Annual Report 2021

93 2021 Annual Report Transport International Holdings Limited The revenue and underlying profit generated by the Group’s five Divisions for the year ended 31 December 2021 are shown below: Revenue Profit before taxation HK$ million 2021 2020 2021 2020 Franchised Public Bus Operations Division 6,940.1 5,909.7 94.3 34.5 Non-franchised Transport Operations Division 212.6 208.3 11.2 42.2 Property Holdings and Development Division 49.3 72.9 55.8 63.0 Financial Services Division – – 68.6 66.3 China Mainland Transport Operations Division – – 19.6 6.5 7,202.0 6,190.9 249.5 212.5 Finance costs (14.4) (26.9) Unallocated net operating income 37.0 41.0 Gain on disposal of a subsidiary – 1,495.5 Profit before taxation 272.1 1,722.1 Income tax (expense)/credit (27.1) 182.0 Profit for the year 245.0 1,904.1 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 2021 amounted to HK$7,202.0 million, an increase of HK$1,011.1 million or 16.3% compared with HK$6,190.9 million for 2020. The increase was mainly due to (i) the increase in revenue from the Group’s franchised public bus operations of HK$1,030.4 million, primarily as a result of patronage increase and fare increase with effect from 4 April 2021; and (ii) the increase in revenue from the Group’s non-franchised transport operations of HK$4.3 million, which was partly offset by the decrease in rental income arising from the Group’s investment properties of HK$23.6 million. Other income decreased by HK$995.6 million from HK$1,249.6 million in 2020 to HK$254.0 million in 2021. The decrease was mainly due to the decrease in government subsidies of HK$1,008.5 million from various support schemes rolled out by the Government under the Anti-epidemic Fund to provide financial support to the public transport sector in 2020. The breakdown of other income is set out in note 4 to the financial statements on page 187 of this Annual Report. Franchised public bus operations Non-franchised transport operations Gross rentals from investment properties Total Assets at 31 December Group Revenue 6,000 12,000 18,000 24,000 2017 2018 2019 2020 2021 0 2,500 5,000 7,500 10,000 2017 2018 2019 2020 2021 0 HK$ million HK$ million