Annual Report 2023

201 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 1 Material accounting policies (continued) (c) Changes in accounting policies (continued) (iv) Effects of Change in Measurement of IP and IPUD, and the adoption of the HKICPA guidance The following table summarises the impacts of effect of (i) change in measurement of investment properties and investment property under development, and (ii) the adoption of the HKICPA guidance on the comparatives presented in the Group’s consolidated statement of profit or loss and statement of financial position: As previously reported (i) Effect of Change in Measurement of IP and IPUD (ii) Effect of adoption of the HKICPA guidance As restated $’000 $’000 $’000 $’000 Consolidated statement of profit or loss for year ended 31 December 2022: Staff costs (4,003,091) – (60,320) (4,063,411) Depreciation (1,123,053) 6,774 – (1,116,279) Profit from operations 92,131 6,774 (60,320) 38,585 Change in fair value of investment properties and investment property under development – 448,682 – 448,682 Profit before taxation 55,861 455,456 (60,320) 450,997 Income tax credit 87,779 318 9,953 98,050 Profit for the year 143,640 455,774 (50,367) 549,047 Earnings per share Basic and diluted (HK$) 0.31 0.97 (0.11) 1.17 Consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2022: Total comprehensive income for the year (185,092) 455,774 (50,367) 220,315 Consolidated statement of financial position as at 31 December 2022: Investment properties 89,849 1,378,951 – 1,468,800 Investment property under development 4,465,199 1,374,801 – 5,840,000 Total non-current assets 17,604,936 2,753,752 – 20,358,688 Total assets less current liabilities 17,838,853 2,753,752 – 20,592,605 Deferred tax liabilities 1,014,786 (5,741) (9,953) 999,092 Provision for long service payments 1,501 – 60,320 61,821 Total non-current liabilities 4,460,932 (5,741) 50,367 4,505,558 Net assets 13,377,921 2,759,493 (50,367) 16,087,047 Reserves 12,902,981 2,759,493 (50,367) 15,612,107 Total equity 13,377,921 2,759,493 (50,367) 16,087,047 Reconciliation of profit before taxation to cash generated from operations for year ended 31 December 2022 (note 24(c)) Profit before taxation 55,861 455,456 (60,320) 450,997 Change in fair value of investment properties and investment property under development – (448,682) – (448,682) Depreciation 1,123,468 (6,774) – 1,116,694 Increase in provision for long service payments 582 – 60,320 60,902