2
THURSDAY, SEPTEMBER 17, 1992
SIDE OF
MR YEUNG SAID INFORMATION HANDED OVER TO THE CHINESE THE AIRPORT COMMITTEE ILLUSTRATED IN MORE DETAIL THE THE NEW PROPOSALS WOULD HAVE ON THE ORIGINAL FINANCIAL PACKAGES.
KIND OF EFFECT
THIS INFORMATION SHOWED ᎢᎻᎪᎢ .
IN PREPARING FIGURES ILLUSTRATE THE EFFECT OF THE NEW PROPOSALS, THE CASH FLOWS ADJUSTED:
TO
HAVE
BEEN
AIRPORT
A) BY INCREASING THE LEVEL OF THE AA'S PAID-UP EQUITY BY $25
BILLION;
B) BY REQUIRING PAYMENT TO GOVERNMENT OF
AIR TRAFFIC CHARGES AND METEOROLOGICAL CHARGES FROM THE OPENING AIRPORT, RATHER THAN BEING DEFERRED TILL 2005;
CONTROL OF THE
ON THIS BASIS:
A) THE MAXIMUM DEBT OF THE AIRPORT AUTHORITY WOULD BE
TO $5.9 BILLION FROM $37 BILLION;
B) ALL DEBT COULD BE REPAID BY 1999;
REDUCED
C) SAVINGS IN THE TOTAL PROJECT COST COULD BE POSSIBLE
BECAUSE
OF THE REDUCTION IN INTEREST AND FINANCING CHARGES. THE ORDER OF SAVINGS WOULD BE $5.5 BILLION;
D) DIVIDENDS COULD BE PAID то THE SPECIAL ADMINISTRATIVE
REGION GOVERNMENT (SARG) FROM 2000 INSTEAD OF 2005.
THE AIRPORT RAILWAY
THE CASH FLOWS HAVE BEEN ADJUSTED BY INCREASING THE LEVEL OF PAID-UP EQUITY BY $15 BILLION.
ON THAT BASIS:
WOULD BE REDUCED ΤΟ $29.9 THE BORROWINGS REQUIRED TO AIRPORT RAILWAY WOULD BE
A) THE MAXIMUM DEBT OF THE MTRC
BILLION FROM $47.9 BILLION. FINANCE THE CONSTRUCTION OF THE REDUCED FROM $36 BILLION TO $17 BILLION;
B) ALL DEBT RELATED TO THE AIRPORT RAILWAY COULD BE REPAID BY
2006;
THE
1997 THE AIRPORT
C) DEFERRAL OF PAYMENT OF DIVIDENDS TO THE SARG WOULD NO
LONGER BE NEEDED. DIVIDENDS WOULD BE PAID FROM SAME TIME AS IF THE MTRC HAD NOT UNDERTAKEN RAILWAY;
D) SAVINGS IN TOTAL PROJECT COST WOULD BE POSSIBLE
THE REDUCTION IN INTEREST AND FINANCING CHARGES. OF SAVINGS WOULD BE ABOUT $4.3 BILLION,
BECAUSE
THE
OF ORDER
/EXPLAINING THE