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increasing aeronautical charges. Before approving changes to such charges, the Government must be satisfied that the increase would not place it in breach of any international obligation.
The Airport Financial Study
5.
1990
Against this
background,
the
Government
commissioned Wardley Capital Limited (Wardley) in August develop a financial strategy for the funding of the new airport. During the course of the study, which has just been completed, Wardley received inputs both from the Government and the PAA.
6.
The Government advised Wardley that its overall objective was to complete the airport project in the most cost-effective way possible. In order to do this, it would be necessary to optimise the benefits of drawing on funding support from non-Government sources.
With these overall objectives in mind Wardley were advised to adopt the following key assumptions and parameters
7.
(a) borrowings should be maximised so as to keep
public funding to the minimum;
(b) the АА would be expected to borrow funds
without Government guarantee; and
(c) the new airport should provide a long term return on investment similar to the target at Kai Tak (i.e. about 15%).
Wardley were also advised of the PAA's intention to retain ownership and control of the passenger terminal while seeking private sector investment in developing the concessions within the terminal and all major support services such as
air cargo, aircraft maintenance, aircraft refuelling and catering (as is the case at. Kai Tak).
8.
Other key inputs to the cashflows modelled during the study, which are described in detail below, were
(a) capital costs;
(b) operating costs;
(c) traffic forecasts; and
(d) revenue projections.
Capital Cost
9.
In July 1991, the Government announced that the estimated cost of the airport project was $43.6 billion (at March 1991 prices). This figure consisted of a total capital cost of $44.8 billion offset by $1.2 billion of airport-related property development revenues expected prior
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