CMB_2001 — Page 25

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