grand banks yachts limited annual report

• Today's news
• Reviews and deals
• Climate change
• 2024 election
• Fall allergies
• Health news
• Mental health
• Sexual health
• Family health
• So mini ways
• Unapologetically
• Buying guides

Entertainment

• How to Watch
• My Portfolio
• Latest News
• Stock Market
• Biden Economy
• Stocks: Most Actives
• Stocks: Gainers
• Stocks: Losers
• Trending Tickers
• World Indices
• US Treasury Bonds Rates
• Top Mutual Funds
• Options: Highest Open Interest
• Options: Highest Implied Volatility
• Basic Materials
• Communication Services
• Consumer Cyclical
• Consumer Defensive
• Financial Services
• Industrials
• Real Estate
• Stock Comparison
• Advanced Chart
• Currency Converter
• Credit Cards
• Balance Transfer Cards
• Cash-back Cards
• Rewards Cards
• Travel Cards
• Credit Card Offers
• Best Free Checking
• Student Loans
• Personal Loans
• Car insurance
• Mortgage Refinancing
• Mortgage Calculator
• Morning Brief
• Market Domination
• Market Domination Overtime
• Asking for a Trend
• Opening Bid
• Stocks in Translation
• Lead This Way
• Good Buy or Goodbye?
• Financial Freestyle
• Capitol Gains
• Fantasy football
• Pro Pick 'Em
• College Pick 'Em
• Fantasy baseball
• Fantasy hockey
• Fantasy basketball
• Download the app
• Daily fantasy
• Scores and schedules
• GameChannel
• World Baseball Classic
• Premier League
• CONCACAF League
• Champions League
• Motorsports
• Horse racing
• Newsletters

New on Yahoo

• Privacy Dashboard

Yahoo Finance

Grand banks yachts limited (sgx:g50) stock has shown weakness lately but financials look strong: should prospective shareholders make the leap.

Grand Banks Yachts (SGX:G50) has had a rough month with its share price down 10%. However, stock prices are usually driven by a company’s financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Grand Banks Yachts' ROE.

Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.

View our latest analysis for Grand Banks Yachts

How To Calculate Return On Equity?

ROE can be calculated by using the formula:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for Grand Banks Yachts is:

18% = S$13m ÷ S$73m (Based on the trailing twelve months to December 2023).

The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each SGD1 of shareholders' capital it has, the company made SGD0.18 in profit.

What Has ROE Got To Do With Earnings Growth?

So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don’t share these attributes.

A Side By Side comparison of Grand Banks Yachts' Earnings Growth And 18% ROE

To begin with, Grand Banks Yachts seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 6.3%. This certainly adds some context to Grand Banks Yachts' exceptional 30% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.

We then compared Grand Banks Yachts' net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 13% in the same 5-year period.

Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Grand Banks Yachts fairly valued compared to other companies? These 3 valuation measures might help you decide.

Is Grand Banks Yachts Using Its Retained Earnings Effectively?

Grand Banks Yachts has a really low three-year median payout ratio of 20%, meaning that it has the remaining 80% left over to reinvest into its business. This suggests that the management is reinvesting most of the profits to grow the business as evidenced by the growth seen by the company.

Besides, Grand Banks Yachts has been paying dividends over a period of six years. This shows that the company is committed to sharing profits with its shareholders.

On the whole, we feel that Grand Banks Yachts' performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. If the company continues to grow its earnings the way it has, that could have a positive impact on its share price given how earnings per share influence long-term share prices. Not to forget, share price outcomes are also dependent on the potential risks a company may face. So it is important for investors to be aware of the risks involved in the business. Our risks dashboard would have the 2 risks we have identified for Grand Banks Yachts.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

• Positive SPX 5,597.12
• Positive IXIC 17,816.94
• Positive DJI 40,834.97

trading higher

trading lower

Grand Banks Yachts Ltd

Key statistics.

2024 (millions SGD)

About Grand Banks Yachts Ltd (GBYL.SI)

Company information.

Grand Banks Yachts Limited is a Singapore-based investment holding company. The Company through its subsidiaries, is engaged in the manufacturing and sale of luxury yachts across the world. The Company's segments include Manufacturing & trading and Others. The Manufacturing & trading segment comprising manufacturing and sale of yachts to end customers. The Others segment comprises ancillary sales such as brokerage income, service income and trade-in boats. It manufactures yachts under the Grand Banks, Eastbay and Palm Beach brands out of its manufacturing yard at Pasir Gudang, Johor, Malaysia, and provides customer support out of its service yard at Stuart, Florida, United States and Newport, New South Wales, Australia. The yachts range between approximately 42 feet and 85 feet. Its various yacht models include GRAND BANKS 54, GRAND BANKS 60, GRAND BANKS 85, EASTBAY 44, and EASTBAY 60.

Contact Information

+ 65 ( 6 ) 5452929

https://www.grandbanks.com/

Recreational Products

Executive Leadership

Income statement.

2023 (millions SGD)

Balance Sheet

Source: LSEG , opens new tab - data delayed by at least 15 minutes

Markets Performance

Commodities.

Rates & Bonds

• Our Factory
• Testimonials
• Grand Banks 54
• Grand Banks 60
• Grand Banks 85
• Hull Design
• Build Quality
• Customisation
• Factory Direct
• Purchase Process
• Global Network
• Service & Care
• In The Media

For sixty years, this iconic brand has defined the experience of luxury cruising. Reborn and relaunched, it’s now a peerless combination of elegance, speed, comfort and efficiency.

Churn less water, burn less fuel.

OUR SUPER-EFFICIENT V-WARP HULL

LIFESTYLE CENTRICITY

OPTIONS AND CUSTOMISATION

SAILING INTO THE FUTURE

Explore the GB60

THE SPIRIT OF COMPETITION

Our racing DNA

A glorious heritage, a brilliant future

The GB Legacy

Models at a Glance

Practical perfection

Classic performance

In a class of its own

Back to the future

Sea Change!

GB ON DISPLAY

Shows and Events

CUTTING THROUGH THE NEWS

In the media

Attention! Your ePaper is waiting for publication!

By publishing your document, the content will be optimally indexed by Google via AI and sorted into the right category for over 500 million ePaper readers on YUMPU.

This will ensure high visibility and many readers!

Your ePaper is now published and live on YUMPU!

You can find your publication here:

Share your interactive ePaper on all platforms and on your website with our embed function

GRAND BANKS YACHTS LimiTeD \ 2007 ANNUAL RepoRT ...

• grandbanks.listedcompany.com

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

G R A N D B A N K S YA C H T S L i m i T e D \ 2 0 0 7 A N N U A L R e p o R T { C E L E B R AT I N G F I F T Y Y E A R S }

Contents<br />

Letter to Shareholders 1<br />

Company Organization 4<br />

Board of Directors 5<br />

Financial Contents 6<br />

Corporate Information 45<br />

Letter to Shareholders<br />

Change iS ConStant. QuaLity endureS.<br />

DEAR FELLOW SHAREHOLDER: Grand Banks Yachts has thrived for 50 years on its<br />

ability to maintain an unwavering focus on quality while adapting to the changing needs of<br />

the boating community. It is the reason our yachts have become icons around the world, and<br />

why our company has met constant challenge with continued success.<br />

This year was no different. The industry faced some considerable challenges as the overall<br />

market softened and sales for many manufacturers dropped sharply. While no boatbuilder is<br />

immune to these circumstances, Grand Banks was better positioned than most. Thanks to<br />

the new strategies, practices and people we have put in place over recent years – along with<br />

a winning slate of new products – we posted solid results again. While new changes and<br />

challenges surely await, we will meet the next 50 years as we have the last: with a passion for<br />

our boats, a sense of purpose for our business, and a relentless, unremitting focus on quality<br />

and customer satisfaction.<br />

BuiLding for the future (i)<br />

At fiscal year-end, we finalized plans for a significant reorganization among the executive<br />

management team. Not only do these moves better align key roles and responsibilities, they<br />

also mark a key milestone in the succession planning that has been discussed in previous<br />

shareholder letters. As a result, Rob Livingston will now serve as President of Grand Banks<br />

Yachts, and will assume leadership of daily operations for the Company.<br />

In his previous role as Executive Vice President, Rob was instrumental in helping guide<br />

Grand Banks through years of record sales, building new business opportunities and<br />

positioning the company for continued growth. As shareholders we are fortunate to see him<br />

bring the same commitment and expertise to this important new role.<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong>

Other key management changes include naming Peter Poli, Grand Banks’ Chief Financial<br />

Officer, to the additional position of Executive Vice President. Y.P. Wong, longtime General<br />

Manager of Singapore Operations, will also serve in the role of Chief Engineer. And Brent<br />

Perry, who came aboard this year to lead the Company’s QA and Service divisions, will now<br />

also lead the Company’s Development Group as Vice President of Development, Quality<br />

Assurance and Service.<br />

Each of these changes reflects a considered, ongoing strategy to improve the efficiency and<br />

effectiveness of our executive management team and the departments they direct. Lastly,<br />

Mr. Gerald Minjoot has decided to step down from the Company’s Board of Directors. The<br />

Company has benefited from Mr. Minjoot’s counsel for the past twenty years and extends<br />

its gratitude for his tireless efforts.<br />

BuiLding for the future (ii)<br />

In addition to adminstrative changes, important advancements were made in our design,<br />

development and production processes. For instance, Grand Banks continues to invest in<br />

manufacturing process improvements such as resin infusion; more parts are now built using<br />

this method, to the benefit of both the Company and our customers. While this technology<br />

requires an investment in tools and training, we will do this and more to maintain our<br />

position among today’s leading boatbuilders.<br />

As a result of our ongoing drive for operational excellence, Grand Banks Malaysia (GBM)<br />

was honored this year with two significant awards. In recognition of its ongoing success and<br />

performance in export sales, Grand Banks Malaysia was given the Industry Excellence<br />

Award by the country’s Ministry of International Trade & Industry. In addition, GBM was<br />

also awarded Malaysia’s highly competitive Employer Award for <strong>2007</strong>, given to the<br />

organizations most committed to impart knowledge and train employees to the highest<br />

standards of performance. The awards are a strong testament to the outstanding work and<br />

unyielding dedication of our management and employees.<br />

2 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

new ProduCtS<br />

Product innovation continues to be a key sales driver for Grand Banks. This year saw the<br />

introduction of two important new models for Grand Banks: the 45 Eastbay SX and 47<br />

Heritage CL.<br />

The 45SX is everything owners have come to expect from the Eastbay Series: a full-featured<br />

Downeast cruiser that complements her assertive performance with stylish grace. And yet<br />

there’s never been a Grand Banks quite like it. Continuing the stylish evolution that other<br />

recent models like the 47FB and 39SX have brought to the Eastbay Series, the 45SX offers<br />

many new-to-Grand-Banks features, including a seated helm station, standard power<br />

sunroof, and a main aft salon window that disappears at your command. The result is fast,<br />

elegant and exhilarating, with all the incredible craftsmanship standard on every boat we<br />

build.<br />

The 47CL is an equally significant step forward. The classic Grand Banks tri-cabin trawler<br />

has been redesigned from the keel up, starting with a new deep-V hull designed to<br />

accommodate today’s more powerful engines. At the same time, our use of advanced,<br />

electronically controlled diesels across the model line means that owners can just as easily<br />

realize fuel efficiency while cruising at a more leisurely pace. The result is the rebirth of an<br />

icon: a new generation of the Heritage Series, and a dream fulfilled for those who seek to<br />

cruise comfortably and confidently in Grand Banks style.<br />

growing diStriBution and SuPPort<br />

Finding success in a strong, growing economy is nothing unique. Gaining sales and growing<br />

profits in the midst of a market downturn is the true test of any company worth its salt. As<br />

Grand Banks navigates the uncertain economic conditions that face our industry today,<br />

sustainability depends on a dealer network that is equally up to the challenge.

This year, we continued to grow our Authorized Dealer Network, adding new dealers in the<br />

Mid-Atlantic, Gulf Coast and Great Lakes regions of the U.S., as well as in Australia, New<br />

Zealand and Russia. We also launched new programs and initiatives to help them invest and<br />

adapt to meet the changing landscape. These include the introduction of Dealer Product<br />

Discovery Days, Dealer Sales Incentive programs, and the introduction of Grand Banks<br />

University, which will kick off in May <strong>2007</strong>.<br />

Concurrently, we have been steadily expanding the Company’s network of Authorized<br />

Service Centers (ASCs). In the past year, we have added new ASCs in Maine, Connecticut,<br />

Florida and other select locations thereby making progress towards reaching our goal of<br />

being able to provide top-notch service on the major cruising routes used by our customers<br />

around the world.<br />

Most of all, we will continue to work with our dealers and service partners to create superior<br />

customer experiences, ensuring their attention to quality and operational excellence matches<br />

our own.<br />

a grand tour<br />

Grand Banks began the year by embarking on a remarkable journey: a three-week, 700-mile<br />

voyage up the famed Inside Passage to Alaska. As hosts to a group of GB owners who came<br />

from across the country and around the world to join the “Grand Tour” 50th Anniversary<br />

celebration cruise, it was an extraordinary and all-too-rare opportunity to spend time on the<br />

boats that all of us work so hard to design, build and bring to market.<br />

Along the way, this group of skippers, mates, guests and crew enjoyed what many called a<br />

“life-changing experience.” The beauty, the camaraderie and the opportunity to see and<br />

experience the diverse wonders of the Inside Passage - aboard a Grand Banks, no less -<br />

made for a most extraordinary anniversary celebration.<br />

Just the kind of experience that Grand Banks owners have known and cherished for 50<br />

years.<br />

50th anniverSary MeSSage 1956 - 2006<br />

A 50-year anniversary is an opportunity most companies use to hype themselves up and<br />

cheer themselves on. On this occasion, however, we prefer to recognize something more<br />

essential than our own achievements. In the true spirit of an anniversary, we wish to celebrate<br />

an extraordinary relationship with a very significant other: the distinguished community of<br />

loyal Grand Banks owners around the world. In a business that competes hard for every last<br />

customer, we are fortunate to have a group of owners who are wonderfully passionate about<br />

our boats. Every Grand Banks we build is better thanks to the invaluable input of our<br />

owners. Each new design is the result of this unique relationship, our attempt to satisfy<br />

perhaps the most demanding and discerning boaters on the water today. To them, we say<br />

