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Connecting a Thriving City Transport International Holdings Limited 2018 Annual Report Connecting a Thriving City

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Connecting a Thriving City Transport International Holdings Limited 2018 Annual Report Connecting a Thriving City Transport International Holdings Limited Holdings International Transport 2018 Annual Report 2018 Annual Report Connecting a Thriving City Transport International Holdings Limited 2018 Annual Report Connecting a Thriving City As the leading road-based public transport operator in Hong Kong, Transport International Holdings Limited connects the city day and night. With the introduction of the innovative Monthly Pass and the KMB Fare Saver, getting about is now more efficient, flexible and affordable than ever. As connections within Hong Kong and beyond reach new heights with the opening of cross-boundary infrastructure, Transport International Holdings Limited is leveraging these opportunities to keep the city thriving. Contents Group Profile 2 Business at a Glance 4 Key Franchised Bus Network in Hong Kong 6 Financial and Operational Highlights 8 Corporate Milestones 2018 10 Chairman’s Letter 12 Managing Director’s Message 16 Management Discussion and Analysis 18 Business Review Hong Kong Franchised Public Bus Operations 20 Hong Kong Non-franchised Transport Operations 30 China Mainland Transport Operations 34 Property Holdings and Development 36 Sustainability Report Safety First 42 Care for Customers 48 Care for the Environment 52 Care for Employees 56 Engaging Stakeholders 62 Financial Review 72 Corporate Governance Report 86 Remuneration Report 104 Directors’ Profiles 108 Key Corporate Executives 115 Financial Reports 116 Financial Summary 228 Corporate Directory 229 2018 Annual Report 1 Group Profile Transport International Transport International Holdings Limited (“TIH”, SEHK: 62), a leading public transport operator in Hong Kong and China Mainland, is the holding company of The Kowloon Motor Bus Company (1933) Limited, Long Win Bus Company Limited and a number of non-franchised transport providers. TIH also has business interests in property holdings and development in Hong Kong. TIH aims to set the highest standards in the public transport industry through the provision of innovative and high quality services that take our customers safely and comfortably to their destination. With a dedication to sustainable business practices, enhanced shareholder value and the social and economic development of Greater China, TIH achieves its vision by tailoring its services to meet customer needs, improving the connectivity of its routes and providing real-time bus service information. 2 Transport International Holdings Limited Group Profile Vision Mission Values Our vision to be a global leader in Our mission to enhance shareholder Our corporate values are centred on our field is based on a thorough value while contributing to the the delivery of service standards that understanding of the needs of the social and economic development of meet or exceed customer needs, people we serve, the introduction Greater China can be summarised as a consistent record of operational of innovative technological and follows: profitability, and support for the environmental solutions, and the communities we serve. attainment of new standards for D istinctive customer service safety, service and efficiency. R eliable performance I nnovation V alue for money E nvironmental responsibility S ustainable business practice Through engagement with our stakeholders, we aim to meet or exceed their expectations through the provision of high quality services and solutions. 2018 Annual Report 3 Business at a Glance Transport International Holdings Limited Hong Kong Franchised Public Bus Operations The Kowloon Motor Bus Company (1933) Limited Long Win Bus Company Limited the Group's flagship company, operates franchised public operates franchised public bus services with 262 buses bus services with a fleet of about 4,100 buses operating operating on 33 routes linking the New Territories with on 409 routes covering Kowloon, the New Territories and Hong Kong International Airport, the Hong Kong Port of Hong Kong Island. the Hong Kong-Zhuhai-Macao Bridge and North Lantau. Hong Kong Non-franchised Transport Operations Sun Bus Holdings Limited and its subsidiaries New Hong Kong Bus Company Limited with Sun Bus Limited as the flagship company, operate jointly operates with its Shenzhen counterpart the 390 buses offering a variety of non-franchised bus 24-hour cross-boundary shuttle bus service (or "Huang services to the residential and commercial sectors Bus" service) between Lok Ma Chau in Hong Kong and through chartered hire services. Huanggang in Shenzhen. 