MTR Nordic the Rail+Property Model to Finance Public Transport

Total Page:16

File Type:pdf, Size:1020Kb

MTR Nordic the Rail+Property Model to Finance Public Transport MTR Nordic The Rail+Property model to finance public transport Robert Westerdahl Business Development Director 15-03-06 Sid 1 Overview • Introduction to MTR internationally and in Sweden • The Rail+Property model to finance public transport infrastructure • Rail+Property in Sweden? 2 MTR’s vision: “We aim to be a leading multinational company that connects and grows communities with caring services” 15-03-06 Sid 3 3 MTR Corporation short facts One of the worlds largest global railway corporations with ~11 million passengers every working day Founded in Hong Kong 1975 as ”Mass Transit Railway Corporation” to build and operate the metro in Hong Kong Listed on the Hong Kong stock exchange since the year 2000 The Nordic countries are one of the prioritized growth regions for MTR 15-03-06 Sid 4 4 MTR is today operating 9 train systems on 3 continents Stockholm metro Beijing metro line 4, 14, 16 • 1,2 m pass./day (under construction) • 108 km tracks, 100 • 1,5 m pass./day stations • 55 km tracks, 41 stations Stockholm–Gothenburg Hangzhou Metro • High-speed train (Open • 0,2 m pass./day Access), start 21/3 2015 • 48 km tracks, 31 stations London Overground Hong Kong/Shenzen* • 2,3 m pass./day • 4,4 m pass./day • 110 km tracks, 55 stations • 212 km tracks, 152 stations Sydney NWRL commuter train London Crossrail • A new 15-year PPP contract to • New Metro under construct and operate 36km new construction. Mobilization commuter train line with 13 ongoing stations. Melbourne commuter train • 0,7 m pass./day • 372 km tracks, 212 stations OBS: passegers per working day 15-03-06 Sid 5 5 MTR operates the Stockholm Metro since 2009 MTRS facts Lines, # 3 Stations, # 100 Length, km 108 km Annual 329 mn journeys Daily 1.2 mn patronage Concession 8 years + 6 yrs Turnover 2.6 bn SEK Employees 3,000 Fleet size 271 three-car trains 204 single-car trains 15-03-06 Sid 6 6 Our latest investment is the open access operation MTR Express between Gothenburg and Stockholm • MTR invested ~1 bn SEK to start MTR Express • Currently ~18,000 persons travel every weekday with new trains from Swiss manufacturer Stadler (~55% road, ~15% air, ~30% rail) • Starting service 21st of March between • MTR Express aims to attract customers from all Stockholm and Gothenburg with stops in segments and offers the most environmentally Södertälje Syd, Skövde, Herrljunga friendly way to travel between the cities ~90 departures per week from August 2015 7 7 MTR’s business covers a broader spectrum than just railway operations MTR has a broad business, covering MTR financials a large part of the public transport Billion Hong Kong Dollars (1 HKD ~ 0.95 SEK) system Revenues • Property development: Profit 38 36 51 stations with properties ~13 33 million m2 GFA developed 30 • Property Management 12 shopping malls, 760,000m2 commercial/office space 86,000 residential units 9 10 10 9 • Infrastructure development and Engineering Rail projects of ~180 2010 2011 2012 2013 bn SEK ongoing in Hong Kong, China, Australia Source: MTR Corporation Financial Statement 2013 8 The railway operations covered in 2013 ~25% of the profit, 75% comes from the public transport system In Hong Kong, the metro runs without tax subsidies A 1-way ticket 24% costs ~7 SEK 31% vs. 36 SEK in Property Property rental Rental RailwayRailway Operation operations Stockholm metro 14% 31% Capturing the value in the public transport system is a significant source of financing Property development Station CommercialStation commercial 9 Overview • Introduction to MTR internationally and in Sweden • The Rail+Property model to finance public transport infrastructure • Rail+Property in Sweden? 10 Railway Expansion in Hong Kong: Five recent and ongoing projects led by MTR Shenzhen Rail Infrastructure Route No. of Target projects length km stations completion Cost West Island 3 3 Dec 2014 15 bn SEK East(Rail(Line Northern(Link Lok(Ma(Chau( Line Spur(Line South Island 7 5 2015 13 bn SEK Line (East) Express(Rail(Link Ma(On(Shan(Line West(Rail(Line Kwun Tong 3 2 2015 5 bn SEK Line Extension Tsuen Wan(Line Airport(Express(Line Shatin Central(Link Express Rail Link 26 1 2017 54 bn SEK Kwun(Tong(Line High speed rail Kwun(Tong(Line(Extension Kowloon(Southern(Link Disneyland(Resort(Line Tseung Kwan(O(Line Shatin Central 2018 (Phase I) (LOHAS(Park(Station) 17 9 73 bn SEK West(Island(Line Link 2020 (Phase II) Island(Line Tung(Chung(Line Total 160 bn SEK South(Island(Line((E) 15-03-06 