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  • 1. The REVIEW THE UNIVERSITY OF HONG KONG 2009
  • 2. The Review-2009 Contents THE UNIVERSITY OF HONG KONG The Vice-Chancellor's Message Vision 2-3 The University of Hong Kong, as a pre-eminent international university in Asia, seeks to sustain and enhance its excellence as an institution of higher learning through The Web of Learning outstanding teaching and world-class research so as to produce well-rounded graduates with lifelong abilities to provide leadership within the societies they serve. 4-17 Mission Engaging Across Boundaries The University of Hong Kong will endeavour: 18-33 To advance constantly the bounds of scholarship, building upon its proud traditions and strengths; Connecting with the Wider Community To provide a comprehensive education, developing fully the intellectual and personal 34-47 strengths of its students while developing and extending lifelong learning opportunities for the community; Facts and Figures at a Glance To produce graduates of distinction committed to lifelong learning, integrity and professionalism, capable of being responsive leaders and communicators in their fields; 48-49 To develop a collegial, flexible, pluralistic and supportive intellectual environment that The University Profile inspires and attracts, retains and nurtures scholars, students and staff of the highest calibre in a culture that fosters creativity, learning and freedom of thought, enquiry and 50-55 expression; To provide a safe and healthy workplace to support and advance teaching, learning An Extract from the University's Annual Accounts 2008-09 and research at the University; 56-58 To engage in innovative, high-impact and leading-edge research within and across disciplines; Officers of the University To be fully accountable for the effective management of public and private resources 59 bestowed upon the institution and act in partnership with the community over the generation, dissemination and application of knowledge; The Council To serve as a focal point of intellectual and academic endeavour in Hong Kong, China and Asia and act as a gateway and forum for scholarship with the rest of the world. 60
  • 3. The Vice-Chancellor's Message 04 05 The Vice-Chancellor's Message The University of Hong Kong is the The University of Hong Kong The Review-2009 territory's oldest university, and with a history that stretches back more history and stands as a gateway to than 90 years, it has grown with and the future. In the end, a university is we're here helped shape the city from which it so many things to so many people. takes its name. helping prepare tomorrow's leader I hope that http://www.hku.hk will help you get to know and find your To provide a comprehensive education, developing fully the intellectual and personal strengths of its Outstanding way around the first and foremost students while developing and extending lifelong learning opportunities for the community leadership qualities University of Hong Kong. The Faculties of Engineering and Arts Today, HKU, as it is fondly called, is a were established within a year of dynamic, comprehensive, university the official opening. In December of world-class standing. With ten 1916, the University held its first Faculties and numerous research congregation, with just 23 graduates. centres, its reputation as a centre of it was ten years after the foundin intellectual excellence is recognised The Vice-Chancellor's Message around the world. We will continue Governor of Hong Kong to build on our strengths with The University of Hong Kong (or HKU, innovative research and teaching, as it is familiarly known to students, producing well-rounded graduates staff and alumni) is the oldest tertiary with outstanding leadership qualities. education institution in Hong Kong. On March 16, 1910, Sir Frederick To some, HKU is a conceptual Lugard, the then Governor of Hong space where ideas are nurtured Kong, laid the foundation stone for and dreams take flight. It is a family the University, signifying the birth of of communities within a larger Hong Kong's first tertiary institution. community. It is also a physical On March 11, 1912, the University landscape that both celebrates our launched its official opening with its founding Faculty of Medicine which had evolved from the Hong Kong College of Medicine, founded in 1887. Of the College's early alumni, the most renowned was Dr Sun Yat-
  • 4. Teaching The Web of Learning 06 07 HKU has been taking an active role in strategic international alliances with universities and research institutions worldwide. It has academic links with more than 400 overseas universities and plays host to over 3,300 international students. The University is committed to cultivating internationalism on campus and to The University of Hong Kong The Review-2009 supporting staff and student mobility projects and international programmes at all levels. The University is a founding member of Universitas 21, a network of comprehensive research intensive universities covering all corners of the globe. Teaching The Web of Learning One of the main objectives of Universitas 21 is to assist in the aspiration of its members to become global universities and to advance their plans for internationalisation. The HKU Worldwide Undergraduate Student Exchange Programme, established we're here in 1997, enables over ten per cent of our undergraduate student population developing students intellectual capabilities and to undertake exchange at institutions overseas or in Mainland China. Its close links with 150 partner institutions in 25 countries worldwide serves to enhance professional skills. students' global perspective and foster cross-cultural understanding among students of participating institutions. The Web of Learning While the University is fostering the concept of a worldwide classroom, the academic collaboration and bonding with the universities in the Mainland remain close. The HKU Worldwide China Programme has actively involved students to participate in different academic and internship programmes with the most prestigious universities and corporations in Mainland China to develop cross- disciplinary skills. The key universities that the University closely works with include Tsinghua University, Peking University, Fudan University, Shanghai Jiao Tong University, Zhejiang University, Nanjing University, Xiamen University and Sun Yat-sen University, on undergraduate student exchange and joint postgraduate programmes. The first batch of undergraduates admitted to the University on a
