Report of the Directors
The directors have pleasure in submitting to shareholders their annual report and audited statement of accounts for the year ended 31st December 1983.
Group Activities
The principal activities of the Company and its subsidiaries are ferry operations, property investment and development, general trading, shipbuilding and repairs.
Accounts
The profit and changes in financial position of the Group for the year ended 31st December 1983 and the state of the Company's and of the Group's affairs at that date are set out in the accounts on pages 7 to 20.
An interim dividend of 5 cents per share was paid on 5th October 1983. The directors now recommend that a final dividend of 10 cents per share be declared in respect of the year ended 31st December 1983 and that $10.5 million be transferred to general
reserve.
Fixed Assets
Movements in fixed assets during the year are set out on notes 8 and 9 on the accounts.
Directors
The members of the Board of Directors serving at the date of this report are shown. on page 1.
Due to the transitional arrangements of the licence granted by the Commissioner for Transport under section 28 of the Ferry Services Ordinance Cap. 104 pending agreement on the terms of a new franchise,
the appointment of the Commissioner for Transport and of the Deputy Secretary for Transport (1) as ex officio Directors of the Company under section 10 of the Ferry Services Ordinance was suspended with effect from 1st July 1983.
In accordance with Articles 90 and 104 of the Company's Articles of Association, Sir Shiu Kin Tang, Miss Grace T.K. Young, Mr. Lambert Kwok and Mr. Michael Y.L. Kan retire from the board by rotation and, being eligible, offer themselves for re-election.
No contracts of significance to which the Company was a party and in which a director had a material interest subsisted at the end of the year or at any time during the year.
At no time during the year was the Company a party to any arrangements to enable the directors of the Company to acquire benefits by means of acquisition of shares in or debentures of the Company or any other body corporate.
Auditors
Peat, Marwick, Mitchell & Co. retire and, being eligible, offer themselves for re-appointment.
Edmond T.C. Lau Managing Director
Lee Pak Yiu Director
Shiu Kin Tang Director
Hong Kong, 6th March 1984.
CO
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