Sid 11 11 MTR works mainly with the PPP-model for infrastructure projects – NWRL example North West Rail Link a A$8.3 bn (~54 bn SEK) The PPP contract covers: railway project Upgrade of 13km existing line with 5 - Building 8 new railway stations; stations and 23 km new construction with 8 new stations - Installing tracks, signalling, mechanical and electrical systems; - Supplying fully-automated trains; - Building and operating depot - Delivering 4,000 commuter car parks - Upgrading and converting the existing railway to rapid transit status - Operations and maintenance, 15 years Financing - Availability model with renumeration based on availability, punctuality, customer satisfaction and other KPIs PPP consortium: MTR, John Holland, Leighton Contractors, UGL Rail Services, Plenary Group ECRL: Existing line; Epping Chatswood Rail Link, Source: http://nwrail.transport.nsw.gov.au 12 The Rail+Property model is a financing model for PPP projects. Example: Airport Express Line Project data Airport Express Line Tung Chung Line Route length (km) 35 31 Stations (no) 5 7 Depot Siu Ho Wan Construction period 1993 – 1998 Initial construction cost HK$35.1 billion Property development rights at five sites along the Funding support railway (Hong Kong, Kowloon, Olympic, Tsing Yi, and Tung Chung) 13 Case Study – Airport Express Line Five sites by new stations identified for property development to finance extension Total GFA (m2) Hong Kong 415,900 Kowlo 1,090,01 on 1 Olympi c 667,652 Tsing Yi 291,870 Tung 1,028,91 Chung 0 3,494,34 Total 3 14 LOHAS Park is one example where MTR developed a city integrated with the metro Before development, when an extension of the Tseung Kwan O Line was planned 15-03-06 Sid 15 15 LOHAS Park Station – construction plan Construction plan • Site Area: 33 hectares • Total GFA: 1.6 M m2 • 50 residential towers Station • 45,000 m2 shopping centre • Community facilities incl. schools • Transport interchange facilities Depot • Extensive landscaped open space 15-03-06 Sid 16 16 Overview • Introduction to MTR internationally and in Sweden • The Rail+Property model to finance public transport infrastructure • Rail+Property in Sweden? 17 Applying Rail+Property in Sweden? In Stockholmsförhandlingen, the agreement included • New metro, trains and depot at ~26 bn SEK • 78’000 new residential units (~6’500’000 m2 GFA) What if the Rail + Property model had been used? 15-03-06 Sid 18 18 Applying Rail+Property in Sweden? In Stockholmsförhandlingen, the agreement included • New metro, trains and depot at ~26 bn SEK • 78’000 new residential units (~6’500’000 m2 GFA) What if the Rail + Property model had been used? • <4’000 SEK/m2 would have financed the metro extension completely (vs a selling price in Stockholm of 40’000-60’000 SEK/m2) • That excludes all value creation from commercial property and retail 15-03-06 Sid 19 19 Applying Rail+Property in Sweden? In Stockholmsförhandlingen, the agreement included • New metro, trains and depot at ~26 bn SEK • 78’000 new residential units (~6’500’000 m2 GFA) What if the Rail + Property model had been used? • <4’000 SEK/m2 would have financed the metro extension completely (vs a selling price in Stockholm of 40’000-60’000 SEK/m2) • That excludes all value creation from commercial property and retail Upcoming projects that could be addressed? • Additional metro extension in Stockholm – Yellow line to Älvsjö? • High-speed rail project with large urban development at key stations? • Upgrade and extension of existing systems; Malmö, Gothenburg, Stockholm? • The HH-link? 15-03-06 Sid 20 20 The value creation potential for public transport is significant but yet to be fully realized Stockholm example Station development Estimated number of passengers Thousands per working day • Unlocks value from the existing T-Centralen 250 public transport system Slussen 141 Fridhemsplan 79 • Can finance and support further Gullmarsplan 77 build-out of the system and Copenhagen airport 64 other investments Liljeholmen 53 • Increases attractiveness of Stockholm airport 52 public transport Tekniska högskolan 50 Helsinki airport 44 • Focus on traffic hubs increases Alvik 39 effectiveness in exchanges Ropsten 36 Danderyds sjukhus 29 • Station development should Sundbyberg 26 include residential units, Hornstull 25 commercial property, retail etc. Brommaplan 25 Vällingby 20 • Relieves the commuters daily Älvsjö 20 life with all services close by the Gothenburg airport 14 daily commute 15-03-06 Sid 21 21 MTR Nordic The Rail+Property model to finance public transport Robert Westerdahl Business Development Director 15-03-06 Sid 22 .
