Academies Australasia Group Limited (AKG) 2001年年度报告「ASX」.pdf

1、 GARRATTS LIMITED ACN 000 003 725 ANNUAL REPORT 2001 -1-CHAIRMANS REPORT I was pleased to accept the invitation to join the Board of Garratts Limited in April this year,and,on the retirement of Peter Burrows,to be elected Chairman of the Company.On behalf of the Board of Directors,staff and sharehol

2、ders,I take this opportunity of thanking Peter for his valuable contribution to the Company during his association with Garratts.The year in review,Garratts 93rd,was difficult and demanding on the management of the Company.Trading conditions were unfavourable for our subsidiary,Premier Fasteners Pty

3、 Limited,due to a slow down in demand from its principal customers who were feeling the effects of the global and domestic down turn.The slow down also occurred during a period when the Companys overheads increased significantly due to investments in new premises and planning for executive successio

4、n.Consequently,the profit contribution from Premier was much lower than the previous year.Directors are confident,however,that the contribution from the fastening business will recover.It was pleasing to note a higher contribution from the educational business which continues to provide sound opport

5、unities for expansion.The decision to dispose of the Groups interest in the Agent 13 point-of-purchase interactive multimedia technology was prudent and timely due to the subsequent decline in the fortunes of the technology sector.As announced to the Australian Stock Exchange in June 2001,action is

6、currently being taken in the Supreme Court of New South Wales to recover US$1.6 million from Mr.Thanga Thangathurai following his failure to pay this amount to Garratts in March this year in accordance with his contractual obligations.The profit after tax for the year of$163,557,compared with the pr