  • 5. Teaching The Web of Learning 08 09 Focus on Content Taking a Lesson to Heart A Culture Education An International Perspective Intense Learning Outside the Classroom Asian Youth Climate Summit Raising Awareness About Africa A Choice Destination for Top Mainland Students The University of Hong Kong The Review-2009 aspiration of its members to become University, Zhejiang University, Nanjing collaborative efforts is the HKU- global universities and to advance University, Xiamen University and Sun Pasteur Research Centre. Established their plans for internationalisation. Yat-sen University, on undergraduate in 1999, the Centre combines the student exchange and joint interests of both the University The HKU Worldwide Undergraduate postgraduate programmes. The first and the Institut Pasteur in battling Student Exchange Programme, batch of undergraduates admitted infectious diseases. HKU also signed established in 1997, enables over ten to the University on a scholarship a memorandum of understanding Professor HKU has been taking an active role in The Web of Learning per cent of our undergraduate student scheme graduated in 2002. in the summer of 2002 to set up a Amy B.M. Tsui strategic international alliances with population to undertake exchange at twin research centre with the Aaron universities and research institutions worldwide. It has academic links institutions overseas or in Mainland HKU has many Diamond AIDS Research Centre in China. Its close links with 150 partner New York. In January 2003, HKU has many on-going research connections with institutions and with more than 400 overseas institutions in 25 countries worldwide on-going research universities around the world. One of the most notable international universities and plays host to over serves to enhance students' global the first ever human Genome Original scheme for the admission collaborative efforts is the HKU-Pasteur Research Centre. Established 3,300 international students. The perspective and foster cross-cultural Research Centre was established in Following a new Hong Kong in 1999, the Centre combines the interests of both the University and University is committed to cultivating understanding among students of Hong Kong together with the Hospital government policy, the University the Institut Pasteur in battling infectious diseases. HKU also signed internationalism on campus and participating institutions. While the for Sick Children (HSC) of Toronto (an expanded since 2002 its original a memorandum of understanding in the summer of 2002 to set up a to supporting staff and student University is fostering the concept of affiliation of the University of Toronto, scheme for the admission of twin research centre with the Aaron Diamond AIDS Research Centre in mobility projects and international a worldwide classroom, the academic Canada). The University currently undergraduates from the Mainland New York. In January 2003. programmes at all levels. collaboration and bonding with the offers joint master programmes in with Scholarships to cover universities in the Mainland remain students who are not supported by mainland China in collaboration with The University is a founding member of Universities covering close. The HKU Worldwide China scholarships. For the year 2008-2009, prominent universities in Shanghai, Universitas 21, a network of comprehensive all corners Programme has actively involved the university admitted 265 fee- Shenzhen, and Chongqing. These research intensive universities covering students to participate in different paying mainland students from the joint programmes include master The University is a founding member academic and internship programmes degrees in business administration. all corners of the globe. One of the main 12,011s. of Universitas 21, a network of with the most prestigious universities objectives of Universitas 21 is to assist in the comprehensive research intensive and corporations in Mainland China The World Trade Organisation aspiration of its members to become global Connections with institutions and universities covering all corners of the to develop cross-disciplinary skills. The universities and to advance their plans for universities around the world. One (WTO) recognises HKU as a leading globe. One of the main objectives key universities that the University internationalisation. of the most notable international tertiary education institution in Asia. of Universitas 21 is to assist in the closely works with include Tsinghua In 2004, HKU was selected as the University, Peking University, Fudan official WTO training centre for the University, Shanghai Jiao Tong
