year
The directors have pleasure in submitting their annual report together with the audited statement of accounts for the ended 30th June, 1995.
GROUP'S ACTIVITIES
The principal activity of the company and of the group is the operation of franchised public motor buses in Hong Kong. The principal activities of the subsidiaries are set out in note 9 on the accounts.
SUBSIDIARIES
Particulars of the company's subsidiaries at 30th June, 1995 are set out in note 9 on the accounts.
ASSOCIATED COMPANIES
Particulars of the group's associated companies at 30th June, 1995 are set out in note 10 on the accounts.
ACCOUNTS
The profit of the company and of the group for the year ended 30th June, 1995 and the state of affairs of the company and of the group at that date are set out in the accounts on pages 13 to 28.
A first interim dividend of HK$0.21 per share and a special dividend of HK$0.40 per share were paid on 20th April, 1995. A second interim dividend of HK$0.55 per share was paid on 11th August, 1995. The directors now recommend that a final dividend of HK$0.76 per share be paid in respect of the year ended 30th June, 1995 and that HK$10 million be transferred to general reserve.
CHARITABLE DONATIONS
Donations made by the group during the year amounted to HK$13,200 (1994: $1,200).
FIXED ASSETS
Movements in fixed assets during the year are set out in note 8 on the accounts.
During the year, the company has added 38 new buses to the company's bus fleet and has disposed of 109 old buses.
The company's subsidiary, Heartwell Limited, has sold Aberdeen Inland Lot Nos. 338 and 339, a bus depot, for a consideration of HK$383 million to a joint venture company which is 50% owned by this subsidiary to redevelop the property for industrial use.
DIRECTORS
The directors during the year are given on page 2 and further information of directors are given on page 10.
In accordance with articles 120A and 122 of the company's articles of association, Madam Ngan Kit-ling, Dr. Henry Ngan, Messrs. Liu Lit-mo, D.A. Leslie Wright and Fritz Helmreich retire from the board and, being eligible, offer themselves for re-election.
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