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2003 2004

g ` Z F4 n5 y x

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bf8NZK5 wMŒTJ5 x7ml wkgxTJ5 kNKu ckw5ggw8N3i4 xrglxRÔuJi4 xR3Ccd9lQ5 NJZEix6bR8i.

s4WE/K5 x7ml whmAyK5 kNKu w[loEp3Jx4f5

(NHC) s4WDhUmb wm8N x7ml gÇZchx˙T9lt4 WJm÷c6gt[l:

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2003 2004

g ` Z F4 n5 y x

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9

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11

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11

wkUk5 w[lQ/sJ5 - xrgÔtk5 WNhxZ4nw5

11

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11

w[lw5 NUuiE/sJk5 gi3Dyx6∫D†5 wvÔyx6∫D†9l

12

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13

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13

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14

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15

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s i 4 √6

2003 2004

g ` Z F4 n5 y x

s i 4 √6

2003 2004

ttctA5 gnZ4n6 i6h3N6g6 „b w3i6 vuyN kNK5 Z?mY8k5

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1

g ` Z F4 n5 y x

s i 4 √6

2003 2004

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3

g ` Z F4 n5 y x

s i 4 √6

2003 2004

xRJ6√2 gnZ4nst4noxY @))#-@))$-ul grQix6bY, “g`ZF4nos5yx3i6,” iDx6bsJJ6 wµ4 bsgZsiEJ8N3iE/Y8k5 n`Qi6ns/Exc3iY8k5 csmi6ns/Exc3iYk9l yKi4n5b, x7ml5bs6 k∫`A6t6bsQx8iExc3iYk9l WoExctŒUiEix6b5b Wsi6ni4 xrr8i6ni[l, ≈8i6bwom8NExc3iR8k9l xvsi6ni[l w[lbcExc3iY8k5 kNu. b[?isMs6g6 rT9o6Ùu5 ®Ns/E8Nst9lA xbsysR5gu5 WNhxZE/s/Exc6gi4 gÇYMs6S6 yKi4nf∫j5 x4gwic3ix6gi4 w[loEi3j5 kNu. xÇAu xiA6t9lA xRJ6√E/so6hY kNu w[loEp3Jx4f8k5, scctQMs6X4v kNdtQ/5b wkR5 yK9o6Ùu4 ttC6bsymJj5 xb0JbsJ8N6gos3i6 kNu “kNu w[loEi3j5 X3Ns-j5,” ¢$)-uox8∫Mj5 trstMs6ymJ5 ®Ns/w5 g4y6©bsJ5 Noj4bs9lt4 X3Nsys3i3j5 ®Ns/w5 xg6bs˜6gi4 xRD7u4 wkUk5 w[lQ/six6gk5 vNbs2 kNø5 xg6X4bR5 xsMJ8Nd9lQ5 xd†5, gnc5bs†5, w[lw5 xyR8k9l w[loEp4f8i4 WoExctc5yx6g7mEsMs6ym9lt[l kNK5 g`ZF4f8i4 wkUk5 w[lQ/six6gk5 wvJ6hwπQix6bwi4-kbsoQx3i6nu4 yKi4nf∫j5 vNbs2 Z?m4fR5 wMscbsc5bD8Nd9lQ5 kNus5 w[lc6tbsJ8Nd9lQ5. ∫4fx WYh5 ß4gbsJ5 NlNR5g6 kNu w[loEp3Jx4f5 WoExc9MEAmiR8k5 bmgu`Z, w[loEi3j5 yKi4nf∫j5 w[lQf∫Q/sJ8N6g6ysDm9lt4, x7ml ci5gj5 w[loEi3j5 W/sJmc5b6gi[l kNusk5. WoExEym/5t8i4 sWQ/cClx6hb bek5 dok5 m3ÎUk9l, cspmJA5 ∫4fx WoExE/sR8NChxR8N3ix6g5 yKi4nf∫j5, gÇ3FQNhx6bK5 trstNhxD8N3ixC5tA w[loEi3j5 wvÔbsQx4v8iD8N6gos3lb kNj5. wvÔbsQx4v8iDbsN/6gu5 kN2 W?9ox0JtQ/R8k5-nNsZ4nk9l wvÔbsQx4v8iDbsJ8NC/6gu4 w[lo?9oxJ6bc3iY8i; ne÷6t5yQx4v8iDbslil ≈8ixc`Qg6bcEx4v8iD8Nd9lAl w˚yc5yx3i6nsJ8Nd9lAl kNusk5. d/o5yx6hY giyJmKY @))#-@))$-ul x3ÇA bµ6ystk5 gnZ4nst4noxTymJu5.