  • 6. Research Engaging Across Boundaries 010 011 Quality and utility underscore our efforts and this has been recognised in several ways. Our staff have published in many respected, high-impact and peer-reviewed international journals and received high honours both in mainland China and overseas. Our research excellence has again enabled us to assume the position of the most successful university in Hong Kong in terms The University of Hong Kong The Review-2009 of securing competitive research funding from the Research Grants Council (RGC). In 2008 the University was awarded HK$148 million, which accounts for 29% of the total funding allocated to all eight local universities. The University has received a total of HK$1,412 million from RGC Competitive Earmarked Research Grant since 1991, more than any other tertiary institution in the territory. The research output of the University's academic staff is substantial. About 6,700 items of research output were published during 2006-07; many of them in international journals, and over 70% were refereed. HKU has been taking an active role in strategic international alliances with universities and research institutions worldwide. It has academic links with more than 400 overseas universities and plays host to over 3,300 international students. The Research University is committed to cultivating internationalism on campus and to supporting staff and student mobility projects and Engaging Across international programmes at all levels. The University is a founding member of Universitas 21, a network of comprehensive research intensive universities covering Boundaries Engaging Across Boundaries all corners of the globe. One of the main objectives of Universitas 21 is to assist in the aspiration of its members to become global universities and to advance their plans for internationalisation. we're here researching the power to improve people's lives and open new knowledge horizons
  • 7. Research Engaging Across Boundaries 012 013 Focus on Content Taking a Lesson to Heart A Culture Education An International Perspective Intense Learning Outside the Classroom Asian Youth Climate Summit Raising Awareness About Africa A Choice Destination for Top Mainland Students The University of Hong Kong The Review-2009 HKU has been taking an active role in institutions in 25 countries worldwide develop cross-disciplinary skills. The strategic international alliances with serves to enhance students' global key universities that the University universities and research institutions perspective and foster cross-cultural closely works with include Tsinghua worldwide. It has academic links understanding among students of University, Peking University, Fudan with more than 400 overseas participating institutions. University, Shanghai Jiao Tong universities and plays host to over University, Zhejiang University, Nanjing Dr The University is a founding member of Universitas 3,300 international students. The Why H5N1 is so University, Xiamen University and Sun Engaging Across Boundaries 21, a network of comprehensive research intensive University is committed to cultivating Yat-sen University, on undergraduate Lynne DiStefano internationalism on campus and Deadly student exchange and joint universities covering all corners of the globe. One of the main objectives of Universitas 21 is to assist in the to supporting staff and student While the University is fostering the postgraduate programmes. The first aspiration of its members to become global universities mobility projects and international concept of a worldwide classroom, batch of undergraduates admitted and to advance their plans for internationalisation. programmes at all levels. the academic collaboration and to the University on a scholarship bonding with the universities in scheme graduated in 2002. The University is a founding member the Mainland remain close. The of Universitas 21, a network of HKU Worldwide China Programme Following a new Hong Kong comprehensive research intensive has actively involved students to government policy, the University Quality and utility underscore our University was awarded HK$148 HKU has been taking an active role in universities covering all corners of the expanded since 2002 its original participate in different academic efforts and this has been recognised million, which accounts for 29% of strategic international alliances with globe. One of the main objectives scheme for the admission of and internship programmes with in several ways. Our staff have the total funding allocated to all eight universities and research institutions of Universitas 21 is to assist in the the most prestigious universities and published in many respected, local universities. The University has worldwide. It has academic links aspiration of its members to become corporations in Mainland China to high-impact and peer-reviewed received a total of HK$1,412 million with more than 400 overseas global universities and to advance international journals and received from RGC Competitive Earmarked universities and plays host to over their plans for internationalisation. high honours both in mainland China Research Grant since 1991, more 3,300 international students. The and overseas. than any other tertiary institution in University is committed to cultivating The HKU Worldwide Undergraduate the territory. internationalism on campus and Student Exchange Programme, Our research excellence has again to supporting staff and student established in 1997, enables over ten enabled us to assume the position of The research output of the University's mobility projects and international per cent of our undergraduate student the most successful university in Hong academic staff is substantial. About programmes at all levels. population to undertake exchange at Kong in terms of securing competitive 6,700 items of research output were institutions overseas or in Mainland research funding from the Research published during 2006-07; many of The University is a founding member China. Its close links with 150 partner Grants Council (RGC). In 2008 the them in international journals, and of Universitas 21, a network of over 70% were refereed.
