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The MTR Corporation Limited (MTRCL) is public company listed on the Hong Kong Stock Exchange. Since listing in 2000, our share price has outperformed the Hang Seng Index and returned to shareholders an average 9.8% ROI. We consistently pay dividends and in 2004 announced a full- year dividend of HK$ 0.42 per share, on a par with previous years. Our credit ratings exceed Hong Kong's sovereign risk profile and we rank among the corporate business leaders of Asia. Internationally, the MTRCL is a member of the MSCI and FSTE All-World Hong Kong Indices as well as the DJSI, FSTE4Good and the Ethibel Stock Indices. The 2004 year is a financial story of recovery and growth. Net profits grew by 1% bolstered by a record year for passenger journeys and the continued flow of property and related services income. Full discussions of the year's financial performance are available in the 2004 Annual Report. Community and customers It is our agenda to build modern, thriving communities. By taking this holistic approach, we create modern transport hubs that maximise social and economic potential. In Hong Kong, our rail system has significantly reduced the loss of land and prime community space to roads and their negative impacts. Our network also substantially raises property values in its station environs and has acted as the catalyst for reviving or initiating new local economic activity. The broader economic benefit of the company is most observable at the community level. The Tsing Yi station and surrounding residential community of Tierra Verde bring this agenda to life. Linked to greater Hong Kong by rail, a modern waterside regional centre encompasses retail, leisure and community amenities in what was formerly a redundant fuel storage facility site. Since completion in 1999, the area has grown into a prosperous local c ommunity. Business partners
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The MTR Corporation operates under a unique hybrid business model that acknowledges the need for public transport infrastructure, while operating as a commercial organisation under prudent financial principles. Accordingly, the company derives its revenue streams from mass transit operations augmented by the financial opportunity of development rights to those properties attached to the rail infrastructure. These negotiated cross-subsidised sources in public transport infrastructure give rise to long-term economic viability. Under this unique rail + property model the MTR Corporation is one of the few global rail companies that operates at a profit and is not subsidised by government funds. 
