Historical Figures and Annual Cap. The aggregate historical management and maintenance services fee incurred by the Group under the Property Management Framework Agreement were approximately RMB73 million, RMB70 million and RMB84.52 million (unaudited) for each of the two years ended 31 December 2015, 2016 and the period from 1 January to 30 November 2017, respectively. The previous annual cap for the Existing Property Management Framework Agreement was set at approximately RMB90 million, RMB92 million and RMB96 million for each of the three years from 2015 to 2017. The annual cap for management and maintenance services fee payable pursuant to the Property Management Framework Agreement is set at RMB155 million for each of the three years ending 31 December 2018, 2019 and 2020, respectively. The annual cap is determined at an arm’s length negotiation between both parties with reference to (i) the original annual caps, the actual transaction amount for 2015 and 2016, and the expected transaction amount for 2017 which will possible nearly reach the original annual cap; (ii) the substantial increase in the labour cost; and (iii) the expected substantial increase in the coverage of properties, including retirement employee management department buildings, certain office buildings and so on. Reasons for and Benefits of entering into the Property Management Framework Agreement CSAGPMC is familiar with the locations, functions, usage and other actual conditions of the Company’s properties at the old Baiyun Airport and the new Baiyun International Airport and has been able to assist the Group to make efficient and orderly use of its property resources based on its rich experience in property management. With the business development of the Company and its subsidiaries, certain buildings are newly added in the coverage of properties, and CSAGPMC can provide consistent property management services in respect of these buildings and properties under the Property Management Framework Agreement. The renewal of the Property Management Framework Agreement with CSAGPMC enables the CSAGPMC to ensure the consistent and high quality standard of the property management services to be continuously provided to the Group. The Board (including the independent non-executive Directors) considers that the terms of the Property Management Framework Agreement and the cap in respect thereof are fair and reasonable and are entered into on normal commercial terms or better, in the ordinary and usual course of business of t...
Historical Figures and Annual Cap. The aggregate historical services fees incurred for the transaction contemplated under the existing Media Services Framework Agreement were RMB34 million, RMB29 million and RMB49 million for the three years ended 31 December 2012. The previous annual cap for the existing Media Services Framework Agreement were set at RMB40 million, RMB48 million and RMB58 million for the three years ended 31 December 2012. For the three months period ended 31 March 2013, the services fees incurred for the transactions under the Media Services Framework Agreement was approximately RMB8 million. The Directors propose that the annual cap for the Media Services Framework Agreement shall be substantially increased to RMB98 million, RMB105 million and RMB113 million for each of the financial years ending 31 December 2013, 2014 and 2015, respectively. The proposed annual cap is determined at an arm's length between both parties by reference principally to the expanded services scope, the increase in the purchase and production of in-flight TV and movie program, the increase in the public relations services and production of promotional materials, the newly added program production and broadcast in the "CCTV-Journey of Discovery" channel which is exclusively operated by SACM since 2013, the historical figures and the original cap as disclosed above and according to the prevailing market prices, provided that the services fee charged by SACM Group should not be higher than the one charged by any independent third parties in the similar locations of similar services and should not exceed those of the same category that prevail in the PRC market in normal conditions. For the purposes of determining the annual cap only, the Company has applied the projected growth rate of the volume of the agency services provided by SACM Group at a rate of about 10% per annum for the three financial years ending 31 December 2013, 2014 and 2015, respectively. Such projection is assumed solely for the purpose of determining the annual cap for the Media Services Framework Agreement and shall not be regarded as any indication directly or indirectly as to the respective revenue, profitability or trading prospects of the Company or the Group. The Company will fund the services fee wholly by its internal resources. Reasons for and Benefits of Entering into the Media Services Framework Agreement The Company entered into the Media Services Framework Agreement with an expansion of services scope in order to fi...