  • 8. Research Engaging Across Boundaries 014 015 Quality and utility underscore our internationalism on campus and HKU Worldwide China Programme postgraduate programmes. The first choice of mainland students and its Climate Change and The University of Hong Kong The Review-2009 efforts and this has been recognised to supporting staff and student has actively involved students to batch of undergraduates admitted popularity among mainland applicants in several ways. Our staff have mobility projects and international participate in different academic to the University on a scholarship received positive media coverage in War published in many respected, programmes at all levels. and internship programmes with scheme graduated in 2002. the recent years. HKU has many on-going research high-impact and peer-reviewed the most prestigious universities and connections with institutions and international journals and received The University is a founding member corporations in Mainland China to Following a new Hong Kong The University currently offers joint universities around the world. One high honours both in mainland China of Universitas 21, a network of develop cross-disciplinary skills. The government policy, the University master programmes in mainland of the most notable international and overseas. comprehensive research intensive key universities that the University expanded since 2002 its original China in collaboration with prominent collaborative efforts is the HKU- universities covering all corners of the closely works with include Tsinghua scheme for the admission of universities in Shanghai, Shenzhen, Pasteur Research Centre. Established Our research excellence has again globe. One of the main objectives University, Peking University, Fudan undergraduates from the Mainland and Chongqing. These joint in 1999, the Centre combines the enabled us to assume the position of of Universitas 21 is to assist in the University, Shanghai Jiao Tong with Scholarships to cover programmes include master degrees interests of both the University the most successful university in Hong aspiration of its members to become University, Zhejiang University, Nanjing students who are not supported by in business administration, social and the Institut Pasteur in battling Kong in terms of securing competitive global universities and to advance University, Xiamen University and Sun scholarships. For the year 2008-2009, work, social service management, infectious diseases. HKU also signed research funding from the Research their plans for internationalisation. Yat-sen University, on undergraduate the university admitted 265 fee- real estate, construction project a memorandum of understanding Grants Council (RGC). In 2008 the student exchange and joint paying mainland students from the management and finance. in the summer of 2002 to set up a Engaging Across Boundaries University was awarded HK$148 Finding New Links 12,011 who applied. HKU is the twin research centre with the Aaron million, which accounts for 29% of most popular Hong Kong university the total funding allocated to all eight between Diet and local universities. The University has Cancer received a total of HK$1,412 million The HKU Worldwide Undergraduate from RGC Competitive Earmarked Student Exchange Programme, Research Grant since 1991, more established in 1997, enables over ten than any other tertiary institution in per cent of our undergraduate student the territory. population to undertake exchange at institutions overseas or in Mainland The research output of the University's China. Its close links with 150 partner academic staff is substantial. About institutions in 25 countries worldwide 6,700 items of research output were serves to enhance students' global published during 2006-07; many of perspective and foster cross-cultural them in international journals, and understanding among students of over 70% were refereed. participating institutions. HKU has been taking an active role in While the University is fostering the strategic international alliances with concept of a worldwide classroom, universities and research institutions the academic collaboration and worldwide. It has academic links bonding with the universities in with more than 400 overseas the Mainland remain close. The universities and plays host to over 3,300 international students. The University is committed to cultivating
  • 9. Community Connecting with the wider Community 016 017 Quality and utility underscore our efforts and this has been recognised in several ways. Our staff have published in many respected, high-impact and peer-reviewed international journals and received high honours both in mainland China and overseas. Our research excellence has again enabled us to assume the position of the most successful university in Hong Kong in terms The University of Hong Kong The Review-2009 of securing competitive research funding from the Research Grants Council (RGC). In 2008 the University was awarded HK$148 million, which accounts for 29% of the total funding allocated to all eight local universities. The University has received a total of HK$1,412 million from RGC Competitive Earmarked Research Grant since 1991, more than any other tertiary institution in the territory. The research output of the University's academic staff is substantial. About 6,700 items of research output were published during 2006-07; many of them in international journals, and over 70% were refereed. HKU has been taking an active role in strategic international alliances with universities and research institutions worldwide. It has academic links with more than 400 overseas universities and plays host to over 3,300 international students. The University is committed to cultivating internationalism on campus and to supporting staff and student mobility projects and international programmes at all levels. The University is a founding member of Universitas 21, a network of comprehensive research intensive universities covering Connecting with the Wider Community all corners of the globe. One of the main objectives of Universitas 21 is to assist in the aspiration of its members to become global universities and to advance their plans for internationalisation. Community Connecting with the Wider Community we're here providing medical and dental help to those in need, offer social services to the elderly and troubled teens.
