Annual Report 2003 - Clear Media

REPORT REPORT OF OF THE DIRECTORS
The directors of Clear Media Limited (the “Company”) are pleased to present their report together with the audited
financial statements of the Company and its subsidiaries (collectively referred to as the “Group”) for the year ended
31 December 2003.
Principal Activities
The principal activity of the Company is investment holding. Details of the principal activities of the subsidiaries are
set out in note 14 to the financial statements. There were no significant changes in the nature of the Group’s principal
activities during the year.
Results and Dividends
The Group’s profit for the year ended 31 December 2003 and the state of affairs of the Company and the Group at
that date are set out in the financial statements on pages 61 to 89.
The directors do not recommend the payment of any dividend in respect of the year.
Use of Proceeds from the Company’s Initial Public Offering
Upon the listing of the Company’s shares on the Stock Exchange on 19 December 2001 and the subsequent issue of
shares on 11 January 2002, the proceeds, after the netting of related expenses paid and payable, were approximately
HK$648 million and HK$9 million, respectively. As at 1 January 2003, a total amount of HK$402 million was
utilised. For the year ended 31 December 2003, a further amount of approximately HK$138 million was used to
finance bus shelter expansion. The remaining HK$117 million is deposited in bank accounts with banks in Hong Kong.
THE AGE OF
CONSUMERS
47