Crafts how declaration

Crafts how declaration Capital Airport main asset of land use rights were rented as of its parent company June 30, 2006 the airport has a book value of land use rights for 226 million yuan, and its runways, taxiways, aprons and Several parking occupies about 5.09 million square meters of land use tenure Beijing Municipal Government, November 16, 1999 to sublease its parent company, joint-stock companies, the annual rent for 5.59 million yuan, and every three years up 10% (runway, taxiing Road and apron for a term of 50 years, parking rent farm lease period of 40 years), the commercial value of leased land use rights is very low. Profitability is greater than the Beijing Capital International Airport, Pudong Airport since replacement of assets into the company since, ROE, ROA were maintained at over 15%, while Beijing Capital International Airport for many years in less than 10%, showing that the company's profitability than the Beijing Capital International Airport is strong. Pudong Airport, Beijing Capital International Airport profitability is stronger than reason analysis 1, international passengers and international (including Hong Kong and Macao) flights than the airport charges than domestic high: the company's international and Hong Kong and Macao flights ratio weighs about 57.5%, international and Hong Kong and Macao visitors accounted for more than about 59%, the airport the two proportions were 23% and 23%. 2, the same passenger capacity of the hardware construction costs are lower than the capital airport, lower depreciation: Pudong International Airport Phase fly zone and supporting facilities construction period 1995-1999 in November, the construction area of ??280,000 square meters, a capacity of 20 million acquisition of passengers, the company to assess the price of 2.55 billion yuan; Phase II airfield and facilities engineering 1.68 billion yuan, the future of the airport expansion project three main project will cost 15 billion. Beijing Capital International Airport Terminal II and its ancillary works the same in the period from 1995 to 1999 building, construction area of ??336,000 square meters, a capacity of 26.5 million passengers, a total investment of 9.184 billion yuan; plans to build a third flight Station House and a third runway design capacity 500,000 flight movements, 1.8 million tons of cargo and mail throughput and 20 million passengers, will consume 22 billion, significantly higher than the Pudong airport. 3, Pudong Airport, including land use rights, including the revaluation of fixed assets and intangible assets has never been, and the airport, including the runway, including fixed assets, respectively, at the end of 1999 and the end of 2004 revaluation twice, resulting in large-scale net assets , reducing the asset profitability. 4, the corporate income tax is 15%, while the airport is 33% non-aeronautical revenue growth space huge source of income for non-aviation business is defined mainly by a large international airport aeronautical and non-aeronautical revenue income components. Aviation landing fee income refers to income and flight-related fee income over the harbor and other related services fee income, non-aeronautical revenues include: ① retail, catering and other franchise income; ② rental restricted, retail facade central hall, conference center venue rental income, office buildings, office area or cargo logistics park station; ③ advertising revenue; ④ automotive, aircraft parking and other related business operations revenue. Domestic airport's growth and national civil aviation consumer trends related to growth in the next 20 years was uncertain transformation of economic growth, China is a critical period, the RMB appreciation trend has formed long-term future of per capita GDP growth will significantly accelerate, aviation deregulation will bring decline to fare domestic civil aviation and non-aviation business in demand growth on the eve of the outbreak. Crafts how declaration