1995 — Page 18

主席報告 Chairman's Statement

HKF

2. 申請新專利權

油蔴地乃一九八四年獲批現時之渡輪專利權,並將 於一九九九年三月屆滿。根據該建議,油蔴地將就 一九九九年至二零一零年之新專利權提出申請延 期。新專利權之實際條款有待香港政府與油蔴地磋 商後方可作實。

3. 基金

油蔴地將設立一項基金,金額為下列兩者之較高 者

(a) 640,000,000港元;或

(b)(i) 銷售碼頭發展100%物業所得之發展溢利之

60%;及

(ii) 保留作出租用途之已完成物業部份所得之租

金收入之50%,直至該等物業出售為止。

作為上述款項可供用前之臨時措施,本公司將使 用其現有資金向油蔴地提供金額不超過640,000,000 港元之免息現金墊款。

該基金內之款項仍屬油蔴地之資產,將會用於應付 油蔴地渡輪業務之任何經營虧損,並以大約 460,000,000港元作為改善渡輪服務計劃之用及將渡 輪收費維持在與通脹大致相約之合理及可予接受之 水平。一個由香港政府及本集團各自派出兩名代表 組成之委員會,將監察及管理該基金之運用。

在新專利權屆滿後,倘油蔴地不擬進一步申請延長 渡輪專利權,則該基金內任何剩餘款項將由油蔴地 交給香港政府。

4. 繼續經營渡輪服務

文件將規定,政府在油蔴地萬一出現下列情況下撤 銷其渡輪專利權: (i)清盤;(ii)放棄經營渡輪專利 權;(iii)自願終止根據專利權經營渡輪業務或(iv) 故意放棄全部或幾近全部專利渡輪服務之專利權, 則政府可沒收該基金購置之渡輪以及本集團協定 與現有渡輪服務有關之若干資產(價值合共為 580,000,000港元),而毋需對本集團作出賠償。然 而,倘上述四種情況乃由於油麻地不能控制所導 致,或由於油蔴地不獲准增加與通脹大致相若之票 價所致,則該等條款將不適用。

上述建議宣佈之後,本公司經已就有關條款細則、合理 地價及法律文件與政府進行磋商,暫時仍未達成最後協 議。

董事及僱員

在集團服務了四年後,王敏剛先生因個人事務繁忙,於 一九九六年一月一日起已向董事會辭任行政總裁之職, 但將留任為本公司之非執行董事本人謹代表董事會向王 敏剛先生致謝。何志盛先生已於一九九六年一月一日起

2. Application for a new franchise

The existing ferry franchise granted to HYF in 1984 will expire in March 1999. Under the proposal, HYF shall apply for a new franchise in respect of the period from 1999 to 2010. The actual terms of the new franchise are still subject to negotiation between the government and HYF.

3. The fund

HYF shall set aside in a fund the higher of:-

(a) HK$640 million, or

(b)(i) 60% of the development profits from the sale of 100%

of the properties in the development; and

(ii) 50% of rental income arising from the part of the developed properties retained for rental purposes, until sale of such properties.

As an interim measure pending the above funds being available, the Company will make interest-free cash advances to HYF not exceeding HK$640 million using its existing resources.

Money in the fund, which shall remain assets of HYF, will be used for meeting any operating losses of the ferry operation of HYF, financing a service improvement programme estimated to be at a cost of approximately HK$460 million and keeping ferry fares at a reasonable and acceptable level which is in line with inflation. A committee comprising two representatives from each of the government and the Group will supervise and manage the use of the fund.

Upon expiration of the new franchise, any credit balance in the fund shall be surrendered by HYF to the government if HYF does not apply for a further extension of the ferry franchise.

4. Continuation of the ferry operation

It will be provided that, in the unlikely event of the government revoking the ferry franchise after HYF: (i) goes into liquidation; (ii) surrenders the ferry franchise; (iii) voluntarily ceases to conduct the ferry business under the franchise; or (iv) by its wilful act or wilful omission repudiates the franchise in respect of all or substantially all ferry services in respect of the franchise, then possession of the vessels acquired using the fund as well as certain agreed existing ferry service related assets of the Group (valued at HK$580 million in total) may be taken by the government without compensation to the Group. However, such provision will not apply if (and to the extent that) the four events stated above are caused by circumstances beyond the control of HYF or are caused by HYF not having been permitted to increase fares generally in line with inflation.

Since the announcement of the above proposal, the Company had been negotiating with the government for the detailed terms, a reasonable land premium and the legal documentation, which are not yet agreed or finalised.

DIRECTORS AND EMPLOYEES

After four years of service with the Group and due to his other personal commitments, Mr. Peter Wong Man Kong has resigned as President and Chief Executive Officer of the Company with effect from 1 January 1996, but will remain as a Non-Executive Director of the Company. On behalf of the Board, I wish to thank Mr. Wong for

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