The directors have pleasure in presenting to shareholders their report for the year ended 31 December 2013.
The principal activity of CITIC Pacific is to hold the subsidiaries, associates and joint ventures through which its business operations are carried out, employing staff and raising finance. Their major areas of operation are set out in the Chapter Business Review.
The directors declared an interim dividend of HK$0.10 per share for the year ended 31 December 2013 which was paid on 23 September 2013. The directors are recommending to shareholders at the forthcoming annual general meeting the payment of a final dividend of HK$0.25 per share in respect of the year ended 31 December 2013, payable on 3 June 2014 to shareholders on the Register of Members at the close of business on 22 May 2014. This represents a total distribution for the year of HK$1,277 million.
The amounts and particulars of transfer to and from reserves during the year are set out in Note 28 to the financial statements.
Donations made by CITIC Pacific and its subsidiary companies during the year amounted to HK$5 million.
Movements of fixed assets are set out in the Financial Statements.
Major Customers and Suppliers
The aggregate percentage of purchases from CITIC Pacific and its subsidiary companies' five largest suppliers is less than 30%. The aggregate percentage of sales to CITIC Pacific and its subsidiary companies' five largest customers is less than 30%.
None of the directors, their associates nor any shareholders (which to the knowledge of the directors own more than 5% of CITIC Pacific's share capital) were interested at any time in the year in the above suppliers or customers.
The names of the principal subsidiary companies, their principal places of operation, their countries of incorporation and particulars of their issued share capital are set out in Note 43 to the financial statements.Read more.