Recommended publications
  • Railway Network
    Railway Network Railways play a vital role in serving the transport needs of COVID-19 pandemic. By end 2020, the AEL carries about Hong Kong. They account for about 39 per cent of domestic 8 400 passenger trips per day. public transport by end 2020. Light Rail: Light Rail is a local transportation network Existing Network: The existing railway network in Hong which started operation in 1988 to meet the transport needs of Kong has a total route length of about 263 kilometres. The the residents in the northwest New Territories. It now has a Legislative Council passed in June 2007 the Rail Merger route length of about 36 km with 68 stops. By end 2020, it Ordinance which provides the legal framework for the carries an average of about 305 600 passenger trips every post-merger corporation to operate both the Mass Transit day. It has four interchange stations in Yuen Long, Tin Shui Railway (MTR) system and Kowloon-Canton Railway (KCR) Wai, Siu Hong and Tuen Mun to facilitate passenger system. The post-merger Corporation, i.e. the MTR interchange between the Light Rail and West Rail Line Corporation Limited (MTRCL) has been granted a 50-year networks. franchise to operate the MTR and KCR systems with effect from December 2, 2007. Other fixed track systems include the Hong Kong Section of Guangzhou-Shenzhen-Hong Tramway and the Peak Tram. Kong Express Rail Link (XRL): The Hong Kong section of the XRL, commissioned in September 2018, is a 26-km long MTR: MTR is a heavily patronized railway network underground rail corridor connecting Hong Kong with the consisting of 10 heavy rail lines, Airport Express and the Hong national high-speed rail network.
    [Show full text]
  • Operation of the Expanded Blue Metro Line in Stockholm
    MASTER OF SCIENCE THESIS STOCKHOLM, SWEDEN 2016 Operation of the Expanded Blue Metro Line in Stockholm SOUMELA PEFTITSI KTH ROYAL INSTITUTE OF TECHNOLOGY SCHOOL OF ARCHITECTURE AND THE BUILT ENVIRONMENT TSC-MT 16-009 Operation of the Expanded Blue Metro Line in Stockholm Soumela Peftitsi Master thesis June 2016 Department of Transport Science KTH Railway Group KTH Royal Institute of Technology Abstract Since the population growth of Stockholm Region is rapid, leading to larger demand on Public Transport and especially metro, four Municipalities of the Region have agreed on the expansion of the metro network. Blue metro line will be extended to Nacka and Hags¨atrain the south and Barkarby in the north of the Swedish capital. The new railway line connections have been already planned, while the operation of the expanded line is analyzed in the current thesis. Taking the expected increase of passenger volumes and the operation of the current Blue line into account and following the safety restrictions, two alternative regu- lar timetables of the expanded Blue line, limited to the morning rush service on a working weekday, have been constructed. The operation at stations of low expected passenger volume on the train is evaluated concerning the satisfaction of the oper- ator. The first alternative metro operation with traffic every 4 minutes during the rush hour is concluded to be less efficient than the second alternative with 5 minutes headway, as 21 % larger amount of rolling stock is needed and more seats are not occupied. Finally, in order to achieve higher operational efficiency at the low-demanded sta- tions, a third Blue line operation, that is based on the second alternative and it includes short services, operating on a part of the line and not on the full-length of it, has been proposed.
