Urban Renewal Authority 2018-19 Annual Report

REPORT OF THE MEMBERS OF THE BOARD 114 The members of the Board submit their report together with the audited financial statements for the year ended 31 March 2019. BOARD MEMBERS Members of the Board for the year and up to the date of this report are set out on page 98. PRINCIPAL ACTIVITIES The principal activities of the Urban Renewal Authority (the “Authority”) and its subsidiaries (together, the “Group”) have been to promote urban renewal in Hong Kong by way of redevelopment, rehabilitation, revitalisation and heritage preservation. As a result of the Urban Renewal Strategy promulgated on 24 February 2011, the Group is to focus on redevelopment and rehabilitation as its core business. CONSOLIDATED FINANCIAL STATEMENTS The results of the Group for the year ended 31 March 2019 and the financial position of the Group and of the Authority at that date are set out in the consolidated financial statements on pages 118 to 168. PROPERTY, PLANT AND EQUIPMENT Movements in property, plant and equipment during the year are set out in Note 8 to the consolidated financial statements. WORKING CAPITAL At 31 March 2019, the working capital of the Group was mainly financed by the Government’s equity injection, accumulated surplus and debt securities issued. BOARD MEMBERS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS AND RIGHTS OF ACQUISITION OF SHARES No contract of significance, to which the Authority or any of its subsidiaries was a party and in which a member of the Board had a material interest, subsisted at the end of the year or at any time during the year other than Note 23 to the consolidated financial statements. At no time during the year was the Authority or any of its subsidiaries a party to any arrangement to enable the members of the Board to acquire benefits by means of the acquisition of shares in or debentures of any body corporate. AUDITOR The financial statements have been audited by KPMG who retire and, being eligible, offer themselves for re- appointment. By order of the Board CHOW Chung-kong Chairman Hong Kong, 11 June 2019