財務業績評議 Commentary on Financial Results
HKF
以下評議必須與香港小輪 (集團)有限公司的已審核綜 合財務報表及相關帳項附註一併參閱。
經營業績
本集團截至一九九五年十二月三十一日止年度股東應佔 溢利 (在計入二億六千六百五十萬港元的特殊項目後) 大幅增加至三億五千五百八十萬港元,或較去年的一億 三千零二十萬港元上升173%。每股盈利為九十九點九 仙,較去年的四十七點二仙增加112%。本年度的營業 額則輕微上升4.3%至十一億七千二百九十萬港元。
特殊項目是指由政府在北青衣新船廠及西九龍填海區緊 急維修站所提供的資產成本減去撇銷舊船廠固定資產帳 面價值及其他有關費用的淨盈餘。
然而,由於小輪服務表現不理想,出現一億一千九百六 十萬港元的虧損(一九九四年:五千四百五十萬港元), 令本集團的經營溢利大幅下降27%,由一億五千九百八 十萬港元下降至一億一千六百七十萬港元。在一九九五 年,使用本集團港內小輪服務的乘客共三千五百九十萬 人次(一九九四年:三千九百五十萬人次),平均每天 九萬八千四百五十三人次 (一九九四年:十萬零八千二 百二十五人次)。這9%的跌幅主要是由於中環碼頭的搬 遷工程及其他運輸方式的競爭所引致。另一方面,本集 一九九五年的增加票價建議亦延至一九九六年一月才 實施。
流動資金及財政來源
於一九九五年十二月三十一日,本集團的股東資金為四 十七億六千一百萬港元,較去年下降10.7%。部份原因 是本集團的物業重估儲備下降24.4%,反映出本地投資 物業價值在有關期間內普遍下降。
本集團業務的資金主要來自物業投資的收入,發行股份 收入的利息及短期無抵押銀行借款。本集團於結算日的 短期銀行借款總額為三億八百萬港元。
本集團的流動資金比率由一九九四年十二月三十一日的 3.8大幅下跌至一九九五年十二月三十一日的2.0。一九 九四年發行股份所得十二億一千八百萬港元的收入,部 份已用作中環碼頭發展計劃的打樁工程及改善小輪服 務。餘下的十億三千萬港元發行收入則存放為短期銀行 存款。
The following comments should be read in conjunction with the Audited Consolidated Financial Statements of Hong Kong Ferry (Holdings) Company Limited and the related notes on the accounts.
Results of Operations
The Group's profit attributable to shareholders for the year ended 31 December 1995, after taking into account of an exceptional item of HK$266.5 million, increased substantially to HK$355.8 million, or - by 173% from HK$130.2 million for the previous year. Earnings per share were 99.9 cents compared to 47.2 cents for the previous year, an increase of 112%. Turnover for the year increased slightly by 4.3% to HK$1,172.9 million.
The exceptional item represented the net surplus of the cost of assets reprovided by the Government at the new shipyard at North Tsing Yi and the emergency repair depot at West Kowloon Reclamation Area, book value of fixed assets at the old shipyard written off and other associated expenses.
However, the Group's operating profit dropped significantly by 27% to HK$116.7 million from HK$459.8 million mainly due to the disappointing results of the ferry operations, loss of HK$119.6 million (1994 - HK$54.5 million). In 1995, a total of 35.9 million passengers (1994 -39.5 million) rode on the Group's local ferries, giving a daily averege of 98,453 passengers (1994-108,225). Such decline of 9% was mainly due to the relocation of the Central ferry piers as well as competition from other modes of transportation. On the other hand, the Group's proposed fare increase for 1995 was delayed to January 1996.
Liquidity and Financial Resources
As of 31 December 1995, shareholders' funds of the Group amounted to HK$4,761 million, showing a decrease of 10.7% as compared to that of the previous year. This was partly due to a decline of 24.4% in the Group's property revaluation reserves, reflecting a general drop in the value of local investment properties during the period under review.
Funding for the Group's activities was principally generated from cashflows from the property investment operations, interest income from rights issue proceeds and short term unsecured bank borrowing. The Group's total short term bank borrowing as at the balance sheet date was HK$308 million.
Current ratio of the Group decreased significantly from 3.8 as of 31 December 1994 to 2.0 as of 31 December 1995. Proceeds from Rights Issue in 1994 of HK$1,218 million were partially applied to finance the piling works of the Central Piers Development Project and ferry services improvements. The remaining proceeds of HK$1,030 million were placed on short term bank deposits.
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