i-CABLE COMMUNICATIONS
LIMITED
Stock Code: 1097
Interim Results Announcement
For the six months ended June 30, 2006
Results
Highlights - Record turnover amidst margin pressure
- Capital expenditure
decreased by 3% to HK$121 million (2005: HK$125 million).
- Interim dividend
per share unchanged at 3.5 cents (2005: 3.5 cents).
Pay
TV - Record subscriber number despite fierce competition
Internet
& Multimedia - Record operating profit in a maturing market
GROUP
RESULTS
The
unaudited Group profit for the six months ended June 30, 2006
amounted to HK$64 million, while the amount attributable to Shareholders
net of minority interests was HK$63 million, as compared to HK$155
million for the corresponding period in 2005. Basic and diluted
earnings per share were both 3.1 cents for 2006, as compared to
both 7.7 cents last year.
INTERIM
DIVIDEND
The
Board has declared an interim dividend in respect of the six-month
period ended June 30, 2006 of 3.5 cents (2005: 3.5 cents) per
share, payable on Monday, October 9, 2006 to Shareholders on record
as at September 29, 2006.
MANAGEMENT
DISCUSSION AND ANALYSIS
A.
Review of 2006 Interim Results
The Group continued to achieve subscriber growth in the first
six months ended June 30, 2006 in both Pay TV and Broadband businesses
despite further intensifying competition, particularly in the
Pay TV market, mainly due to the positive impact from the carriage
of the 2006 FIFA World Cup and the deployment of bundling and
marketing strategies.
Consolidated
turnover increased by 4% or HK$51 million to HK$1,274 million
with a HK$17 million increase in Pay TV turnover and a HK$16 million
increase in Internet & Multimedia turnover.
Operating
costs before depreciation increased by 19% to HK$970 million as
programming costs increased by 25% to HK$524 million due primarily
to higher one-off programming costs associated with the carriage
of the 2006 FIFA World Cup, the enhancement of movie platform
with the launch of HMC Channel at the beginning of the year and
the capturing of film production cost of our first movie "49 Days"
released in February this year. Network and other operating costs
increased by 8% to HK$214 million due mainly to increase in cost
of sales. Selling, general and administrative expenses increased
by 17% to HK$232 million due primarily to an increase in marketing
and sales spending.
Earnings
before interest, tax, depreciation and amortisation or EBITDA
decreased by 25% to HK$304 million.
Depreciation
decreased by 13% to HK$218 million due to lower depreciation charges
on cable modems and network assets resulting from expiry of their
depreciation cycles.
Profit
from operations decreased by HK$70 million or 45% to HK$86 million.
After
the net reversal of HK$27 million deferred tax credit during the
period, net profit decreased by 59% or HK$92 million to HK$64
million. Net profit attributable to shareholders amounted to HK$63
million, as compared to HK$155 million for the corresponding period
in 2005.
Basic
earnings per share were 3.1 cents as compared to 7.7 cents in
2005.
B.
Segmental Information
Pay
Television
Subscribers
increased by 32,000 or 4% in the period to 770,000 as compared
to 16,000 or 2% during the same period last year. ARPU decreased
slightly by 3% to HK$209, primarily due to the rollout of aggressive
marketing campaign in response to changing market conditions.
Turnover increased by 2% to HK$966 million, mainly attributable
to strong commercial airtime performance. Operating costs after
depreciation increased by 15% to HK$868 million primarily due
to the aforementioned increase in programming costs. Operating
profit decreased by 50% to HK$98 million.
Internet
& Multimedia
Broadband
subscribers in the period virtually unchanged at 321,000 with
successful service enhancement through network upgrade, bundling
strategies and the continued introduction of value-added services.
ARPU decreased by HK$8 to HK$136. The VoIP conveyance service
reported 146,000 lines in service as of the period end, as compared
to 121,000 on 2005 year end. Turnover increased by 6% to HK$296
million. Operating costs after depreciation decreased by 8% to
HK$228 million due primarily to savings achieved in depreciation.
Operating profit increased by 121% or HK$37 million to a record
high figure of HK$68 million year-on-year.
C.
Liquidity and Financial Resources
As of
June 30, 2006, the Group had net cash of HK$325 million, as compared
to net cash of HK$147 million a year ago.
