Annual Report 2025

110 Transport International Holdings Limited 2025 Annual Report FINANCIAL REVIEW Bank Loans As at 31 December 2025, bank loans, all unsecured, amounted to HK$3,371.8 million (2024: HK$4,210.9 million). The maturity profile of the bank loans of the Group as at 31 December 2025 and 31 December 2024 is shown in the chart below: Debt Maturity Profile at 31 December 2025 2024 2025 HK$2,824million (84%) HK$548million (16%) 2024 HK$843million (20%) HK$2,071million(49%) HK$1,297million(31%) Within 1 year Between 1 and 2 years Between 2 and 5 years As at 31 December 2025, the Group had undrawn banking facilities totalling HK$5,200.0 million (2024: HK$2,870.0 million). Capital Commitments The Group’s capital commitments as at 31 December 2025 amounted to HK$91.7 million (2024: HK$171.8 million). These commitments were mainly in respect of the purchase of major motor vehicle components, which are to be financed by bank borrowings and from the Group’s internal resources. A summary of the capital commitments is set out below: 2025 2024 HK$ million HK$ million Development of The Millennity – 32.3 Purchase of buses and other motor vehicles 5.9 5.9 Purchase of other properties, plant and equipment 85.8 133.6 Total 91.7 171.8 As at 31 December 2025, the Group did not have new buses on order for delivery in 2026 (2024: Nil). Funding and Financing Financial Liquidity and Resources The Group closely monitors its liquidity requirement and financial resources to maintain a healthy financial position with adequate and stable funding sources. This ensures that cash inflows from operating activities, along with the Group’s reserves of cash, liquid assets and undrawn banking facilities are sufficient to meet the requirements for loan repayments, daily operational needs and capital expenditure as well as potential business expansion and development. The Group’s operations are mainly financed by shareholders’ funds and bank loans. In general, major operating companies of the Group arrange their own financing to meet their operational and specific needs. The Group’s other subsidiaries are mainly financed by the Company’s capital base. The Group reviews its funding policy from time to time to ensure that cost-efficient and flexible funding is available to cater for the unique operating environment of each subsidiary.