  • 10. Community Connecting with the wider Community 018 019 Focus on Content Taking a Lesson to Heart A Culture Education An International Perspective Intense Learning Outside the Classroom Asian Youth Climate Summit Raising Awareness About Africa A Choice Destination for Top Mainland Students The University of Hong Kong The Review-2009 HKU has been taking an active role in institutions overseas or in Mainland University, Shanghai Jiao Tong strategic international alliances with China. Its close links with 150 partner University, Zhejiang University, Nanjing universities and research institutions institutions in 25 countries worldwide University, Xiamen University and Sun worldwide. It has academic links serves to enhance students' global Yat-sen University, on undergraduate with more than 400 overseas perspective and foster cross-cultural student exchange and joint universities and plays host to over understanding among students of postgraduate programmes. The first The University is a founding member of Universitas 3,300 international students. The participating institutions. batch of undergraduates admitted Professor Connecting with the Wider Community 21, a network of comprehensive research intensive University is committed to cultivating to the University on a scholarship Chow Shew-Ping universities covering all corners of the globe. One of internationalism on campus and Supporting the "First scheme graduated in 2002. the main objectives of Universitas 21 is to assist in the to supporting staff and student mobility projects and international in Family" Following a new Hong Kong aspiration of its members to become global universities and to advance their plans for internationalisation. programmes at all levels. While the University is fostering the government policy, the University concept of a worldwide classroom, expanded since 2002 its original The University is a founding member the academic collaboration and scheme for the admission of of Universitas 21, a network of bonding with the universities in undergraduates from the Mainland comprehensive research intensive the Mainland remain close. The with Scholarships to cover Quality and utility underscore our University was awarded HK$148 A Natural Habitat for universities covering all corners of the HKU Worldwide China Programme students who are not supported by efforts and this has been recognised million, which accounts for 29% of in several ways. Our staff have the total funding allocated to all eight New Green Centre globe. One of the main objectives has actively involved students to scholarships. For the year 2008-2009, of Universitas 21 is to assist in the participate in different academic the university admitted 265 fee- published in many respected, local universities. The University has HKU has been taking an active role in aspiration of its members to become paying mainland students from the and internship programmes with high-impact and peer-reviewed received a total of HK$1,412 million strategic international alliances with global universities and to advance 12,011 who applied. HKU is the the most prestigious universities and international journals and received from RGC Competitive Earmarked universities and research institutions their plans for internationalisation. most popular Hong Kong university corporations in Mainland China to high honours both in mainland China Research Grant since 1991, more worldwide. It has academic links choice of mainland students and its develop cross-disciplinary skills. The and overseas. than any other tertiary institution in with more than 400 overseas The HKU Worldwide Undergraduate popularity among mainland applicants key universities that the University the territory. universities and plays host to over Student Exchange Programme, received positive media coverage in closely works with include Tsinghua Our research excellence has again 3,300 international students. The established in 1997, enables over ten the recent years. University, Peking University, Fudan enabled us to assume the position of The research output of the University's University is committed to cultivating per cent of our undergraduate student the most successful university in Hong academic staff is substantial. About internationalism on campus and population to undertake exchange at The University currently offers joint Kong in terms of securing competitive 6,700 items of research output were to supporting staff and student master programmes in mainland research funding from the Research published during 2006-07; many of mobility projects and international China in collaboration with prominent Grants Council (RGC). In 2008 the them in international journals, and programmes at all levels. over 70% were refereed.