Thank You for fifty years of support.<br />

As we look forward to the next 50 years, Grand Banks is strong and well-positioned for the<br />

journey ahead. We have great products (with more exciting new developments on the<br />

horizon), fantastic people, significant financial resources, and strong momentum - all of<br />

which create a wide array of opportunities going forward. These opportunities are what<br />

inspire us, excite us, and drive each of us at Grand Banks to achieve even greater heights in<br />

the years ahead.<br />

On behalf of the entire management team, we thank you for sharing in this remarkable<br />

journey.<br />

Robert W. Livingston<br />

CEO<br />

Robert W. Livingston II<br />

President<br />

Company or ganization<br />

AnmarineYacht Sales<br />

Pte Ltd [Singapore]<br />

00%<br />

SeLeCted ProfiLeS<br />

Peter Poli<br />

Chief Financial Officer<br />

executive vice President<br />

Mr. Poli holds an MBA from Harvard Business<br />

School and a BA in Economics and Engineering<br />

from Brown University.<br />

He is responsible for the company’s financial, human<br />

resources and IT functions and will also lead the<br />

evaluation of strategic business opportunities for<br />

Grand Banks.<br />

Prior to joining the Company in 2004, he spent<br />

twelve years in the securities business, the last three<br />

of which as the CFO for a Morgan Stanley subsidiary.<br />

He also served as the CFO of specialty retailer FTD,<br />

helping to take the company public in 1999.<br />

Subsequently, he became the CFO for a venture<br />

capital-backed startup in Chicago that was later sold<br />

to a competitor.<br />

GB Yachts<br />

Grand Banks Yachts<br />

Ltd [United States]<br />

Grand Banks<br />

Yachts Limited<br />

Wong Yung Pine<br />

Plant director, Singapore operations<br />

Chief engineer<br />

<strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

Sdn Bhd [Malaysia]<br />

Mr. Wong holds a Bachelor of Science (Engineering)<br />

from the Hong Kong University and a Diploma in<br />

Management Studies from the Hong Kong<br />

Polytechnic.<br />

Joining American Marine Ltd, Hong Kong as a<br />

student engineer in 1971, he subsequently became its<br />

Assistant Production Engineer until it closed its<br />

operations in 1975. Thereafter, from 1975 to 1988,<br />

he held a wide range of management and executive<br />

positions in the Hong Kong boat building industry.<br />

He re-joined the Company’s Singapore operations in<br />

1988 as its Engineering Manager. In his current<br />

capacity as its Plant Director, he is responsible for<br />

the entire operations of the factory. He is also<br />

involved in product development.<br />

Australia Pty Ltd<br />

Phil Lin<br />

Plant director, Malaysian factory<br />

Mr. Lin holds diplomas in Mechanical Engineering,<br />

Industrial Management, and Business Administration<br />

in addition to a degree in Financial Management.<br />

In his current capacity, he is responsible for the<br />

overall operations of the Malaysian factory including<br />

production and quality control. He is also a member<br />

of the Product Development Committee. He is also<br />

an avid yachtsman who has traveled over 6,000<br />

nautical miles in Southeast Asia.<br />

Although he joined the Company’s Malaysian<br />

operations in May 2005, he previously worked at<br />

Grand Banks’ Singapore production facility for 18<br />

years. He initially started as a Design Engineer at the<br />

Singapore plant and ultimately rose to the position<br />

of Plant Director, Singapore, in 1987.<br />

gB ManageMent teaM<br />

Robert W Livingston (American, 66)<br />

Chief Executive Officer<br />

Robert W Livingston II (American, 37)<br />

Peter Poli (American, 45)<br />

Executive Vice President & Chief Financial Officer<br />

Wong Yung Pine (Singaporean, 57)<br />

Plant director, Singapore operations/Chief engineer<br />

Phil Lin (Malaysian, 52)<br />

Plant director, Malaysian operations<br />

Brent Anthony Perry (Canadian, 44)<br />

vice President of development, Quality and Services<br />

Neil B McCurdy (American, 44)<br />

vice President of Sales<br />

Brent Anthony Perry<br />

vice President, development, Quality and Services<br />

Mr. Brent Perry holds a professional boatbuilder<br />

certificate from New Zealand as well as a certificate<br />

in project management from the University of<br />

Victoria.<br />

He joined Grand Banks in 2006 and is responsible<br />

for Customer Service, Quality Control and new<br />

Product Development. He also manages the<br />

Company’s worldwide network of Authorized<br />

Service Centers.<br />

He began his yachting industry career twenty five<br />

years ago and over this time has worked for Freedom<br />

Yachts, Northern Marine and Luhrs building both<br />

custom and production yachts in Canada, New<br />

Zealand, and the U.S. He has also developed new<br />

product technologies and implemented lean<br />

manufacturing.

Board of directors<br />

Robert William Livingston (American, 66)<br />

executive Chairman<br />

Mr. Livingston is a founder member and has been on the Board since<br />

1976. He was last re-elected to the Board on 30 June 2005.<br />

He holds a Bachelor of Science (major in Accounting) from Minnesota<br />

State University, USA and he is a Certified Public Accountant.<br />

He joined American Marine Ltd. in 1972 as its Treasurer. Relocating to<br />

Singapore in 1974 to manage the Singapore plant, he was subsequently<br />

elected the President of the company following a management buyout<br />

in 1975.<br />

Over the last 30 years, under his leadership, the company has designed,<br />

developed, built and exported over 5,000 yachts to a network of<br />

dealers world-wide. Today, the company is renowned as a builder of<br />

high quality classic yachts.<br />

Roger Gaimster Langdale (Singaporean, 71)<br />

independent director<br />

Member of audit Committee and nominating Committee<br />

Mr. Langdale was appointed to the Board on 11<br />

November 2003. He was last re-elected to the<br />

Board on 26 July 2006.<br />

He is the proprietor of Langdale Management,<br />

providing consulting services in the areas of<br />

commercial financial management and corporate<br />

governance. He was formerly the Chief Financial<br />

Officer and Executive Director of The North<br />

Borneo Timbers Bhd and a Partner in Peat Marwick<br />

Mitchell & Co, legacy firm of KPMG. He is a<br />

Fellow of the Institute of Chartered Accountants<br />

in England and Wales and a member of the<br />

Institute of Certified Public Accountants of<br />

Singapore, the Malaysian Association of Certified<br />

Public Accountants and the Singapore Institute<br />

of Directors.<br />

Robert William Livingston II (American, 37)<br />

Mr. Livingston II was appointed to the Board on 9 July 2004. He was<br />

re-elected to the Board on 30 June 2005.<br />

He holds a Master of Business Administration from Duke University,<br />

USA. He also holds a Bachelor of Science in Business Administration<br />

from Georgetown University, USA with a double major in Finance<br />

and International Management.<br />

As President, he is responsible for marketing, distribution, after market<br />

service, quality control and development. He also worked for Grand<br />

Banks from 1993 to 1995. He has also spent time with Dean Witter,<br />

America Online, Morgan Stanley, and aQuantive in various investment<br />

banking and business development positions.<br />

Gerald Maxmillian Minjoot (Singaporean, 63)<br />

Chairman of remuneration Committee<br />

Member of audit Committee and nominating Committee.<br />

Mr. Minjoot was appointed to the Board on 28<br />

April 1987. He was last re-elected to the Board on<br />

30 June 2005.<br />

He holds a Bachelor of Science degree from the<br />

University of Singapore.<br />

He is a Managing Director of Greendale<br />

Investments Pte. Ltd., Director of GH Clan Ltd.,<br />

an Independent Director of Kim Eng Holdings<br />

Ltd., and Director of the Foundation of Rotary<br />

Clubs (S) Ltd. He is also the Treasurer of the<br />

Cancer Society of Singapore and is the President<br />

of the Eurasian Association.<br />

Reggie Thein (Singaporean, 66)<br />

Chairman of audit Committee<br />

Member of remuneration Committee<br />

Mr. Thein was appointed to the Board on 16 July<br />

2001. He was last re-elected to the Board on 26 July<br />

2006.<br />

He is a director and chairman of the Audit<br />

Committees of GuocoLand Limited, BIL<br />

International Limited, MFS Technology Limited, FJ<br />

Benjamin Holdings Limited, Haw Par Corporation<br />

Limited, MobileOne Limited, Keppel<br />

Telecommunications & Transportation Limited,<br />

Lindeteves-Jacoberg Limited and a director of<br />

Ascendas Pte. Ltd. He is a Council Member of the<br />

Singapore Institute of Directors. He retired from<br />

PricewaterhouseCoopers, as a senior partner in 1999<br />

after 37 years service with it and its legacy firm<br />

Coopers & Lybrand. He was Vice Chairman of<br />

Coopers & Lybrand and Managing Partner of its<br />

management consulting services firm, from its<br />

inception in 1972 until its global integration within<br />

the world firm in 1995. He is a Fellow of the Institute<br />

of Chartered Accountants in England and Wales<br />

and a member of the Institute of Certified Public<br />

Accountants of Singapore.<br />

Jeffrey Stewart Bland (American, 61)<br />

Dr. Bland was appointed to the Board on 2 March <strong>2007</strong>.<br />

He holds a PHD in Chemistry from University of Oregon, USA and<br />

a Bachelor of Science in Biology from University of California, USA.<br />

He is the President and Chief Science Officer of Metagenics, Inc,<br />

USA and Chairman of the Board, The Institute for Functional Medine,<br />

USA. He is a director of Genova Diagnostic Laboratories. He has<br />

been an internationally recognised leader in the nutritional medicine<br />

field for over 30 years and had served on numerous private and public<br />

Board of Directors. He also holds numerous honors and patents.<br />

Frank Schulz-Utermoehl (German, 65)<br />

Chairman of nominating Committee<br />

Mr. Schulz-Utermoehl was appointed to the Board<br />

on 18 October 1999. He was last re-elected to the<br />

He holds a Bachelor Degree of Mechanical<br />

Engineering from the University of Koblenz,<br />

Germany.<br />

He was formerly the Group Managing Director of<br />

the MHE-Demag Group of Companies. Under his<br />

more than 32 years of leadership, the MHE-Demag<br />

Group has established itself as one of the leaders<br />

in material handling equipment throughout the<br />

ASEAN region. He is the Vice-Chairman of the<br />

Board of Jebsen & Jessen (SEA) Pte. Ltd.<br />

financial Contents<br />

Statement of Corporate Governance 7<br />

Directors’ Report 11<br />

Independent Auditors’ Report 14<br />

Balance Sheets 15<br />

Consolidated Income Statement 15<br />

Consolidated Statement of Changes in Equity 16<br />

Consolidated Cash Flow Statement 17<br />

Notes to the Financial Statements 18<br />

Statistics of Shareholdings 40<br />

Notice of Annual General Meeting 41<br />

Notice of Books Closure Date 42

Statement of Cor porate Gover nance<br />

The Directors of Grand Banks Yachts Limited (the “Company”) are committed to<br />

maintaining a high standard of corporate governance within the Company and its subsidiary<br />

companies (the “Group”). The Company has adopted the principles set out in the Code<br />

of Corporate Governance 2005 (the “Code”) established by the Singapore Corporate<br />

Governance Committee and the relevant sections of the Listing Manual issued by the<br />

Singapore Exchange Securities Trading Limited (“SGX-ST”).<br />

This report outlines the Company’s main corporate governance practices that are in place.<br />

Where there are deviations from the Code, appropriate explanations are provided.<br />

Board of Directors<br />

(Code of Corporate Governance Principles 1,2, 3, 4, 6 & 10)<br />

Robert William Livingston (Chairman)<br />

Robert William Livingston II<br />

Jeffrey Stewart Bland<br />

Roger Gaimster Langdale<br />

Gerald Maxmillian Minjoot<br />

Reggie Thein<br />

Frank Schulz Utermoehl<br />

The Board of Directors consists of two executive directors and five independent directors.<br />

The Board meets regularly throughout the year. The Board sets the overall strategy of the<br />

Group as well as policies on various matters including financial control, reviews the Group’s<br />

financial performance and establishes risk management procedures.<br />

The Board’s five independent directors are respected professionals drawn from a broad<br />

spectrum of expertise and provide a balance of views at Board meetings. Details of the<br />

Directors’ academic and professional qualifications and other appointments are set out on<br />

page 5 of this Annual Report.<br />

The role of the Executive Chairman is not separate from that of the Chief Executive<br />

Officer. There is adequate accountability and transparency as independent directors make<br />

up the majority of the Board. The Board is able to exercise its power objectively and<br />

independently from the management and hence the appointment of an independent lead<br />

director is not necessary.<br />

In accordance with the Company’s Articles of Association, half of the Board including the<br />

Executive Chairman is subject to re-election annually. The directors named below are retiring<br />

and being eligible, offer themselves for re-election at the next annual general meeting.<br />

Board Member Date of appointment Date of last election<br />

Robert William Livingston 8 June 1976 30 June 2005<br />

Robert William Livingston II 9 July 2004 30 June 2005<br />

Jeffrey Stewart Bland 2 March <strong>2007</strong> NA<br />

Roger Gaimster Langdale 11 November 2003 26 July 2006<br />

The directors are provided with adequate and timely information prior to meetings and<br />

on an on-going basis to enable them to fulfill their duties. The directors have separate and<br />

independent access to the Company’s senior management and the company secretary. The<br />

directors, either individually or as a group, may seek independent professional advice if<br />

necessary at the expense of the Company.<br />

The directors continuously update themselves on new laws, regulations and changing<br />

commercial risks.<br />

The number of shares held, directly and indirectly, in the Company as at 31 March <strong>2007</strong> by<br />

each director is listed below:<br />

Directors Number of Shares<br />

Robert William Livingston 21,943,344<br />

Robert William Livingston II 1,100<br />

Jeffrey Stewart Bland 0<br />

Roger Gaimster Langdale 20,000<br />

Gerald Maxmillian Minjoot 138,000<br />

Reggie Thein 4,000<br />

Frank Schulz Utermoehl 1,000<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 7

The number of Board and Committees meetings and the record of attendance of each<br />

director during the financial year ended 31 March <strong>2007</strong> is set out below:<br />

Board of<br />

Directors<br />

Meetings<br />

Name of Director No. No.<br />

held Attended<br />

Audit<br />

Committee<br />

No. No.<br />

Remuneration<br />

Nominating<br />

Robert William Livingston 4 4 NA NA NA NA NA NA<br />

Robert William Livingston II 4 4 NA NA NA NA NA NA<br />

Gerald Maxmillian Minjoot 4 4 4 4 4 4 5 5<br />

Frank Schulz Utermoehl 4 4 NA NA 4 4 5 5<br />

Reggie Thein 4 4 4 4 4 4 NA NA<br />

Roger Gaimster Langdale 4 4 4 4 NA NA 5 4<br />

Jeffrey Stewart Bland* 4 1 NA NA NA NA NA NA<br />

NA – Not applicable as not a member of the Committee<br />

* Appointed on 2 March <strong>2007</strong> and eligible to attend only one Board meeting.<br />

The Board has established a Nominating Committee, a Remuneration Committee and an<br />

Audit Committee to facilitate the discharge of certain of its responsibilities.<br />

