Annual Report 2003 - Clear Media

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REPORT OF THE AUDITORS To the members Clear Media Limited (Incorporated in Bermuda with limited liability) We have audited the financial statements on pages 61 to 89 which have been prepared in accordance with accounting principles generally accepted in Hong Kong. Respective responsibilities of directors and auditors The Company’s directors are responsible for the preparation of financial statements which give a true and fair view. In preparing financial statements which give a true and fair view it is fundamental that appropriate accounting policies are selected and applied consistently. It is our responsibility to form an independent opinion, based on our audit, on those financial statements and to report our opinion solely to you, as a body, in accordance with Section 90 of the Bermuda Companies Act 1981, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Basis of opinion We conducted our audit in accordance with Statements of Auditing Standards issued by the Hong Kong Society of Accountants. An audit includes an examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Company’s and the Group’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance as to whether the financial statements are free from material misstatement. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion the financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31 December 2003 and of the profit and cash flows of the Group for the year then ended and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance. Ernst & Young Certified Public Accountants Hong Kong 26 February 2004 Clear Media Limited Annual Report 2003 60
CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended 31 December 2003 2003 2002 Notes HK$'000 HK$'000 TURNOVER 5 488,175 426,916 Cost of sales (282,140) (241,674) Gross profit 206,035 185,242 Other revenue 5 6,066 8,935 Selling and distribution costs (37,621) (34,089) Administrative expenses (62,615) (64,859) PROFIT FROM OPERATING ACTIVITIES 6 111,865 95,229 Finance costs 9 (8,129) (7,654) PROFIT BEFORE TAX 103,736 87,575 Tax 10 (13,502) (8,772) PROFIT BEFORE MINORITY INTERESTS 90,234 78,803 Minority interests (8,450) (7,697) NET PROFIT FROM ORDINARY ACTIVITIES 11 ATTRIBUTABLE TO SHAREHOLDERS 81,784 71,106 EARNINGS PER SHARE 12 Basic 16.30 cents 14.18 cents Diluted 16.26 cents N/A THE AGE OF CONSUMERS 61
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OUR GOAL IS TO BE THE BEST AND THE
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CORPORATE PROFILE Clear Media is th
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LETTER FROM THE CHAIRMAN Dear Fello
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INTERVIEW WITH THE CEO THE AGE OF C
Page 13 and 14: INTERVIEW WITH THE CEO Q: How did C
Page 15 and 16: INTERVIEW WITH THE CEO Q: What is t
Page 17 and 18: MANAGEMENT DISCUSSION AND ANALYSIS
Page 31 and 32: MOBILE Business professionals looki
Page 33 and 34: CORPORATE GOVERNANCE REPORT busines
Page 35 and 36: CORPORATE GOVERNANCE REPORT achieve
Page 37 and 38: CORPORATE GOVERNANCE REPORT Investo
Page 39 and 40: CORPORATE GOVERNANCE REPORT Media A
Page 41 and 42: SERVICE INDUSTRY Whatever you’re
Page 43 and 44: FAQ Q: How do you sustain profitabl
Page 45 and 46: THE POWER OF OUR NETWORK THE AGE OF
Page 47 and 48: BIOGRAPHIES OF DIRECTORS Teo Hong K
Page 49 and 50: BIOGRAPHIES OF DIRECTORS Pedro Man
Page 51 and 52: REPORT REPORT OF OF THE DIRECTORS T
Page 53 and 54: REPORT OF THE DIRECTORS Distributab
Page 55 and 56: REPORT OF THE DIRECTORS Connected T
Page 57 and 58: REPORT OF THE DIRECTORS Directors
Page 59 and 60: REPORT OF THE DIRECTORS Share Optio
Page 61 and 62: REPORT OF THE DIRECTORS Share Optio
Page 63: REPORT OF THE DIRECTORS Remuneratio
Page 67 and 68: CONSOLIDATED SUMMARY STATEMENT OF C
Page 69 and 70: BALANCE SHEET 31 December 2003 2003
Page 71 and 72: NOTES TO FINANCIAL STATEMENTS 31 De
Page 95 and 96: NOTICE OF ANNUAL GENERAL MEETING (c
Page 97 and 98: GLOSSARY accounts payable accounts
Page 99 and 100: FINANCIAL SUMMARY 2003 2002 2001 20
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Annual Report 2003 - Clear Media

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