Notes on The Accounts (Continued)
4.
OPERATING PROFIT
Operating profit is arrived at
after charging:-
Auditors' remuneration
Property expenses
Operating lease charges for land and buildings
and after crediting:-
Rental income less outgoings
which includes
- gross rental income from investment properties
5.
DIRECTORS' REMUNERATION
2001
2000
$000's
$000's
1,928
2,113
1,900
1,637
442
65,727
50,650
67,627
52,287
Directors' remuneration disclosed pursuant to section 161 of the Hong Kong Companies Ordinance is as follows:-
Fees
Bonus in accordance with article 155
Salaries, allowances and other benefits
2001
2000
$000's
$000's
295
305
1,376
3,015
13,208
14,450
14,879
17,770
Fees and other emoluments in respect of independent non-executive directors for the year ended 30th June, 2001 amounted to $485,330 (2000: $941,352).
6. TAXATION
(a) Taxation in the consolidated profit and loss account represents:-
Provision for Hong Kong profits tax for the year
Overseas taxation
Overprovision in respect of previous year
Share of taxation of jointly controlled entities
2001
2000
$000's
$000's
259
71
1,251
770
1,510
841
(121) (29,017) 11,048
2,805
12,437
(25,371)
ended
The provision for Hong Kong profits tax is calculated at 16% (2000: 16%) of the estimated assessable profits for the year 30th June, 2001. The provision for overseas taxation is similarly charged at the appropriate current rates of taxation ruling in the relevant countries.
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Notes on The Accounts (Continued)
6. TAXATION (Continued)
(b) The liability to taxation represents:-
Estimated liability to profits tax for the year Profits tax provision relating to previous year