    [Show full text]
  • Judge Travel Guide for Grand Prix Stockholm
    Judge Travel Guide For Grand Prix Stockholm This guide was made by the following people, to make your visit to Stockholm more pleasant: Alexander Johansson, Victor Bernhardtz Wizards of the Coast, Magic: The Gathering, and their logos are trademarks of Wizards of the Coast LLC. © 2014 Wizards. All Rights Reserved. This publication is not affiliated with, endorsed, sponsored, or specifically approved by Wizards of the Coast LLC. 1 Table of content Welcome to Sweden! General information Currency Language Simple Dictionary Public Transportation SL (Storstockholms Lokaltrafik) Buses Metro Commuter Trains Taxi Flying to Stockholm Arlanda Traveling from Arlanda Bromma Traveling from Bromma Skavsta Traveling from Skavsta The Venue Refreshment Grocery Map over venue area Accommodation Hotels near the venue Scandic Hotel (Infra City) Scandic Hotel (Upplands Väsby) Hotel Angora Hostels and other cheap alternatives Best Hostel Skeppsbron Best Hostel City Tourist Spots Djurgården Vasa Museum Old Town Skansen Stockholm City Hall Less known things to do in Stockholm Shopping Technical Museum Food and drink Alcohol in Sweden Local Game Stores Dragon’s Lair Alphaspel Prisfyndet (Uppsala) General Information and Safety Tips Power Outlets Temperature Timezone Pickpockets Emergency Number Contact for Additional Information Wizards of the Coast, Magic: The Gathering, and their logos are trademarks of Wizards of the Coast LLC. © 2014 Wizards. All Rights Reserved. This publication is not affiliated with, endorsed, sponsored, or specifically approved by Wizards of the Coast LLC. 2 Welcome to Stockholm! Stockholm is with its two million citizens Sweden’s largest city and capital. It was founded c.1250 and is built upon 14 different islands connected by bridges and tunnels.
    [Show full text]
  • A Bid for Better Transit Improving Service with Contracted Operations Transitcenter Is a Foundation That Works to Improve Urban Mobility
    A Bid for Better Transit Improving service with contracted operations TransitCenter is a foundation that works to improve urban mobility. We believe that fresh thinking can change the transportation landscape and improve the overall livability of cities. We commission and conduct research, convene events, and produce publications that inform and improve public transit and urban transportation. For more information, please visit www.transitcenter.org. The Eno Center for Transportation is an independent, nonpartisan think tank that promotes policy innovation and leads professional development in the transportation industry. As part of its mission, Eno seeks continuous improvement in transportation and its public and private leadership in order to improve the system’s mobility, safety, and sustainability. For more information please visit: www.enotrans.org. TransitCenter Board of Trustees Rosemary Scanlon, Chair Eric S. Lee Darryl Young Emily Youssouf Jennifer Dill Clare Newman Christof Spieler A Bid for Better Transit Improving service with contracted operations TransitCenter + Eno Center for Transportation September 2017 Acknowledgments A Bid for Better Transit was written by Stephanie Lotshaw, Paul Lewis, David Bragdon, and Zak Accuardi. The authors thank Emily Han, Joshua Schank (now at LA Metro), and Rob Puentes of the Eno Center for their contributions to this paper’s research and writing. This report would not be possible without the dozens of case study interviewees who contributed their time and knowledge to the study and reviewed the report’s case studies (see report appendices). The authors are also indebted to Don Cohen, Didier van de Velde, Darnell Grisby, Neil Smith, Kent Woodman, Dottie Watkins, Ed Wytkind, and Jeff Pavlak for their detailed and insightful comments during peer review.
