Annual Report 1999 - Parkway Pantai

Directors’ Reportfor the year ended 31 December 1999Parkway Holdings Limitedand its Subsidiaries31DividendsSince the end of the last financial year, a net dividend of $7,962,000 was paid in respect of theprevious year as proposed in the Directors’ Report of that year. A net interim dividend of $6,653,000has been paid during the year and the directors now recommend the payment of a net final dividendof $10,699,000 for the financial year under review.Other Statutory Information(a)Bad and Doubtful DebtsBefore the profit and loss account and the balance sheet of the Company were made out, thedirectors took reasonable steps to ascertain what action had been taken in relation to writingoff bad debts and providing for doubtful debts of the Company. The directors have satisfiedthemselves that all known bad debts have been written off and that adequate provision hasbeen made for doubtful debts.At the date of this report, the directors are not aware of any circumstances which wouldrender any amounts written off for bad debts or provided for doubtful debts in the Groupinadequate to any substantial extent.(b)Current AssetsBefore the profit and loss account and the balance sheet of the Company were made out, thedirectors took reasonable steps to ascertain that current assets of the Company which wereunlikely to realise their book values in the ordinary course of business have been writtendown to their estimated realisable values and that adequate provision has been made for thediminution in value of such current assets.At the date of this report, the directors are not aware of any circumstances not otherwisedealt with in this report which would render the values attributable to current assets in theconsolidated financial statements misleading.(c)Charges and Contingent LiabilitiesSince the end of the financial year:• no charge on the assets of the Company or any corporation in the Group has arisenwhich secures the liabilities of any other person; and• no contingent liability of the Company or any corporation in the Group has arisen.(d)Ability to Meet ObligationsNo contingent liability or other liability of the Company or any corporation in the Group hasbecome enforceable or is likely to become enforceable within the period of twelve monthsafter the end of the financial year which, in the opinion of the directors, will or maysubstantially affect the ability of the Group or of the Company to meet their obligations asand when they fall due.