Annual Report 2025

109 2025 Annual Report Transport International Holdings Limited Key Changes to Financial Position Capital Expenditure As at 31 December 2025, the carrying values of the Group’s investment properties, interest in leasehold land and other property, plant and equipment (comprising buildings, buses and other motor vehicles, buses under construction, tools and others) amounted to HK$14,883.3 million (2024: HK$15,679.4 million, included investment property under development). None of the assets was pledged or charged as at 31 December 2025. During the year ended 31 December 2025, additions to investment properties, interest in leasehold land and other property, plant and equipment totaled HK$531.2 million (2024: HK$937.6 million), which were used for fleet enhancement and the development of The Millennity and Scramble Hill. The breakdown of the capital expenditure is shown in note 13 to the financial statements on pages 223 to 225 of this Annual Report. Capital Expenditure 2024 2025 2025 HK$46million (9%) HK$108million (20%) HK$16million (3%) HK$361million (68%) 2024 HK$140million (15%) HK$374million (40%) HK$38million (4%) HK$386million (41%) Investment property under development Buses and other motor vehicles Buildings Tools and others Intangible Assets and Goodwill As at 31 December 2025, the Group’s intangible assets and goodwill amounted to HK$573.9 million (2024: HK$529.1 million) and HK$84.1 million (2024: HK$84.1 million) respectively. The intangible assets mainly comprise passenger service licences and transport operating rights of the Group’s non-franchised transport operations. Current Assets and Current Liabilities The Group’s total current assets as at 31 December 2025 amounted to HK$2,909.0 million (2024: HK$3,188.5 million), mainly comprising liquid funds of HK$1,780.8 million (2024: HK$1,930.0 million) and accounts receivable of HK$848.9 million (2024: HK$998.5 million). The Group’s liquid funds as at 31 December 2025 were mainly denominated in Hong Kong dollars. Total current liabilities as at 31 December 2025 amounted to HK$4,294.3 million (2024: HK$2,518.5 million), which mainly included accounts payable and accruals, and the current portion of bank loans. Taking into consideration the Group’s available facilities, its history of obtaining external financing, and the expected cash flows from operations, it is believed that there are sufficient financial resources available to enable the Group to meet its liabilities as they fall due.