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Annual Report Transport International Holdings Limited Forging Ahead In Adversity 2020 Annual Report The Shield Care from TIH for passengers To shield our employees from We care about passengers, COVID-19, we equip our staff as evidenced by the multiple with TIH masks. and diversified fare concession schemes across the city. Work with Safety Expertise comes first With decades of experience, As safety is always our we can meet passengers’ top priority, we have needs with our bus fleet that implemented extensive operates in a professional and measures to assuring flexible manner. our safety performance. Contents 2 Group Profile 4 Business at a Glance Persevere in 6 Key Franchised Bus Network in Hong Kong Innovation 8 Financial and Operational Highlights of buses 10 Corporate Milestones 2020 12 Chairman’s Letter Keeping abreast of the 16 Managing Director’s Message times, we continue to 18 Management Discussion and Analysis introduce new ideas to our bus fleet. Business Review 20 Hong Kong Franchised Public Bus Operations 32 Hong Kong Non-franchised Transport Operations 36 China Mainland Transport Operations 38 Property Holdings and Development Sustainability Report 40 About the Report 48 Safety First 60 Care for Customers 66 Care for the Environment 72 Care for Employees 80 Engaging Stakeholders 94 Financial Review 110 Corporate Governance Report 132 Remuneration Report 136 Directors’ Profiles Services 143 Key Corporate Executives within neighbourhoods 144 Financial Reports 240 Financial Summary We stay close with the 241 Corporate Directory communities to serve Hong Kong with courtesy. 2020 Annual Report Transport International Holdings Limited 1 Group Profile Vision Our vision to be a global leader in our field is based on a thorough understanding of the needs of the people we serve, the introduction of innovative technological and environmental solutions, and the attainment of new standards for safety, service and efficiency. Mission Our mission to enhance shareholder value while contributing to the social and economic development of Greater China can be summarised as follows: D istinctive customer service 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. Values Our corporate values are centred on the delivery of service standards that meet or exceed customer needs, a consistent record of operational profitability, and support for the communities we serve. 2 Transport International Holdings Limited 2020 Annual Report Transport International Transport International Holdings Limited (“TIH”, Stock Code: 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. The Company 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. 2020 Annual Report Transport International Holdings Limited 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 bus operates franchised public bus services with 241 buses services with a fleet of about 4,000 buses operating on 417 operating on 38 routes linking the New Territories with Hong routes covering Kowloon, the New Territories and Hong Kong Kong International Airport, the Hong Kong Port of the Hong Island. 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 390 jointly operates with its Shenzhen counterpart the 24-hour cross- buses offering a variety of non-franchised bus services to the boundary shuttle bus service (or “Huang Bus” service) between residential and commercial sectors through chartered hire Lok Ma Chau in Hong Kong and Huanggang in Shenzhen. services. 4 Transport International Holdings Limited 2020 Annual Report 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 and is a Sino-foreign joint stock company operating taxi services in taxi hire services in Shenzhen. 