Annual Report 2025

111 2025 Annual Report Transport International Holdings Limited Net Cash/(Net Borrowing) and Liquidity Ratio As at 31 December 2025, the Group’s net borrowing (i.e. total borrowings less cash and deposits at banks) decreased by 30% and amounted to HK$1,591.0 million (2024: HK$2,281.0 million). The gearing ratio, calculated based on the net borrowings to total equity attributable to equity shareholders of the Company, was 9.3% (2024:13.7%). The details of the Group’s net cash/net borrowing position by currency are set out as follows: Currency Cash and deposits at bank in foreign currency Cash and deposits at bank Bank loans Net cash/ (Net borrowing) million HK$ million HK$ million HK$ million At 31 December 2025 Hong Kong dollars 1,059.4 (3,371.8) (2,312.4) United States dollars 91.3 710.5 – 710.5 Other currencies 10.9 – 10.9 Total 1,780.8 (3,371.8) (1,591.0) At 31 December 2024 Hong Kong dollars 1,055.2 (4,210.9) (3,155.7) United States dollars 111.1 863.3 – 863.3 Other currencies 11.4 – 11.4 Total 1,929.9 (4,210.9) (2,281.0) Finance Costs The finance costs incurred by the Group for the year ended 31 December 2025 were HK$61.3 million, a decrease of HK$37.0 million compared with HK$98.3 million for 2024. The decrease was mainly due to the decrease in average bank borrowings of the Group and the decrease in average interest rate from 4.49% per annum for 2024 to 2.95% per annum for 2025. Net Cash Flow For the year ended 31 December 2025, the Group recorded a net increase in cash and cash equivalents of HK$6.8 million, compared with a net increase of HK$146.6 million in the prior year. The movement in cash flows across operating, investing, and financing activities is summarised as follows: 2025 2024 HK$ million HK$ million Net cash generated from/(used in): • Operating activities 1,646.3 1,515.3 • Investing activities (622.4) (824.6) • Financing activities (1,017.1) (544.1) Net cash inflow 6.8 146.6