[notes] Guangzhou Taxi , 0081 Shell Electric

[notes] Guangzhou Taxi , 0081 Shell Electric: "Declaration : I've already bought a few shares in Shell Electric.Extracts from Shell Electric (0081) Annual Report y/e 2005-12-31 :[all figures in hk$'000]1. Shell Electric had 775 Guangzhou taxi licences for rental thro' a co-operative joint venture Guangzhou SMC Car Rental co Ltd, 95% indirectly held by the company. As told in its Chairman's statement, Guangzhou government had suspended issuing new and registration for transfer of existing taxi licences in 05. No news on whether such measure had been released / withdrawn since 06. 2. Segment results from taxi rental : 05 revenue = 15,069, 04 = 13,618 05 income = 14,223, 04 loss = (26,677)2005-12-31 segment assets = 204,872 , including NBV of taxi licences 163,867. segment liabilities 51,627. A 25,932 impairment provision was made on taxi licences in 05. 2004-12-31 segment assets = 251,834 , including NBV of taxi licences 160,287. segment liabilities 45,190 3. query : 15,069k / 775 / 12 = 1,620 monthly rental income per licence only ??"