The consolidated
net asset value of the Group as at June 30, 2006 was HK$2,213
million, or HK$1.10 per share. The Group's assets were free from
any charge.
The Group's
assets, liabilities, revenues and expenses were mainly denominated
in Hong Kong dollars or U.S. dollars and the exchange rate between
these two currencies has remained pegged.
Capital
expenditure during the period amounted to HK$121 million, decreased
by 3% comparing with the same period last year. Major items included
further network upgrade and expansion, leasehold land and buildings,
set-top boxes and cable modems, investment in information systems,
television production facilities as well as other Internet &
Multimedia equipment.
The Group
is comfortable with its present financial and liquidity position.
Further ongoing capital expenditure and new business development
will be funded by cash to be generated from operations and, if
needed, bank borrowings or other external sources of funds. The
Group also had total short-term bank credit facilities of approximately
HK$300 million which remained unutilised as of June 30, 2006.
D.
Contingent Liabilities
At June
30, 2006, there were contingent liabilities in respect of guarantees,
indemnities and letters of awareness given by the Company on behalf
of subsidiaries relating to overdraft and guarantee facilities
of banks up to HK$616 million, of which only HK$204 million have
been utilised by the subsidiaries.
E.
Human Resources
The Group
had a total of 3,338 employees at the end of the first half of
2006. Total salaries and related staff costs incurred during the
period amounted to HK$425 million (2005: HK$389 million). With
the establishment of a performance based corporate culture within
the Group, our staff are motivated to discharge their responsibilities
and take ownership in achieving the Group's business targets.
Being a responsible corporate citizen, we continue to encourage
our staff to engage in corporate volunteer service projects in
support of building a caring and cohesive society. The response
from our employees was encouraging. In recognition of our contribution
to the society, the Group has consecutively received the Gold
Award for Volunteer Service and the Caring Company Logo respectively
by the Secretariat of Steering Committee on Promotion of Volunteer
Service and the Hong Kong Council of Social Service since 2003.
F.
Operating Environment and Competition
The period
under review saw a business marriage between the dominant fixed
line and broadcasting operators when PCCW and Galaxy, the pay
TV associate of TVB, reached an agreement. The latter's service,
which was rebranded TVB Pay Vision, has been made available on
PCCW's pay TV service since May. The marriage was supplemented
by a series of publicity blitz and below the line marketing activities.
Early signs suggest that its impact on our own subscriber growth
had been minimal. However, it is still too early to assess this
development's impact on the Group's business.
Meanwhile,
PCCW itself was the focal point of media attention. After several
weeks of rumours and speculation about ownership changes, it was
announced that the largest (and de facto controlling) stake
in PCCW would be sold to a consortium led by investment banker
Francis Leung. The sale is not expected to be completed until
December this year and its impact if any on the market generally
and on the Group specifically is not clear at this point in time.
Shortly
after that announcement, speculation is rife in the market about
the impending transfer of ownership over the largest (and de
facto controlling) stake in TVB.
The Group
will be watching these developments closely and will adjust its
strategy accordingly if need arises.
G.
Outlook
The outlook
for the remainder of the year is challenging, particularly in
the Pay TV segment, when the alliance formed by the dominant fixed
line and broadcasting operators is expected to unleash its full
force in the market.
But we
have taken steps to enhance our programming services with the
relaunch of news and movie platforms earlier this year. Further
enhancement is on the way for our entertainment platform with
the introduction of new content by our already well-known programme
hosts. These developments, together with our unique and exclusive
sports and soccer properties, will put us in a good position to
fend off competition.
Our ventures
into new markets are beginning to turn out results. Following
a series of internal re-organisation, the Group has emerged with
an organisation that enables us to make swifter decisions and
to respond more effectively to a fast changing market.
The strategies
that we have been pursuing in the period under review in sharpening
our organisational focus, enhancing our programming and contents
as well as strengthening our services and marketing efforts, have
enabled the Group to maintain its leading position in the face
of unrelenting competitive pressure.
We will
continue to adhere to these success formulas with vigour. Combined
with our various new initiatives, we are confident that we could
prevail.
