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Annual Report 2018 DIRECTORS’ and SENIOR MANAGEMENT’S PROFILE

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Annual Report 2018 DIRECTORS’ and SENIOR MANAGEMENT’S PROFILE HONG KONG FERRY (HOLDINGS) COMPANY LIMITED 香 港 小 輪 ( 集 團 ) 有 限 公 司 (Stock Code : 50) 2018 ANNUAL REPORT http www.hkf.com ANNUAL REPORT 2018 TUEN MUN TOWN LOT NO. 547 The construction of the Group’s 50%/50% joint venture project at Castle Peak Road, Castle Peak Bay, Area 48, Tuen Mun, New Territories has been in good progress. The project under construction consists of six residential towers providing about 1,635 units with sea view or landscape view. The gross floor area of the project is about 663,000 square feet and is expected to be completed in 2022. CONTENTS Corporate Information 2 Directors’ and Senior Management’s Profile 3 Financial Highlights 8 Chairman’s Statement 10 Management Discussion and Analysis 13 Report of the Directors 14 Corporate Governance Report 27 Environmental, Social and Governance Report 42 Independent Auditor’s Report 73 Consolidated Statement of Profit or Loss 79 Consolidated Statement of Profit or Loss and 80 Other Comprehensive Income Consolidated Statement of Financial Position 81 Consolidated Statement of Changes in Equity 83 Consolidated Cash Flow Statement 84 Notes to the Financial Statements 86 Five Years’ Financial Summary 168 Group Properties 171 CORPORATE INFORMATION BOARD OF DIRECTORS COMPANY SECRETARY Executive Directors: Mr. Yuen Wai Kuen, Peter Dr. Lam Ko Yin, Colin (Chairman) Mr. Li Ning AUDITOR Non-executive Directors: KPMG Mr. Au Siu Kee, Alexander Mr. Lau Yum Chuen, Eddie PRINCIPAL BANKERS Dr. the Hon. Lee Shau Kee Bank of China (Hong Kong) Limited Independent Non-executive Directors: Bank of Communications Co., Ltd. Hong Kong Branch DBS Bank (Hong Kong) Limited Mr. Ho Hau Chong, Norman Hang Seng Bank Limited Ms. Wong Yu Pok, Marina The Hongkong and Shanghai Banking Corporation Limited Mr. Wu King Cheong OCBC Wing Hang Bank Limited Mizuho Bank, Limited AUDIT COMMITTEE Mr. Ho Hau Chong, Norman (Chairman) REGISTERED OFFICE Ms. Wong Yu Pok, Marina 98 Tam Kon Shan Road Mr. Wu King Cheong TYTL 102 Ngau Kok Wan REMUNERATION COMMITTEE North Tsing Yi New Territories Mr. Wu King Cheong (Chairman) Hong Kong Dr. Lam Ko Yin, Colin Mr. Li Ning Telephone : (852) 2394 4294 Mr. Ho Hau Chong, Norman Facsimile : (852) 2786 9001 Ms. Wong Yu Pok, Marina Website : www.hkf.com E-Mail : [email protected] NOMINATION COMMITTEE SHARE LISTING Dr. Lam Ko Yin, Colin (Chairman) Mr. Li Ning The Stock Exchange of Hong Kong Limited Mr. Ho Hau Chong, Norman Stock Code: 50 Ms. Wong Yu Pok, Marina Mr. Wu King Cheong SHARE REGISTRAR GROUP GENERAL MANAGER Tricor Standard Limited Level 22 Ir. Dr. Ho Chi Shing, David Hopewell Centre 183 Queen’s Road East Hong Kong 2 Hong Kong Ferry (Holdings) Company Limited Annual Report 2018 DIRECTORS’ AND SENIOR MANAGEMENT’S PROFILE DIRECTORS’ PROFILE Dr. Lam Ko Yin, Colin, SBS, FCILT, FHKIoD, DB(Hon), aged 67, was appointed on 1 July 1986, is the Chairman of the Company. Dr. Lam has over 45 years’ experience in banking and property development. He is also a Vice Chairman of Henderson Land Development Company Limited (“Henderson Land”) and Henderson Investment Limited, a non-executive director of The Hong Kong and China Gas Company Limited and an executive director of Miramar Hotel and Investment Company, Limited, all of which are listed public companies. He is also a director of Wiselin Investment Limited (“Wiselin”), Henderson Development Limited (“Henderson Development”), Graf Investment Limited (“Graf”), Mount Sherpa Limited (“Mount”), Paillard Investment Limited (“Paillard”), Hopkins (Cayman) Limited (“Hopkins”), Rimmer (Cayman) Limited (“Rimmer”) and Riddick (Cayman) Limited (“Riddick”). Henderson Land, Wiselin, Henderson Development, Graf, Mount, Paillard, Hopkins, Rimmer and Riddick have discloseable interests in the Company under the provisions of Part XV of the Securities and Futures Ordinance. He was awarded the Silver Bauhinia Star (SBS) by the Dr. Lam Ko Yin, Colin Government of the Hong Kong Special Administrative Region in 2017. Dr. Lam is the Chairman Deputy Chairman of The University of Hong Kong Foundation for Educational Development and Research and a Director of Fudan University Education Development Foundation. Dr. Lam was awarded an Honorary University Fellowship by The University of Hong Kong in 2008, and was conferred with a degree of Doctor of Business (Honoris Causa) by Macquarie University in 2015. Dr. Lam is a Fellow of The Chartered Institute of Logistics and Transport in Hong Kong and a Fellow of The Hong Kong Institute of Directors. Mr. Li Ning, BSc, MBA, aged 62, was appointed on 20 October 1989, is an Executive Director of the Company. Mr. Li is also an Executive Director of Henderson Investment Limited, a listed public company. He holds a B.Sc. degree from Babson College and an M.B.A. degree from the University of Southern California. He previously served as an Executive Director of