1999 — Page 59

Notes on the Accounts

Hong Kong Ferry (Holdings) Ca.

57

28. POST BALANCE SHEET EVENT

On 2 November 1999 and 14 January 2000, the Group entered into sales and purchase agreements

with an independent third party for the transfer of its passenger ferry operation licence and the disposal of its ferry vessels and other related assets for a cash consideration of HK$167 million. A non-refundable deposit of HK$77.5 million had been received by the Group prior to 31 December 1999. The transactions were completed on 15 January 2000 and will be reflected in the Group's accounts for the year ending 31 December 2000. The assets and turnover of the subject passenger ferry operation constitute approximately 3.2% and 20.9% of the consolidated assets and turnover respectively for the year ended 31 December 1999.

29. COMPARATIVE FIGURES

The presentation and classification of items in the accounts have been changed due to the adoption of the requirements of SSAP 1 (revised) "Presentation of financial statements". As a result, additional line items have been included on the face of the consolidated profit and loss account and the balance sheets as required by SSAP 1 (revised), such as cost of sales, other revenue, finance cost, analysis of expenses, and analyses of current assets and liabilities. Comparative figures have been reclassified to conform with the current year's presentation.