    [Show full text]
  • Transport Infrastructure and Traffic Review
    Transport Infrastructure and Traffic Review Planning Department October 2016 Hong Kong 2030+ 1 TABLE OF CONTENTS 1 PREFACE ........................................................... 1 5 POSSIBLE TRAFFIC AND TRANSPORT 2 CHALLENGES ................................................... 2 ARRANGEMENTS FOR THE STRATEGIC Changing Demographic Profile .............................................2 GROWTH AREAS ............................................. 27 Unbalanced Spatial Distribution of Population and Synopsis of Strategic Growth Areas ................................. 27 Employment ........................................................................3 Strategic Traffic and Transport Directions ........................ 30 Increasing Growth in Private Vehicles .................................6 Possible Traffic and Transport Arrangements ................. 32 Increasing Cross-boundary Travel with Pearl River Delta Region .......................................................................7 3 FUTURE TRANSPORT NETWORK ................... 9 Railways as Backbone ...........................................................9 Future Highway Network at a Glance ................................11 Connecting with Neighbouring Areas in the Region ........12 Transport System Performance ..........................................15 4 STRATEGIC DEVELOPMENT DIRECTIONS FROM TRAFFIC AND TRANSPORT PERSPECTIVE ................................................. 19 Transport and Land Use Optimisation ...............................19 Railways Continue to be
    [Show full text]
  • Rail Merger (1) Connected Transactions (2) Very Substantial Acquisition
    THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This Circular does not constitute, or form part of, an offer or invitation, or solicitation or inducement of an offer, to subscribe for or purchase any of the MTRC Shares or other securities of the Company. If you are in any doubt as to any aspect of this Circular, or as to the action to be taken, you should consult a licensed securities LR 14.63(2)(b) dealer, bank manager, solicitor, professional accountant or other professional adviser. LR 14A.58(3)(b) If you have sold or transferred all your MTRC Shares, you should at once hand this Circular to the purchaser or transferee or to the bank, licensed securities dealer or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this Circular, makes no representation as to its LR 14.58(1) accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the LR 14A.59(1) whole or any part of the contents of this Circular. App. 1B, 1 LR 13.51A RAIL MERGER (1) CONNECTED TRANSACTIONS (2) VERY SUBSTANTIAL ACQUISITION Joint Financial Advisers to the Company Goldman Sachs (Asia) L.L.C. UBS Investment Bank Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders Merrill Lynch (Asia Pacific) Limited It is important to note that the purpose of distributing this Circular is to provide the Independent Shareholders of the Company with information, amongst other things, on the proposed Rail Merger, so that they may make an informed decision on voting in respect of the EGM Resolution.
    [Show full text]
  • MTR Corporation
    Prospectus MTR Corporation Limited ࠰ಥ᚛༩Ϟࠢʮ̡ (a company incorporated on 26th April 2000 under the Companies Ordinance of Hong Kong with company number 714016) and MTR Corporation (C.I.) Limited (a company organised under the laws of the Cayman Islands on 30th October 2000) (Unconditionally and Irrevocably Guaranteed by MTR Corporation Limited) US$3,000,000,000 Debt Issuance Programme For the issue of Notes with maturities of between one month and 30 years On 22nd December 1993, Mass Transit Railway Corporation (“MTRC”) entered into a US$1,000,000,000 Debt Issuance Programme (the “Programme”). The maximum aggregate nominal amount of Notes (as defined below) which may be outstanding under the Programme was increased to US$2,000,000,000 with effect from 1st June 1999 and to US$3,000,000,000 with effect from 31st October 2006. On 30th June 2000 MTR Corporation Limited (“MTRCL” or “the Company”) replaced MTRC as the issuer of Notes under the Programme. All the assets and liabilities of MTRC vested in MTRCL and MTRCL has adopted all of the accounts of MTRC. MTR Corporation (C.I.) Limited (“MTR Cayman”) became an additional issuer of Notes under the Programme with effect from 9th April 2001 pursuant to an Amending and Restating Programme Agreement dated 9th April 2001 made between MTRCL, MTR Cayman and the Dealers named therein (MTRCL and MTR Cayman together being the “Issuers” and each an “Issuer”). This Prospectus supersedes any previous prospectus, listing particulars or offering circular describing the Programme. Any Notes issued under the Programme on or after the date of this Prospectus are issued subject to the provisions described herein.
