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 1984.
Group Activities
The principal activities of the Company and its subsidiaries are ferry operations, property investment and development, general trading, travel, shipbuilding and repairs.
Accounts
The profit and changes in financial position of the Group for the year ended 31st December 1984 and the state of the Company's and 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 8th October 1984. The directors now recommend that a final dividend of 10 cents per share be declared in respect of the year ended 31st December 1984.
Charitable Donations
The Group's charitable donations paid during the year amounted to $2,500.
Fixed Assets
Movements in fixed assets during the year are set out in notes 9 and 10 on the accounts.
Directors
The members of the Board of Directors serving at the date of this report are shown on page 1.
Following the grant of a new ferry franchise with effect from 1st April 1984, the Commissioner for Transport and the Deputy Secretary for Transport (Transport Services) were appointed to the Board as ex officio Directors of the Company under section 10 of the Ferry Services Ordinance with effect from 9th April 1984.
In accordance with Articles 90 and 104 of the Company's Articles of Association, The Hon. Sir Kenneth P.F. Fung, The Hon. Alex S.C. Wu, Mr. Lee Shau Kee and Mr. Leung Hay Man 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
offer themselves for re- appointment.
Edmond T.C. Lau Managing Director
Shiu Kin Tang Director
Kenneth P.F. Fung Director
Hong Kong, 12th March, 1985
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