Nominating Committee<br />

(Code of Corporate Governance Principles 4 & 5)<br />

Frank Schulz Utermoehl (Chairman)<br />

The Nominating Committee whose terms of reference are approved by the Board is<br />

comprised of three independent directors. It meets at least once a year.<br />

The role of the Committee is to make recommendations to the Board on all Board<br />

appointments and on the composition of executive and independent directors of the Board.<br />

It is also charged with the responsibility of re-nominating directors who are retiring by<br />

rotation as well as determining annually whether or not a director is independent. It assesses<br />

the effectiveness of the Board as a whole and the contribution of each individual director<br />

to the effectiveness of the Board. It proposes objective performance criteria to evaluate the<br />

Board’s performance. Such criteria include directors’ attendance at meetings, their knowledge<br />

of the business of the Company, contribution during discussions and willingness to keep up<br />

to date with developments in business and legislation.<br />

Remuneration Committee<br />

(Code of Corporate Governance Principles 7, 8 & 9)<br />

Gerald Maxmillian Minjoot (Chairman)<br />

The Remuneration Committee whose terms of reference are approved by the Board is<br />

comprised of three independent directors. It meets at least twice a year.<br />

The role of the Committee is to review and make recommendations to the Board on the<br />

framework of Compensation packages and policies applicable to the Chief Executive Officer<br />

(CEO) and the independent directors. The committee also reviews the compensation of<br />

senior management.<br />

The Committee has access to external expert advice if required.<br />

The tables below show the remuneration bands of the Directors and the top five senior<br />

executives of the Group who are not directors as well as the approximate percentage<br />

breakdown of the compensation.<br />

Remuneration of Directors<br />

Remuneration Bands/ Base Salary Bonus Fees Benefits-in-kind Total<br />

Name of Director<br />

$500,001 to $750,000<br />

Robert William Livingston 73% 13% - 14% 100%<br />

$250,001 to $500,000<br />

Robert William Livingston II 80% 18% - 2% 100%<br />

$250,000 and below<br />

Jeffrey Stewart Bland - - 100% - 100%<br />

Roger Gaimster Langdale - - 100% - 100%<br />

Gerald Maxmillian Minjoot - - 100% - 100%<br />

Reggie Thein - - 100% - 100%<br />

Frank Schulz Utermoehl - - 100% - 100%<br />

Directors’ fees are subject to shareholders’ approval at the Annual General Meeting.<br />

The son of the Executive Chairman is an Executive Director and his annual remuneration<br />

exceeds $150,000.

Remuneration of Top Five Senior Executives (who are not Directors)<br />

Remuneration Bands/ Base Salary Bonus Benefits-in-kind Total<br />

Name of Executive<br />

Phil Lin 74% 20% 6% 100%<br />

Neil B McCurdy 74% 23% 3% 100%<br />

Peter K Poli 65% 20% 15% 100%<br />

Wong Yung Pine 82% 17% 1% 100%<br />

Brent A Perry 60% * 40% 100%<br />

* He joined in July 2006 and has not received any bonus yet.<br />

Audit Committee<br />

(Code of Corporate Governance Principle 11; Listing Manual Rule 1207(6)(b))<br />

Reggie Thein (Chairman)<br />

The Audit Committee comprises three independent directors who are appropriately qualified<br />

to discharge their responsibilities and functions under the terms of reference approved by<br />

the Board. It meets at least four times a year.<br />

The Committee reviews the effectiveness of the Group’s material internal controls<br />

including financial and operational controls, and risk management. It receives reports from<br />

the management, the internal and the external auditors and follows up on outstanding<br />

matters contained in those reports where appropriate. It reviews the Group’s interim and<br />

annual announcements and financial statements before they are submitted to the Board for<br />

approval. It reviews the Group’s compliance with the Listing Manual and Code of Corporate<br />

Governance including interested person transactions. It also recommends the appointment<br />

of the external auditors and reviews their independence and their fees.<br />

The Committee has full access to and the cooperation of the management to enable<br />

it to properly discharge its responsibilities. The internal and the external auditors have<br />

unrestricted access to it.<br />

The Committee has reviewed the non-audit services provided by the external auditors and<br />

these services, in its opinion, would not affect the independence of the external auditors.<br />

The Committee recommends their re-appointment.<br />

Internal control<br />

(Code of Corporate Governance Principle 12)<br />

The Board with the assistance of the Audit Committee ensures that the Group maintains an<br />

adequate system of internal controls to safeguard shareholders’ investments and the Group’s<br />

assets. The internal controls provide reasonable but not absolute assurance that the Group<br />

will not be adversely affected by any event that could be reasonably foreseen as it strives<br />

to achieve its business objectives. Reviews and tests of the internal control procedures and<br />

systems are carried out by the internal auditor. The Board is thus satisfied with the adequacy<br />

of the Group’s internal controls.<br />

Internal Audit Function<br />

(Code of Corporate Governance Principle 13)<br />

The internal audit function is currently carried out by an Internal Audit Manager who<br />

reports to the Chairman of the Audit Committee. The Audit Committee reviews and<br />

approves the annual internal audit plan as well as reviews the results of the regular audits.<br />

The Board is satisfied with the adequacy of the internal audit function and is confident it<br />

has an appropriate standing within the Group.<br />

Communication with Shareholders<br />

(Code of Corporate Governance Principles 14 & 15)<br />

The Company makes all necessary disclosures to the public via SGXNET.<br />

Shareholders of the Company receive the Annual Reports and notices of Annual General<br />

Meetings (AGMs) which are also advertised in the newspapers at least 14 days prior to the<br />

AGMs. The Board encourages shareholders’ participation at the AGMs. Members of the<br />

Board and chairmen of the Board committees are present to answer queries raised at the<br />

meetings.<br />

Dealing in Securities<br />

(Listing Manual Rule 710(2)(b))<br />

The Company has adopted and complied with the section on dealings in securities in the<br />

Best Practices Guide issued by SGX-ST.<br />

Directors and senior executives of the Group are not allowed to deal in the Company’s<br />

shares on short-term considerations or when they are in possession of unpublished material<br />

price-sensitive information. They are also reminded regularly not to deal in the Company’s<br />

shares during the period commencing one month before the announcement of the Group’s<br />

interim and annual results and ending on the date of announcement of those results. They<br />

are required to report to the company secretary whenever they deal in the Company’s shares.<br />

The company secretary assists the Audit Committee and the Board to monitor such share<br />

transactions and make the necessary announcements.<br />

Interested Person Transactions<br />

(Listing Manual Rule 907 & 1207 (16))<br />

There were no interested person transactions of more than $100,000 during the financial<br />

year.<br />

Material Contracts<br />

(Listing Manual Rule 1207(8))<br />

No material contracts of the Company or its subsidiaries involving the interests of the Chief<br />

Executive Officer or any Director or controlling shareholders existed at the end of the<br />

financial year or have been entered into since the end of the previous financial year.<br />

10 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

Risk Management<br />

(Listing Manual Rule 1207(4)(d))<br />

With the help of an external consultant, the Company has designed an enterprise risk<br />

management (ERM) framework to monitor, manage and build awareness within the Group<br />

of the various risks that it is exposed to. A risk assessment of the Group’s operations has<br />

also been done. The objective of the risk assessment is to identify and assess risks which<br />

include key financial, operational, strategic and regulatory risks.<br />

The Audit Committee is regularly updated on the Group’s risk management program.

Directors’ Report<br />

We are pleased to submit this annual report to the members of the Company together with<br />

the audited financial statements for the financial year ended 31 March <strong>2007</strong>.<br />

The directors in office at the date of this report are as follows:<br />

Robert William Livingston<br />

Jeffrey Stewart Bland (Appointed on 2 March <strong>2007</strong>)<br />

Directors’ interests<br />

According to the register kept by the Company for the purposes of Section 164 of the<br />

Singapore Companies Act, Chapter 50 (the Act), particulars of interests of directors who<br />

held office at the end of the financial year (including those held by their spouses and infant<br />

children) in shares, debentures, warrants and share options in the Company and in related<br />

corporations (other than wholly-owned subsidiaries) are as follows:<br />

Name of director and corporation in which interests<br />

are held<br />

The Company<br />

Ordinary shares<br />

Holdings at<br />

beginning of<br />

year/date of<br />

appointment<br />

Holdings<br />

at end<br />

of year<br />

Robert William Livingston * 21,943,344 21,943,344<br />

Robert William Livingston II 1,100 1,100<br />

Jeffrey Stewart Bland 0 0<br />

Roger Gaimster Langdale 20,000 20,000<br />

Gerald Maxmillian Minjoot 138,000 138,000<br />

Reggie Thein 4,000 4,000<br />

Frank Schulz Utermoehl 1,000 1,000<br />

* This includes 21,000,000 shares held beneficially by Merlion, LP, of which Robert William Livingston is a<br />

director and owns 100% of its voting shares with his wife, Mary Isabella Livingston.<br />

By virtue of his substantial interest in the share capital of the Company, Robert William<br />

Livingston is also deemed to have interest in the shares held by the Company in its<br />

subsidiaries at the beginning and at the end of the financial year.<br />

Except as disclosed in this report, no director who held office at the end of the financial year<br />

had interests in shares, debentures, warrants or share options of the Company, or of related<br />

corporations, either at the beginning or at the end of the financial year.<br />

There was no change in any of the above-mentioned interests in the Company between the<br />

end of the financial year and 21 April <strong>2007</strong>.<br />

Except as disclosed under the “Share Options” section of this report, neither at the end<br />

of nor at any time during the financial year was the Company a party to any arrangement<br />

whose objects are, or one of whose objects is, to enable the directors of the Company to<br />

acquire benefits by means of the acquisition of shares in or debentures of the Company or<br />

any other body corporate.<br />

Except for short-term employee benefits received and as disclosed in the accompanying<br />

financial statements, since the end of the last financial year, no director has received or<br />

become entitled to receive a benefit by reason of a contract made by the Company or a<br />

related corporation with the director, or with a firm of which he is a member or with a<br />

company in which he has a substantial financial interest.<br />

Share options<br />

GB Executives’ share option scheme (the “Option Scheme”)<br />

The Option Scheme was approved and adopted at the Company’s Extraordinary General<br />

Meeting held on 18 November 1992. Details of the Option Scheme were set out in the<br />

Directors’ Report for the year ended 31 March 1993.<br />

The Option Scheme is administered by a Remuneration Committee (the “Committee”)<br />

comprising directors of the Company. The Committee comprises the following members:-<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 1 1

Options granted<br />

During the financial year, no options were granted under the Option Scheme.<br />

Issue of shares under option<br />

During the financial year, the Company issued a total of 65,000 ordinary shares of $0.20<br />

each fully paid at the exercise price of $0.51 per share for cash upon the exercise of options<br />

granted under the Option Scheme.<br />

Unissued shares under option<br />

At the end of the financial year, unissued shares of the Company under the Option Scheme<br />

were as follows:<br />

Date of<br />

grant of<br />

options<br />

Exercise<br />

price<br />

Number<br />

of options<br />

outstanding<br />

1 April 2006<br />

Options<br />

exercised<br />

cancelled<br />

or lapsed<br />

31 March <strong>2007</strong><br />

02.08.2001 $0.51 126,000 (65,000) (61,000) –<br />

Since the commencement of the Option Scheme:<br />

12 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

period<br />

02.08.2002<br />

– 01.08.2006<br />

(i) no options have been granted to the controlling shareholders of the Company or their<br />

associates;<br />

(ii) no participant under the Option Scheme has been granted 5% or more of the total<br />

options available under the Option Scheme; and<br />

(iii) no options have been granted to Executive Directors of the Company.<br />

The options granted by the Company do not entitle the holders of the options, by virtue of<br />

such holdings, to any rights to participate in any share issue of any other company.<br />

The Option Scheme lapsed during the financial year.<br />

The members of the Audit Committee during the year and at the date of this report are as<br />

follows:<br />

Reggie Thein (Chairman, Independent director)<br />

Roger Gaimster Langdale (Independent director)<br />

Gerald Maxmillian Minjoot (Independent director)<br />

The Audit Committee performs the functions specified by section 201B of the Companies<br />

Act, the SGX Listing Manual and the Code of Corporate Governance.<br />

The Audit Committee held four meetings since the last directors’ report. The principal<br />

responsibility of the Committee is to assist the Board of Directors in the identification and<br />

monitoring of areas of significant business risks including the following:<br />

• The effectiveness of the management of financial business risks and the reliability of<br />

management reporting;<br />

• Compliance with laws and regulations, particularly those of the Companies Act, Chapter<br />

50, the Listing Manual and the Best Practices Guide of the Singapore Exchange;<br />

• The appropriateness of interim and full year announcements and reports;<br />

• The effectiveness and efficiency of internal and external audits;<br />

• Related party transactions.<br />

Specific functions of the Audit Committee include reviewing the scope of work of the<br />

internal and external auditors and the assistance given by the Company to the auditors and<br />

receiving and considering the reports of the internal and external auditors including their<br />

evaluation of the system of internal controls. The consolidated financial statements of the<br />

Group and the financial statements of the Company are reviewed by the Audit Committee<br />

prior to their submission to the Board of Directors for adoption. The Audit Committee also<br />

recommends the appointment of the external auditors, and reviews the level of audit and<br />

non-audit fees.