    [Show full text]
  • Hong Kong Government's Policy Address 2020
    Hong Kong Government’s Policy Address 2020 Key Takeaways primarily relevant to the Real Estate and Infrastructure sector November 25, 2020 Summary Authors/Presenters This year’s Policy Address was delivered today (25th November 2020) amidst the backdrop of a changing and dynamic environment. The Chief Executive (“CE”) has set out a variety of key initiatives to address the city’s land Andrew MacGeoch and housing supply, infrastructure, the environment, Co-Author collaboration with the Greater Bay Area (“GBA”), and HK’s Partner and Regional Practice Group Leader - Real Estate ongoing role as an international financial center. We set Asia out a list of key takeaways below highlighting primarily Hong Kong [email protected] those aspects involving real estate and infrastructure. OPENING This year’s Policy Address was delivered today (25th November 2020) amidst the backdrop of a changing and dynamic environment. The Chief Executive (“CE”) has set out a variety of key initiatives to address the city’s land and housing supply, infrastructure, the environment, collaboration with the Greater Bay Area (“GBA”), and HK’s ongoing role as an international financial center. We set Page 1 of 11 out a list of key takeaways below highlighting primarily those aspects involving real estate and infrastructure. LAND SUPPLY Increasing land supply is a top priority of the Government. Glenn Haley At present, the Government has identified new land supply Co-Author with a total area of 90 hectares along the Northern Link, Partner Hong Kong including the San Tin / Lok Ma Chau Development Node. [email protected] Further initiatives to support the increase of land supply include: Development of Siu Ho Wan Depot Site.
    [Show full text]
  • Building on Strength Interim Report 2009 Vision We Aim to Be a Globally Recognised Leader That Connects and Grows Communities with Caring Service
    Building on Strength Interim Report 2009 Vision We aim to be a globally recognised leader that connects and grows communities with caring service. Mission • Enhance customers’ quality of life and anticipate their needs. • Actively engage in communities we serve. • Foster a company culture that staff can learn, grow and take pride in. • Provide sustainable returns to investors. • Set ourselves new standards through innovation and continuous improvement. • Grow in Hong Kong, Mainland of China and capture opportunities in Europe by extending our core competencies. Values • Excellent Service • Mutual Respect • Value Creation • Enterprising Spirit Highlights Financial Operational • Financial results resilient despite economic downturn, • Merger synergies ahead of schedule and on track to with revenue increasing 1.2% to HK$8,630 million and achieve HK$450 million per year within 2009 EBITDA increasing marginally to HK$4,799 million • Patronage of Domestic Service increased 0.3%; Cross- • Property development profit of HK$2,147 million boundary and Airport Express decreased 0.4% and 11.5% respectively • Profit from underlying businesses (i.e. net profit attributable to equity shareholders, excluding • About 85% of the 2,169 units of Lake Silver have been investment property revaluation and related deferred sold while all 1,688 units of Phase A of Le Prestige have tax) increased 43% to HK$3,903 million been sold • Net profit attributable to equity shareholders • Project Agreement signed for West Island Line (including investment property revaluation)
    [Show full text]
  • Growth Momentum
