However, we anticipate a challenging future, in particular with market opportunities outside Hong Kong. We face
complex business environments that require wider stakeholder engagement, proactively managing supply chain
and sub-contractor impacts and working within local environments that may adopt a different approach to
sustainable development.
We are moving into an exciting future for the company. It is one that will take us towards a broader mindset and work
practice, open new horizons for business and our employees, and enshrine sustainability as the core principle
underpinning all that we do.

C.K. Chow
Chief Executive Officer
April 2005
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