„b y√5 xRJ6√6 kNu w[loEp3Jx4fR8k5

5

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

s i 4 √Y

tusJ2 wmw5©iY kNKu w[loEp3Jx4f5 tudtY Gw[loEp3Jx4f5H wkUk b6vsY Wp5y6©9li tusK6 kNKu GZ?mYb kNK5H, W`A6tbs9li kNK5 moZos6tdtR8k5 kN5yx2u w[loEp3Jx4fR5 GkNK5H Wd/Y8k5. bwmw5©9li tusJ6, bodtQ/sK6 kNK5 Z?mY8k5, xsMiYb WoEx4nR5 r[oos6bsym9lt4 ttC6bsymJi wMY8i ®Ns/oEi3j5 xsMbsiYb Wd/6tA5, bwvi ttC6ymYb wlxi wkoµk5 Wp5t6g˚6ymJi. w[loEp3Jx4f5 si4√c6b6S5 moZos6tk5, xsM5tp5 vtmpC˜R8k5 x7ml kNKusk5 x6ftQ9lA xYJcY x7ml ui{b vmQ/c6g6 kNKu w[loEp3Jx4f8k5. bm8N xg6gA ui{b xg6t5tyxD8N6S6 x©tiYi w[loEp3Jx4f5 s9lu x7ml yKi4n5t8i W¿9oDt4nsd9lQ5 kNKusk5. NlNw6bsymiY Z?m4f8k5 tudtQ/siYk5 xvsˆDtcs3m5 Ns4fgw8N6, wMQ9lQ5 sfx: • ®Ns/tA5 vg0pctcD8N3i6, sfx9lxbs9lt4 bwmwosctQJ8N6bR5 vNbu w[loEp7mEsJ5 x7ml NUui6 w[loEp4f5 tudtR5 (CMHC). bm8N grc6S5 kNKj5 gi/sc5b6g5 Z?mgc4f8i w[loEi3j5 x5gwZ/R8iR5 kNKu w[loEp3Jx4f5 xsM0Jt4nR8k5 ®Ns/w5 gi/sc5b3iR5. • ®Ns/i xux4fQ/R8i xg3iRbR8i¬8•5 x3ÇAu rT9o3j5 ®Ns/tA5 x3ÇAJj5 xgΩD8N3i3u4, ∫4fx ®Ns/w5 Nrgw8ˆ6ymJ5 w[loEi3j5 WQxDtsd9lQ5 bm4fkY xg6g4nsiR8k gÇ6tsbR8ND8N6g5. • Wp5tx?sd9lQ5 ®Ns/k5 xrgJk5 x7ml xsM0Jtk5 x7m nN/sQxc5gk5 xg6g4nsJk5, ∫8N tusJ6 w[loEp3Jx4f5 tAux6t9lxbso6gt4 w[loEi3j5 xg6bsJk5 WQxDtsd/symJk5.

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6

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g ` Z F4 n5 y x

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(CMHC).

s i 4 √6

2003 2004

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kNoUi w[loEp4f5 tudtR5

(LHOs)

w[loEp3Jx4f5 WoEctcc5b3mb kNoUiΩ6gi w[loEp4f5 x[MFR8i, w˜8if9l kNos2 Z?mYi BxmMY8i¬8•5 w[loEi3u vmQ/cgx6Xb. kNoUi WoEctQ/K5 csbµ5 wR3CiEc5b6bYi w[loEis2 WoExR8i vmQ/cc5b6S5 wkUk5 xgi x7ml wMŒTJk5. ∫4fxoµvnw5 kNoUi w[loEi3j5 tudtQ/sJ5 w7u4ƒ6gt4 tuD6ymK5 x6ftQ9lA hNw/tsi4j5 Wd/6 GkNoUi w[loEi3j5 vg0pctŒUiR5H; xbsy6 bwmw8R5gg9li wclUi w[loEpR5, ∫8No WT6tbsiƒUm5 kN5yx3u w[loEi3j5 fxS‰nsJ5 GkNK5H Wd/Y xg6bs9li.