4 Transport International Holdings Limited Business at a Glance China Mainland Transport Operations Shenzhen Bus Group Company Limited Beijing Beiqi Kowloon Taxi Company Limited is a Sino-foreign joint stock company providing public bus is a Sino-foreign joint stock company operating taxi and taxi hire services in Shenzhen. services in Beijing. Beijing Beiqi First Company Limited is a Sino-foreign joint stock company offering car rental services in Beijing. Property Holdings and Development LCK Real Estate Limited LCK Commercial Properties Limited owns a 17-storey commercial building at 9 Po Lun Street, owns the Manhattan Mid-town shopping mall, which is Lai Chi Kok, Kowloon, Hong Kong, with a total gross floor a two-level retail podium covering around 50,000 square area of 156,700 square feet. feet at 1 Po Lun Street, Lai Chi Kok, Kowloon, Hong Kong. KT Real Estate Limited TM Properties Investment Limited owns a 50% interest in the site at Kwun Tong Inland Lot owns an industrial property at 1 Kin Fung Circuit, Tuen Mun, No. 240 at 98 How Ming Street, Kwun Tong, Kowloon, New Territories, Hong Kong, consisting of a single-storey Hong Kong. high ceiling structure and a three-storey workshop building with a total gross floor area of 105,900 square feet. 2018 Annual Report 5 Key Franchised Bus Network in Hong Kong China Mainland Huanggang Popular routes of The Kowloon Motor Bus Company (1933) Limited B1 Lok Ma Chau Popular routes of Long Win Bus Company Limited Sheung Shui 673 Group headquarters 276A Railways 277X A43 Hong Kong International Airport Fanling High Speed Rail Hong Kong West Kowloon Station Hong Kong Port of the Hong Kong-Zhuhai-Macao Bridge 276A Yuen Long Tai Po 73X A36 B1 968 A47X 74X 68X A33X New Territories 960 Tuen Mun 58M Sha Tin 48X Tsuen Wan A33 A41 49X A31 47X 48X 73X 47X 58M 49X Kowloon 42C Kwai Fong 6C Wong Tai Sin 108 Tsing Yi 613 Sham A33 A31 A36 Shui Po 6C 1A 68X Kwun Tong A43 A33X A41 Yau Tsim Mong Kowloon City A47X 603 42C 74X 277X 1A 603 Lantau Island 108 673 North Point Tung Chung 968 613 Central & Western 960 Wan Chai Hong Kong Island 6 Transport International Holdings Limited Key Franchised Bus Network in Hong Kong China Mainland Huanggang B1 Lok Ma Chau Sheung Shui 673 276A 277X A43 Fanling 276A Yuen Long Tai Po 73X A36 B1 968 A47X 74X 68X A33X New Territories 960 Tuen Mun 58M Sha Tin 48X Tsuen Wan A33 A41 49X A31 47X 48X 73X 47X 58M 49X Kowloon 42C Kwai Fong 6C Wong Tai Sin 108 Tsing Yi 613 Sham A33 A31 A36 Shui Po 6C 1A 68X Kwun Tong A43 A33X A41 Yau Tsim Mong Kowloon City A47X 603 42C 74X 277X 1A 603 Lantau Island 108 673 North Point Tung Chung 968 613 Central & Western 960 Wan Chai Hong Kong Island 2018 Annual Report 7 Financial and Operational Highlights For the Year Ended 31 December 2018 Unit 2018 2017 Increase/ (Decrease) Financial Highlights Revenue (from continuing operations) HK$ million 8,009.3 7,887.7 2% – Fare revenue HK$ million 7,729.0 7,631.9 1% – Media sales revenue HK$ million 210.5 181.7 16% – Gross rentals from investment property HK$ million 69.8 74.1 (6)% Profit attributable to equity shareholders of the Company HK$ million 720.1 1,294.8 (44%) – from continuing operations HK$ million 720.1 862.3 (16%) – from discontinued operations HK$ million – 432.5 (100%) Earnings per share HK$ 1.68 3.11 (46%) – from continuing operations HK$ 1.68 2.07 (19%) – from discontinued operations HK$ – 1.04 (100%) Ordinary dividends per share HK$ 1.20 1.25 (4)% Total equity attributable to equity shareholders of the Company HK$ million 10,195.6 9,542.9 7% Total assets HK$ million 15,410.0 14,656.0 5% Net borrowings HK$ million 1,444.0 1,120.5 29% Net finance income HK$ million 57.9 46.3 25% Cash generated from operations HK$ million 1,709.4 1,791.1 (5)% Key Financial Ratios (for continuing operations) Profit margin 9.0% 10.9% (18)% EBITDA margin 22.1% 24.2% (8)% Return on equity attributable to equity shareholders of the Company 7.1% 9.0% (22)% Gearing ratio Times 0.1 0.1 21% (ratio of net borrowings to total equity attributable to equity shareholders of the Company) Total borrowings/EBITDA 1.5 1.2 25% Current ratio 1.6 1.3 21% Dividend cover Times 1.4 1.7 (18)% (ratio of profit attributable to equity shareholders of the Company to total dividends paid and proposed for the year) Share price per share at year-end HK$ 21.60 25.15 (14)% Market capitalisation at year-end HK$ million 9,387.30 10,624.80 (12)% Operational Highlights Hong Kong Franchised Public Bus Operations: Average number of passenger trips per day Million trips 2.91 2.86 2% Number of licensed buses at year-end 4,374 4,217 4% Number of staff at year-end 12,257 12,363 (1)% Average number of staff per licensed bus at year-end 2.80 2.93 (4)% Hong Kong Non-franchised Transport Operations: Number of licensed buses at year-end 405 401 1% Number of staff at year-end 479 678 (29)% China Mainland Transport Operations: Number of licensed buses at year-end 6,403 6,205 3% Number of taxis and vehicles for rental at year-end 10,305 9,284 11% 8 Transport International Holdings Limited Financial and Operational Highlights Profit
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