Operational Info

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The Company

Operational Information

FULL YEAR REPORT on FRANCHISED SERVICE for 2022

Highlights:

  1. Total number of passengers reached a post-war new low
  • Total passengers for the year: 7,513,322
    Average number of passengers per sailing: 54 (less than 17% of passenger capacity)
    Decreased by 22% compared to 2021, and 62% compared to 2018
  • The East Rail Line of the MTR was extended to Admiralty Station in May
    Compared to 2021, passenger volume in Wan Chai decreased by 22% in June, 33% in July, and 25% in the second half of the year.

  1. Fare revenue decreased to below HKD 23 million

  • Decreased by 21% compared to 2021, and 58% compared to 2018
  • Average revenue per sailing: HKD 160
  • Only enough to cover 20% of total operating costs, 33% of staff costs, or 85% of maintenance and repair expenses.

  1. Including the one-off government subsidies of HKD 20 million received during the period

  • 2022 full-year revenue from franchise routes (including non-fare box revenues) was HKD 82 million
  • Decreased by 15% compared to 2018
  • Increased by 26% compared to 2021

  1. Total operating expenses amounted to nearly HKD 113 million

  • To earn every HKD 1 of revenue from franchise routes, it took an expenditure of HKD 1.82 to service
  • Employee costs per sailing were close to HKD 500, Employee costs per passenger served were HKD 9
  • Fuel costs increased by 79% within a year.

  1. Pre-subsidy losses on franchise routes in 2022 was HKD 51 million

  • Pre-subsidy losses increased by HKD 14 million or 36% compared to 2021
  • Average weekly loss was HKD 977,000

  1. Negative equity increased to HKD 81 million

  • Service on franchise routes relied on HKD 79 million of bank debt.

  1. Cash Situation

  • Average weekly cash drain exceeded HKD 600,000

  1. Uncertain outlook

  • Border closures continued to halve passenger volume.
  • Further marginalization of ferry services to Wanchai due to the extension of the MTR's East Rail Line has just begun.
  • Non-fare box revenue declined to a lower market rate as earlier contracts reached their expiration.

  1. New initiatives

  • Launching the "Green Ferry" project in the fourth quarter of this year.
  • Initiating a study on revitalizing piers, starting with the 65-year-old Kowloon City Ferry Pier.
  • Exploring opportunities to increase fare box and non-fare box revenue.
  • Preparing for the 125th anniversary in 2023.
     
Operational Information (For Franchised Services only) Full Year 2022  
1. Number of franchised ferry routes operated 2 routes
2. Fleet size 8 ferries
3. Total fleet capacity  3,873 persons
4. Service availability (actual/scheduled vessel allocation) 96.0%
5. Fleet utilization (actual vessel allocation/fleet size) 87.5%
6. Average age of fleet 60 years
7. Number of passengers carried
Annual total :
Daily average :		  
7.5 million persons
20,584  persons
8. Additional trips (additional trips/scheduled trips) 0%
9. Number of service delays caused by vessel engine failure 3 cases
10. Marine accidents
Number of incidents reported to Marine Department
Number of incidents involving vessel contact		 3 cases
1 case
11. Number of complaints reported to Transport Complaint Unit 10 cases
12. Social Services

The Company has always been an active supporter to charities. The Company volunteer team participated in donations and volunteer programs. In addition, the Company received the Caring Company Logo and "Happy Company 5+" in Happiness-At-Work Label Award Scheme by Promoting Happiness Index Foundation.

  
13. Service improvement
  • Continuous training for coxswains and crews on navigation safety and emergency drills respectively
  • Launched refurbishment works for ceiling at the Tsim Sha Tsui Star Ferry Pier
  
Profit & Loss Account (For Franchised Services Only) Full Year 2022
Revenue   (HK'000)
  Fare Receipts 22,320
  Other Income  59,336
  Total Revenue 81,656
Operating Costs    
  Staff Costs 67,694
  Repairs & Maintenance 26,294
  Other Expenses 18,954
  Total Operating Costs 112,942
Profit before Taxation    -31,286
 
Fixed Assets (For Franchised Services Only)
 
Terminal
Buildings
Launches & 
Launch equip.
Plant & 
Furniture
Total
Cost or Valuation
(HK$'000)
(HK$'000)
(HK$'000)
(HK$'000)
At 1 Jan., 2022
12,401
 64,590 9,931 86,922
Additions 0 0 112 112
Disposal 0 0 0 0
Reclassification
0
0
0
0
At 31 Dec., 2022
12,401
 64,590
10,043
 87,034
Aggregate Depreciation
 
 
 
 
At 1 Jan., 2022
12,401
51,081
 9,685
73,167
Charge for 2022 0 2,717 137 2,854
Written back 0 0 0 0
Reclassification
0
0
0
0
At 31 Dec., 2022
12,401
53,798
 9,822
76,021
Net Book Value
 
 
 
 
At 31 Dec., 2022 0 10,792 221 11,013