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7

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

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8

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2003 2004

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9

2003 2004

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10

s i 4 √Y

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2003 2004

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10

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24

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53

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11

2003 2004

kNKu

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39

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1,302 -212 54 1,144

1,674 -93 56 1,637

3,902 -785 295 3,412

6,878 -1,090 405 6,193

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1,963 77 2,022 4,820 3,002 2,817 6,668 299 21,668 20,031 -563 0 19,468 114 19,582

3,630 141 3,904 7,695 5,271 3,813 10,699 1,106 36,259 32,847 -1,050 13 31,810 308 32,118

7,020 251 7,070 15,772 10,803 8,734 22,416 1,550 73,616 67,423 -1,855 195 65,763 422 66,185

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13

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

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14

x3ÇAj5

s i 4 √Y

2004

kNoQ/sJ6 wk4

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vR6gÇW4 w[lo4 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 wclw5 r7uD5 r7uD5 r7uD5 r7uD5 d3l6g6 d3l6g6 d3l6g6 d3l6g6 d3l6g6 d3l6g6 d3l6g6 d3l6g6 d3l6g6

317 1,786 518 5,940 1,000 2,027 1,169 3,877 4,668 4,483 3,452 3,673 775 4,543 2,743 3,988 7,428 1,651 3,330 6,684 4,541 1,290 2,894 3,232 3 55 182 17 3,421 1,647 2,940 838 2,358 3,101 5,272 3,052 2,019

d3l6g6 w4g4©6, ∆N d3l6g6 d6Bs6b6, /w4f d3l6g6 w?3l4, bwFt d3l6g6 ¨J4, π8 d3l6g6 BxFs/6, xUZ{ d3l6g6 b2gN, KEx5 d3l6g6 w?3l4, jyy d3l6g6 xBwDN, ≈u d3l6g6 d`Q5g6, xo{ d3l6g6 roUr8Í4, ysC d3l6g6 wBsmb6, ≈i d3l6g6 xT˜o4, ∆N d3l6g6 bwXN, π8 d3l6g6 roUr8Í4, b[M{ d3l6g6 dç6, SEx8b d3l6g6 xçN, π8D{ d3l6g6 xçN, ÷8 d3l6g6 xçN, EWxv d3l6g6 x/oZ6, QsE d3l6g6 S95, JxZ8 d3l6g6 vW8b, „b d3l6g6 wkZlx6, bw÷8 d3l6g6 w?3l4, √o8 d3l6g6 BxFs/6, ˆ8y d3l6g6 Bw4Bx5g6, ∫8 Axb8 d3l6g6 vJCN, fE{†8 d3l6g6 c6f˜6, ‰b d3l6g6 ro4rFs/6, Kwi d3l6g6 roUr8Í4, txW d3l6g6 ß8i6, x3g3 d3l6g6 X`A5, µ3p d3l6g6 X`A5, gExK3 d3l6g6 WZ9M6, ‰b d3l6g6 b2gN, Fx9m d3l6g6 b2gN, ?o{ d3l6g6 d3l6©2 BxmMY d3l6g6 kNu w[loEp3Jx4f5 d3l6g6 kNu ß7mdtoEπ5 d3l6g6 Z?m4f8k5 Wp5yC6†5 d3l6g6 N5t6 h9loEπ5 ßNdys6 d3l6g6 rx?8 i2bˆ5tx6 d3l6g6 m9f omt5 vt9lQ5 bmwb

