NOL holds successful AGM in Singapore

Logistics Asia - Industry News, 2/5/2008

NOL's 39th Annual General Meeting (AGM) was held in Singapore in April 2008. The AGM was a success with a strong turnout of about 150 shareholders eager to hear a review of the company's 2007 performance.

In his address to shareholders, NOL Chairman Mr Cheng Wai Keung said that 2007 was another year of progress for the Group and that the company had again shown it is among the top performers in our industry.

NOL posted record revenue for the year of US$8.2 billion, continuing the company's positive revenue growth trajectory over the past five years.
Mr Cheng said: "These results, in an industry characterised by cyclicality, are a credit to our people and reflect the ongoing success of our business model. They reinforce NOL's position as an industry leader."

NOL Group President and CEO, Dr Thomas Held, spoke to shareholders about the Group's 2007 results - a net profit of US$523 million, up 44% over the previous year, representing a Return on Equity of 23% and Earnings per Share of 35.72 cents.

He described 2007 as a year in which "overall, we made good progress in implementing our strategy for profitable growth and innovation, with the objective of creating long-term value for all stakeholders"

The meeting also saw the retirement of two NOL Board members, Mr Ang Kong Hua and Mr Yasumasa Mizushima.

On behalf of shareholders, Mr Cheng warmly thanked Mr Ang and Mr Mizushima for their service to the company.

Mr Cheng, Mr Christopher Lau and Mr Timothy Harris were reelected to the Board of Directors for further terms and all of the various resolutions proposed to the meeting were endorsed by shareholders.

Neptune Orient Lines, www.nol.com.sg