In addition, the Audit Committee has, in accordance with Chapter 9 of the Listing Manual<br />

of the Singapore Exchange, reviewed the requirements for approval and disclosure of<br />

interested person transactions, reviewed the internal procedures set up by the Company to<br />

identify and report and where necessary, sought approval for interested person transactions<br />

and, with the assistance of the management, reviewed interested person transactions.<br />

The Audit Committee is satisfied with the independence and objectivity of the external<br />

auditors and has recommended to the Board of Directors that the auditors, KPMG, be<br />

nominated for re-appointment as auditors at the forthcoming Annual General Meeting of<br />

the Company.<br />

Auditors<br />

The auditors, KPMG, have indicated their willingness to accept re-appointment.<br />

On behalf of the Board of Directors<br />

Director<br />

29 May <strong>2007</strong><br />

Statement by Directors<br />

In our opinion:<br />

(a) the financial statements set out on pages 15 to 39 are drawn up so as to give a true and<br />

fair view of the state of affairs of the Group and of the Company as at 31 March <strong>2007</strong><br />

and the results, changes in equity and cash flows of the Group for the year ended on<br />

that date in accordance with the provisions of the Singapore Companies Act, Chapter<br />

50 and Singapore Financial Reporting Standards; and<br />

(b) at the date of this statement, there are reasonable grounds to believe that the Company<br />

will be able to pay its debts as and when they fall due.<br />

The Board of Directors has, on the date of this statement, authorised these financial<br />

statements for issue.<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 1 3

Independent Auditors’ Report<br />

Members of the Company<br />

Grand Banks Yachts Limited<br />

We have audited the accompanying financial statements of Grand Banks Yachts Limited (the<br />

“Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the<br />

Group and the Company as at 31 March <strong>2007</strong>, the income statement, statement of changes<br />

in equity and cash flow statement of the Group for the year then ended, and a summary of<br />

significant accounting policies and other explanatory notes, as set out on pages 15 to 39.<br />

Directors’ responsibility for the financial statements<br />

The Company’s directors are responsible for the preparation and fair presentation of these<br />

financial statements in accordance with the provisions of the Singapore Companies Act,<br />

Chapter 50 (the Act) and Singapore Financial Reporting Standards. This responsibility<br />

includes: designing, implementing and maintaining internal control relevant to the preparation<br />

and fair presentation of financial statements that are free from material misstatement,<br />

whether due to fraud or error; selecting and applying appropriate accounting policies; and<br />

making accounting estimates that are reasonable in the circumstances.<br />

Auditors’ responsibility<br />

Our responsibility is to express an opinion on these financial statements based on our<br />

audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those<br />

standards require that we comply with ethical requirements and plan and perform the audit<br />

to obtain reasonable assurance whether the financial statements are free from material<br />

misstatement.<br />

An audit involves performing procedures to obtain audit evidence about the amounts and<br />

disclosures in the financial statements. The procedures selected depend on the auditor’s<br />

judgement, including the assessment of the risks of material misstatement of the financial<br />

statements, whether due to fraud or error. In making those risk assessments, the auditor<br />

considers internal control relevant to the entity’s preparation and fair presentation of<br />

the financial statements in order to design audit procedures that are appropriate in the<br />

14 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the<br />

entity’s internal control. An audit also includes evaluating the appropriateness of accounting<br />

policies used and the reasonableness of accounting estimates made by the directors, as well<br />

as evaluating the overall presentation of the financial statements.<br />

We believe that the audit evidence we have obtained is sufficient and appropriate to provide<br />

a basis for our audit opinion.<br />

Opinion<br />

(a) the consolidated financial statements of the Group and the balance sheet of the<br />

Company are properly drawn up in accordance with the provisions of the Act and<br />

Singapore Financial Reporting Standards to give a true and fair view of the state of<br />

affairs of the Group and of the Company as at 31 March <strong>2007</strong> and the results, changes<br />

in equity and cash flows of the Group for the year ended on that date; and<br />

(b) the accounting and other records required by the Act to be kept by the Company and<br />

by those subsidiaries incorporated in Singapore of which we are the auditors have been<br />

properly kept in accordance with the provisions of the Act.<br />

KPMG<br />

Certified Public Accountants<br />

Singapore<br />

29 May <strong>2007</strong>

Balance Sheets<br />

As at 31 March <strong>2007</strong><br />

Group Company<br />

Note <strong>2007</strong> 2006 <strong>2007</strong> 2006<br />

$’000 $’000 $’000 $’000<br />

Non-current assets<br />

Property, plant and<br />

equipment 3 25,804 28,228 – –<br />

Subsidiaries 4 – – 21,253 21,253<br />

Associate 5 – 148 – 150<br />

Other assets 6 – 32 – –<br />

Trade marks 7 – – – –<br />

Deferred tax assets 8 1,650 1,612 – –<br />

27,454 30,020 21,253 21,403<br />

Current assets<br />

Inventories 9 35,484 28,466 – –<br />

Trade and other receivables 11 6,899 8,929 265 121<br />

Other investments 13 1,259 1,275 952 924<br />

Cash and cash equivalents 14 35,430 29,730 5,595 5,765<br />

79,072 68,400 6,812 6,810<br />

Total assets 106,526 98,420 28,065 28,213<br />

Capital and reserves<br />

Share capital 15 15,936 15,903 15,936 15,903<br />

Reserves 16 65,683 63,055 11,952 12,146<br />

Total equity 81,619 78,958 27,888 28,049<br />

Current liabilities<br />

Trade and other payables 17 20,469 15,726 177 164<br />

Provision for warranty<br />

claims 18 2,822 2,474 – –<br />

Current tax payable 1,616 1,262 – –<br />

Total liabilities 24,907 19,462 177 164<br />

Total equity and<br />

liabilities 106,526 98,420 28,065 28,213<br />

The accompanying notes form an integral part of these financial statements.<br />

Consolidated Income Statement<br />

Year ended 31 March <strong>2007</strong><br />

Group<br />

Note <strong>2007</strong> 2006<br />

$’000 $’000<br />

Revenue 20 112,212 113,002<br />

Cost of sales (87,918) (88,577)<br />

Gross profit 24,294 24,425<br />

Selling and marketing expenses (8,433) (6,822)<br />

Administrative expenses (5,351) (4,730)<br />

Other expenses (782) (2,126)<br />

Profit from operations 9,728 10,747<br />

Other income 3,278 1,443<br />

Finance costs (104) (40)<br />

Share of results of associate – 92<br />

Profit before taxation 21 12,902 12,242<br />

Income tax expense 22 (2,293) (2,656)<br />

Profit for the year 10,609 9,586<br />

Earnings per share (cents) 23<br />

Basic 13.88 12.57<br />

Diluted 13.87 12.55<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 1 5

Consolidated Statement of Changes in Equity<br />

Capital<br />

Foreign<br />

currency<br />

Share<br />

Share redemption translation Accumulated<br />

Note capital premium reserve reserve profits Total<br />

Group $’000 $’000 $’000 $’000 $’000 $’000<br />

At 1 April 2005 15,197 432 31 (6,334) 63,765 73,091<br />

Issue of shares 83 160 – – – 243<br />

Transfer to share capital upon implementation of<br />

the Companies (Amendment) Act 2005 15<br />

- share premium account 592 (592) – – – –<br />

- capital redemption reserve 31 – (31) – – –<br />

Translation differences relating to financial<br />

statements of foreign subsidiaries – – – (1,445) – (1,445)<br />

Exchange differences on monetary items forming<br />

part of net investment in foreign operation – – – (81) – (81)<br />

Net expense recognised directly in<br />

equity carried forward – – – (1,526) – (1,526)<br />

Profit for the year – – – – 9,586 9,586<br />

Total recognised income and expense for the year – – – (1,526) 9,586 8,060<br />

Final dividend paid in respect of<br />

31 March 2005 of 4 cents per share less tax at 20% – – – – (2,436) (2,436)<br />

At 31 March 2006 15,903 – – (7,860) 70,915 78,958<br />

At 1 April 2006 15,903 – – (7,860) 70,915 78,958<br />

Issue of shares 33 – – – – 33<br />

Translation differences relating to<br />

financial statements of foreign subsidiaries – – – (4,617) – (4,617)<br />

part of net investment in foreign operation – – – – – –<br />

Net expense recognised directly in equity carried<br />

forward – – – (4,617) – (4,617)<br />

Profit for the year – – – – 10,609 10,609<br />

Total recognised income and expense for the year – – – (4,617) 10,609 5,992<br />

31 March 2006 of 5.5 cents per share less tax at 20% – – – – (3,364) (3,364)<br />

At 31 March <strong>2007</strong> 15,936 – – (12,477) 78,160 81,619<br />

16 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T

Consolidated Cash Flow Statement<br />

<strong>2007</strong> 2006<br />

Operating activities<br />

Profit before taxation<br />

Adjustments for:<br />

12,902 12,242<br />

Depreciation of property, plant and equipment<br />

Loss/(Gain) on disposal of property,<br />

4,094 3,578<br />

plant and equipment 58 (80)<br />

Gain on forward foreign exchange contract<br />

Impairment losses<br />

– (42)<br />

- property, plant and equipment 41 282<br />

- other assets – 77<br />

Loss on disposal of other assets 4 –<br />

Interest expense 104 40<br />

Interest income (1,585) (615)<br />

Property, plant and equipment written off – 2<br />

Provision for warranty claims 2,101 2,489<br />

Gain on disposal/share of profit of associate (77) (92)<br />

Unrealised (gain)/loss on quoted investments (100) 43<br />

17,542 17,924<br />

Changes in working capital:<br />

Inventories (8,724) 4,215<br />

Trade and other receivables 1,444 2,888<br />

Trade and other payables 5,671 3,852<br />

Cash generated from operations 15,933 28,879<br />

Income taxes paid (1,942) (997)<br />

Warranty claims paid (1,672) (1,785)<br />

Cash flows from operating activities 12,319 26,097<br />

Investing activities<br />

Interest received 1,574 596<br />

Proceeds from disposal of other assets 28 –<br />

Proceeds from disposal of associate<br />

Proceeds from disposal of property,<br />

225 –<br />

plant and equipment 28 202<br />

Purchase of property, plant and equipment (3,535) (5,506)<br />

Cash flows from investing activities (1,680) (4,708)<br />

Financing activities<br />

Dividend paid (3,364) (2,436)<br />

Interest paid (104) (40)<br />

Proceeds from issue of shares 33 243<br />

Cash flows from financing activities (3,435) (2,233)<br />

Net increase in cash and cash equivalents 7,204 19,156<br />

Cash and cash equivalents at beginning of year 29,730 10,739<br />

Effect of exchange rate changes on balances<br />

held in foreign currency (1,504) (165)<br />

Cash and cash equivalents at end of year<br />

(Note 14) 35,430 29,730<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 1 7

Notes to the Financial Statements<br />

These notes form an integral part of the financial statements.<br />

The financial statements were authorised for issue by the Board of Directors on 29 May<br />

<strong>2007</strong>.<br />

1 Domicile and activities<br />

Grand Banks Yachts Limited (the “Company”) is incorporated in the Republic of<br />

Singapore and has its registered office at 29 Loyang Crescent, Singapore 509015.<br />

The principal activities of the Company are those of an investment holding company<br />

with significant subsidiaries in the business of manufacturing and sale of luxury yachts<br />

worldwide. See Note 4 to the financial statements for additional information on the<br />

subsidiaries.<br />

The consolidated financial statements relate to the Company and its subsidiaries<br />

(referred to as the “Group”) and the Group’s interest in an associate.<br />

2 Summary of significant accounting policies<br />

2.1 Basis of preparation<br />

The financial statements have been prepared in accordance with Singapore<br />

Financial Reporting Standards (FRS).<br />

The financial statements have been prepared on the historical cost basis except<br />

for certain assets and liabilities which are measured at fair value.<br />

The financial statements are presented in Singapore dollars which is the<br />

Company’s functional currency. All financial information presented in Singapore<br />

dollars has been rounded to the nearest thousand, unless otherwise stated.<br />

The preparation of financial statements requires management to make<br />

judgements, estimates and assumptions that affect the application of accounting<br />

policies and the reported amounts of assets, liabilities, income and expenses.<br />

Actual results may differ from these estimates.<br />

1 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

Estimates and underlying assumptions are reviewed on an ongoing basis.<br />

Revisions to accounting estimates are recognised in the period in which the<br />

estimate is revised and in any future periods affected.<br />

In particular, information about significant areas of estimation uncertainty and<br />

critical judgements in applying accounting policies that have the most significant<br />

effect on the amount recognised in the financial statements are described in the<br />

following notes:<br />

Note 2.11 and 18 – measurement for provision for warranty claims<br />

Note 9 – measurement of allowance of inventories obsolescene<br />

Note 20 – recognition of revenue using percentage of completion method<br />

The accounting policies used by the Group have been applied consistently to all<br />

periods presented in these financial statements.<br />

2.2 Consolidation<br />

Subsidiaries are companies controlled by the Company. Control exists when<br />

the Company has the power, directly or indirectly, to govern the financial and<br />

operating policies of a company so as to obtain benefits from its activities. In<br />

assessing control, potential voting rights that presently are exercisable are taken<br />

into account.<br />

Investments in subsidiaries are stated in the Company’s balance sheet at cost less<br />

impairment losses. The financial statements of subsidiaries are included in the<br />

consolidated financial statements from the date that control commences until the<br />

date that control ceases.<br />

Associates are those companies in which the Group has significant influence, but<br />

not control, over their financial and operating policies.<br />

Investment in an associate is stated in the Company’s balance sheet at cost less<br />

impairment losses. In the Group’s financial statements, it is accounted for using<br />

the equity method of accounting.

2 Summary of significant accounting policies (Cont'd)<br />

Intra-group balances, and any unrealised income or expenses arising from<br />

intra-group transactions, are eliminated in preparing the consolidated financial<br />

statements. Unrealised gains arising from transactions with equity accounted<br />

investees are eliminated against the investment to the extent of the Group’s<br />

interest in the investee. Unrealised losses are eliminated in the same way<br />

as unrealised gains, but only to the extent that there is no evidence of<br />

impairment.<br />

Business combinations are accounted for under the purchase method. The<br />

cost of an acquisition is measured at the fair value of the assets given, equity<br />

instruments issued and liabilities incurred or assumed at the date of exchange,<br />

plus costs directly attributable to the acquisition.<br />

The excess of the Group’s interest in the net fair value of the identifiable assets,<br />

liabilities and contingent liabilities over the cost of acquisition is credited to the<br />

income statement in the priod of acquisition.<br />

2.3 Foreign currencies<br />

Foreign currency transactions<br />

Transactions in foreign currencies are translated at foreign exchange rates ruling<br />

at the dates of the transactions. Monetary assets and liabilities denominated in<br />

foreign currencies at the balance sheet date are translated into Singapore dollars<br />

at foreign exchange rates ruling at that date. Foreign exchange differences<br />

arising from translation are recognised in the income statement. Non-monetary<br />

assets and liabilities measured at cost in a foreign currency are translated using<br />

exchange rates at the date of the transaction. Non-monetary assets and liabilities<br />

measured at fair value in foreign currencies are translated to Singapore dollars at<br />

foreign exchange rates ruling at the dates the fair value was determined.<br />

Net investment in a foreign operation<br />

Exchange differences arising from monetary items that in substance form part<br />

of the Company’s net investment in a foreign operation, are recognised in the<br />

Company’s income statement. Such exchange differences are reclassified to<br />

equity in the consolidated financial statements. When the hedged net investment<br />

is disposed of, the cumulative amount in equity is transferred to the income<br />

statement as an adjustment to the profit or loss arising on disposal.<br />

Foreign operations<br />

Assets and liabilities arising on the acquisition of foreign operations are translated<br />

to Singapore dollars for consolidation at the rates of exchange ruling at the<br />

balance sheet date. Incomes and expenses of foreign operations are translated<br />

at exchange rates ruling at the dates of the transactions. Exchange differences<br />

arising on translation are recognised directly in equity. On disposal, accumulated<br />

translation differences are recognised in the consolidated income statement as<br />

part of the gain or loss on sale.<br />

2.4 Property, plant and equipment<br />

Property, plant and equipment are stated at cost less accumulated depreciation<br />

and impairment losses. Depreciation is provided on the straight-line basis so as<br />

to write off items of property, plant and equipment over their estimated useful<br />

lives as follows:<br />

Buildings on leasehold land - 28 years<br />

Freehold residential buildings - 50 years<br />

Leasehold land - Lease period of 30 years<br />

Plant and machinery - 5 to 10 years<br />

Furniture, fixtures and equipment - 2 to 10 years<br />

Toolings and moulds - 5 to 10 years<br />

Motor vehicles and workboats - 3 to 10 years<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 1