CODE
ON CORPORATE GOVERNANCE PRACTICES
During
the financial period under review, basically same as previously
stated in the Corporate Governance Report in the Company's latest
annual report for the year ended December 31, 2005, all the code
provisions set out in the Code on Corporate Governance Practices
contained in Appendix 14 of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited were met
by the Company, except in respect of one code provision providing
for the roles of chairman and chief executive officer to be performed
by different individuals. The deviation is deemed necessary as,
given the nature and size of the Company's business, it is at
this stage considered to be more efficient to have one single
person to hold both positions. The Board of Directors believes
that the balance of power and authority is adequately ensured
by the operations of the Board which comprises experienced and
high calibre individuals with a substantial number thereof being
independent Non-executive Directors.
UNAUDITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended June 30, 2006
|
|
2006
|
|
2005
|
|
Note
|
HK$'000
|
|
HK$'000
|
|
|
|
|
|
Turnover
|
(2,3)
|
1,274,135
|
|
1,222,818
|
|
Programming
costs |
|
(524,359)
|
|
(420,514)
|
|
Network
and other operating expenses |
|
(213,827)
|
|
(197,411)
|
|
Selling,
general and administrative expenses |
|
(231,741)
|
|
(198,210)
|
Profit
from operations before depreciation
|
|
304,208
|
|
406,683
|
|
Depreciation |
|
(217,955)
|
|
(250,712)
|
Profit
from operations
|
(3)
|
86,253
|
|
155,971
|
|
Interest
income |
(4)
|
4,229
|
|
411
|
|
Finance
costs |
(4)
|
(1)
|
|
(134)
|
|
Non-operating
income |
(4)
|
544
|
|
944
|
Profit
before taxation
|
(4)
|
91,025
|
|
157,192
|
|
Income
tax expense |
(5)
|
(27,475)
|
|
(1,950)
|
Profit
after taxation
|
|
63,550
|
|
155,242
|
|
Attributable
to: |
|
|
|
|
|
Equity
shareholders of the Company |
|
62,835
|
|
155,242
|
|
Minority
interests |
|
715
|
|
-
|
Profit
after taxation |
|
63,550
|
|
155,242
|
Dividends
payable to equity shareholders attributable to the period |
|
|
|
|
|
Final
dividend of 5 cents (2005: 4.5 cents) per share in respect
of the previous financial year, declared during the period |
|
100,962
|
|
90,866
|
|
Interim dividend of 3.5 cents (2005: 3.5 cents) per share
declared after the balance sheet date * |
|
70,673
|
|
70,673
|
|
|
|
171,635
|
|
161,539
|
Earnings per
share
|
|
|
|
|
|
Basic |
(6)
|
3.1cents
|
|
7.7cents
|
|
Diluted |
(6)
|
3.1cents
|
|
7.7cents
|
* The interim
dividend proposed after the balance sheet date has not been recognised
as liability at the balance sheet date.
CONSOLIDATED
BALANCE SHEET
At June 30, 2006
|
|
At
June 30, 2006
(unaudited)
|
|
At
December 31, 2005
(audited)
|
|
Note
|
HK$'000
|
|
HK$'000
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Property,
plant and equipment |
|
1,733,398
|
|
1,838,336
|
|
Programming
library |
|
168,629
|
|
142,856
|
|
Goodwill |
|
5,729
|
|
- |
|
Deferred
tax assets |
(7) |
398,848
|
|
434,266
|
|
Other
financial assets |
|
8,225
|
|
8,225
|
|
|
2,314,829
|
|
2,423,683
|
Current
assets |
|
|
|
|
|
Inventories |
|
8,844
|
|
12,348
|
|
Accounts
receivable from trade debtors |
(8) |
192,513
|
|
149,521
|
|
Deposits,
prepayments and other receivables |
|
120,483
|
|
144,314
|
|
Amounts
due from fellow subsidiaries |
