Report of the Auditors

To the Members of The Hongkong and Yaumati Ferry Company, Limited

We have audited the accounts set out on pages 7 to 20 in accordance with approved Auditing Standards.

In our opinion, the accounts give a true and fair view of the state of affairs of the Company and the Group at 31st December 1984 and of the profit and changes in

financial position of the Group for the year then ended and comply with the Companies Ordinance.

Peat, Marwick, Mitchell & Co. Certified Public Accountants

Hong Kong, 12th March 1985

*

Contributions to Group Profit before Tax by Activities

(before extraordinary profit, including inter-company transactions)

集團各項業務之除稅前溢利分配

( 未計非經常性之溢利,包括本集團各公司之互相貿易 )

1980

Ferry

Operations

小輪收益

1981

1982

1983

1984

Shipbuilding

& Repairs

興建及

修理船舶

Trading,

Services

& Others

貿易,服務及其他

Property

$ Millions

百萬元

45

Investment*

地產投資

40

35

30

25

20

15

10

5

0

-5

1984 including a provision against diminution in value of property investment in an associated company, Authian Estates Ltd.

一九八四年度包括一項在聯營公司 Authian Estates Ltd. 之物業投資價值低折準備。

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