Cost includes expenditure that is directly attributable to the acquisition of the<br />

asset. The cost of self-constructed assets includes the cost of materials and direct<br />

labour, any other costs directly attributable to bringing the asset to a working<br />

condition for its intended use, and the cost of dismantling and removing the<br />

items and restoring the site on which they are located.<br />

No depreciation is provided for assets under construction.<br />

The cost of replacing part of an item of property, plant and equipment is<br />

recognised in the carrying amount of the item if it is probable that the future<br />

economic benefits embodied within the part will flow to the Group and its cost<br />

can be measured reliably. The costs of the day-to-day servicing of property, plant<br />

and equipment are recognised in the income statement as incurred.<br />

Depreciation methods, useful lives and residual values are reviewed, and adjusted<br />

as appropriate, at each reporting date.<br />

2.5 Club memberships<br />

Club memberships held for long-term are stated at cost less impairment losses.<br />

2.6 Intangible assets<br />

Intangible assets with finite useful lives are stated at cost less accumulated<br />

amortisation and impairment losses. Trademarks are amortised in the income<br />

statement on a straight-line basis over their estimated useful lives of 20 years.<br />

2.7 Financial instruments<br />

Non-derivative financial instruments<br />

Non-derivative financial instruments comprise investments in debt securities,<br />

trade and other receivables, cash and cash equivalents, and trade and other<br />

payables.<br />

20 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

These non-derivative financial instruments are recognised initially at fair value<br />

plus any directly attributable transaction costs. Subsequent to initial recognition,<br />

these non-derivative financial instruments, except for the investments in debt<br />

securities which are held-for-trading, are measured at amortised cost using<br />

the effective interest method, when applicable, less allowance for impairment<br />

losses.<br />

A financial instrument is recognised if the Group becomes a party to the<br />

contractual provisions of the instrument. Financial assets are derecognised if<br />

the Group’s contractual rights to the cash flows from the financial assets expire<br />

or if the Group transfers the financial asset to another party without retaining<br />

control or transfers substantially all the risks and rewards of the asset. Regular<br />

way purchases and sales of financial assets are accounted for at trade date, ie,<br />

the date that the Group commits itself to purchase or sell the asset. Financial<br />

liabilities are derecognised if the Group’s obligations specified in the contract<br />

expire or are discharged or cancelled.<br />

Cash and cash equivalents comprise cash balances and bank deposits.<br />

Impairment of financial assets<br />

A financial asset is considered to be impaired if objective evidence indicates that<br />

one or more events have had a negative effect on the estimated future cash flows<br />

of that asset.<br />

An impairment loss in respect of a financial asset measured at amortised cost is<br />

calculated as the difference between its carrying amount, and the present value<br />

of the estimated future cash flows discounted at the original effective interest<br />

rate. An impairment loss in respect of an available-for-sale financial asset is<br />

calculated by reference to its current fair value.<br />

Individually significant financial assets are tested for impairment on an individual<br />

basis. The remaining financial assets are assessed collectively in groups that share<br />

similar credit risk characteristics.<br />

All impairment losses are recognised in the income statement.

An impairment loss is reversed if the reversal can be related objectively to<br />

an event occurring after the impairment loss was recognised in the income<br />

statement.<br />

Held-for-trading<br />

Financial instruments held-for-trading are classified as current assets and are<br />

stated at fair value, with any resultant gain or loss recognised in the income<br />

The fair value of financial instruments classified as held-for-trading is determined<br />

as the quoted bid price at the balance sheet date.<br />

2.8 Impairment – non-financial assets<br />

The carrying amounts of the Group’s non-financial assets, other than inventories<br />

and deferred tax assets, are reviewed at each reporting date to determine whether<br />

there is any indication of impairment. If any such indication exists, the assets’<br />

recoverable amounts are estimated.<br />

An impairment loss is recognised if the carrying amount of an asset or its<br />

cash-generating unit exceeds its recoverable amount. A cash-generating unit is<br />

the smallest identifiable asset group that generates cash flows that largely are<br />

independent from other assets and groups. Impairment losses are recognised in<br />

the income statement unless it reverses a previous revaluation, credited to equity,<br />

in which case it is charged to equity<br />

The recoverable amount of an asset or cash-generating unit is the greater of<br />

its value in use and its fair value less costs to sell. In assessing value in use, the<br />

estimated future cash flows are discounted to their present value using a pretax<br />

discount rate that reflects current market assessments of the time value of<br />

money and the risks specific to the asset or cash-generating unit.<br />

Impairment losses recognised in prior periods are assessed at each reporting date<br />

for any indications that the loss has decreased or no longer exists. An impairment<br />

loss is reversed if there has been a change in the estimates used to determine the<br />

recoverable amount. An impairment loss is reversed only to the extent that the<br />

asset’s carrying amount does not exceed the carrying amount that would have<br />

been determined, net of depreciation or amortisation, if no impairment loss had<br />

been recognised.<br />

2.9 Inventories<br />

Inventories are stated at the lower of cost (principally on the first-in, first-out<br />

basis), and net realisable value. Cost comprises all costs of purchase, costs of<br />

conversion and other costs incurred in bringing the inventories to their present<br />

location and condition.<br />

Finished products include the cost of materials, labour and an appropriate<br />

portion of overheads based on normal operating capacity.<br />

Net realisable value of finished products is the estimated selling price in the<br />

ordinary course of business less the estimated costs of completion and the<br />

estimated costs necessary to make the sale.<br />

2.10 Construction contracts<br />

The accounting policy for contract revenue is set out in Note 2.13. When the<br />

outcome of a construction contract can be estimated reliably, contract costs are<br />

recognised as expenses by reference to the stage of completion of the contract<br />

activity at the balance sheet date. When it is probable that total contract costs<br />

will exceed total contract revenue, the expected loss is recognised as an expense<br />

immediately. When the outcome of a construction contract cannot be estimated<br />

reliably, contract costs are recognised as an expense in the period in which they<br />

are incurred.<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 1

2.11 Provisions<br />

A provision is recognised if, as a result of a past event, the Group has a present<br />

legal or constructive obligation that can be estimated reliably, and it is probable<br />

that an outflow of economic benefits will be required to settle the obligation.<br />

Provisions are determined by discounting the expected future cash flows at a<br />

pre-tax rate that reflects current market assessments of the time value of money<br />

and the risks specific to the liability.<br />

Provision for warranty claims<br />

A provision for warranty claims is recognised when the boats are sold. The<br />

provision is based on historical warranty data and a weighting of all possible<br />

outcomes against their associated probabilities. Claims, when incurred, are<br />

charged against this provision account. The Group expects to incur the liability<br />

over the next 18 to 60 months.<br />

2.12 Employee benefits<br />

Defined contribution plans<br />

Obligations for contributions to defined contribution plans are recognised as an<br />

expense in the income statement as incurred.<br />

Share-based payments<br />

The share option programme allows Group employees to acquire shares of<br />

the Company. The fair value of options granted is recognised as an employee<br />

expense with a corresponding increase in equity. The fair value is measured<br />

at grant date and spread over the period during which the employees become<br />

unconditionally entitled to the options.<br />

At each balance sheet date, the fair value of the options granted is not reestimated.<br />

However, the Company revises its estimates of the number of<br />

options that are expected to become exercisable taking into account staff<br />

turnover rates. It recognises the impact of the revision of original estimates in<br />

employee expense with a corresponding adjustment to equity over the remaining<br />

vesting period.<br />

22 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

The proceeds received net of any directly attributable transactions costs are<br />

credited to share capital when the options are exercised.<br />

2.13 Revenue recognition<br />

Construction contracts<br />

When the outcome of a construction contract can be estimated reliably, contract<br />

revenue and expenses are recognised in the income statement by reference to the<br />

stage of completion of the contract activity at the balance sheet date. The stage<br />

of completion is measured by reference to the hours incurred to date and the<br />

estimated total hours for each contract. When it is probable that total contract<br />

costs will exceed total revenue, the expected loss is recognised as an expense<br />

immediately in the income statement.<br />

Sale of stock boats<br />

Revenue is recognised when the significant risks and rewards of ownership have<br />

been transferred to the buyer. Revenue excludes goods and services taxes and<br />

other sales taxes and is arrived at after deduction of trade discounts. No revenue<br />

is recognised if there are significant uncertainties regarding recovery of the<br />

consideration due, associated costs or the possible return of goods.<br />

Interest income<br />

Interest income from bank deposits is accrued on a time-apportioned basis.<br />

2.14 Income tax<br />

Income tax expense comprises current and deferred tax. Income tax expense is<br />

recognised in the income statement except to the extent that it relates to items<br />

recognised directly in equity, in which case it is recognised in equity.<br />

Current tax is the expected tax payable on the taxable income for the year,<br />

using tax rates enacted or substantively enacted at the reporting date, and any<br />

adjustment to tax payable in respect of previous years.

Deferred tax is recognised using the balance sheet method, providing for<br />

temporary differences between the carrying amounts of assets and liabilities<br />

for financial reporting purposes and the amounts used for taxation purposes.<br />

Deferred tax is not recognised for the following temporary differences: the<br />

initial recognition of goodwill, the initial recognition of assets or liabilities in a<br />

transaction that is not a business combination and that affects neither accounting<br />

nor taxable profit, and differences relating to investments in subsidiaries to the<br />

extent that they probably will not reverse in the foreseeable future. Deferred<br />

tax is measured at the tax rates that are expected to be applied to the temporary<br />

differences when they reverse, based on the laws that have been enacted or<br />

substantively enacted by the reporting date.<br />

A deferred tax asset is recognised to the extent that it is probable that future<br />

taxable profits will be available against which temporary differences can be<br />

utilised. Deferred tax assets are reviewed at each reporting date and are reduced<br />

to the extent that it is no longer probable that the related tax benefit will be<br />

realised.<br />

2.15 Operating leases<br />

Where the Group has the use of assets under operating leases, payments made<br />

under the leases are recognised in the income statement on a straight-line basis<br />

over the term of the lease. Lease incentives received are recognised in the income<br />

statement as an integral part of the total lease payments made. Contingent<br />

rentals are charged to the income statement in the accounting period in which<br />

they are incurred.<br />

2.16 Other income<br />

Other income comprises interest income on bank deposits, foreign exchange<br />

gain, unrealised gain on quoted investments, gain on disposal of associate and<br />

others.<br />

2.17 Finance costs<br />

Interest expense and similar charges are expensed in the income statement in the<br />

period in which they are incurred.<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 3

3 Property, plant and equipment<br />

Furniture,<br />

Motor<br />

Buildings Freehold<br />

Plant fixtures Toolings vehicles Assets<br />

on leasehold residential Leasehold and and and and work under<br />

land buildings land machinery equipment moulds boats construction Total<br />

Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000<br />

Cost<br />

At 1 April 2005 17,098 305 3,067 5,754 4,357 14,142 1,054 1,310 47,087<br />

Additions 573 36 – 409 1,648 2,715 125 – 5,506<br />

Disposals/write-off – (127) – (33) (114) (777) (83) – (1,134)<br />

Transfer – – – – – 1,320 – (1,320) –<br />

Translation differences<br />

on consolidation (340) (3) (58) (119) (124) (259) (21) 10 (914)<br />

At 31 March 2006 17,331 211 3,009 6,011 5,767 17,141 1,075 – 50,545<br />

Additions 68 – – 381 751 1,473 42 820 3,535<br />

Disposals/write-off – – – (552) (162) – (56) – (770)<br />

Transfer – – – – – – – – –<br />

on consolidation (1,084) (13) (188) (363) (375) (913) (66) (22) (3,024)<br />

At 31 March <strong>2007</strong> 16,315 198 2,821 5,477 5,981 17,701 995 798 50,286<br />

24 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T

3 Property, plant and equipment (Cont'd)<br />

Furniture, Toolings<br />

vehicles Assets<br />

on leasehold residential Leasehold Plant and fixtures and and and work under<br />

Accumulated depreciation<br />

and impairment losses<br />

At 1 April 2005 4,075 64 999 3,996 3,011 7,092 598 – 19,835<br />

Charge for the year 599 7 103 314 516 1,960 79 – 3,578<br />

Impairment losses 181 27 – – – – 74 – 282<br />

Disposals/write-off – (30) – (33) (88) (776) (83) – (1,010)<br />

on consolidation (98) (2) (22) (82) (69) (82) (13) – (368)<br />

At 31 March 2006 4,757 66 1,080 4,195 3,370 8,194 655 – 22,317<br />

Charge for the year 585 4 96 302 544 2,461 102 – 4,094<br />

Impairment losses 41 – – – – – – – 41<br />

Disposals/write-off – – – (471) (160) – (53) – (684)<br />

on consolidation (314) (4) (70) (269) (221) (366) (42) – (1,286)<br />

At 31 March <strong>2007</strong> 5,069 66 1,106 3,757 3,533 10,289 662 – 24,482<br />

Carrying amount<br />

At 1 April 2005 13,023 241 2,068 1,758 1,346 7,050 456 1,310 27,252<br />

At 31 March 2006 12,574 145 1,929 1,816 2,397 8,947 420 – 28,228<br />

At 31 March <strong>2007</strong> 11,246 132 1,715 1,720 2,448 7,412 333 798 25,804<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 5

4 Subsidiaries<br />

26 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

Company<br />

Unquoted ordinary shares, at cost 6,290 6,290<br />

Impairment losses (100) (100)<br />

6,190 6,190<br />

Unquoted preference shares, at cost 12,810 12,810<br />

19,000 19,000<br />

Loan to a subsidiary 2,253 2,253<br />

21,253 21,253<br />

The loan to a subsidiary is unsecured and interest-free. The settlement of the amount<br />

is neither planned nor likely to occur in the foreseeable future. As this amount is, in<br />

substance, a part of the Company’s net investment in the subsidiary, it is stated at<br />

cost.<br />

Details of the subsidiaries, all of which are wholly-owned, are as follows:<br />