|
41,701
|
|
12,669
|
|
Cash
and cash equivalents |
|
324,922
|
|
351,892
|
|
|
|
688,463
|
|
670,744
|
Current
liabilities
|
|
|
|
|
|
Amounts
due to trade creditors |
(9)
|
45,121
|
|
70,466
|
|
Accrued
expenses and other payables |
|
343,811
|
|
392,951
|
|
Receipts
in advance and customers' deposits |
|
238,230
|
|
213,372
|
Obligations
under finance leases |
|
963
|
- |
Current
taxation |
|
49
|
51
|
Amounts
due to fellow subsidiaries |
|
32,961
|
39,936
|
|
Amount
due to immediate holding company |
|
42
|
|
83
|
|
|
|
661,177
|
|
716,859
|
Net
current assets/(liabilities)
|
|
27,286
|
|
(46,115)
|
Total
assets less current liabilities
|
|
2,342,115
|
|
2,377,568
|
Non-current
liabilities |
|
|
|
|
|
Deferred
tax liabilities |
(7) |
121,141
|
|
129,201
|
Obligations
under finance leases |
|
280
|
|
-
|
Provisions |
|
8,068
|
|
-
|
|
|
129,489
|
129,201
|
NET
ASSETS
|
|
2,212,626
|
|
2,248,367
|
Capital
and reserves
|
|
|
|
|
|
Share
capital |
|
2,019,234
|
|
2,019,234
|
|
Reserves |
|
190,790
|
|
229,133
|
Total
equity attributable to equity shareholders of the Company |
|
2,210,024
|
|
2,248,367
|
Minority
interests |
|
2,602
|
|
-
|
|
TOTAL
EQUITY |
|
2,212,626
|
|
2,248,367
|
|
UNAUDITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended June 30, 2006
|
Attributable
to equity shareholders of the Company
|
|
|
|
Share
capital
|
Share
premium
|
Special
capital
reserve
|
Exchange
reserve
|
Revenue
reserve
|
Statutory
reserve
fund
|
Total
reserves
|
Total
|
Minority
interests
|
Total
equity
|
|
HK$'000
|
HK$'000
|
HK$'000
|
HK$'000
|
HK$'000
|
HK$'000
|
HK$'000
|
HK$'000
|
HK$'000
|
HK$'000
|
Balance
at January 1, 2005*
|
2,019,234
|
4,838,365
|
3,345
|
-
|
(5,033,305)
|
-
|
(191,595)
|
1,827,639
|
-
|
1,827,639
|
Profit
for the period
|
-
|
-
|
-
|
-
|
155,242
|
-
|
155,242
|
155,242
|
-
|
155,242
|
Dividend
approved in respect of the previous year
|
-
|
-
|
-
|
-
|
(90,866)
|
-
|
(90,866)
|
(90,866)
|
-
|
(90,866)
|
Transfer
to special capital reserve ** |
-
|
-
|
2,898
|
-
|
(2,898)
|
-
|
-
|
-
|
-
|
-
|
Balance
at June 30, 2005*
|
2,019,234
|
4,838,365
|
6,243
|
-
|
(4,971,827)
|
-
|
(127,219)
|
1,892,015
|
-
|
1,892,015
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at January 1, 2006* |
2,019,234
|
4,838,365
|
7,924
|
(187)
|
(4,616,969)
|
-
|
229,133
|
2,248,367
|
-
|
2,248,367
|
Profit
for the period |
-
|
-
|
-
|
-
|
62,835
|
-
|
62,835
|
62,835
|
715
|
63,550
|
Dividend
approved in respect of the previous year |
-
|
-
|
-
|
-
|
(100,962)
|
-
|
(100,962)
|
(100,962)
|
-
|
(100,962)
|
Translation
of foreign subsidiaries' accounts |
-
|
-
|
-
|
(116)
|
-
|
-
|
(116)
|
(116)
|
-
|
(116)
|
Acquisition
of subsidiary |
-
|
-
|
-
|
(100)
|
-
|
-
|
(100)
|
(100)
|
1,887
|
1,787
|
Transfer
to statutory reserve fund *** |
-
|
-
|
-
|
-
|
(167)
|
167
|
-
|
-
|
-
|
-
|
Transfer
to special capital reserve** |
-
|
-
|
1,594
|
-
|
(1,594)
|
-
|
-
|
-
|
-
|
-
|
Balance
at June 30, 2006* |
2,019,234
|
4,838,365
|
9,518
|
(403)
|
(4,656,857)
|
167
|
190,790
|
2,210,024
|
2,602
|
2,212,626
|
*
Included in the Group's revenue reserve is positive goodwill written off
against reserves in prior years amounting to HK$197,785,000.
** The special capital reserve is non-distributable and it should be applied
for the same purposes as the share premium account.