¥. cc6 ¬-XsM fk4 xX5, txi{ rU, usE x4W4, ≈u xbu, /w4fE Nvh4, s4W4 wp5yx6, ∂J4 fk4, µQ xT/6, ≈i ¬4vy, mw Ôu v4® gb8, Ôt Ns9M6, ~M∆i t7jt, wk5yx6 ƒt, txN{ m3tx9, J≈8 x6W4, xwsM eM=?6, Qtsi Ns9M6, bwFt XÙ5y, x3N6 XÙ5y, Ôy o5Wxg3, ≈i S4r8i6nw5 $500-i4 Xsly sNo6 kNK5 Z?mY X9l6 u`QEx6 kx{Fx{tx9 elD6, y∫8o i2bˆ5tx6, J≈8 BxFs/6, ÇS5 Bwd7m6, WxN5 frl√6, Jx0 S95, ~3o dç6, x[N{ wkZlx6, bwFt x3l4, X2

cktQ

2,531 1,640 4,472 1,190 3,576 2,787 1,696 1,430 1,154 698 768 206 765 504 3,413 388 2,203 4,920 2,910 589 935 30 32 376 612 4,199 1,186 80 6,655 333 1,600 85 402 128 1,010 189 6,981 780 5,242 607 163 69 170,448

g ` Z F4 n5 y x

s i 4 √6

2003 2004

®Ns/oEi3j5 si4√oxTymJ6 16

xsM5tπ5 vmQ/ExoR5 ®Ns/oEi3u5 csp4vwQxc3iR8i

17

®Ns/tA5 eu3Dps2 si4v1Z√1Q5

18

®Ns/5 xg6bsJ9 xrø4Jtk5

19

xsM5y0Jtk5

20

si4√1AJ6 xro4nd3i3j5

21

si4√6 ®Ns/w6 w1Q3Ci1Qk5

22

Notes to Financial Statements

15

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

s i 4 √Y

xsM5tπ5 vmQ/ExoR5 ®Ns/oEi3u5 csp4vwQxc3iR8i

ui{bj5 „b eM=?3j5 ui{b vmJ6 kNK5 w9loEp3Jx4fR8i.

WcystymJ5 ®Ns/w5 ttC6ymiR5 ttC6bsMs6g5 xsM5tpY8k5 mo5gt4 vNbu xR6bsymJi4 ®Ns/oEi3∆YJi4. xsM5tπ5 vmc5b6g5 gÇZc6g9l bm4fiY ®Ns/oEi3j5 ttC6ymQxc3iR8k5 x7ml , ˆ7mZw7m5, ttC6ymJ5 Wcys0pymc5b6g5 u{nsn6bsymJi4 whmQ/R8i9l cspn5tx3iR8i WoEctc6gt4 xgw8Nst5tJi4 ∫4fkY xsM5tpj5. xsM5tπ5 ≈6®ymJ5 vmc5b6gt9l ®Ns/oEi3u5, tt6vdtR8i, ®Ns/w9l u{~k5 xsMbsQxc3iR8i9l, cCns/oEi3j5 xsM5tc5bi3u9l xg6gt4. ∫4fx ≈6r5bsymJ5 W5tx6ymd9lQ5 gÇZsix6g5 ®Ns/oEi3∆YJi4 bm4fx WdtR5 x5bN6g¨dNQ5 xsMbs5tx3lt4 xs9˜6tE5txc5b3lt9l mo9lt4 ®Ns/oEi3j5 xsM5tπ5 Wd/R5, w9loEp3Jx4f5 Wd/R9l, x7ml Wd/R8i fxS‰n4f5. fxS‰n4f5 xsM5tpY won6yymK6 vmQ/ExoR8i xsMbsc5b6gi4 fxS‰n4f5 wlxi mo5gt4 moQxoR8i Wd/3i5 xsMic5txd9lQ9l gÇZR8i mo9lt4, x7ml xgxZ3i5 mø8N6gt4 vmc5b6g6 wlxi kNK7u Z?m4fc4f5 fxS‰ndtR8i. ®Ns/oEp7m‰5 vNbu xgw8Nst5tc5b6g5 w7u4ƒ6gi4, gÇZ3i5 cspn3i3j5 bm4fiY x7ml whmQ/R8i9l NlNw6yc5b6gi5 ®Ns/oEi3j5 ttC3iR8i fxS‰ns2 u{~k5. whm6n6ys6X7uJ6 bm4fx ®Ns/oEp7mE3∆6X6g5 cspn3i3∆YJ5, mo5tx6g5 s2WE/s5tx6gt4, mo5txClx3mΩb moZ3Jxi5 cspnc5b3u/R5.

