REPORT OF THE DIRECTORS
The directors have pleasure in submitting their Annual Report together with the audited financial statements for the year ended
31 December 2014.
PRINCIPAL PLACE OF BUSINESS
Hong Kong Ferry (Holdings) Company Limited (the "Company") is a company incorporated and domiciled in Hong Kong and has its registered office and principal place of business at 98 Tam Kon Shan Road, TYTL 102, Ngau Kok Wan, North Tsing Yi, New Territories, Hong Kong.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding and the principal activities of its subsidiaries are property development, property investment, ferry, shipyard and related businesses, travel operation and securities investment.
The analysis of the principal activities of the Company and its subsidiaries (the "Group") during the financial year are set out in
note 3 to the financial statements.
MAJOR CUSTOMERS AND SUPPLIERS
The information in respect of the Group's purchases attributable to the major suppliers during the financial year is as follows:
The largest supplier
Five largest suppliers in aggregate
Percentage of the Group's total purchases
64.9%
81.3%
Henderson Land Development Company Limited ("HLD"), through its subsidiaries, was one of the Group's five largest suppliers during the financial year. As at 31 December 2014, HLD, a substantial shareholder (as defined in the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange")) of the Company, which indirectly holds approximately 33.33% of the issued share capital of the Company.
No analysis in respect of the Group's major customers is shown as the percentage of turnover attributable to the Group's five largest customers is less than 30%.
Apart from the foregoing, at no time during the year have the directors, their associates or any shareholder of the Company
(which to the knowledge of the directors owns more than 5% of
the Company's share capital) had any interest in these major
customers and suppliers.
SUBSIDIARIES
Details of the principal subsidiaries of the Company at 31
December 2014 are set out in note 14 to the financial statements.
FINANCIAL STATEMENTS AND DIVIDENDS
The profit of the Group for the year ended 31 December 2014 and the state of affairs of the Company and the Group at that date are set out in the financial statements on pages 39 to 112.
An interim dividend of HK10 cents per share (2013: HK10 cents per share) and the first special dividend of HK90 cents per share (2013: Nil) were paid on 26 September 2014. The Board of Directors has recommended the payment of a final dividend for the year ended 31 December 2014 of HK26 cents per share (2013: HK26 cents per share). The Board of Directors has further recommended the payment of a second special dividend for the year ended 31 December 2014 of HK30 cents per share (2013: Nil). Subject to shareholders' approval at the annual general meeting to be held on Tuesday, 26 May 2015 (the "2015 AGM"), the final dividend and the second special dividend will be paid on or about Monday, 15 June 2015 to shareholders whose names appear on the register of members of the Company on Friday, 5
June 2015.
CHARITABLE DONATIONS
Charitable donations made by the Group during the year amounted to HK$6,626 (2013: HK$6,680).
Hong Kong Ferry (Holdings) Company Limited Annual Report 2014