*** Certain subsidiaries which are established in the People's Republic
of China (the "PRC") are required to transfer 10% of their profits
after tax calculated in accordance with the PRC accounting regulations
to the statutory reserve fund until the reserve reaches 50% of their respective
registered capital, upon which any further appropriation is at the director's
recommendation. Such reserve may be used to reduce any losses incurred
by the subsidiaries or may be capitalised as paid-up capital of the subsidiaries.
NOTES TO THE ACCOUNTS
- Basis of preparation
and comparative figures
The unaudited interim financial report has been prepared in accordance
with the requirements of the Main Board Listing Rules of The Stock
Exchange of Hong Kong Limited, including compliance with Hong
Kong Accounting Standard 34 "Interim financial reporting"
issued by the Hong Kong Institute of Certified Public Accountants
("HKICPA").
The HKICPA has issued
a number of new and revised Hong Kong Financial Reporting Standards
that are effective or available for early adoption for accounting
periods beginning on or after January 1, 2006. We believe the
adoption of these new and revised accounting policies will not
have a material impact on the Group's financial position or
results of operations.
The same accounting
policies adopted in the annual accounts for the year ended December
31, 2005 have been applied to the interim financial report.
- Turnover
Turnover comprises
principally subscription and related fees for Pay television and
Internet services, Internet Protocol Point wholesale services
and also includes equipment rental, advertising income net of
agency deductions, marketing contributions, channel service fees,
channel distribution fees, programme licensing income, film exhibition
and distribution income, fibre network and satellite television
systems maintenance income, project management service fees, portal
and mobile content service income, and other related income.
- Segment information
Substantially all the activities of the Group are based in Hong
Kong and below is an analysis of the Group's revenue and result
by principal activity for the six months ended June 30:
|
|
Segment
revenue
|
|
Segment
result
|
|
|
2006
|
|
2005
|
|
2006
|
|
2005
|
|
|
HK$'000
|
|
HK$'000
|
|
HK$'000
|
|
HK$'000
|
|
|
|
|
|
|
|
|
|
Pay
television
|
|
965,813
|
|
948,368
|
|
97,902
|
|
194,843
|
Internet and
multimedia
|
|
295,774
|
|
279,293
|
|
68,053
|
|
30,839
|
|
|
|
|
|
|
165,955
|
|
225,682
|
Unallocated
|
|
20,105
|
|
1,537
|
|
(79,702)
|
|
(69,711)
|
Inter-segment
elimination |
(7,557)
|
(6,380)
|
-
|
|
-
|
|
1,274,135
|
1,222,818
|
86,253
|
|
155,971
|
|
|
|
|
|
|
Profit
from operations |
|
|
86,253
|
155,971
|
Interest
income |
|
|
4,229
|
411
|
Finance
costs |
|
|
(1)
|
|
(134)
|
Income
tax expense |
|
|
(27,475)
|
|
(1,950)
|
Non-operating
income |
|
|
544
|
|
944
|
Profit
after taxation
|
|
|
|
|
|
63,550
|
|
155,242
|
-
Profit
before taxation
Profit before taxation is stated after charging / (crediting):
|
|
Six
months ended June 30, |
|
|
2006
|
|
2005
|
|
|
HK$'000
|
|
HK$'000
|
Depreciation |
|
|
|
|
-assets
held for use in operating leases
|
|
20,050
|
|
27,709
|
-
others |
|
197,905
|
|
223,003
|
|
217,955
|
250,712
|
|
|
|
Amortisation
of programming library* |
|
43,712
|
|
38,378
|
Staff
costs |
|
385,589
|
|
351,551
|
Contribution
to defined contribution plans
|
|
15,499
|
|
14,038
|
Cost
of inventories used |
|
7,699
|
|
10,594
|
Auditors' remuneration
|
|
1,754
|
|
1,096
|
Non-operating
income
|
|
|
|
|
Net gain on disposal of property, plant and equipment
|
|
(544)
|
|
(944)
|
*
Amortisation of programming library is included within programming
costs in the consolidated results of the Group.