Henderson Land Development Company Limited, a listed public company, until his retirement on 2 June 2015. Mr. Li is the son-in-law of Dr. Lee Shau Kee, a Non-executive Director of the Company. Mr. Li Ning Hong Kong Ferry (Holdings) Company Limited 3 Annual Report 2018 DIRECTORS’ AND SENIOR MANAGEMENT’S PROFILE (CONTINUED) Mr. Au Siu Kee, Alexander, OBE, FCA, FCCA, FCPA, AAIA, FCIB, FHKIB, aged 72, was appointed as an Independent Non-executive Director on 17 January 2005 and re-designated as a Non-executive Director of the Company on 7 November 2005. Mr. Au was a well-known banker in Hong Kong and had more than 32 years’ experience in local and international banking business, having been the Chief Executive Officer of Hang Seng Bank Limited (from October 1993 to March 1998) and of Oversea-Chinese Banking Corporation Limited in Singapore (from September 1998 to April 2002). He was an executive director and the chief financial officer of Henderson Land Development Company Limited (“Henderson Land”) from December 2005 to June 2011. He stepped down from the position of chief financial officer and was re- designated as a non-executive director of Henderson Land on 1 July 2011. On 18 December 2012, Mr. Au was re-designated as an independent non-executive director of Henderson Land until his retirement on 2 June 2015. In December 2018, Mr. Au rejoined Henderson Land as an independent non-executive director. Mr. Au previously Mr. Au Siu Kee, Alexander served as an independent non-executive director of The Wharf (Holdings) Limited until 23 November 2017. Currently, he is an independent non-executive director of Henderson Investment Limited and Wharf Real Estate Investment Company Limited, and a non-executive director of Miramar Hotel and Investment Company, Limited, all of which are listed public companies. He is the chairman and a non-executive director of Henderson Sunlight Asset Management Limited, the manager of the publicly-listed Sunlight Real Estate Investment Trust. An accountant by training, Mr. Au is a Fellow of The Institute of Chartered Accountants in England and Wales, The Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants. Henderson Land has discloseable interests in the Company under the provisions of Part XV of the Securities and Futures Ordinance. Mr. Lau Yum Chuen, Eddie, aged 72, was appointed on 5 May 1988, is a Non-executive Director of the Company. He has over 45 years of experience in banking, finance and investment. Mr. Lau is also an Executive Director of Henderson Land Development Company Limited (“Henderson Land”) and Miramar Hotel and Investment Company, Limited, both are listed public companies. Henderson Land has discloseable interests in the Company under the provisions of Part XV of the Securities and Futures Ordinance. Mr. Lau Yum Chuen, Eddie 4 Hong Kong Ferry (Holdings) Company Limited Annual Report 2018 DIRECTORS’ AND SENIOR MANAGEMENT’S PROFILE (CONTINUED) Dr. the Hon. Lee Shau Kee, GBM, DBA(Hon), DSSc(Hon), LLD(Hon), aged 90, was appointed on 15 December 1981, is a Non-executive Director of the Company. He has been engaged in property development in Hong Kong for more than 60 years. He is the founder and the Chairman and Managing Director of Henderson Land Development Company Limited (“Henderson Land”), the Chairman of The Hong Kong and China Gas Company Limited, the Vice Chairman of Sun Hung Kai Properties Limited as well as a non-executive director of Miramar Hotel and Investment Company, Limited. He is the founder, and continues to act as an Executive Director of Henderson Investment Limited after his stepping down as the Chairman and Managing Director on 1 July 2015. All the above companies are listed public companies. Dr. Lee was awarded the Grand Bauhinia Medal (GBM) by the Government of the Hong Kong Special Administrative Region in 2007. He is a director of Pataca Enterprises Limited (“Pataca”), Wiselin Investment Limited (“Wiselin”), Henderson Development Limited (“Henderson Dr. the Hon. Lee Shau Kee Development”), Graf Investment Limited (“Graf”), Mount Sherpa Limited (“Mount”), Paillard Investment Limited (“Paillard”), Hopkins (Cayman) Limited (“Hopkins”), Rimmer (Cayman) Limited (“Rimmer”) and Riddick (Cayman) Limited (“Riddick”). Henderson Land, Pataca, Wiselin, Henderson Development, Graf, Mount, Paillard, Hopkins, Rimmer and Riddick have discloseable interests in the Company under the provisions of Part XV of the Securities and Futures Ordinance. Dr. Lee is the father-in-law of Mr. Li Ning, an Executive Director of the Company. Mr. Ho Hau Chong, Norman, BA, ACA, FCPA, aged 63, was appointed on 28 March 1995, is an Independent Non-executive Director of the Company. Mr. Ho is a member of the Institute of Chartered Accountants in England and Wales and a Fellow of the Hong Kong Institute of Certified Public Accountants. Mr. Ho is an Executive Director of Honorway Investments Limited and Tak Hung (Holding) Company, Limited and has over 27 years of experience in management and property development.
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