Annual Report
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TRANSPORT INTERNATIONAL HOLDINGS LIMITED HOLDINGS INTERNATIONAL TRANSPORT TRANSPORT INTERNATIONAL HOLDINGS LIMITED 2007 ANNUAL REPORT TEAMWORK THE KEY TO MANAGING CHALLENGES AND STRIVING FOR SUCCESS TEAMWORK THE KEY TO MANAGING CHALLENGES AND STRIVING FOR SUCCESS With a workforce of more than 13,000, Transport International TRANSPORT International HOLDINGS LIMITED Holdings Limited (“TIH”) is among the top employers in Hong Kong. Teamwork is of utmost importance to us. It enhances 9 Po Lun Street, Lai Chi Kok, Kowloon, Hong Kong the standards of safety, efficiency, innovation and service that have Telephone: (852) 2786 8888 Facsimile: (852) 2745 0300 always been the Group’s hallmarks. The actions of each individual staff member and unit within the Group are coordinated effectively www.tih.hk and efficiently by sound management systems that meet ISO standards and a sustained programme of intensive frontline Stock Code: 062 and management training, such as team-building sessions, innovation workshops and sharing meetings. By understanding 2007 ANNUAL REPORT ANNUAL 2007 the significance of their roles and responsibilities in the team, each Concept and design by YELLOW CREATIVE (HK) LIMITED and every one of our employees contributes to the spirit The FSC logo identifies products which contain wood from of togetherness, allowing TIH to maintain service excellence and well-managed forests certified in accordance with the rules of the Forest Stewardship Council. meet the challenges of the future. A TEAM OF MORE THAN SUN BUS BUS CAPTAIN PARK ISLAND LAU KWOK CHUNG TRANSPORT 13,000 COXSWAIN PROFESSIONALS KMB NG WAH FOOK HEAD OF KMB INFORMATION BUS CAPTAIN TECHNOLOGY DEPARTMENT CHAN KWOK SAN TOMMY LEUNG SHENZHEN PARK ISLAND KMB BUS KMB TRANSPORT SKILLED WORKER GROUP CUSTOMER SERVICE BUS CAPTAIN KMB BUS CAPTAIN KMB ROADSHOW KMB CENTRE STAFF FOREMAN CHAN TSZ KIT NEW TSO YU TIN DRIVING VIDEO EDITOR ROADSHOW CUSTOMER DONG YANHONG HONG KONG BUS CAROL LUI LEUNG CHI WAH INSTRUCTOR PROGRAMME HOST SERVICE BUS CAPTAIN LEUNG YIU FAI HOTLINE STAFF LO HON CHUNG ANGELA YUE CHOI CHIN LUN FANNY CHEUNG LONG WIN BUS CAPTAIN KMB KMB KMB INSPECTOR APPRENTICE CHAU KAM HA KMB SECURITY CHUNG TSZ WOO TREASURY GUARD NG KAI CHUNG DEPARTMENT STAFF BENNY CHUNG CORA YIM A TEAM OF MORE THAN SUN BUS BUS CAPTAIN PARK ISLAND LAU KWOK CHUNG TRANSPORT 13,000 COXSWAIN PROFESSIONALS KMB NG WAH FOOK HEAD OF KMB INFORMATION BUS CAPTAIN TECHNOLOGY DEPARTMENT CHAN KWOK SAN TOMMY LEUNG SHENZHEN PARK ISLAND KMB BUS KMB TRANSPORT SKILLED WORKER GROUP CUSTOMER SERVICE BUS CAPTAIN KMB BUS CAPTAIN KMB ROADSHOW KMB CENTRE STAFF FOREMAN CHAN TSZ KIT NEW TSO YU TIN DRIVING VIDEO EDITOR ROADSHOW CUSTOMER DONG YANHONG HONG KONG BUS CAROL LUI LEUNG CHI WAH INSTRUCTOR PROGRAMME HOST SERVICE BUS CAPTAIN LEUNG YIU FAI HOTLINE STAFF LO HON CHUNG ANGELA YUE CHOI CHIN LUN FANNY CHEUNG LONG WIN BUS CAPTAIN KMB KMB KMB INSPECTOR APPRENTICE CHAU KAM HA KMB SECURITY CHUNG TSZ WOO TREASURY GUARD NG KAI CHUNG DEPARTMENT STAFF BENNY CHUNG CORA YIM A TEAM OF MORE THAN SUN BUS BUS CAPTAIN PARK ISLAND LAU KWOK CHUNG TRANSPORT 13,000 COXSWAIN PROFESSIONALS KMB NG WAH FOOK HEAD OF KMB INFORMATION BUS CAPTAIN TECHNOLOGY DEPARTMENT CHAN KWOK SAN TOMMY LEUNG SHENZHEN PARK ISLAND KMB BUS KMB TRANSPORT SKILLED WORKER GROUP CUSTOMER SERVICE BUS CAPTAIN KMB BUS CAPTAIN KMB ROADSHOW KMB CENTRE STAFF FOREMAN CHAN TSZ KIT NEW TSO YU TIN DRIVING VIDEO EDITOR ROADSHOW CUSTOMER DONG YANHONG HONG KONG BUS CAROL LUI LEUNG CHI WAH INSTRUCTOR PROGRAMME HOST SERVICE BUS CAPTAIN LEUNG YIU FAI HOTLINE STAFF LO HON CHUNG ANGELA YUE CHOI CHIN LUN FANNY CHEUNG LONG WIN BUS CAPTAIN KMB KMB KMB INSPECTOR APPRENTICE CHAU KAM HA KMB SECURITY CHUNG TSZ WOO TREASURY GUARD NG KAI CHUNG DEPARTMENT STAFF BENNY CHUNG CORA YIM TRANSPORT INTERNATIONAL HOLDINGS LIMITED HOLDINGS INTERNATIONAL TRANSPORT TRANSPORT INTERNATIONAL HOLDINGS LIMITED 2007 ANNUAL REPORT TEAMWORK THE KEY TO MANAGING CHALLENGES AND STRIVING FOR SUCCESS TEAMWORK THE KEY TO MANAGING CHALLENGES AND STRIVING FOR SUCCESS With a workforce of more than 13,000, Transport International TRANSPORT International HOLDINGS LIMITED Holdings Limited (“TIH”) is among the top employers in Hong Kong. Teamwork is of utmost importance to us. It enhances 9 Po Lun Street, Lai Chi Kok, Kowloon, Hong Kong the standards of safety, efficiency, innovation and service that have Telephone: (852) 2786 8888 Facsimile: (852) 2745 0300 always been the Group’s hallmarks. The actions of each individual staff member and unit within the Group are coordinated effectively www.tih.hk and efficiently by sound management systems that meet ISO standards and a sustained programme of intensive frontline Stock Code: 062 and management training, such as team-building