Vanda Gould | Chairman's Report

The Directors of CVC are pleased to report a net profit before tax of $30.3 million and after tax of $23.3 million for the year ended 2006. It is encouraging to note that this result was achieved across all segments of the Company's operations and represent the progress that has been made towards the Company's objective of creating the widest possible range of recurring earnings.

Vanda Gould | Chairman's Report for the year ended 30 June 2007

William Shakespeare is arguably the most creative person in european history. His contribution to english language alone is immeasurable - he coined somewhere between 2,076 and 6,700 new words which are now part of the english language. Shakespeare was also a successful businessman and entrepreneur. In his master piece - Hamlet - there is much we can learn about life. It is a profoundly moral play showing morality (as well as evil) to be contagious. There is a line in Hamlet which in a general way summarises CVC's philosophy of business:"Neither a borrower nor a lender be." Of course, we structure some of our investments as loans for legal reasons, but in general they form a type of equity.