Notes on The Accounts (Continued)
4.
EXCEPTIONAL ITEMS
The group
The company
1998
1997
1998
1997
$000's
$000's
$000's
$000's
Recognition of deferred profits (note 16)
11,707
264,702
8,304 187,751
Provision for insurance written back (note 18)
74,500
74,500
Effect of terminating the franchise on 31st August, 1998 (note 22)
(7,454)
(7,454)
Provision for diminution in value of interest in an associated company (note 10) (102,480)
(98,227) 339,202
850 262,251
5. DIRECTORS' REMUNERATION
Directors' remuneration disclosed pursuant to section 161 of the Companies Ordinance is as follows:-
Fees
Bonus in accordance with article 155 Salaries, allowances and other benefits
Retirement schemes contribution
1998
1997
$000's
$000's
56
55
3,292
1,488
10,566
8,358
760
264
14,674
10,165
Fees and other emoluments in respect of independent non-executive directors for the year ended 30th June, 1998 amounted to HK$556,915 (1997: $435,162).
6. TAXATION
(a) Taxation in the profit and loss accounts represents:-
The group
The company
1998
1997
1998
1997
$000's
$000's
$000's
$000's
Estimated liability to Hong Kong profits tax at 16%
(1997: 16.5%) on the assessable profits of the year
1,164
1,361
1,206
(Over)/under provision in respect of previous year Share of taxation of associated companies
(45)
28
(45)
31
8,322
463,504
9,441
464,893
(45)
1,237
(b) The liability to taxation represents:-
Estimated liability to profits tax for the
year
1,164
1,361
1,206
(Refund)/balance of profits tax provision relating to previous year
(303)
2
(335)
861
1,363
(335)
1,206
23