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While we are grateful for the safety and wellness w)]TJ 25.3426 0 TD [(e enjoy in this city of ours, our hearts are with)]TJ -25.3426 -1.296 TD 0.0460 Tw [(those whose lives are devastated by this catastrope. The worst )]TJ 25.9472 0 TD [(of natural disasters has brought out the best)]TJ -25.9472 -1.302 TD 0.1533 Tw [(of humanity. The international community responded with massive)]TJ 27.7872 0 TD [( humanitarian relief efforts not seen in)]TJ -27.7872 -1.302 TD 0.0217 Tw [(recent memory. 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One has the manpower, natural resources and man)]TJ 28.7089 0 TD [(ufacturing might, while the other has)]TJ -28.7089 -1.302 TD 0.1459 Tw [(the management skills and marketing know-how. Increasing econom)]TJ 28.9164 0 TD [(ic links between the two places, as)]TJ -28.9164 -1.302 TD 0.0595 Tw [(evidenced in the growing flows of people, goods and information)]TJ 27.2886 0 TD [( across the border, have benefited both)]TJ -27.2886 -1.296 TD 0.0272 Tw [(economies enormously in recent years.)]TJ 0 -2.604 TD 0.1303 Tw [(Over the years, Hong Kong has been confronted with various chal)]TJ 28.51 0 TD [(lenges. On every occasion, we were)]TJ -28.51 -1.296 TD 0.0433 Tw [(able to rely on our unique qualities - resourcefulness, perseve)]TJ 25.694 0 TD [(rance, diligence and passion for excellence -)]TJ -25.694 -1.302 TD 0.0193 Tw [(to rise above our difficulties. After a protracted period of ec)]TJ 24.9184 0 TD [(onomic slowdown, our economy has regained)]TJ -24.9184 -1.302 TD 0.0276 Tw [(its growth momentum, thanks to our peoples hard work and suppo)]TJ 28.2307 0 TD [(rtive government policies.)]TJ -28.2307 -2.598 TD 0.1103 Tw [(Opening later this year, Hong Kong Disneyland is set to turn Ho)]TJ 27.6154 0 TD [(ng Kong into a preferred family tourist)]TJ -27.6154 -1.302 TD 0.0312 Tw [(destination in the region. A Hong Kong economy that places grea)]TJ 27.198 0 TD [(ter emphasis on tourism will bring direct)]TJ -27.198 -1.296 TD 0.1001 Tw [(benefit to the Groups tourism-linked businesses, such as shopp)]TJ 26.8891 0 TD [(ing malls, hotels and transport. With the)]TJ -26.8891 -1.302 TD 0.0864 Tw [(support of the Central Government, policies like CEPA and Indiv)]TJ 27.4145 0 TD [(idual Visit Scheme are going full stream)]TJ -27.4145 -1.302 TD 0.0857 Tw [(ahead, giving much needed stimulus to our trade, professional s)]TJ 26.8145 0 TD 0.0858 Tw [(ervice and retail sectors in particular and)]TJ -26.8145 -1.296 TD 0.0277 Tw [(our economy in general, and setting a positive tone for the Gro)]TJ 26.4369 0 TD [(ups business development going forward.)]TJ -26.4369 -2.604 TD 0.0168 Tw [(With its well-established business network in both Hong Kong an)]TJ 26.9665 0 TD [(d Mainland China, the Group will be able)]TJ -26.9665 -1.296 TD 0.1271 Tw [(to capture opportunities arising from the growth and integratio)]TJ 26.9378 0 TD [(n of the two economies, and scale new)]TJ -26.9378 -1.302 TD 0.0279 Tw [(heights in the years ahead.)]TJ /F2 1 Tf 0 -5.202 TD 0.0271 Tw [(Dr Cheng Yu-Tung)]TJ /F5 1 Tf 0 -1.296 TD 0.0000 Tw (Chairman)Tj /F3 1 Tf 0 -1.302 TD 0.0281 Tw [(Hong Kong, 15 March 2005)]TJ ET endstream endobj 17 0 obj << /ProcSet [ /PDF /Text ] /Font << /F2 5 0 R /F3 6 0 R /F5 18 0 R >> /ExtGState << /GS2 7 0 R /GS3 8 0 R >> /ColorSpace << /Cs7 9 0 R >> >> endobj 18 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 240 /Widths [ 278 167 278 660 448 698 656 222 302 302 469 660 167 271 167 281 521 522 521 521 521 521 521 521 521 521 167 167 660 660 660 292 800 542 531 552 656 531 417 615 698 198 198 542 417 802 688 656 469 656 521 417 458 635 479 896 646 479 635 302 281 302 660 500 333 479 469 385 469 448 250 427 458 177 177 427 177 740 458 448 500 458 271 354 281 458 365 615 458 375 427 333 222 333 660 278 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 385 469 0 0 0 0 0 800 0 0 0 278 0 0 278 660 278 278 0 556 278 278 278 278 278 0 0 278 0 0 0 0 0 278 0 278 278 0 0 0 278 0 0 0 0 0 0 1000 0 0 0 0 0 278 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 278 ] /Encoding /MacRomanEncoding /BaseFont /GillSans-LightItalic /FontDescriptor 173 0 R >> endobj 19 0 obj << /Type /Page /Parent 11 0 R /Resources 21 0 R /Contents 20 0 R /CropBox [ 36 36 631 878 ] /TrimBox [ 36 36 631 878 ] /MediaBox [ 0 0 667 914 ] /ArtBox [ 36 36 631 878 ] /BleedBox [ 0 0 667 914 ] >> endobj 20 0 obj << /Length 6429 >> stream q 1 i 0.120 914.000 666.880 -913.880 re W n 0.000 0.000 0.000 1.000 K 0 J 0 j 0.48 w 1000 M []0 d /GS2 gs -502.360 839.410 1076.670 -764.870 re S Q /Cs7 cs 0.000 scn /GS3 gs 1 i 295.110 74.275 m 295.110 77.096 296.107 79.504 298.102 81.498 c 300.096 83.493 302.504 84.490 305.325 84.490 c 308.146 84.490 310.554 83.493 312.548 81.498 c 314.543 79.504 315.540 77.096 315.540 74.275 c 315.540 71.454 314.543 69.046 312.548 67.052 c 310.554 65.057 308.146 64.060 305.325 64.060 c 302.504 64.060 300.096 65.057 298.102 67.052 c 296.107 69.046 295.110 71.454 295.110 74.275 c f 0.000 0.000 0.000 1.000 K 0 J 1 j 1.02 w 10 M []0 d /GS2 gs 295.110 74.275 m 295.110 77.096 296.107 79.504 298.102 81.498 c 300.096 83.493 302.504 84.490 305.325 84.490 c 308.146 84.490 310.554 83.493 312.548 81.498 c 314.543 79.504 315.540 77.096 315.540 74.275 c 315.540 71.454 314.543 69.046 312.548 67.052 c 310.554 65.057 308.146 64.060 305.325 64.060 c 302.504 64.060 300.096 65.057 298.102 67.052 c 296.107 69.046 295.110 71.454 295.110 74.275 c s BT /F7 1 Tf 20 0 0 20 106.86 811.37 Tm 0.000 0.000 0.000 1.000 k 0.0009 Tc 0.0281 Tw (Managing Director)Tj /F2 1 Tf 7.5918 0 TD 0.0000 Tc 0.0000 Tw ()Tj /F7 1 Tf 0.2199 0 TD 0.0009 Tc 0.0281 Tw (s Report)Tj /F8 1 Tf 11 0 0 11 302.46 70.67 Tm 0.0000 Tc 0.0000 Tw (3)Tj 10 0 0 10 106.86 720.47 Tm 0.0190 Tc 0.0277 Tw [(To Our Shareholders,)]TJ 0 -3 TD 0.2285 Tw [(Over the past few years, the Group has done a lot to streamline)]TJ 29.2839 0 TD [( corporate structure and improve)]TJ -29.2839 -1.5 TD 0.0186 