  • 11. Community Connecting with the wider Community 020 021 Quality and utility underscore our internationalism on campus and real estate, construction project The University of Hong Kong The Review-2009 efforts and this has been recognised to supporting staff and student management and finance. in several ways. Our staff have mobility projects and international published in many respected, programmes at all levels. Climate Change and high-impact and peer-reviewed War R international journals and received The University is a founding member high honours both in mainland China of Universitas 21, a network of HKU has many on-going research and overseas. comprehensive research intensive connections with institutions and CA S universities covering all corners of the universities around the world. One Our research excellence has again globe. One of the main objectives of the most notable international enabled us to assume the position of of Universitas 21 is to assist in the collaborative efforts is the HKU- the most successful university in Hong aspiration of its members to become Pasteur Research Centre. Established E Kong in terms of securing competitive global universities and to advance in 1999, the Centre combines the research funding from the Research their plans for internationalisation. interests of both the University Grants Council (RGC). In 2008 the and the Institut Pasteur in battling Connecting with the Wider Community University was awarded HK$148 Our Olympic infectious diseases. HKU also signed million, which accounts for 29% of the total funding allocated to all eight Contributions a memorandum of understanding in the summer of 2002 to set up a local universities. The University has The HKU Worldwide Undergraduate twin research centre with the Aaron received a total of HK$1,412 million Student Exchange Programme, Diamond AIDS Research Centre in from RGC Competitive Earmarked established in 1997, enables over ten New York. In January 2003, the Research Grant since 1991, more per cent of our undergraduate student first ever human Genome Research than any other tertiary institution in population to undertake exchange at has actively involved students to Centre was established in Hong the territory. institutions overseas or in Mainland participate in different academic Kong together with the Hospital for 12,011 who applied. HKU is the China. Its close links with 150 partner and internship programmes with Sick Children (HSC) of Toronto (an most popular Hong Kong university The research output of the University's institutions in 25 countries worldwide the most prestigious universities and affiliation of the University of Toronto, batch of undergraduates admitted choice of mainland students and its academic staff is substantial. About serves to enhance students' global corporations in Mainland China to Canada). to the University on a scholarship popularity among mainland applicants 6,700 items of research output were perspective and foster cross-cultural develop cross-disciplinary skills. The scheme graduated in 2002. received positive media coverage in published during 2006-07; many of understanding among students of key universities that the University The World Trade Organisation (WTO) the recent years. them in international journals, and participating institutions. closely works with include Tsinghua recognises HKU as a leading tertiary Following a new Hong Kong over 70% were refereed. University, Peking University, Fudan education institution in Asia. In 2004, government policy, the University The University currently offers joint While the University is fostering the University, Shanghai Jiao Tong HKU was selected as the official WTO expanded since 2002 its original master programmes in mainland HKU has been taking an active role in concept of a worldwide classroom, University, Zhejiang University, Nanjing training centre for the Asia-Pacific scheme for the admission of China in collaboration with prominent strategic international alliances with the academic collaboration and University, Xiamen University and Sun Region, and has since been running undergraduates from the Mainland universities in Shanghai, Shenzhen, universities and research institutions bonding with the universities in Yat-sen University, on undergraduate regional trade policy courses for with Scholarships to cover and Chongqing. These joint worldwide. It has academic links the Mainland remain close. The student exchange and joint government officials from over 30 students who are not supported by programmes include master degrees with more than 400 overseas HKU Worldwide China Programme postgraduate programmes. The first jurisdictions in the region. scholarships. For the year 2008-2009, in business administration, social universities and plays host to over the university admitted 265 fee- work, social service management, 3,300 international students. The paying mainland students from the University is committed to cultivating