„b y√5 xRJ6√6

wclw5, kNK5 ¥†2WE !&, @))$

16

Biswanath Chakrabarty, CGA, MBA xRJ6√Tvw8N6g6 ®Ns/oEi3j5

g ` Z F4 n5 y x

s i 4 √6

2003 2004

®Ns/tA5 eu3Dps2 si4v1Z√1Q5

17

2003 2004

kNKu

w[l o E p3 J x 4f 5

®Ns/5 xg6bsJ9 xrø4Jtk5

x 3 Ç A 5 b µ6 y s 7j 5

March 31, 2004 j5 trstlA

WdtQ/5 µ8N∆YJ5 ®Ns/5 eM7usJ4f5 WD6tbsNh4g5 Gttc 3aH ®Ns/5 x[Q6g5 Gttc6 $H xrgÔtk5 wvJ6bs0Jt5 x[Q6g5 Gttc6 (H ho cwbs/Exø5 kNK5 Z?mY8i4 Gttc6 *H ®Ns/w5 WD6tbsNh4g5 ≈6r4ymJj5 GttC6 3bH WD6tbsNhx6g5 w[lok5 kN x7mlw w[lw GttC6 5aH w[lj xro4nw5 x[Q6g5 GttC6 5bH gÇ5bstQJu ®Ns/tA5 x5bg3i6 Wdt5 x7ml hNoE0JtsJ5

s i 4 √Y

GttC6 ^H

xro4nw5 µ8N∆YJ5 xroZ4nw5 Gttc6 &H giQxo4 Z?mY8k kNK5 GttC6 *H µ8N yKi4nf∫j5 xrox4nw5 xrgÔtk9l xg6gx6bsJk5 xfisJj5 xro4nsix6g6 GttC6 !)H ni3?4bsymJ5 xrgJk5 giQxo5 GttC6 !!H xro6hExo5 xrgJj x5bg3i3j5 GttC6 !@H w6vNw/6t5 yKi4n5t8i wvJyx4nR5

2004 ($’000)

2003 ($’000)

$ 2,795 18,445 4,658 1,013 505 27,416 4,043

$ 1,024 16,819 14,858 580 – 33,281 2,010

322,844 3,974 426 327,244 5,260 $ 363,963

314,949 4,236 432 319,617 5,445 $ 360,353

$ 17,177 – 10,516 27,693 179,922 150,898 31,893 84 390,490

$ 21,052 1,182 9,323 31,557 188,478 133,963 29,071 116 383,185

(26,527) $ 363,963

(22,832) $ 360,353

®Ns/DD8N6g5 WD6X9oxJ6 xro4n6 sXlYw/wt5 x xRDbsymJ9l

GttC6 !& x7m !*H

xR6bsymJ5 xYJcstk5:

„b yv5 xYJc6

bw{ t¿N ®Ns/oEp7mE4

18 sfx ttcw5 wMostymJ5 W9MEs9lt4 wMs/Exc6S5 ®Ns/oEi3j5 si4√TJj5.

g ` Z F4 n5 y x

xsM5y0Jtk5

s i 4 √6

2003 2004

March 31, 2004 j5 trstlA 2004 ($’000)

2003 ($’000)