Tw [(corporate transparency. The Group now has five listed vehicles,)]TJ 26.309 0 TD [( each focusing on its area of strength. Each)]TJ -26.309 -1.5 TD 0.0277 Tw [(listed company has its management team working for the best int)]TJ 27.128 0 TD [(erest of their shareholders.)]TJ -27.128 -3 TD 0.0412 Tw [(The Group also endeavours to improve the corporate transparency)]TJ 28.1549 0 TD [(. We have organized a number of site)]TJ -28.1549 -1.5 TD 0.0186 Tw [(visits, meetings with media and investment community and partic)]TJ 26.8102 0 TD [(ipated in investment forums and overseas)]TJ -26.8102 -1.5 TD 0.3375 Tw (roadshows. These activities helped keep investors on the forefr)Tj 28.6918 0 TD [(ont of the Group)]TJ /F3 1 Tf 8.1308 0 TD 0.0000 Tc 0.0000 Tw ()Tj /F8 1 Tf 0.1959 0 TD 0.0189 Tc 0.3376 Tw [(s strategies and)]TJ -37.0185 -1.5 TD 0.0255 Tw [(development plans.)]TJ 0 -3 TD 0.2441 Tw [(For the six months ended 31 December 2004, the Group recorded a)]TJ 31.24 0 TD [( turnover of HK$11.5 billion.)]TJ -31.24 -1.5 TD 0.1798 Tw [(Contributions from property sales and rental, service and infra)]TJ 26.9835 0 TD [(structure, department stores and hotels)]TJ -26.9835 -1.5 TD 0.0526 Tw [(achieved satisfactory growth. Total segment results including s)]TJ 25.7828 0 TD 0.0525 Tw [(hare of results of associated companies and)]TJ -25.7828 -1.5 TD 0.0282 Tw [(jointly controlled entities grew 49% to HK$2.2 billion. The str)]TJ 25.4765 0 TD [(ong cash flow from core operations reduced)]TJ -25.4765 -1.5 TD 0.0530 Tw [(the net debt by HK$3.3 billion to HK$18.3 billion. Net gearing )]TJ 26.4335 0 TD [(ratio was lowered to 33% from 40% as at)]TJ -26.4335 -1.5 TD 0.1105 Tw [(the end of 2004. With the expected cash contributions from the )]TJ 28.1068 0 TD [(sales of The Merton and the Group)]TJ /F3 1 Tf 15.3016 0 TD 0.0000 Tc 0.0000 Tw ()Tj /F8 1 Tf 0.1959 0 TD (s)Tj -43.6043 -1.5 TD 0.0190 Tc 0.1119 Tw [(interests in Hong Kong container ports, the net gearing ratio w)]TJ 26.9194 0 TD [(ill be possibly below 20% by the end of)]TJ -26.9194 -1.494 TD 0.0184 Tc 0.0000 Tw (2005.)Tj 0 -3 TD 0.0190 Tc 0.0393 Tw [(In 2005, the Group has 6 projects in Hong Kong with around 2,00)]TJ 27.6416 0 TD [(0 units for sales. In Mainland China, the)]TJ -27.6416 -1.5 TD 0.0188 Tw [(Group will have an aggregate GFA of approximately 1.3 million s)]TJ 26.7609 0 TD [(q. m., inventory and new completions, for)]TJ -26.7609 -1.5 TD 0.1871 Tw [(sale in FY2005. Infrastructure operation is one of the key cont)]TJ 27.3602 0 TD [(ributors to the Group. NWS Holdings)]TJ -27.3602 -1.5 TD 0.0998 Tw [(disposed of all its interests in CT3 and CT8 West for HK$3.0 bi)]TJ 27.4169 0 TD [(llion. The Group has acquired stakes in)]TJ -27.4169 -1.5 TD 0.0276 Tw [(three expressways in Pearl River Delta and one port investment )]TJ 26.8856 0 TD [(in Tianjin.)]TJ -26.8856 -3 TD 0.1095 Tw [(Our core operations have benefited and will continue to benefit)]TJ 27.3952 0 TD [( greatly from the revival of Hong Kong)]TJ -27.3952 -1.5 TD 0.0561 Tw [(economy and prosperity in Mainland China. 