Annual Report 2022

214 Transport International Holdings Limited 2022 Annual Report NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 18 Interest in joint venture The following list contains the particulars of the joint venture, which is an unlisted corporate entity whose quoted market price is not available: Percentage of ownership interest Name of joint venture 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 TM Properties Investment Limited Incorporated Incorporated in the British Virgin Islands and operates in Hong Kong 2 share of US$2 50 50 Property investment (note 1) Note 1: TM Properties Investment Limited operates in Hong Kong and generates rental income from the leasing of an industrial building in Tuen Mun. Summarised financial information of the joint venture, adjusted for any differences in accounting policies, and reconciled to the carrying amounts in the consolidated financial statements, are disclosed below: TM Properties Investment Limited 2022 2021 $’000 $’000 Gross amounts of the joint venture Current assets 24,543 16,277 Non-current assets 79,040 78,945 Current liabilities 70,511 78,648 Total equity 33,072 16,574 For the year ended 31 December 2022 For the year ended 31 December 2021 $’000 $’000 Revenue 20,559 20,048 Profit for the year 16,498 16,504 Total comprehensive income 16,498 16,504 Reconciled to the Group’s interest in the joint venture Gross amounts of net assets of the joint venture attributable to equity shareholders 33,072 16,574 Group’s effective interest 50% 50% Group’s share of net assets of the joint venture 16,536 8,287 Fair value of retained interest in the joint venture 710,537 710,537 Loan to a joint venture (note 2) 24,114 31,975 Carrying amount in the consolidated financial statements 751,187 750,799 Note 2: Loan to a joint venture is unsecured, interest-free and has no fixed terms of repayment.