Name of<br />

subsidiaries Principal activities<br />

+ GB Yachts Pte. Ltd.<br />

and its subsidiary:<br />

* Grand Banks<br />

Yachts Ltd.<br />

This subsidiary holds the<br />

Group’s manufacturing plant<br />

in Singapore which employs<br />

317 (2006: 326) people at 31<br />

March <strong>2007</strong> and assembles<br />

approximately 33% (2006:<br />

35%) of the Group’s total<br />

boats produced.<br />

This subsidiary carries out<br />

the Group’s sales activities<br />

through independently<br />

owned dealers around the<br />

world.<br />

Place of<br />

incorporation/<br />

business<br />

Effective equity<br />

interest held<br />

by the Company<br />

% %<br />

Singapore 100 100<br />

Washington,<br />

United States<br />

of America<br />

(“US”)<br />

100 100<br />

+ Ammarine Yacht<br />

Sales Pte Ltd<br />

@<br />

µ<br />

Yachts Sdn. Bhd.<br />

Yachts Australia<br />

Pty Ltd<br />

This subsidiary is inactive. Singapore 100 100<br />

largest manufacturing plant<br />

in the Group which employs<br />

976 (2006: 1,043) people<br />

at 31 March <strong>2007</strong> and<br />

plays a role in every yacht<br />

completed by the Group.<br />

owned dealers in Australia.<br />

Malaysia 100 100<br />

Australia 100 NA<br />

* Not required to be audited by law of country of incorporation.<br />

@ Audited by other member firm of KPMG International.<br />

+ Audited by KPMG Singapore.<br />

µ Includes $12,810,000 in respect of Non-Cumulative Redeemable Convertible Preference Shares.<br />

5 Associate<br />

<strong>2007</strong> 2006 <strong>2007</strong> 2006<br />

Unquoted ordinary shares, at cost<br />

Share of post-acquisition revenue<br />

– 150 – 150<br />

reserve – (2) – –<br />

– 148 – 150

5 Associate (Cont'd)<br />

Details of the associate are as follows:-<br />

Name of associate : Marina Yacht Services Pte Ltd **<br />

Principal activities : Provision of yacht repair<br />

and maintenance services<br />

Place of incorporation/business : Singapore<br />

Equity interest : Nil (2006: 50%)<br />

** Not a significant associate as defined under Clause 718 of the Singapore Exchange Securities Trading Limited Listing<br />

Manual.<br />

The financial information of the associate is as follows:<br />

Total assets – 690<br />

Total liabilities – (394)<br />

Revenue – 2,539<br />

Profit after taxation – 192<br />

The Group disposed of its interest in the associate during the financial year.<br />

6 Other assets<br />

Club membership, at cost 130 130<br />

Translation adjustment (3) (3)<br />

127 127<br />

Disposal/impairment loss (127) (95)<br />

– 32<br />

Unquoted shares, at cost 49 49<br />

Translation adjustment (1) (1)<br />

48 48<br />

Impairment loss (48) (48)<br />

– –<br />

7 Trade marks<br />

Trade marks, at cost 265 265<br />

Accumulated amortisation (265) (265)<br />

The Group holds trade marks for Grand Banks, Eastbay and Aleutian on a worldwide<br />

basis.<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 7

Deferred tax assets<br />

Movements in deferred tax assets during the year are as follows:<br />

At 1<br />

(Charged)/<br />

credited to<br />

income<br />

statement Translation At 31<br />

April 2005 (Note 22) adjustment March 2006<br />

Deferred tax assets $’000 $’000 $’000 $’000<br />

equipment 1,972 (1,199) (38) 735<br />

Unabsorbed wear and tear<br />

allowances 528 (517) (11) –<br />

Provisions 349 208 (6) 551<br />

Other temporary<br />

differences 259 72 (5) 326<br />

3,108 (1,436) (60) 1,612<br />

April 2006 (Note 22) adjustment March <strong>2007</strong><br />

equipment 735 (408) (1) 326<br />

Provisions 551 395 (6) 940<br />

differences 326 59 (1) 384<br />

1,612 46 (8) 1,650<br />

Inventories<br />

Raw materials and components 12,904 12,481<br />

Construction work-in-progress 10 19,442 12,862<br />

Finished products 4,159 3,782<br />

36,505 29,125<br />

Allowance for obsolescence (1,021) (659)<br />

35,484 28,466<br />

Allowance for inventories obsolescence was provided to be consistent with the view<br />

that assets should not be carried in excess of amounts expected to be realised from<br />

their sale or use. Estimates of net realisable value are based on the most reliable<br />

evidence available at the balance sheet date. These estimates take into consideration<br />

market demand, competition, selling price and cost directly relating to events occurring<br />

after the end of the financial year to the extent that such events confirm conditions<br />

existing at the end of the financial year.<br />

10 Construction work-in-progress<br />

Cost and attributable profits 28,305 16,983<br />

Progress billings (9,765) (4,850)<br />

18,540 12,133<br />

Comprising:<br />

Work-in-progress 9 19,442 12,862<br />

Excess of progress billings<br />

over work-in-progress 17 (902) (729)<br />

18,540 12,133

11 Trade and other receivables<br />

Trade receivables 4,607 8,130 – –<br />

Allowance for doubtful<br />

receivables – (13) – –<br />

Net receivables 4,607 8,117 – –<br />

Other receivables,<br />

deposits and<br />

prepayments 12 2,292 762 265 71<br />

Amount due from:<br />

- associate (trade) – 50 – 50<br />

6,899 8,929 265 121<br />

12 Other receivables, deposits and prepayments<br />

Other receivables 67 30 10 22<br />

Deposits 102 100 – –<br />

Prepayments 2,111 583 1 1<br />

Tax recoverable – 49 254 48<br />

Staff loans and advances 12 – – –<br />

2,292 762 265 71<br />

13 Other investments<br />

Debt securities held-for-trading 1,259 1,275 952 924<br />

14 Cash and cash equivalents<br />

Cash and bank balances<br />

- cash at bank and in hand 13,414 3,251 16 62<br />

- short-term deposits 22,016 26,479 5,579 5,703<br />

35,430 29,730 5,595 5,765<br />

15 Share capital<br />

Issued and fully paid:<br />

of shares<br />

’000 $’000 ’000 $’000<br />

At 1 April 76,400 15,903 75,985 15,197<br />

Issue of shares under share<br />

option scheme 65 33 415 83<br />

Transfer to share capital upon<br />

implementation of the<br />

Companies (Amendment)<br />

Act 2005<br />

- share premium account – – – 592<br />

- capital redemption reserve – – – 31<br />

At 31 March 76,465 15,936 76,400 15,903<br />

A holder of ordinary shares is entitled to receive dividends as declared from time to<br />

time and is entitled to one vote per share at meetings of the Company. All shares rank<br />

equally with regard to the Company’s residual assets.<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2

16 Reserves<br />

Foreign currency translation<br />

reserve (12,477) (7,860) – –<br />

Accumulated profits 78,160 70,915 11,952 12,146<br />

65,683 63,055 11,952 12,146<br />

Movements in reserves for the Group and the Company are set out in the statements<br />

of changes in equity.<br />

Foreign currency translation reserve<br />

This comprises all foreign exchange differences arising from the translation of the<br />

financial statements of entities whose functional currency is different from that of the<br />

Company, as well as from exchange differences on monetary items which form part<br />

of the Group’s net investment in the foreign operation, provided certain conditions<br />

are met.<br />

17 Trade and other payables<br />

Trade payables, other<br />

payables and accruals 15,121 11,993 177 164<br />

Advances received from<br />

customers 4,446 3,004 – –<br />

Excess of progress<br />

billings over work-inprogress<br />

10 902 729 – –<br />

20,469 15,726 177 164<br />

30 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

1 Provision for warranty claims<br />

At 1 April 2,474 1,759<br />

Provision made during the year 2,101 2,489<br />

Claims expended during the year (1,672) (1,785)<br />

Translation adjustment (81) 11<br />

At 31 March 2,822 2,474<br />

The provision for warranty is set up to cover the estimated liability which may arise<br />

during the warranty period in respect of warranty claims for sale of completed yachts.<br />

The provision is based on historical warranty data. The amounts are expected to be<br />

utilised within 18 to 60 months.<br />

1 Employee share options<br />

The GB Executives’ Share Option Scheme (the “Option Scheme”) was approved and<br />

adopted at the Company’s Extraordinary General Meeting held on 18 November 1992.<br />

comprising directors of the Company. The Committee comprises the following<br />

members:-<br />

Other information regarding the Option Scheme is set out below:<br />

(i) The exercise price of the options is determined by the average of the last dealt<br />

price of the Company’s shares on the Singapore Exchange Securities Trading<br />

Limited (“SGX-ST”) for the five consecutive trading days immediately preceding<br />

the date of grant, or its nominal value, whichever is higher.<br />

(ii) The options vest twelve months after the grant date.<br />

(iii) The options granted expire at the end of five years from the grant date.

1 Employee share options (Cont'd)<br />

At the end of the financial year, details of the options granted under the Option<br />

Scheme on the unissued ordinary shares of the Company were as follows:<br />

02.08.2002 –<br />

01.08.2006<br />

During the financial year, a total of 65,000 ordinary shares of $0.20 each were issued<br />

fully paid at $0.51 per share as indicated above, for cash upon the exercise of share<br />

options. The proceeds of $33,150 were credited to share capital. The market price of<br />

the shares at date of issue pursuant to the exercise of share options ranged from $0.85<br />

to $0.92 per share.<br />

20 Revenue<br />

Revenue represents revenue from construction contracts recognised based on the<br />

percentage of completion method, proceeds from sales of stock boats and sale of<br />

parts. The amount of each significant category of revenue recognised during the year<br />

is as follows:<br />

Revenue from construction contracts 109,763 111,482<br />

Sale of stock boats 1,822 894<br />

Sale of parts 627 626<br />

112,212 113,002<br />

Transactions within the Group have been excluded in arriving at revenue of the<br />

Group.<br />

21 Profit before taxation<br />

The following items have been included in arriving at profit before taxation:<br />

Contributions to defined contribution<br />

plans, included in wages and salaries<br />

related costs 1,915 1,746<br />

Depreciation of property, plant and<br />

equipment 3 4,094 3,578<br />

Exchange gain (1,590) (732)<br />

Loss/(gain) on disposal of property,<br />

Gain on forward foreign exchange<br />

contract – (42)<br />

Impairment loss on:<br />

Interest income:<br />

- banks (1,477) (439)<br />

- others (108) (176)<br />

Interest expense:<br />

- others 104 40<br />

Auditors’ remuneration<br />

- auditors of the Company 74 66<br />

- other auditors 26 22<br />

Non-audit fees paid to:<br />

- auditors of the Company 50 41<br />

- other auditors – 3<br />

Operating lease expenses 342 352<br />

Gain on disposal of associate (77) –<br />

Provision for warranty claims 18 2,101 2,489<br />

Development costs 269 341<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 3 1

21 Profit before taxation (Cont'd)<br />

Unrealised (gain)/loss on quoted<br />

investments (100) 43<br />

Wages and salaries related costs 28,409 27,470<br />

22 Income tax expense<br />

Current tax expense<br />

32 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

Current year 2,264 1,217<br />

(Over)/Under provided in prior years (17) 3<br />

2,247 1,220<br />

Deferred tax expense<br />

Movement in temporary differences 68 1,458<br />

Over provided in prior years (22) (22)<br />

46 1,436<br />

Income tax expense 2,293 2,656<br />

Reconciliation of effective tax rate<br />

Profit before taxation 12,902 12,242<br />

Income tax using Singapore tax rate of 18%<br />

(2006: 20%) 2,322 2,448<br />

Non-deductible expenses 140 274<br />

Effect of different tax rates in foreign<br />

jurisdictions 816 798<br />

Tax exempt revenue (432) (251)<br />

Tax incentive (573) (573)<br />

Utilisation of previously unrecognised tax losses – (14)<br />

Under/(over) provided in prior years:<br />

- current tax (17) 3<br />

- deferred tax (22) (22)<br />

Others 59 (7)<br />

2,293 2,656<br />

The Singapore corporate tax rate has been reduced from 20% to 18% with effect from<br />

the financial year ended 31 March <strong>2007</strong>.<br />

Unrecognised deferred tax assets<br />

The following items have not been included in the computation of deferred tax<br />

assets:<br />

Deductible temporary differences – 296<br />

Unutilised tax losses 375 375<br />

22 Income tax expense (Cont'd)<br />

The unutilised tax losses are available for carry forward and set-off against future<br />

taxable profits subject to agreement with the Comptroller of Income Tax and<br />

compliance with Section 37 of the Income Tax Act, Chapter 134. Deferred tax assets<br />

have not been recognised in respect of the above items as it is uncertain whether future<br />

taxable profit derived from the subsidiaries concerned will be sufficient to utilise the<br />

benefits.<br />

As at 31 March <strong>2007</strong>, the Company has tax exempt profits amounting to $168,362<br />

(2006: $168,362) which may be distributed as tax exempt dividends by the Company<br />

to its shareholders upon agreement by the Comptroller of Income Tax.<br />

23 Earnings per share<br />

Basic earnings per share is based on:<br />

Net profit for the year ($’000) 10,609 9,586<br />

Number of shares outstanding<br />

at beginning of the year (’000) 76,400 75,985<br />

Weighted average number of shares<br />

issued during the year (’000) 50 287<br />

in issue during the year (’000) 76,450 76,272<br />

In calculating diluted earnings per share, the weighted average number of ordinary<br />

shares is adjusted for the effect of all dilutive potential ordinary shares:<br />

Number of shares (‘000)<br />

Weighted average number of ordinary shares used<br />

in calculating basic earnings per share 76,450 76,272<br />

Weighted average number of dilutive potential<br />

ordinary shares 41 278<br />

Number of shares that would have been issued at<br />

fair value (24) (161)<br />

Weighted average number of ordinary shares<br />

(diluted) 76,467 76,389<br />

24 Dividends<br />

After the balance sheet date, the Directors proposed the following dividends. The<br />

dividends have not been provided for.<br />

Final dividend proposed of 6.0 cents (2006: 5.5 cents)<br />

per share less tax at 18% (2006: 20%) 3,762 3,364<br />

25 Significant related party transactions<br />

Definition of related parties<br />

For the purpose of these financial statements, parties are considered to be related to the<br />

Group if the Group has the ability, directly or indirectly, to control the party or exercise<br />

significant influence over the party in making the financial and operating decisions,<br />

or vice versa, or where the Group and the party are subject to common control or<br />

common significant influence. Related parties may be individuals or other entities.<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 3 3

25 Significant related party transactions (Cont'd)<br />

Transaction with key management personnel<br />

The total compensation of the Group’s three key management personnel is as follows:<br />

34 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

Short-term employee benefits 1,594 1,534<br />

26 Commitments<br />

Operating lease commitments<br />

At 31 March, the Group has commitments for future minimum lease payments under<br />

non-cancellable operating leases as follows:<br />

Payable:<br />

Within 1 year 516 408<br />

After 1 year but within 5 years 1,023 969<br />

After 5 years 3,232 3,434<br />

4,771 4,811<br />

The Company leases office premises and factory facilities under operating leases. The<br />

lease is for a period of 30 years, with no option to renew the lease after that date. The<br />

lease does not include contingent rentals.<br />

The lease is subject to annual revisions not exceeding 5.5% (2006: 5.5%) increase over<br />

the annual rent of the immediate preceding year.<br />

Capital commitment<br />

Plant and machinery<br />

- contracted but not provided for 118 317<br />

27 Financial instruments<br />

Financial risk management objectives and policies<br />

Exposure to credit, interest rate and currency risks arises in the normal course of the<br />

Group’s business. The Group has established risk management policies and guidelines<br />

which set out its overall business strategies, its tolerance of risk and its general risk<br />

management philosophy. Such established policies are reviewed periodically to ensure<br />

that the Group’s policy guidelines are adhered to.<br />

Credit risk<br />

Management has a credit policy in place and the exposure to credit risk is monitored<br />

on an ongoing basis. Credit evaluations are performed on all new dealers and when<br />

other circumstances require such analysis.<br />

At the balance sheet date, there were no significant concentrations of credit risk.<br />

The maximum exposure to credit risk is represented by the carrying amount of each<br />

financial asset in the balance sheet.<br />

Interest rate risk<br />

The Group’s exposure to market risk for changes in interest rates relates primarily to<br />

interest-earning financial assets.<br />

Effective interest rates and repricing analysis<br />

In respect of interest-earning financial assets, the following table indicates their<br />

effective interest rates at the balance sheet date and the periods in which they reprice.

