CHAIRMAN’S
STATEMENT
The new Grand Banks Eastbay 44
These yachts incorporate the best of both brands and are being
built using the latest production techniques to ensure they have
the best seaworthiness and their own distinctive identities. We
expect to recognise revenue from the sale of these yachts in
the financial year ending 30 June 2017 (“FY2017”).
The Group will be involved in the U.S. fall boat show circuit,
which will feature the Newport International Boat Show,
Norwalk Boat Show, Annapolis Boat Show and Fort Lauderdale
International Boat Show. We are hopeful about demand in the
US, as well as in Australia, Japan and Singapore.
KEY APPOINTMENTS
We welcome Mr Gary James Weisman who was elected as
an independent director on 28 October 2015. With his vast
experience in the U.S. boating industry, Mr Weisman is a
valuable addition to the Board. He is also a member of the Risk
Management and Audit Committee.
We also welcome Mr Chiam Heng Huat who was appointed
Chief Financial Officer of the Group on 29 October 2015.
Mr Chiam has over 25 years of financial management and
public accounting experience and we are delighted to have
him with us.
OUTLOOK
Going forward, we will continue to drive synergies between our
two brands, scale up manufacturing efficiency, and take part in
international boat shows to strengthen our brand profiles and
order book.
On behalf of the Board, I would like to thank our customers,
business partners and valued employees for their support and
contributions. I am also grateful to my fellow Board members
for their wise counsel.
As always, I wish to express my sincere appreciation to all
shareholders for keeping the faith with us over the years. I look
forward to your continued support.
In appreciation,
HEINE ASKAER-JENSEN
Chairman of the Board of Directors
03
GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