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 TM Properties Investment Limited (“TMPI”) owns a 17-storey commercial building at 9 Po Lun Street, Lai owns the site at Tuen Mun Town Lot No. 80 at 1 Kin Fung Chi Kok, Kowloon, Hong Kong, with a total gross floor area of Circuit, Tuen Mun, New Territories, Hong Kong, with a total 156,700 square feet. gross floor area of 105,364 square feet. TIH owns a 50% interest of TMPI. LCK Commercial Properties Limited owns the Manhattan Mid-town shopping mall, which is a two- KT Real Estate Limited level retail podium covering around 50,000 square feet at 1 Po owns a 50% interest in the site at Kwun Tong Inland Lot No. Lun Street, Lai Chi Kok, Kowloon, Hong Kong. 240 at 98 How Ming Street, Kwun Tong, Kowloon, Hong Kong. 2020 Annual Report Transport International Holdings Limited 5 China Mainland 78K Key Franchised Bus Network in Hong Kong Huanggang B1 Lok Ma Chau 270B Sheung Shui 78K 673 276A 277X A43 Fanling 276A Yuen Long Tai Po 269D 73X A36 64K B1 968 64K A47X 74X Popular routes of The Kowloon Motor Bus Company (1933) Limited 68X Popular routes of Long Win Bus Company Limited A33X New Territories 89D Group headquarters 960 Tuen Mun 58M Railways 263 Hong Kong International Airport 263 269D High Speed Rail Hong Kong West Kowloon Station Sha Tin 48X Tsuen Wan A41 Hong Kong Port of the Hong Kong-Zhuhai-Macao Bridge 290 33 A31 E31 48X 73X 58M 42C Kwai E32A Kowloon Fong 6C Wong Tai Sin 108 Tsing Yi 613 A43 A33X A31 Sham Shui Po 270B A47X A36 A41 6C 1A 68X Yau Tsim Kwun Tong Mong 98 Kowloon City 290 603 89D 74X 277X X42C E32A 1A 33 98 603 108 Lantau Island 673 North Point Tung Chung 968 613 Central & E31 Western 960 Wan Chai Hong Kong Island China Mainland 78K Huanggang B1 Lok Ma Chau 270B Sheung Shui 78K 673 276A 277X A43 Fanling 276A Yuen Long Tai Po 269D 73X A36 64K B1 968 64K A47X 74X 68X A33X New Territories 89D 960 Tuen Mun 58M 263 263 269D Sha Tin 48X Tsuen Wan A41 290 33 A31 E31 48X 73X 58M 42C Kwai E32A Kowloon Fong 6C Wong Tai Sin 108 Tsing Yi 613 A43 A33X A31 Sham Shui Po 270B A47X A36 A41 6C 1A 68X Yau Tsim Kwun Tong Mong 98 Kowloon City 290 603 89D 74X 277X X42C E32A 1A 33 98 603 108 Lantau Island 673 North Point Tung Chung 968 613 Central & E31 Western 960 Wan Chai Hong Kong Island 2020 Annual Report Transport International Holdings Limited 7 Financial and Operational Highlights For the Year Ended 31 December 2020 Increase/ Unit 2020 2019 (Decrease) Financial Highlights Revenue HK$ million 6,190.9 8,112.2 (24%) – Fare revenue HK$ million 5,862.0 7,818.9 (25%) – Media sales revenue HK$ million 256.0 226.3 13% – Gross rentals from investment property HK$ million 72.9 67.0 9% Profit attributable to equity shareholders of the Company (Note) HK$ million 408.6 605.3 (33%) Earnings per share (Note) HK$ 0.90 1.38 (35%) Ordinary dividends per share HK$ 0.50 1.00 (50%) Total equity attributable to equity shareholders of the Company HK$ million 13,186.3 10,971.7 20% Total assets HK$ million 19,301.6 16,717.4 15% Net borrowings HK$ million 788.8 1,250.7 (37%) Net finance income HK$ million 49.7 55.2 (10%) Cash generated from operations HK$ million 1,187.3 1,378.3 (14%) Key Financial Ratios Profit margin (Note) 6.6% 7.5% (12%) EBITDA margin (Note) 20.1% 20.9% (4%) Return on equity attributable to equity shareholders of the Company (Note) 3.1% 5.5% (44%) Gearing ratio Times 0.1 0.1 (48%) (ratio of net borrowings to total equity attributable to equity shareholders of the Company) Total borrowings/EBITDA (Note) 2.5 1.6 56% Current ratio 1.1 1.9 (43%) Dividend cover (Note) Times 1.8 1.4 29% (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$ 14.98 20.20 (26%) Market capitalisation at year-end HK$ million 6,858.20 9,028.20 (24%) Operational Highlights Hong Kong Franchised Public Bus Operations: Average number of passenger trips per day Million trips 2.20 2.93 (25%) Number of licensed buses at year-end 4,250 4,360 (3%) Number of staff at year-end 12,863 12,907 (0%) Average number of staff per licensed bus at year-end 3.03 2.96 2% Hong Kong Non-franchised Transport Operations: Number of licensed buses at year-end 405 405 – Number of staff at year-end 448 536 (16%) China Mainland Transport Operations: Number of licensed buses at year-end 5,975 5,987 (0%) Number of taxis and vehicles for rental at year-end 10,118 10,568 (4%) Note: Excluding a non-recurring net gain amounting to HK$1,495.5 million arising from the revaluation and disposal of 50% equity interest in TM Properties Investment Limited, being the wholly-owned subsidiary which holds the Tuen Mun Town Lot No.
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