112.2 212.5 684.5 Finance costs (26.9) (32.2) Unallocated net operating income 41.0 47.0 Gain on disposal of a subsidiary 1,495.5 – Profit before taxation 1,722.1 699.3 Income tax credit/(expense) 182.0 (94.0) Profit for the year 1,904.1 605.3 Segment information on the Group’s main businesses is set out in note 12 to the financial statements on pages 195 to 197 of this Annual Report. Key Changes to the Group’s Revenue, Other Income and Operating Expenses Revenue for 2020 amounted to HK$6,190.9 million, a decrease of HK$1,921.3 million or 23.7% compared with HK$8,112.2 million for 2019. The decrease was mainly due to (i) the decrease in revenue from the Group’s franchised public bus operations of HK$1,822.8 million, primarily as a result of patronage drop; and (ii) the decrease in revenue from the Group’s non-franchised transport operations of HK$104.4 million, which partly offset by the increase in rental income arising from the Group’s investment properties of HK$5.9 million. Other income increased by HK$838.5 million from HK$411.1 million in 2019 to HK$1,249.6 million in 2020. The increase was mainly due to the increase in government subsidies of HK$861.3 million from various support schemes rolled out by the Government under the Anti-epidemic Fund to provide financial support to the public transport sector. The breakdown of other income is set out in note 4 to the financial statements on page 187 of this Annual Report. Total Assets at 31 December Group Revenue 20,000 15,000 10,000 5,000 0 10,000 7,500 5,000 2,500 0 2016 2016 (Restated) 2017 2017 2018 2018 2019 2019 2020 2020 HK$ million HK$ million Franchised public bus operations Non-franchised transport operations Media sales business Gross rentals from investment properties