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The Group had paid approxi)Tj 28.1679 0 TD [(mately HK$5 billion to the)]TJ -28.1679 -1.452 TD 0.3314 Tw [(PrediWave Companies for investments in and loans to the PrediWa)]TJ 30.9515 0 TD (ve Companies, and)Tj -30.9515 -1.452 TD 0.0319 Tw [(purchases of goods and services from PrediWave. NWTMT complaine)]TJ 29.3307 0 TD [(d of various breaches, in)]TJ -29.3307 -1.446 TD 0.0527 Tw [(relation to goods and services relating to the Technology, by M)]TJ 26.5259 0 TD [(r Tony Qu and the PrediWave)]TJ -26.5259 -1.452 TD 0.0848 Tw [(Companies relating to the parties)]TJ /F3 1 Tf 14.0561 0 TD 0.0000 Tc 0.0000 Tw ()Tj /F8 1 Tf 0.1959 0 TD 0.0190 Tc 0.0847 Tw [( agreements. 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The)Tj -36.9151 -1.5 TD 0.0274 Tw [(completion of the disposal is expected in March 2005.)]TJ 0 -3 TD 0.0020 Tw (On the same day, another subsidiary of NWSH entered into anothe)Tj 28.0711 0 TD (r share sale agreement with)Tj -28.0711 -1.5 TD 0.0116 Tw [(PSA to dispose of its entire interests in Keen Sales Limited, a)]TJ 25.0696 0 TD [( wholly owned subsidiary company)]TJ -25.0696 -1.5 TD 0.2037 Tw [(of the Group, which indirectly holds 33.34% in CSX World Termin)]TJ 29.5498 0 TD [(als Hong Kong Limited)]TJ -29.5498 -1.5 TD 0.0000 Tc 0.0000 Tw (\()Tj /F3 1 Tf 0.3519 0 TD ()Tj /F8 1 Tf 0.4149 0 TD 0.0190 Tc (CSXWTHK)Tj /F3 1 Tf 4.8209 0 TD 0.0000 Tc ()Tj /F8 1 Tf 0.4149 0 TD 0.0190 Tc 0.5199 Tw [(\), currently the operator of Container Terminal No. 3 \()]TJ /F3 1 Tf 27.404 0 TD 0.0000 Tc 0.0000 Tw ()Tj /F8 1 Tf 0.4149 0 TD 0.0190 Tc (CT3)Tj /F3 1 Tf 1.8069 0 TD 0.0000 Tc ()Tj /F8 1 Tf 0.4149 0 TD 0.0189 Tc 0.5200 Tw (\), at a)Tj -36.0435 -1.5 TD 0.2375 Tw [(consideration of HK$1.1 billion. The disposal was completed on )]TJ 28.6304 0 TD [(21 February 2005. 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Some HK$1.531 billion was paid as a deposit for the Network.)]TJ 27.5882 0 TD 0.0893 Tw [( It)]TJ -43.0443 -1.248 TD 0.1998 Tw [(was agreed amongst the counterparties during the period that in)]TJ 28.3384 0 TD [(vestments, loans and other amounts)]TJ -28.3384 -1.248 TD 0.0133 Tw [(owing to NWTMT amounting to HK$2.16 billion would be repaid in )]TJ 28.5918 0 TD [(November 2004. The transaction has)]TJ -28.5918 -1.254 TD 0.0308 Tw [(not been completed by the counterparties up to the publishing d)]TJ 27.0764 0 TD [(ate of the interim accounts. The value of)]TJ -27.0764 -1.248 TD 0.2789 Tw [(the NWTMT investment cost was substantiated in October 2004, wh)]TJ 31.1863 0 TD (en the Network assets were)Tj -31.1863 -1.248 TD 0.0550 Tw [(appraised by an independent valuation firm. The assessed value )]TJ 26.7544 0 TD 0.0551 Tw [(of the Network is slightly higher than the)]TJ -26.7544 -1.254 TD 0.2089 Tw [(NWTMT investment cost on a pro-rata basis. 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