1983 — Page 22

Report of the Auditors

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

We have examined the accounts set out on pages 7 to 20. As more fully described in note 1 on the accounts, no amortisation has been provided on leasehold land, and certain buildings have not been depreciated over the appropriate leasehold periods in accordance with the requirements of Statement of Standard Accounting Practice 123 issued by the Hong Kong Society of Accountants.

In view of the present uncertainties existing in the property market in Hong Kong, we are unable to form an opinion as to whether advances of $6.7 million to an associated company, included in note 11 of the accounts, are recoverable in full.

Subject to the foregoing reservations, in

our opinion, the accounts of the Company and of the Group, set out on pages 7 to 20 comply with the Companies Ordinance and give a true and fair view of the state of affairs at 31st December 1983 and of the profit and changes in financial position for the year ended on that date.

Peat, Marwick, Mitchell & Co. Certified Public Accountants

Hong Kong, 6th March 1984

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

・松山非程離性之醯列,包括本集國各会可之互相場

$ Millions

百萬元

45

1979

1980

1981

1982

1983

Ferry

Operations

Shipbuilding

Trading.

Property

& Repairs

Services

Investment

小輪收益

MUR

& Others

地產投資

貿易,服務及其他

T

T

40

35

30

25

20

15

10

5