Annual Report 2023

202 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 (continued) The following table illustrates the amounts that would have been in the Group’s consolidated statement of profit or loss for the year ended 31 December 2023 and the consolidated statement of financial position as at that date, (i) if the Group had not changed its accounting policies in the measurement of investment properties and investment property under development, and (ii) if the Group had continued to apply the practical expedient in paragraph 93(b) of HKAS 19: As reported (i) Backing out Effect of Change in Measurement of IP and IPUD (ii) Backing out effect of adoption of the HKICPA guidance If accounting policies had not been changed $’000 $’000 $’000 $’000 Consolidated statement of profit or loss for year ended 31 December 2023: Staff costs (4,144,457) – 2,715 (4,141,742) Depreciation (1,132,687) (40,549) – (1,173,236) Profit from operations 214,552 (40,549) 2,715 176,718 Change in fair value of investment properties and investment property under development 287,380 (287,380) – – Profit before taxation 431,116 (327,929) 2,715 105,902 Income tax expense (29,453) (318) (448) (30,219) Profit for the year 401,663 (328,247) 2,267 75,683 Earnings per share Basic and diluted (HK$) 0.83 (0.68) 0.01 0.16 Consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2023: Remeasurement of provision for long service payments (12,776) – 12,776 – Other comprehensive income for the year 101,146 – 12,776 113,922 Total comprehensive income for the year 502,809 (328,247) 15,043 189,605 Consolidated statement of financial position as at 31 December 2023: Investment properties 5,406,500 (2,642,986) – 2,763,514 Investment property under development 2,805,000 (438,695) – 2,366,305 Total non-current assets 20,887,870 (3,081,681) – 17,806,189 Total assets less current liabilities 21,018,120 (3,081,681) – 17,936,439 Deferred tax liabilities 1,010,093 6,059 12,926 1,029,078 Provision for long service payments 80,492 – (78,336) 2,156 Total non-current liabilities 4,612,533 6,059 (65,410) 4,553,182 Net assets 16,405,587 (3,075,622) 65,410 13,395,375 Reserves 15,911,244 (3,075,622) 65,410 12,901,032 Total equity 16,405,587 (3,075,622) 65,410 13,395,375 Reconciliation of profit before taxation to cash generated from operations for year ended 31 December 2023 (note 24(c)) Profit before taxation 431,116 (327,929) 2,715 105,902 Change in fair value of investment properties and investment property under development (287,380) 287,380 – – Depreciation 1,133,103 40,549 – 1,173,652 Increase in provision for long service payments 3,370 – (2,715) 655