27 Financial instruments (Cont'd)<br />

Effective<br />

Within<br />

Note interest rate Total 1 year<br />

Group % $’000 $’000<br />

<strong>2007</strong><br />

Financial assets<br />

Debt securities 13 2.32 – 4.67 1,259 1,259<br />

Short-term deposits 14 1.70 – 5.26 22,016 22,016<br />

23,275 23,275<br />

2006<br />

Debt securities 13 2.32 – 4.67 1,275 1,275<br />

Short-term deposits 14 1.48 – 6.00 26,479 26,479<br />

27,754 27,754<br />

Debt securities 13 2.32 – 4.02 952 952<br />

Short-term deposits 14 1.70 – 3.25 5,579 5,579<br />

6,531 6,531<br />

Debt securities 13 2.32 – 4.02 924 924<br />

Short-term deposits 14 1.60 – 3.25 5,703 5,703<br />

6,627 6,627<br />

Foreign currency risk<br />

The Group incurs foreign currency risk on sales and purchases that are denominated<br />

in currencies other than Singapore Dollar. The currencies giving rise to this risk are<br />

primarily US Dollar, Ringgit Malaysia and Euro.<br />

The Group selectively uses forward foreign exchange contracts, with maturities of less<br />

than one year, to hedge its foreign currency risk.<br />

Estimating the fair values<br />

Securities<br />

Fair value is based on quoted market prices at the balance sheet date without any<br />

deduction for transaction costs.<br />

Derivatives<br />

Forward exchange contracts are either marked to market using the listed market prices<br />

or by discounting the contractual forward price and deducting the current spot rate.<br />

Other financial assets and liabilities<br />

The carrying amounts of financial assets and liabilities with a maturity of less than<br />

one year (including trade and other receivables, cash and cash equivalents, and trade<br />

and other payables) are assumed to approximate their fair values because of the short<br />

period to maturity. All other financial assets and liabilities are discounted to determine<br />

their fair values.<br />

2 Contingent liabilities<br />

At 31 March <strong>2007</strong>, the Company has outstanding contingent liabilities amounting to<br />

$4.6 million (2006: $4.6 million) in respect of guarantees given to a bank for banking<br />

facilities granted to a subsidiary, of which no amount was utilised.<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 3 5

2 Segment reporting<br />

A segment is a distinguishable component of the Group that is engaged either in<br />

providing products or services (business segment), or in providing products or services<br />

within a particular economic environment (geographical segment), which is subject to<br />

risks and rewards that are different from those of other segments.<br />

Segment information is presented in respect of the Group’s business and geographical<br />

segments. The primary format, geographical segments, is based on the Group’s<br />

management and internal reporting structure.<br />

Inter-segment pricing is determined on mutually agreed terms.<br />

Segment results, assets and liabilities include items directly attributable to a segment as<br />

well as those that can be allocated on a reasonable basis. Unallocated items comprise<br />

tax assets and tax liabilities.<br />

Segment capital expenditure is the total cost incurred during the period to acquire<br />

segment assets that is expected to be used for more than one period.<br />

The Group is organised into three geographical segments by location of assets:<br />

- Singapore<br />

- Malaysia<br />

- Others<br />

The Group, which manufactures in two principal countries, namely Singapore and<br />

Malaysia, primarily engages in the manufacture and sale of luxury yachts worldwide.<br />

The Group’s sales activities are carried out by its US subsidiary which monitors the<br />

activities of dealers who sell the Group’s products around the globe.<br />

36 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

Geographical Segments<br />

Revenue and expenses<br />

Singapore Malaysia Others Eliminations Consolidated<br />

$’000 $’000 $’000 $’000 $’000<br />

Total revenue from<br />

external customers 56,898 53,819 1,495 – 112,212<br />

Inter-segment revenue – 12,720 – (12,720) –<br />

Total revenue 56,898 66,539 1,495 (12,720) 112,212<br />

Segment results 4,178 7,206 113 (153) 11,344<br />

Interest income 1,585<br />

Finance costs (104)<br />

Gain on disposal of<br />

associate 77<br />

Taxation (2,293)<br />

Profit for the year 10,609<br />

external customers 53,882 59,120 – – 113,002<br />

Inter-segment revenue – 11,627 – (11,627) –<br />

Total revenue 53,882 70,747 – (11,627) 113,002<br />

Segment results 2,303 9,273 271 (272) 11,575<br />

Interest income 615<br />

Finance costs (40)<br />

Share of profit of<br />

associate 92<br />

Taxation (2,656)<br />

Profit for the year 9,586

2 Segment reporting (Cont'd)<br />

Assets and liabilities<br />

Segment assets 40,424 63,481 971 – 104,876<br />

Unallocated assets 1,650<br />

Total assets 106,526<br />

Segment liabilities 13,179 9,288 824 – 23,291<br />

Unallocated liabilities 1,616<br />

Total liabilities 24,907<br />

Capital expenditure 64 3,436 35 – 3,535<br />

Significant non-cash<br />

items<br />

- depreciation 310 3,729 55 – 4,094<br />

- impairment loss on<br />

property, plant and<br />

equipment – 41 – – 41<br />

Segment assets 35,284 61,081 295 – 96,660<br />

Investment in associate 148 – – – 148<br />

35,432 61,081 295 – 96,808<br />

Unallocated assets 1,612<br />

Total assets 98,420<br />

Segment liabilities 9,745 7,699 756 – 18,200<br />

Unallocated liabilities 1,262<br />

Total liabilities 19,462<br />

Capital expenditure 810 4,657 39 – 5,506<br />

- depreciation 315 3,216 47 – 3,578<br />

equipment 74 208 – – 282<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 3 7

Business Segments<br />

As the Group operates predominantly in one business segment which is the<br />

manufacture and sale of luxury yachts worldwide, no other information by business<br />

segment is presented.<br />

Geographical Market of the Customers<br />

The following details show the distribution of the Group’s consolidated sales based<br />

on the countries in which the customers are located, regardless of where the goods<br />

are produced.<br />

North America 77,915 86,708<br />

Europe 24,987 16,446<br />

Others 9,310 9,848<br />

30 Legal matters<br />

The Group is involved in both claims and legal proceedings. Using the latest information<br />

available, the Group accrues for its exposure based upon the Management’s best<br />

estimates, made in consultation with legal counsel, of the likely range of exposure<br />

stemming from the claims. In the opinion of the Management, the Group’s litigation<br />

or claims, when finally resolved, will not have a material adverse effect on the Group’s<br />

consolidated financial position. Nevertheless, Management continues to monitor both<br />

claims and legal proceedings to determine that its estimates are adequate; however, if<br />

current cost estimates for the resolution of these claims are later determined to be<br />

inadequate, then the results of the Group’s operations could be adversely affected.<br />

3 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

31 Comparative information<br />

The following comparative figures have been restated to conform with the current<br />

year’s presentation.<br />

As previously<br />

As restated reported<br />

2006 2006<br />

Selling and marketing expenses 6,822 7,702<br />

Administrative expenses 4,730 3,850<br />

11,552 11,552<br />

32 New accounting standards and interpretations not yet adopted<br />

The Group has not applied the following accounting standards and interpretations that<br />

have been issued as of the balance sheet date but are not yet effective:<br />

FRS 32 Financial Instruments: Presentation<br />

FRS 40 Investment Property<br />

Amendments to FRS 1 Presentation of Financial Statements: Capital Disclosures<br />

FRS 107 Financial Instruments: Disclosures<br />

FRS 108 Operating Segments<br />

INT FRS 108 Scope of FRS 102 Share-based Payment<br />

INT FRS 109 Reassessment of Embedded Derivatives<br />

INT FRS 110 Interim Financial Reporting and Impairment<br />

INT FRS 111 Group and Treasury Share Transactions<br />

INT FRS 112 Service Concession Arrangements

32 New accounting standards and interpretations not yet adopted (cont'd)<br />

FRS 107 and amended FRS 1, which become mandatory for the Group’s 2008 financial<br />

statements, will require extensive additional disclosures with respect to the Group’s<br />

financial instruments and share capital. This standard does not have any impact on the<br />

recognition and measurement of the Group’s financial statements.<br />

INT FRS 110 prohibits the reversal of an impairment loss recognised in an interim<br />

period during the financial year in respect of goodwill, an investment in an equity<br />

instrument or a financial asset carried at cost. INT FRS 110 will become mandatory<br />

for the Group’s 2008 financial statements, and will apply to goodwill, investments in<br />

equity instruments, and financial assets carried at cost prospectively from the date the<br />

Group first applied the measurement criteria of FRS 36 and FRS 39 respectively (ie<br />

1 April 2005).<br />

The initial application of these standards and interpretations are not expected to<br />

have any material impact on the Group’s financial statements. The Group has not<br />

considered the impact of accounting standards issued after the balance sheet date.<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 3

Statistics of Shareholdings<br />

As at 15 May <strong>2007</strong><br />

Issued Share Capital : 76,465,000 ordinary shares<br />

Voting Rights : 1 vote per ordinary share<br />

Directors’ Shareholdings<br />

As at 21 April <strong>2007</strong><br />

Name of Directors No of Shares<br />

Robert William Livingston 21,943,344*<br />

* This includes 21,000,000 shares held beneficially by Merlion, LP, of which Robert William<br />

Livingston is a director and holds 100% of its voting shares with his wife, Mary Isabella<br />

Livingston.<br />

Substantial Shareholders<br />

As at 15 May <strong>2007</strong>, shown in Register of Substantial Shareholders<br />

Name of Substantial Shareholdings Shareholdings in Total Percentage<br />

Shareholders registered in the which the Substantial of Issued<br />

name of the Shareholders are Shares<br />

Substantial deemed to have an<br />

Shareholders interest<br />

Merlion LP 21,000,000 0 21,000,000 27.46<br />

Robert William Livingston 943,344 21,000,000 ** 21,943,344 28.70<br />

Wassbourne Finance Ltd 9,218,000 0 9,218,000 12.06<br />

Ronald Clayton Filbert 7,238,828 0 7,238,828 9.47<br />

** Robert William Livingston is a director of Merlion, LP and deemed to have interest in the 21,000,000 shares held by Merlion,<br />

LP by virtue of him holding 100% of its voting shares with his wife, Mary Isabella Livingston.<br />

40 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

Distribution of Shareholdings<br />

Size of Shareholdings No of Shareholders % No of Shares %<br />

1 - 999 207 10.23% 46,941 0.06%<br />

1,000 - 10,000 1,533 75.74% 5,630,335 7.36%<br />

10,001 - 1,000,000 275 13.59% 15,411,596 20.16%<br />

1,000,001 and above 9 0.44% 55,376,128 72.42%<br />

Total 2,024 100.00% 76,465,000 100.00%<br />

As at 15 May <strong>2007</strong>, approximately 49.6% of the Company’s shares were held in the hands<br />

of the public. Therefore, the Company has complied with Rules 723 of the Listing Manual<br />

of the SGX-ST.<br />

Twenty Largest Shareholders<br />

No Name No of Shares %<br />

1 Merlion LP 21,000,000 27.46%<br />

2 DB Nominees (S) Pte Ltd 9,234,000 *** 12.08%<br />

3 Ronald Clayton Filbert Or<br />

Bernice Bernita Filbert 7,238,828 9.47%<br />

4 United Overseas Bank Nominees Pte Ltd 6,045,500 7.91%<br />

5 DBS Nominees Pte Ltd 4,027,000 5.27%<br />

6 See Tow Siew Chuan 2,850,000 3.73%<br />

7 ING Nominees (Singapore) Pte Ltd 1,887,000 2.47%<br />

8 OCBC Nominees Singapore Private Limited 1,821,800 2.38%<br />

9 Heng Peng Joo 1,272,000 1.66%<br />

10 Cheng Kian Siong 979,000 1.28%<br />

11 Robert William Livingston Or<br />

Mary Isabella Livingston 629,344 0.82%<br />

12 Chu Thomas 503,000 0.66%<br />

13 Citibank Nominees Singapore Pte Ltd 477,800 0.62%<br />

14 Lee Siew Yuen 460,000 0.60%<br />

15 UOB Kay Hian Pte Ltd 432,000 0.56%<br />

16 Phillip Securities Pte Ltd 320,000 0.42%<br />

17 Robert William Livingston 314,000 0.41%<br />

18 Tan Siok Kiow Or Justin Loh Kuok Kaye 286,000 0.37%<br />

19 OCBC Securities Private Ltd 277,000 0.36%<br />

20 Khng John Francis 220,000 0.29%<br />

60,274,272 78.82%<br />

*** Includes 9,218,000 shares held beneficially for Wassbourne Finance Ltd

Notice of Annual General Meeting<br />

<strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> LIMITED<br />

(Incorporated in the Republic of Singapore)<br />

Company Registration No. 197601189E<br />

NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be<br />

held at ONE°15 Marina Club, Cove Drive, Sentosa, Singapore 0 537 on Thursday, 5<br />

July <strong>2007</strong> at 10.00 am to transact the following businesses:<br />

Ordinary Business<br />

1) To receive and consider the Directors’ Report and Audited Accounts for the year ended<br />

31 March <strong>2007</strong> and the Auditors’ Report thereon. (Resolution 1)<br />

2) To declare the payment of a first and final dividend of 6.0 cents per ordinary share less<br />

tax of 18% for the year ended 31 March <strong>2007</strong>. (Resolution 2)<br />

3) To re-elect Mr Robert William Livingston, who retires pursuant to Article 86 of the<br />

Articles of Association of the Company and being eligible offers himself for re-election<br />

as Director. (Resolution 3)<br />

4) To re-elect Mr Robert William Livingston II, who retires pursuant to Article 86 of the<br />

as Director. (Resolution 4)<br />

5) To note the retirement of Mr Gerald Maxmillian Minjoot, a Director retiring pursuant<br />

to Article 86 of the Articles of Association of the Company. Mr Gerald Maxmillian<br />

