1982 — Page 13

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

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