    MTR Corporation Limited Annual Report 2010 Report Annual Limited Corporation MTR ANNUAL REPORT 2010 GROWTH MOMENTUM MTR Corporation Limited MTR Headquarters Building, Telford Plaza Kowloon Bay, Kowloon, Hong Kong GPO Box 9916, Hong Kong Telephone : (852) 2993 2111 Facsimile : (852) 2798 8822 www.mtr.com.hk Stock Code: 66 GROWTH MOMENTUM In 2010, the Company has ridden the economic recovery to post a strong set of results, with increases in revenue and profit. Looking ahead, our growth momentum continues, with our five major expansion projects in Hong Kong on track, and further progress in our growing portfolio of businesses in the Mainland of China and overseas. As a builder and operator of infrastructure assets, we try to ensure that our expansion plans benefit present and future generations, and our aim is to become a global leader in sustainable transportation. CONTENTS 2 MTR Corporation in Numbers – 2010 4 Hong Kong Operating Network with Future Extensions 6 MTR Corporation at a Glance 22 8 Chairman’s Letter Hong Kong Passenger 12 CEO’s Review of Operations Services and Outlook 19 Key Figures 20 Key Events in 2010 22 Executive Management’s Report 22 – Hong Kong Passenger Services 36 36 – Station Commercial and Station Commercial Rail Related Businesses and Rail Related 42 – Property and Other Businesses Businesses 54 – Hong Kong Network Expansion 60 – Mainland and Overseas Growth 66 – Human Resources 42 71 Financial Review Property 78 Ten-Year Statistics and Other Businesses 80 Investor Relations 82 Sustainability 83 Corporate Responsibility
    [Show full text]
  • OFFICIAL RECORD of PROCEEDINGS Wednesday, 11
    LEGISLATIVE COUNCIL ─ 11 May 2011 10073 OFFICIAL RECORD OF PROCEEDINGS Wednesday, 11 May 2011 The Council met at Eleven o'clock MEMBERS PRESENT: THE PRESIDENT THE HONOURABLE JASPER TSANG YOK-SING, G.B.S., J.P. THE HONOURABLE ALBERT HO CHUN-YAN IR DR THE HONOURABLE RAYMOND HO CHUNG-TAI, S.B.S., S.B.ST.J., J.P. DR THE HONOURABLE DAVID LI KWOK-PO, G.B.M., G.B.S., J.P. THE HONOURABLE FRED LI WAH-MING, S.B.S., J.P. DR THE HONOURABLE MARGARET NG THE HONOURABLE JAMES TO KUN-SUN THE HONOURABLE CHEUNG MAN-KWONG THE HONOURABLE CHAN KAM-LAM, S.B.S., J.P. THE HONOURABLE MRS SOPHIE LEUNG LAU YAU-FUN, G.B.S., J.P. THE HONOURABLE LEUNG YIU-CHUNG DR THE HONOURABLE PHILIP WONG YU-HONG, G.B.S. THE HONOURABLE WONG YUNG-KAN, S.B.S., J.P. 10074 LEGISLATIVE COUNCIL ─ 11 May 2011 THE HONOURABLE LAU KONG-WAH, J.P. THE HONOURABLE LAU WONG-FAT, G.B.M., G.B.S., J.P. THE HONOURABLE MIRIAM LAU KIN-YEE, G.B.S., J.P. THE HONOURABLE EMILY LAU WAI-HING, J.P. THE HONOURABLE ANDREW CHENG KAR-FOO THE HONOURABLE TAM YIU-CHUNG, G.B.S., J.P. THE HONOURABLE LI FUNG-YING, S.B.S., J.P. THE HONOURABLE TOMMY CHEUNG YU-YAN, S.B.S., J.P. THE HONOURABLE FREDERICK FUNG KIN-KEE, S.B.S., J.P. THE HONOURABLE AUDREY EU YUET-MEE, S.C., J.P. THE HONOURABLE VINCENT FANG KANG, S.B.S., J.P.
    [Show full text]
  • MTR Corporation 2008 Interim Results
    MTR Corporation 2008 Interim Results 5 Aug 2008 MTR Corporation Limited 2008/8/5 Forward-looking statements Certain statements contained in this presentation may be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward- looking statements. MTR Corporation Page 2 Results highlights and business overview MTR Corporation Limited 2008/8/5 Solid First Half Achievements Success of Merger demonstrated in strong financial results Strong Recurring businesses see significant increases in Revenue and EBITDA Financial Net cash generated in 1H08 over HK$4.2 billion Results Successful pre-sales of the Capitol and Palazzo; profit booking dependent only on Occupation Permit issuance 6 new lines being developed 3 new approvals: Significant Shatin to Central Link (SCL), Kwun Tong Line Network Extension (KTE), and Express Rail Link (XRL) Extension Good progress on Kowloon Southern Link (KSL) , West Island Line (WIL) and South Island Line East (SIL(E)) MTR Corporation Page 4 Financial performance (HK$m) 1H1H 20082008 1H1H 20072007 ChangeChange TotalTotal revenuerevenue 8,527 4,852 75.7% EBITDAEBITDA 4,796 2,797 71.5% EBITDAEBITDA marginmargin 56.2% 57.6% 1.4% pt Property Property 348 1,664 79.1% developmentdevelopment profitprofit Underlying profit
    [Show full text]