Minjoot will not be seeking re-election as a Director. [See Explanatory Note (1)]<br />

6) To re-elect Mr Jeffrey Stewart Bland, who retires pursuant to Article 92 of the Articles<br />

of Association of the Company and being eligible offers himself for re-election as<br />

Director. [ see Explanatory Note (2)] (Resolution 5)<br />

7) To re-appoint Mr Roger Gaimster Langdale, who retires pursuant to Section 153(2) of<br />

the Companies Act, Cap. 50, to hold office until the next Annual General Meeting of the<br />

Company. [see Explanatory Note (3)] (Resolution 6)<br />

8) To re-appoint KPMG as Auditors of the Company and to authorise the Directors to fix<br />

their remuneration. (Resolution 7)<br />

Special Business<br />

9) To approve payment of Directors’ fees of $123,444 for the year ended 31 March <strong>2007</strong>.<br />

(2006: $122,270) (Resolution )<br />

10) To consider and, if thought fit, to pass the following resolution as an ordinary resolution,<br />

with or without amendments:<br />

‘THAT pursuant to Section 161 of the Companies Act, Cap. 50 and the listing rules of<br />

the Singapore Exchange Securities Trading Limited, authority be and is hereby given to<br />

the Directors of the Company to allot and issue shares in the Company (whether by<br />

way of rights, bonus or otherwise) at any time to such persons and upon such terms and<br />

conditions and for such purposes as the Directors may in their absolute discretion deem<br />

fit, provided that the aggregate number of shares to be issued pursuant to this resolution<br />

does not exceed 50 per cent of the issued shares in the capital of the Company, of<br />

which the aggregate number of shares to be issued other than on a pro-rata basis to<br />

existing shareholders of the Company does not exceed 5 per cent of the issued shares<br />

in the capital of the Company, and for the purpose of this resolution, the percentage<br />

of issued share capital shall be calculated based on the number of issued shares in the<br />

capital of the Company at the time of the passing of this resolution after adjusting<br />

for new shares arising from the exercise of employee share options outstanding at the<br />

time of the passing of this resolution and any subsequent consolidation or subdivision<br />

of the Company’s shares. Unless revoked or varied by ordinary resolution of the<br />

shareholders of the Company in general meeting, this resolution shall remain in force<br />

until the conclusion of the next Annual General Meeting of the Company or the date by<br />

which the next Annual General Meeting of the Company is required by law to be held,<br />

whichever is the earlier. [see Explanatory Note (4)] (Resolution )<br />

11) To transact any other ordinary business.<br />

BY ORDER OF THE BOARD<br />

Ler Ching Chua<br />

Secretary<br />

13 June <strong>2007</strong><br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 4 1

Explanatory Notes:<br />

1. Upon his retirement, Mr Gerald Maxmillian Minjoot will be relinquishing his position<br />

as Chairman and member of the Remuneration Committee, member of the Audit<br />

Committee and Nominating Committee.<br />

2. Mr Jeffrey Stewart Bland, if re-elected, will be considered as an independent director of<br />

3. Mr Roger Gaimster Langdale, if re-elected, will remain as a member of the Company’s<br />

Audit and Nominating Committees. He will be considered as an independent director of<br />

4. For the purpose of determining the aggregate number of shares that may be issued,<br />

the percentage of issued share capital will be calculated based on the number of issued<br />

shares in the capital of the Company as at the date of the passing of this resolution after<br />

adjusting for new shares arising from the exercise of employee share options outstanding<br />

at the time of the passing of this resolution and any subsequent consolidation or<br />

subdivision of the Company’s shares. This calculation is in accordance with Rule 806(3)<br />

of the Listing Manual of the Singapore Exchange Securities Trading Limited.<br />

42 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

NOTICE OF BOOKS CLOSURE DATE<br />

NOTICE IS ALSO HEREBY GIVEN that the Share Transfer Books and Register of<br />

Members of the Company will be closed on 23 July <strong>2007</strong> for the purpose of determining the<br />

shareholders’ entitlements to the proposed dividend to be paid on 2 August <strong>2007</strong>, subject to<br />

and contingent upon the shareholders’ approval for the proposed dividend being obtained at<br />

the Annual General Meeting of the Company to be held on 5 July <strong>2007</strong>.<br />

Registrable transfers received by the Company’s Share Registrar, Lim Associates (Pte) Ltd at<br />

3 Church Street, #08-01 Samsung Hub, Singapore 049483 up to 5.00 pm on 20 July <strong>2007</strong> will<br />

be registered before entitlements to the proposed dividend are determined.<br />

Note:<br />

A member of the Company entitled to attend and vote at the above Meeting is entitled<br />

to appoint one or more proxies to attend and vote in place of him. A proxy need not be<br />

a member of the Company. The instrument appointing a proxy must be deposited at the<br />

Company’s registered office at 29 Loyang Crescent, Singapore 509015 not less than 48 hours<br />

before the time for holding the Meeting.

Proxy Form<br />

I/We _______________________ NRIC/Passport/Co. Registration No. _____________<br />

of ____________________________________________________________________<br />

being a member/members of <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> LIMITED hereby appoint<br />

Name Address NRIC/<br />

Passport<br />

No.<br />

and/or (delete as appropriate)<br />

Proportion of<br />

Shareholdings<br />

(%)<br />

as my/our proxy/proxies to attend and to vote for me/us on my/our behalf and, if necessary,<br />

to demand a poll at the Annual General Meeting (“AGM”) of the Company to be held on<br />

Thursday, 5 July <strong>2007</strong> at 10.00 a.m. and at any adjournment thereof. I/We direct my/our<br />

proxy/proxies to vote for or against the Resolutions to be proposed at the AGM as indicated<br />

hereunder. If no specific directions as to voting are given, the proxy/proxies will vote or<br />

abstain from voting at his/their discretion, as he/they will on any other matter arising at the<br />

AGM.<br />

MPORTANT<br />

1. For investors who have used their CPF monies to buy Grand Banks Yachts Limited’s shares, the Annual Report is forwarded<br />

to them at the request of their CPF Approved Nominees and is sent solely FOR INFORMATION ONLY.<br />

2. This proxy is not valid for use by CPF investors and shall be ineffective for all intents and purposes if used or purported to<br />

be used by them.<br />

3. CPF Investors who wish to attend the Annual General Meeting as OBSERVERS have to submit their requests through their<br />

respective Agent banks so that their Agent banks may register with the Company Secretary of Grand Banks Yachts Limited<br />

not less than 48 hours before the time set for holding the Annual General Meeting.<br />

No. Resolutions Relating To: For Against<br />

AS ORDINARY BUSINESS<br />

1 Directors’ Report and Audited Accounts for the financial year<br />

ended 31 March <strong>2007</strong><br />

2 Payment of proposed first and final dividend<br />

3 Re-election of Mr Robert William Livingston as director<br />

4 Re-election of Mr Robert William Livingston II as director<br />

5 Re-election of Mr Jeffrey Stewart Bland as director<br />

6 Re-appointment of Mr Roger Gaimster Langdale as director<br />

7 Re-appointment of KPMG as auditors<br />

AS SPECIAL BUSINESS<br />

8 Approval of directors’ fees<br />

9 Authority to allot and issue new shares<br />

Dated this _____ day of ________________ <strong>2007</strong><br />

_________________________________<br />

Signature(s) of Member(s) or<br />

Common Seal of Corporate Member<br />

IMPORTANT<br />

PLEASE READ NOTES OVERLEAF<br />

Total Number of Shares Held<br />

2 0 0 7 A N N UA L R E P O R T <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 4 3

Notes:<br />

1 Please insert the total number of shares held by you. If you have shares entered against<br />

your name in the Depository Register (as defined in Section 130A of the Companies Act,<br />

Cap. 50), you should insert that number. If you have shares registered in your name in the<br />

Register of Members of the Company, you should insert that number. If you have shares<br />

entered against your name in the Depository Register and shares registered in your name<br />

in the Register of Members, you should insert the aggregate number. If no number is<br />

inserted, this form of proxy will be deemed to relate to all the shares held by you.<br />

2 A member entitled to attend and vote at a meeting of the Company is entitled to appoint<br />

one or more proxies to attend and vote on his behalf. A proxy need not be a member of<br />

3 The instrument appointing a proxy or proxies must be deposited at the Company’s<br />

registered office at 29 Loyang Crescent, Singapore 509015 not less than 48 hours before<br />

the time set for the Annual General Meeting.<br />

4 Where a member appoints more than one proxy, he shall specify the proportion of his<br />

shareholding to be represented by each proxy.<br />

5 The instrument appointing a proxy or proxies must be under the hand of the appointer<br />

or of his attorney duly authorised in writing. Where the instrument appointing a proxy or<br />

proxies is executed by a corporation, it must be executed under its common seal or under<br />

the hand of its officer or attorney duly authorised.<br />

44 <strong>GRAND</strong> <strong>BANKS</strong> <strong>YACHTS</strong> 2 0 0 7 A N N UA L R E P O R T<br />

6 Where an instrument appointing a proxy or proxies is signed on behalf of the appointer<br />

by an attorney, the power of attorney (or other authority) or a notarially certified copy<br />

thereof shall be deposited with the instrument of proxy, failing which the instrument may<br />

be treated as invalid.<br />

7 Any corporation which is a member may by resolution of its directors or other governing<br />

body authorise such person as it thinks fit to act as its representative at the Annual General<br />

Meeting of the Company.<br />

8 The Company shall be entitled to reject this instrument of proxy if it is incomplete,<br />

improperly completed, illegible or where the true intentions of the appointer are not<br />

ascertainable from the instructions of the appointer specified in this instrument of<br />

proxy. In addition, in the case of members whose shares are entered in the Depository<br />

Register, the Company may reject an instrument of proxy lodged if the member, being<br />

the appointer, is not shown to have shares entered against his name in the Depository<br />

Register as at 48 hours before the time set for holding the Annual General Meeting, as<br />

certified by The Central Depository (Pte) Limited to the Company.

BOARD OF DIRECTORS<br />

Executive<br />

Robert William Livingston ii<br />

Independent<br />

Gerald maxmillian minjoot<br />

Gerald maxmillian minjoot (Chairman)<br />

C O M PA N Y S E C R E TA RY<br />

R E G I S T E R E D O F F I C E<br />

29 Loyang Crescent<br />

Singapore 509015<br />

phone: (65) 6545 2929<br />

Fax: (65) 6543 0029<br />

email: [email protected]<br />

Corporate<br />

Information<br />

FACTORIES<br />

GB Yachts pte Ltd<br />

Malaysia<br />

Grand Banks Yachts Sdn Bhd<br />

pLo 488, Jalan Suasa<br />

81707 pasir Gudang<br />

Johor, malaysia<br />

phone: (607) 251 7488<br />

Fax: (607) 251 7388<br />

email: [email protected]<br />

AUDITORS<br />

Certified public Accountants<br />

16 Raffles Quay<br />

Hong Leong Building #22-00<br />

Singapore 048581<br />

Partner-in-charge:<br />

ms. Ang Fung Fung<br />

(Since the financial year ended<br />

31 march 2006)<br />

REGISTRAR & SHARE<br />

TRANSFER OFFICE<br />

Lim Associates (pte) Ltd<br />

3 Church Street<br />

#08-01 Samsung Hub<br />

Singapore 049483<br />

SALES & MARKETING<br />

Corporate Office<br />

Grand Banks Yachts Ltd<br />

2100 Westlake Ave N, Ste #107<br />

Seattle, WA 98109 USA<br />

phone: (206) 352 0116<br />

Fax: (206) 352 1711<br />

East Coast Sales & Service<br />

2 marina plaza<br />

Goat island<br />

Newport, Ri 02840 USA<br />

phone: (401) 848 7550<br />

Fax: (401) 848 7551<br />

West Coast, Central US/Canadian<br />

& S. American Sales & Service<br />

3027 marina Bay Dr, Ste #110<br />

League City, TX 77573 USA<br />

phone: (281) 335 3993<br />

Fax: (281) 754 4125<br />

Europe Sales & Service<br />

port de la Napoule<br />

06210 La Napoule<br />

France<br />

phone: (33) 493 903674<br />

mobile: (33) 493 499151<br />

Asia, Australia/N. Zealand<br />

& S. Pacific Sales<br />

Fax: (65) 6543 0029

G R A N D B A N K S YA C H T S L i m i T e D \ C o m pA N Y R e G i S T R AT i o N N o : 1 9 7 6 0 1 1 8 9 e \ 2 9 L o YA N G C R e S C e N T \ S i N G A p o R e \ 5 0 9 0 1 5

• More documents
• Recommendations

• Page 3 and 4: Contents Letter to Shareholders 1 C
• Page 5 and 6: This year, we continued to grow our
• Page 7 and 8: Board of directors Robert William L
• Page 9 and 10: Statement of Cor porate Gover nance
• Page 11 and 12: Remuneration of Top Five Senior Exe
• Page 13 and 14: Directors’ Report We are pleased
• Page 15 and 16: In addition, the Audit Committee ha
• Page 17 and 18: Balance Sheets As at 31 March 2007
• Page 19 and 20: Consolidated Cash Flow Statement Ye
• Page 21 and 22: 2 Summary of significant accounting
• Page 23 and 24: 2 Summary of significant accounting
• Page 25 and 26: 2 Summary of significant accounting
• Page 27 and 28: 3 Property, plant and equipment (Co
• Page 29 and 30: 5 Associate (Cont'd) Details of the
• Page 31 and 32: 11 Trade and other receivables Grou
• Page 33 and 34: 1 Employee share options (Cont'd) A
• Page 35 and 36: 22 Income tax expense (Cont'd) The
• Page 37 and 38: 27 Financial instruments (Cont'd) E
• Page 39 and 40: 2 Segment reporting (Cont'd) Geogra
• Page 41 and 42: 32 New accounting standards and int
• Page 43 and 44: Notice of Annual General Meeting GR
• Page 45 and 46: Proxy Form GRAND BANKS YACHTS LIMIT
• Page 47 and 48: BOARD OF DIRECTORS Executive Robert

Extended embed settings

Inappropriate

You have already flagged this document. Thank you, for helping us keep this platform clean. The editors will have a look at it as soon as possible.

Mail this publication

Delete template.

Are you sure you want to delete your template?

DOWNLOAD ePAPER

This ePaper is currently not available for download. You can find similar magazines on this topic below under ‘Recommendations’.

Save as template?

• Help & Support
• tuxbrain.com
• ooomacros.org
• nubuntu.org
• Terms of service
• Privacy policy
• Cookie policy
• Cookie settings

Choose your language

Main languages

Further languages

• Bahasa Indonesia

Performing this action will revert the following features to their default settings:

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!