  • 12. An Extract from the University's Annual Account 2008-09 020 023 An Extract from the University's Annual Account 2008-09 The University of Hong Kong Consolidated Income and Expenditure Statement For the year ended June 30, 2008 1. GENERAL INFORMATION 30 June 30 June 31 December The University of Hong Kong The Review-2009 US$’000 US$’000 US$’000 Pacific Basin Group’s unaudited net profit for the six months ended 30 June 2008 was US$337.6 million including US$38.6 million of disposal gains. Profit before disposal gains was US$299 million, up 165% on the US$112.7 Results Revenue 909,872 455,361 1,177,292 million earned in the first half of 2007. Basic earnings per share were HK$1.62 (2007: HK$0.81). The increased profit Time charter equivalent earnings 586,430 269,229 700,473 was mainly driven by increased revenue days (up 22%) and higher daily charter rates (up 69%). Gains on disposal 38,610 50,247 137,437 Operating profit 343,027 167,746 488,840 The Group delivered a return on average shareholders’ equity during the period of 68% (2007: 63%). The Board Finance costs (20,957) (10,244) (24,103) has declared an interim dividend of HK 76 cents per share (2007: HK 45 cents) which represents a payout ratio of Net profit attributable to shareholders 337,587 162,934 472,125 50% of earnings (2007: 55%). The Board’s objective continues to be to pay a generous dividend to shareholders Balance Sheet whilst reinvesting sufficiently in the Group’s businesses to ensure their development. To that end, the Board has Total assets 1,036,235 1,654,336 decided to continue the Company’s policy of paying out a minimum of 50% of profits attributable to shareholders Net cash/(borrowings) 191,996 (236,315) (10,730) but, in future, to exclude vessel disposal gains. This change will allow for the reinvestment of disposal gains, which Shareholders’ equity 599,530 867,567 had previously been included in dividend distributions, to enable Pacific Basin to take advantage of appropriate Cash 804,309 83,251 649,535 Capital commitments (225,318) (291,366) growth opportunities. An Extract from the University's Annual Account 2008-09 Cash Flows 2. BASIS OF PREPARATION Operating 284,227 97,017 313,979 Investing 10,195 101,982 The dry bulk market has been much stronger during this period than in the first half of 2007 as a result of continued Financing 54,031 (87,203) 170,332 robust demand for commodities and limited supply of new vessels. However, freight rate volatility has been high as a Change in cash 120,711 20,009 586,293 result of the global fleet of dry bulk vessels operating very close to full capacity. We have so far witnessed few signs Per Share Data HK HK dollars HK dollars of a slow-down in demand for dry bulk shipping services, despite the weakening global economy. Under these very Basic EPS 1.62 0.81 2.34 strong market conditions, Dividends 0.76 0.45 1.20 Operating cash flows 1.37 0.97 1.56 The Group delivered a return on average shareholders’ equity during the period of 68% (2007: 63%). The Board Net book value 5.96 2.98 4.27 has declared an interim dividend of HK 76 cents per share (2007: HK 45 cents) which represents a payout ratio of Share price at period end 11.14 8.80 12.58 50% of earnings (2007: 55%). The Board’s objective continues to be to pay a generous dividend to shareholders Market capitalisation at period end HK$19.4 HK$13.8 bn HK$19.9 bn whilst reinvesting sufficiently in the Group’s businesses to ensure their development. To that end, the Board has decided to continue the Company’s policy of paying out a minimum of 50% of profits attributable to shareholders Ratios but, in future, to exclude vessel disposal gains. This change will allow for the reinvestment of disposal gains, which Net profit % 58% 61% 67% had previously been included in dividend distributions, to enable Pacific Basin to take advantage of appropriate Payout ratio 50% 55% 52% Return on average assets 39% 35% 46% growth opportunities. Return on average equity 68% 63% 78% Total shareholders’ return (5%) 84% 171% 3. ACCOUNTING POLICIES Number of full time shore based staff per vessel 2.5 2.5 2.5 Net cash/(borrowings) to book value The dry bulk market has been much stronger during this period than in the first half of 2007 as a result of continued of property, plant and equipment 21% (30%) (1%) robust demand for commodities and limited supply of new vessels. However, freight rate volatility has been high as a Net cash/(borrowings) to shareholders’ equity 14% (39%) (1%) Interest coverage 18.1X 18.8X 22.2X result of the global fleet of dry bulk vessels operating very close to full capacity. We have so far witnessed few signs of a slow-down in demand for dry bulk shipping services, despite the weakening global economy. Under these very strong market conditions, The dry bulk market has been much stronger during this period than in the first half of