1995 — Page 103

REPORT OF THE DIRECTORS

REPORT OF THE DIRECTORS

The Directors have pleasure in submitting their annual report together with the audited statement of accounts for the year ended 31 December 1995.

PRINCIPAL ACTIVITY

The principal activity of the Company is the operation of franchised public buses in Hong Kong.

SUBSIDIARY

Particulars of the Company's subsidiary at 31 December 1995 are set out in Note 11 on the

accounts.

ACCOUNTS

The profit of the Company for the year ended 31 December 1995 and the state of the Company's affairs at that date are set out in the accounts on pages 41 to 58.

An analysis of the results and financial position of the Company is set out on pages 16 to 18 of this Annual Report.

DIVIDENDS

An interim dividend of 22 cents per share was paid to the Shareholders on 12 October 1995. The Directors now recommend that a final dividend of 69 cents per share in respect of the year ended 31 December 1995 be paid to the Shareholders on 14 June 1996.

CHARITABLE DONATIONS

Donations made during the year amounted to HK$856,000 (1994 - HK$1,756,000).

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KMB

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