Directors’ Report

In accordance with a resolution of the Board of Directors, the directors of Fijian Holdings Limited (‘the Company”) present their report together with the financial statements of the Company and the Fijian Holdings Limited Group (“the Group”) being the Company, its controlled entities and associates for the year ended 30 June 2015 as set out on pages 50 to 100 and the auditor’s report thereon.

DIRECTORS

The following were directors of the Company at any time during the financial year and up to the date of this report:

 

Iowane Naiveli
Chairman
Ulai Taoi
Colonel Apakuki Kurusiga
Deputy Chairman (Resigned on 14 August 2014)
Sakiusa Raivoce
Isikeli Tuituku
Appointed 25 July 2014
Padam Lala
Resigned 4 December 2014
Viliame Cegumalua
Appointed 25 July 2014
Ulaiyasi Baya
Resigned 17 July 2014
Viliame Naupoto
Appointed 11 August 2015
Ratu Samuela Nawalowalo
Resigned 17 July 2014
Aisea Waka Vosailagi
Appointed 11 August 2015
Aseri Radrodro
Resigned 17 July 2014
John O’Connor
Appointed 11 August 2015

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment. The principal activities of the Group are the production and sale of cement, concrete and concrete products, investment and rental of property, fund management, stock broking, asset and loan financing and acceptance of term deposits, provision of sea transportation services and boat charters, cruise ship operations, commercial free to air and subscription television broadcasting services, selling and servicing of radio, television and communications, retailing and wholesaling of general merchandise, and owners and administrators of properties.

TRADING RESULTS

The profit after income tax of the Group attributable to the members of the Company for the year ended 30 June 2015 was $10.652 million (2014: $8.338 million) and for the Company was $12.921 million (2014: $9.739 million).

RESERVES

The directors recommend that no amounts be transferred to reserves within the meaning of the seventh schedule of the Companies Act 1983.

DIVIDENDS

The directors declared a final dividend of $3.351 million (2014: $nil) for “A” class and “B” class shareholders from the profits for the year ended 30 June 2014. The Company paid an interim dividend of $3.351 million (2014: $3.046 million) for “A” class and “B” class shareholders during the year.

Total dividends paid and proposed for the year ended 30 June 2015 amounted to $6.702 million (2014: $3.046 million).

BAD AND DOUBTFUL DEBTS

The directors took reasonable steps before the Company’s and the Group’s financial statements were made out to ascertain that all known bad debts were written off and adequate allowance was made for doubtful debts.
At the date of this report, the directors are not aware of any circumstances which would render the amount written off for bad debts, or the amount of the allowance for doubtful debts, inadequate to any substantial extent.

CURRENT ASSETS

The directors took reasonable steps before the Company’s and the Group’s financial statements were made to ascertain that the current assets of the Company and of the Group were shown in the accounting records at a value equal to or below the value that would be expected to be realised in the ordinary course of business.
At the date of this report, the directors are not aware of any circumstances which would render the values attributable to the current assets in the financial statements misleading.

SIGNIFICANT EVENTS

As at the date of this report the directors are not aware of any other significant event, other than those already included in the financial statements.

RELATED PARTIES TRANSACTIONS

In the opinion of the directors all related parties transactions have been adequately recorded in the books of the Company and its subsidiaries and reflected in the attached financial statements.

OTHER CIRCUMSTANCES

At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial statements which render any amounts stated in the financial statements misleading.

UNUSUAL TRANSACTIONS

The results of the Company’s and the Group’s operations during the financial year have not, in the opinion of the directors, been substantially affected by any item, transaction or event of a material and unusual nature other than those disclosed in the financial statements.

EVENTS SUBSEQUENT TO BALANCE DATE

Fiji Television Limited has signed a Non-Disclosure Agreement with potential strategic partners for Sky Pacific. This may involve a partial divestment of Sky Pacific but at this stage discussions are in progress.
Apart from the above, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Group, to affect significantly the operations of the Company and the Group, the results of those operations, or the state of affairs of the Company and the Group, in subsequent financial years.

DIRECTORS’ INTERESTS

Interests of directors and any additions thereto during the year in the ordinary shares of the Company are as follows:

 

Beneficially Non-beneficially
Additions
Holding
Additions
Holding
Sakiusa Raivoce
100,000
Ulai Taoi
2,311
Isikeli Tuituku
20,760,977
20,767,688
Viliame Cegumalua
20,760,977
21,160,977
Viliame Naupoto – Appointed 11 August 2015
20,760,977
Aisea Waka Vosailagi – Appointed 11 August 2015
20,760,977
John O’Connor – Appointed 11 August 2015
20,760,977

No director of the Company has, since the end of the previous financial year, received or become entitled to receive a benefit (other than a benefit included in the total amount of emoluments received or due and receivable by directors as shown in the financial statements) by reason of a contract made by the Company or related corporation with the director or with a firm of which he is a member, or with a Company in which he has a substantial financial interest.

For and on behalf of the Board of Directors
Dated this 28th day of August 2015.

FHL News Letter – April 2020

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