2.
(f)
Translation of foreign currencies
Foreign currency balances at the year end are translated into Hong Kong dollars at approximately the market rates of exchange ruling at the balance sheet date except for balances where foreign exchange contracts have been undertaken, in which case the rates applicable to the contracts have been used for the translation. Foreign currency transactions during the year are translated into Hong Kong dollars at the rates ruling at the transaction dates.
All differences on foreign currency translation are dealt with in the profit and loss account, except for unrealised differences on the translation of long term monetary items which are deferred and transferred to an equalisation account; realised differences and any deficit in the exchange equalisation account are dealt with in the profit and loss account.
Turnover
Group turnover represents gross income from sales and for services provided to third parties. which includes revenue from ferry operations, property income, general trading, shipbuilding and repairs.
3.
Profit before Taxation
Group
1982
1981
$'000
$'000
Profit before taxation is arrived at after charging:
- interest on
Bank loans and overdrafts
7,177
3,342
Loans repayable by instalments due within five years Other borrowings due within five years
4,048
2,279
2
14
11,227
5,635
Less: Capitalised
7,337
3.469
3,890
2,166
Depreciation
20,549
16,984
Auditors' remuneration
Rent of government piers
Computer rental
205
172
1,274
1,547
526
547
and after crediting:
Net rental income
4.
Directors' Remuneration
16,698
14,821
Directors' remuneration disclosed pursuant to section 161 of the Companies Ordinance is as follows:-
As directors
As executives
Group
1982
1981
$'000
$'000
843
936
2,232
2,373
3,075
3,309
12