The Group operates under two divsions:

• The Ferries Division which is reviewed in detail on pages 26 to 31; and

• The Container and Terminal Division which is reviewed in detail on pages 32 to 35.

Our strategy is to generate profitable and sustainable growth for the Group by embracing new services and technologies while minimising our impact on the environment. Key risks and uncertainties which may impact the successful delivery of this strategy are set out on pages 57 to 61.

There are two principal elements to the Group’s strategy for delivering value to shareholders:

• Investment in quality assets to achieve economies of scale with a superior customer service.

• Benchmarking costs to industry best practice to enable the Group to compete vigorously in its chosen markets.