Historical Figures and Annual Cap. The aggregate historical services fees incurred for the transaction between SACC and the Group were approximately RMB78.73 million, RMB74.7 million and RMB79 million for the three years ended 31 December 2012. For the three months period ended 31 March 2013, the services fees incurred was approximately RMB21 million. The Directors propose that the annual cap for the Catering Services Framework Agreement shall be RMB100 million, RMB115 million and RMB132.25 million for each of the three financial years ending 31 December 2013, 2014 and 2015, respectively. The proposed annual cap is determined at an arm's length basis between both parties by reference to the state or local prescribed price and based on the prevailing market price taking into account the assigned flight capacity growth in Shenzhen and the natural market growth according to the historical figures as disclosed above, provided that the services fee charged by SACC should not be higher than the one charged by any independent third parties in the similar locations of similar services. The Company will fund the services fee wholly by its internal resources. Reasons for and Benefits of Entering into the Catering Services Framework Agreement SACC is the only air catering services provider with both HACCP System Certification and ISO22000:2005 System Certification in the PRC. The Company entered into the Catering Services Framework Agreement with SACC to ensure the consistent and high quality standard of the air flights catering services to be continuously provided to its passengers. Among the 12 Directors, four connected Directors, Mr. Sx Xxxx Xxx, Mx. Xxxx Qxxx Xxx, Mx. Xxxx Xxx An and Ms. Yxxx Xx Xxx, were required to abstain from voting in respect of the resolution to approve the Catering Services Framework Agreement.
Historical Figures and Annual Cap. The aggregate historical management and maintenance services fee incurred by the Group for properties in both old Baiyun Airport and new Baiyun International Airport under the New Airport Property Management Framework Agreement and the Old Airport Property Management Framework Agreement were approximately RMB50 million, RMB63 million and RMB69 million for each of the two years ended 31 December 2012, 2013 and the period from 1 January to 28 December 2014, respectively. The previous annual cap for the New Airport Property Management Framework Agreement and the Old Airport Property Management Framework Agreement were set at an aggregate of RMB55 million, RMB70 million and RMB70 million for each of the three years ending 31 December 2014. The annual cap for the Property Management Framework Agreement is set at RMB90 million, RMB92 million and RMB96 million for each of the three years ending 31 December 2015, 2016 and 2017, respectively. The annual cap is determined at an arm's length basis between both parties by reference to the original annual caps, the increase in the service scope as disclosed above and the increase in the coverage of properties. Reasons for and Benefits of entering into the Property Management Framework Agreement The Company entered into the Property Management Framework Agreement with CSAGPMC to ensure the consistent and high quality standard of the property management services to be continuously provided to the Group. Among the 12 Directors, four connected Directors, Mr. Xx Xxxx Xxx, Xx. Xxxx Xxxx Xxx, Xx. Xxxx Xxx Xx and Ms. Xxxx Xx Xxx, were required to abstain from voting in respect of the resolution to approve the Property Management Framework Agreement.
Historical Figures and Annual Cap. The aggregate historical management and maintenance services fee incurred by the Group under the Property Management Framework Agreement were approximately RMB106 million (audited), RMB148.01 million (audited) and RMB109.81 million (unaudited) for each of the two years ended 31 December 2018, 2019 and the period from 1 January to 30 September 2020, respectively. The previous annual cap for the Existing Property Management Framework Agreement was set at RMB155 million for each of the three years ending 31 December 2018, 2019 and 2020, respectively. The annual cap for the management and maintenance services fee payable pursuant to the Property Management Framework Agreement is set at RMB167 million for each of the three years ending 31 December 2021, 2022 and 2023, respectively. The annual cap is determined at an arm’s length negotiation between both parties with reference to (i) the original annual caps and the actual transaction amount for each of the two years ended 31 December 2018, 2019 and the period from 1 January to 30 September 2020;
Historical Figures and Annual Cap. The amount paid under the Previous Tenancy Agreement by the Company to Xxxxxx for the period from July 1, 2018 to June 30, 2019 was HK$3,900,480. Based on the monthly rental fee payable under the Renewal Tenancy Agreement, it is expected that the amount of rental fee payable to Xxxxxx under the Renewal Tenancy Agreement for the twelve months ending June 30, 2020 will be HK$3,900,480.
