Annual Report 2021

236 Transport International Holdings Limited 2021 Annual Report FINANCIAL SUMMARY For the years ended 31 December (Expressed in Hong Kong dollars) 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 $’M $’M $’M $’M $’M $’M $’M $’M $’M $’M (Restated) (Restated) Note (e) Note (d) Note (c) Note (b) Note (a) Statement of profit or loss Continuing operations Revenue 7,202 6,191 8,112 8,009 7,888 7,744 7,780 7,557 7,420 7,181 Profit before taxation 272 1,722 699 837 1,008 1,016 747 508 458 197 Income tax (expense)/credit (27) 182 (94) (117) (148) (150) (128) (69) (55) (6) Profit for the year from continuing operations 245 1,904 605 720 860 866 619 439 403 191 Discontinued operations Profit/(loss) for the year from discontinued operations – – – – 429 (42) – – – – Profit for the year 245 1,904 605 720 1,289 824 619 439 403 191 Non-controlling interests – – – – 6 7 10 (24) (32) (25) Profit attributable to equity shareholders of the Company 245 1,904 605 720 1,295 831 629 415 371 166 Statement of financial position Investment properties, investment property under development, interest in leasehold land and other property, plant and equipment 11,976 10,954 10,154 9,841 9,261 8,875 6,133 4,817 4,487 3,852 Intangible assets 420 365 365 361 132 132 132 135 132 132 Goodwill 84 84 84 84 84 84 84 84 84 84 Non-current prepayments – – – – – 2 15 7 12 4 Interest in associates 682 657 612 611 625 602 634 740 724 672 Interest in joint venture 751 751 – – – – – – – – Other financial assets 1,354 1,474 1,264 1,709 1,493 1,207 112 183 229 591 Employee benefit assets 1,959 1,701 1,307 913 1,287 626 577 861 1,018 326 Net current (liabilities)/assets (39) 229 1,369 711 438 377 1,321 2,112 2,009 2,226 Employment of funds 17,187 16,215 15,155 14,230 13,320 11,905 9,008 8,939 8,695 7,887 Financed by: Share capital 465 458 447 435 422 412 404 404 404 404 Reserves 13,213 12,728 10,525 9,761 9,120 7,414 6,804 6,793 6,704 5,832 Total equity attributable to equity shareholders of the Company 13,678 13,186 10,972 10,196 9,542 7,826 7,208 7,197 7,108 6,236 Non-controlling interests – – – – – 146 154 190 192 185 Total equity 13,678 13,186 10,972 10,196 9,542 7,972 7,362 7,387 7,300 6,421 Contingency provision – insurance 178 218 244 241 285 253 251 274 298 311 Long-term bank loans 2,139 1,684 2,707 2,625 2,353 2,724 589 545 399 598 Employee benefit liabilities – – – 3 – 9 9 6 – – Other liabilities 1,192 1,127 1,232 1,165 1,140 947 797 727 698 557 Funds employed 17,187 16,215 15,155 14,230 13,320 11,905 9,008 8,939 8,695 7,887 Earnings/(loss) per share ($) 0.53 4.21 1.38 1.68 3.11 2.04 1.56 1.03 0.92 0.41 – From continuing operations 0.53 4.21 1.38 1.68 2.07 2.12 – – – – – From discontinued operations – – – – 1.04 (0.08) – – – – Dividends per share ($) 0.50 0.50 1.00 1.20 1.25 1.25 1.20 0.90 0.60 0.60 Total assets per share ($) 42.85 42.16 37.40 35.46 34.69 32.34 27.42 25.28 25.36 23.19 Net assets per share ($) 29.39 28.80 24.55 23.46 22.59 19.36 18.24 18.30 18.09 15.91 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 year 2012 have been restated accordingly. (b) The disposal of RoadShow Holdings Limited 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 was 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. Under the transition method chosen, comparative information was not restated. (e) The Group recorded a non-recurring net gain amounting to HK$1,495.5 million arising from the revaluation and disposal of 50% equity interest in TM Properties Investment Limited in 2020.