sessions, innovation workshops and sharing meetings. By understanding 2007 ANNUAL REPORT ANNUAL 2007 the significance of their roles and responsibilities in the team, each Concept and design by YELLOW CREATIVE (HK) LIMITED and every one of our employees contributes to the spirit The FSC logo identifies products which contain wood from of togetherness, allowing TIH to maintain service excellence and well-managed forests certified in accordance with the rules of the Forest Stewardship Council. meet the challenges of the future. CONTENTS 1 Group Profile 2 – 3 Behind the Brand 4 – 5 Business at a Glance 6 – 7 The Group’s Strategic Locations 8 – 9 Financial and Operational Highlights 10 – 11 Corporate Milestones 2007 12 – 17 Chairman’s Letter 18 – 21 A Conversation with the Managing Director 22 – 37 Corporate Governance Report 38 – 101 Management Discussion and Analysis 40 – 69 • Operational Review 70 – 87 • Corporate Social Responsibility 88 – 101 • Financial Review 102 – 107 Directors’ Profiles 108 Senior Management 109 Corporate Executives 110 – 177 Financial Reports 178 Financial Summary 179 Corporate Directory GROUP PROFILE TRANSPORT INTERNATIONAL Transport International Holdings Limited (“TIH”, SEHK: 062) is a leading public transport operator in Hong Kong and in certain major cities on the China Mainland. It is the holding company of The Kowloon Motor Bus Company (1933) Limited, Long Win Bus Company Limited, RoadShow Holdings Limited, and other reputable service providers in the non-franchised transportation sectors. It also has business interests in property holdings and development in the Hong Kong market. TIH’s vision is to become a world-class public transport innovator in the Greater China region. Committed to its mission of driving customer and shareholder value as well as the social and economic development of Greater China by providing commuters with world-class, innovative, safe and reliable public transport and related services, TIH is a pioneer of new services, design and technology and a leader that sets industry standards throughout the region. As a driving force in Greater China’s public transport sector, TIH remains focused on delivering value to its customers, shareholders and the community by expanding its services in China Mainland while maintaining the highest operating standards in Hong Kong. GROUP PROFILE 1 BEHIND THE BRAND MISSION Our mission is to drive shareholder value as well as the social and economic development of Greater China. We achieve this by providing: D istinctive customer service R eliable performance I nnovation V alue for money E nvironmental responsibility At TIH, we review and implement our business strategy from time to time to sharpen our competitiveness in response to our customers’ needs and expectations and continuously improve our performance standards to better serve the communities in which we operate. VISION Our vision is to be a world-class leader in public transportation. To this end, it is important for us to understand our customers’ needs, conduct global sourcing for the most innovative but tested technologies and environment-friendly designs and raise our performance levels for safety, efficiency and excellence of service. TRANSPORT INTERNATIONAL HOLDINGS LIMITED 2007 ANNUAL REPORT CORPORATE VALUES Our corporate values are based on a commitment to teamwork in delivering service standards that satisfy customer needs, operating with a consistent record of profitability for shareholders, and supporting the overall development of the communities where we conduct our business. BEHIND THE BRAND BUSINESS AT A GLANCE TRANSPORT INTERNATIONAL HOLDINGS LIMITED HONG KONG Franchised Public Non-franchised Property Holdings and Bus Operations Transport Operations Development The Kowloon Motor Bus Sun Bus Holdings Limited Lai Chi Kok Properties Company (1933) Limited and its subsidiaries Investment Limited operates franchised public bus provide a range of local bus services develops “Manhattan Hill”, services on a network of about on a chartered hire basis to the a prestigious multi-storey residential 400 routes covering Kowloon, residential and commercial sectors complex situated at 1 Po Lun Street, the New Territories and with Sun Bus Limited as the flagship Lai Chi Kok, Kowloon, Hong Kong. Hong Kong Island. company of our non-franchised transport operations division. Long Win Bus New Hong Kong Bus LCK Real Estate Limited Company Limited Company Limited owns a 17-storey commercial office operates franchised public bus jointly operates with its Shenzhen building situated at 9 Po Lun Street, services on 18 routes linking counterpart the 24-hour Lai Chi Kok, Kowloon, Hong Kong. the New Territories to Hong Kong cross-boundary shuttle bus service International Airport and (commonly known as the North Lantau.