Historical Figures and Annual Cap. The historical actual transaction amounts paid by the Group to Bekaert for the grant of the License Rights for the financial years ended 31 December 2020, 2021 and 2022 were HK$845,000, HK$1,452,000 and HK$2,177,000 respectively. As the actual transaction amounts on an annual basis are less than HK$3,000,000, the grant of the License Rights historically constituted a de minimis transaction of the Company under Rule 14A.76(1) of the Listing Rules. The Annual Cap for the financial year ending 31 December 2023 is RMB9,600,000 (equivalent to approximately HK$10,944,000). The Annual Cap was determined after arm’s length negotiations among Bekaert, Tengzhou Eastern and Jiaxing Eastern with reference to (i) the historical transaction amounts; (ii) the expected growth and recovery of the tyre market; (iii) the expected increase of future sales of the Licensed Products; and (iv) the prevailing market conditions.
Historical Figures and Annual Cap. As disclosed in the Announcement, the Group has already been cooperating with the Finance Company on the sale of electronic aviation passenger comprehensive insurance since 2008 on a comparatively minimal scale. The cooperation between the Company and the Finance Company on the sales of insurance policies are increasing through various platforms since 2014. Therefore, the Board approved the Company to enter into the Cooperation Framework Agreement with the Finance Company so as to better regulate the terms of services provision on a more comprehensive basis and to propose a new annual cap which will cover the services fees as contemplated under the Cooperation Framework Agreement and also the services as contemplated under the four electronic aviation passenger comprehensive insurance four-parties cooperation agreements as disclosed in the Announcement. The aggregate historical services fees charged by the Group for the insurance business platform cooperation arrangements were approximately RMB8 million, RMB12 million and RMB22 million for the three years ended 31 December 2014, respectively. For the ten months ended 31 October 2015, the services fees charged by the Group was approximately RMB19.2 million. The Directors propose the annual caps in relation to the service fees to be charged by the Group for the integrated insurance business platform cooperation arrangements under the Cooperation Framework Agreement as follows: For the year ending 31 December 2015 For the year ending 31 December 2016 RMB (million) RMB (million) Caps 40 60 The proposed annual cap is determined with reference to (i) the historical figures of the relevant transactions as disclosed above; (ii) the original annual caps as disclosed in the Announcement (RMB30.27 million (2015) and RMB42.38 million (2016)); and (iii) the expected increase in demand for the various insurances based on the approximately 30%-40% growth of the sales of the various insurance policies to be sold through the electronic platforms and ground service counter platform of the Company. Reasons and benefits for entering into the Cooperation Framework Agreement The purchase of insurance policies through the electronic platforms of the Company has been bringing the convenience to the passengers to avoid complicated authorisation and purchase procedures. In addition, the demand from passengers to purchase various insurances is increasing, the insurance business platform cooperation arrangements between the Company a...
Historical Figures and Annual Cap. As disclosed in the announcements of the Company dated 9 January 2014 and 13 August 2015, the maximum annual aggregate amount of rent payable by the Company to CSAHC under the Existing Property Lease Agreement and the Existing Land Lease Agreement for each of the three years ending 31 December 2016 are as follows: For the year ended 31 December For the year ending 31 December Original Annual Caps for 2014 2015 2016 The Existing Property Lease Agreement RMB40,114,700 RMB40,270,700 RMB40,348,700 The Existing Land Lease Agreement RMB63,582,200 RMB63,582,200 RMB63,582,200 Total RMB103,696,900 RMB103,852,900 RMB103,930,900 The previous annual rental paid to CSAHC by the Company under the Existing Property Lease Agreement and the Existing Land Lease Agreement for the two years ended 31 December 2015 and the nine months ended 30 September 2016 are as follows: For the year ended 31 December For the nine month ended 30 September Historical Annual Rental for 2014 2015 2016 (unaudited) The Existing Property Lease Agreement RMB40,114,700 RMB40,270,700 RMB29,400,500 The Existing Land Lease Agreement RMB63,582,200 RMB63,582,200 RMB46,992,800 Total RMB103,696,900 RMB103,852,900 RMB76,393,300 Based on (i) the historical figure and the original cap as stated above; (ii) the expected increase of the annual rental based on the preliminary assessment mentioned above; and (iii) the potential newly added lease of property and land, it is proposed the maximum annual aggregate amount of rent payable by the Company to CSAHC under the Property and Land Lease Framework Agreement for each of the three years ending 31 December 2019 shall not exceed RMB130 million.
