Annual Report 2022

2022 Annual Report Transport International Holdings Limited 99 10,000 5,000 7,500 2,500 0 2018 2019 2020 2021 2022 The revenue and underlying profit generated by the Group’s four Divisions for the year ended 31 December 2022 are shown below: Revenue Profit/(loss) before taxation HK$ million 2022 2021 2022 2021 Franchised Public Bus Operations Division 6,360.0 6,940.1 (100.7) 94.3 Non-franchised Transport Operations Division 195.7 212.6 2.0 11.2 Property Holdings and Development Division 51.5 49.3 59.3 55.8 China Mainland Transport Operations Division – – (6.9) 19.6 6,607.2 7,202.0 (46.3) 180.9 Finance costs (37.6) (14.4) Unallocated net operating income 139.7 105.6 Profit before taxation 55.8 272.1 Income tax credit/(expense) 87.8 (27.1) Profit for the year 143.6 245.0 Segment information on the Group’s main businesses is set out in note 12 to the financial statements on pages 200 to 202 of this Annual Report. Key Changes to the Group’s Revenue, Other Income and Operating Expenses Revenue for 2022 amounted to HK$6,607.2 million, a decrease of HK$594.8 million or 8.3% compared with HK$7,202.0 million for 2021. The decrease was mainly due to the decrease in revenue from the Group’s franchised public bus operations of HK$580.1 million, primarily caused by the significant drop in bus patronage as a result of the outbreak of the fifth wave of COVID-19; and the decrease in revenue from the Group’s non-franchised transport operations of HK$16.9 million, but was partly offset by the increase in rental income arising from the Group’s investment properties of HK$2.2 million. Other income increased by HK$451.8 million from HK$254.0 million in 2021 to HK$705.8 million in 2022. The increase was mainly due to the increase in government subsidies of HK$520.2 million from various support schemes rolled out by the Government to provide financial support to the public transport sector in 2022. The breakdown of other income is set out in note 4 to the financial statements on page 193 of this Annual Report. Group Revenue Franchised public bus operations Non-franchised transport operations Gross rentals from investment properties Total Assets at 31 December 24,000 12,000 18,000 6,000 0 2018 2019 2020 2021 2022 HK$ million HK$ million