-
Income
tax
The provision for
Hong Kong Profits Tax is calculated separately on the taxable
profit of each entity within the Group at the rate of 17.5%
(2005: 17.5%). Taxation for overseas subsidiaries is charged
at the appropriate current rate of taxation ruling in the relevant
country. The taxation charge for the six months ended June 30
represents:
|
2006
|
|
2005
|
|
HK$'000
|
|
HK$'000
|
|
|
|
|
Provision for
Hong Kong profits tax on leasing partnerships
|
-
|
|
5,000
|
Current
tax provision - overseas |
117
|
|
61
|
Net deferred
tax expenses/(benefit)
|
27,358
|
|
(3,111)
|
|
27,475
|
|
1,950
|
- Earnings
per share
The calculation of basic earnings per share is based on the profit
attributable to shareholders of HK$63 million (2005: HK$155 million)
and the weighted average number of ordinary shares in issue during
the period of 2,019,234,400 (2005: 2,019,234,400).
The calculation of diluted earnings per share was based on the
weighted average number of ordinary shares of 2,019,234,400 (2005:
2,019,234,400) after adjusting for the effects of all dilutive
potential ordinary shares.
- Deferred tax in
the balance sheet
The components of deferred
tax (assets)/liabilities recognised in the consolidated balance
sheet and the movements during the period are as follows:
Deferred
tax arising from: |
Depreciation
allowances in excess of related depreciation
|
|
Tax
losses
|
|
Total
|
|
HK$'000
|
|
HK$'000
|
|
HK$'000
|
|
|
|
|
|
|
At
January 1, 2006 |
199,136
|
|
(504,201)
|
|
(305,065)
|
Charged / (credited)
to consolidated profit and loss account (Note 5)
|
(12,824)
|
|
40,182
|
|
27,358
|
At
June 30, 2006 |
186,312
|
|
(464,019)
|
|
(277,707)
|
|
At
June 30,
2006
|
|
At
December 31, 2005
|
|
HK$'000
|
|
HK$'000
|
|
|
|
|
Net
deferred tax assets recognised on the balance sheet |
(398,848)
|
|
(434,266)
|
Net deferred
tax liabilities recognised on the balance sheet
|
121,141
|
|
129,201
|
|
(277,707)
|
|
(305,065)
|
-
Accounts
receivable from trade debtors
An
ageing analysis of accounts receivable from trade debtors (net
of impairment losses for bad and doubtful accounts) is set out
as follows:
|
At
June 30,
2006
|
|
At
December 31, 2005
|
|
HK$'000
|
|
HK$'000
|
|
|
|
|
0 to 30 days
|
133,376
|
|
83,267
|
31
to 60 days |
15,553
|
|
27,874
|
61
to 90 days |
20,375
|
|
15,681
|
Over 90 days
|
23,209
|
|
22,699
|
|
192,513
|
|
149,521
|
The Group has a defined credit policy. The general credit terms
allowed range from 0 to 60 days.
- Amounts
due to trade creditors
An ageing analysis
of amounts due to trade creditors is set out as follows:
|
At
June 30,
2006
|
|
At
December 31, 2005
|
|
HK$'000
|
|
HK$'000
|
|
|
|
|
0 to 30 days
|
1,905
|
|
5,345
|
31
to 60 days |
15,378
|
|
9,020
|
61
to 90 days |
6,550
|
|
18,257
|
Over 90 days
|
21,288
|
|
37,844
|
|
45,121
|
|
70,466
|
- Review of results
The unaudited interim
financial accounts for the six months ended June 30, 2006 have
been reviewed with no disagreement by the Audit Committee of
the Company.
PURCHASE, SALE OR REDEMPTION OF SHARES
Neither the Company nor
any of its subsidiaries has purchased, sold or redeemed any listed
securities of the Company during the financial period under review.
BOOK CLOSURE
The Register of Members
will be closed from Monday, September 25, 2006 to Friday, September
29, 2006, both days inclusive, during which period no transfer of
shares of the Company can be registered. In order to qualify for
the abovementioned interim dividend, all transfers, accompanied
by the relevant share certificates, must be lodged with the Company's
Registrars, Tengis Limited, at 26th Floor, Tesbury Centre, 28 Queen's
Road East, Wanchai, Hong Kong, not later than 4:30 p.m. on Friday,
September 22, 2006.
By Order of the Board
Wilson W. S. Chan
Secretary
Hong Kong, August 14,
2006
As at the date of this announcement, the Board of Directors of
the Company comprises Mr. Stephen T. H. Ng and Mr. Peter S. O. Mak,
together with four independent non-executive Directors, namely,
Mr. F. K. Hu, Dr. Dennis T. L. Sun, Sir Gordon Y. S. Wu and Mr.
Anthony K. K. Yeung.
|
|