Annual Report 2021

207 2021 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 17 Interest in associates 2021 2020 $’000 $’000 Share of net assets 615,239 591,960 Goodwill 66,392 64,535 Amount due from an associate 118 115 681,749 656,610 Amount due from an associate is unsecured, interest-free and has no fixed terms of repayment. The following list contains the particulars of the material associate, which is an unlisted corporate entity whose quoted market price is not available: Percentage of ownership interest Name of associate Form of business structure Place of establishment and business Particulars of registered and paid-up capital Group’s effective interest Held by subsidiaries Principal activity Shenzhen Bus Group Company Limited Sino-foreign joint stock company The PRC RMB951,430,306 35 35 Provision of bus and taxi hire services (note) Note: Shenzhen Bus Group Company Limited, a transportation operator in the PRC, enables the Group to have exposure to this market through local expertise. Summarised financial information of the material associate, adjusted for any differences in accounting policies, and reconciled to the carrying amounts in the consolidated financial statements, are disclosed below: Shenzhen Bus Group Company Limited 2021 2020 $’000 $’000 Gross amounts of the associate Current assets 3,748,154 3,361,914 Non-current assets 7,078,614 6,700,145 Current liabilities 6,480,528 5,030,655 Non-current liabilities 2,838,060 3,609,448 Total equity 1,508,180 1,421,956 Non-controlling interest (8,011) (9,979) Revenue 1,958,565 1,676,079 Profit for the year 72,063 23,926 Other comprehensive income 8,971 123,000 Total comprehensive income 81,034 146,926 Dividend from the associate 12,097 6,911 Reconciled to the Group’s interests in the associate Gross amounts of net assets of the associate attributable to equity shareholders 1,500,169 1,411,977 Group’s effective interest 35% 35% Group’s share of net assets of the associate 525,059 494,192 Goodwill 66,392 64,535 Carrying amount in the consolidated financial statements 591,451 558,727