$ 60,985 23,213 18,341 5,664 440

$ 59,573 23,795 16,874 6,470 –

2,086 1,266

2,233 1,224

27,589 5,744 9,102 154,430

26,024 5,323 8,692 150,208

1,017 326 1,030 938 3,311 151,119

419 355 1,034 572 2,380 147,828

81,898 58,268 7,990 148,156 $ 2,963

78,750 58,723 6,492 143,965 $ 3,863

®Ns/6g6g5 w[loEp4ftA5 xg6bsJ˚YJ5 gi/K5 w[lc6t5ti3j5 egRsDt5 xfisJj5 xro4nsJj5 xro4nj5 wMQxDt nN/4nk5, ≈6rQxoUk5 x7ml xyR8k5 wvÔyx6∫D†5 d/ˆ6bsymJk5 NUui6 w[lc3i∆ZJ5 w[l4nj5 giyisJ5 x7ml Wosyx3t5ti w[l∫Dtj5 wvÔyx5 \ xro6ngcw5 w6vNw/6tsJ5 w[lc6tbsiR8k5 xg6gx3i6 vmQ/siR8k5 ttctA9l ttcoE/siR8k5 Gttc !^H ®Ns/osDbsJ5 x7ml st6tbsJ5 xyR5 ®Ns/osDbsJ5 x7m st6tbsJ5 w[l∫Dtk5 w3isDtYk5 wy6X9oxJ5 WD6tbsNh4gk5 ®Ns/oxTJ5 st6tbsiR5 yKigc5t8i Wostsifk xsM0Jtk5 ®Ns/6gg5 vt9lQ5 Z?m4f8i giy/sMs6t8Nb Z?mi csbwJ5 Z?mY kNK5 vNbu w[loEp3Jx4f5 GttC6 !%H wMQxDt5 ni3?4nsymJ5 xrgJk5 xw5©yxTJk5 vt5gQ5 xsM0Jt˚YJ5

sfx ttcw5 wMostymJ5 W9MEs9lt4 wMs/Exc6S5 ®Ns/oEi3j5 si4√TJj5.

19

2003 2004

kNKu

w[l o E p3 J x 4f 5

si4√1AJ6 xro4nd3i3j5

x 3 Ç A 5 b µ6 y s 7j 5

March 31, 2004-j5 trstlA

vtymJ5 xro4n6 x3ÇA6 WQx6t9lA isF6bsymiR8k5 xrr[oQx6bsJ8NR5gk5 k4t6bsiR5 WdtQ/sJ5 kTX9oxJk5 WDtQ/sJk5 vt5gQ5 xsM0Jtk5 ®Ns/6©tsJ5 xw5©yxTJ5 Z?mY8i kNK5 tA/siR5 xrr[oQx6bsJ8nR5gk5 xrgÔtk5 WdtQ/s5 xfisJj5 xro4nc3i3j5 st6t5t?9oxi6 xrox4nw vtymJ5

srs6 whot9lA

sfx ttcw5 wMostymJ5 W9MEs9lt4 wMs/Exc6S5 ®Ns/oEi3j5 si4√TJj5.

20

s i 4 √Y

2004 ($’000) $ (22,832) (603) (931) (2,963) (27,329)

2003 ($’000) $ (21,954) – – (3,863) (25,817)

196 606 802 $ (26,527)

2,419 566 2,985 $ (22,832)

g ` Z F4 n5 y x

si4√6 ®Ns/w6 w1Q3Ci1Qk5

s i 4 √6

2003 2004

March 31, 2004-j5 trstlA

®Ns/w5 wRCiR5 xsMi3∆YJ5 ®Ns/6 sfNΩ6g5: Z?mY kNK5 (GN) vNbu w[loEp4f5 (CMHC) xyR8iΩ6g5 ®Ns/osDbsJ5 x7m st6tbsJ5 ®Ns/w5 xg6b sfkY: giyisJ5 w[lc6t5ti3j5 w6vNw/6t5 w[lc6tbsiR8k5 w3isDtk5 xfisJj5 xro6hExc6gj5 Xw2ÙoE/siR8k5 hC4ymJ5, ≈6rQxo4 x7m xyR8k5 NUui6 w[l∫Dtk5 Wostk5 x7ml wvÔtk5 vt5gQ5 ®Ns/5 xsMiYk5 wR3CisJj5 ®Ns/5 wy6X9oxJ5 ®Ns/c6t5ti3j5 gi/sJ5 Z?mY kNK5 xrgJk5 WdtQ/k5 gi/sJ5 vNbu w[loEpk5 xro4nj5 st6tb4nj5 st6ti6 xfisJj5 xro4nj x7ml xrgJj xg3i3j5 vt5gQ5 ®Ns/5 ®Ns/c6t5ti3j5 WoEisJi ®Ns/5 wy6b3iR5 WD6tbsNh4gk5 xrgÔt5 isF6bsJ5 w[lj isFDbFi3k5 xrosbsJ5 xg6gxMs3i3j5 is3DbsiR5 xrgJ5 WdtQ/5 WD6tbsNh4g5 isF6bK5 WD6tbsNh4gF•5 ®Ns/T6tbsiR5 vt5gQ5 ®Ns/5 WD6tbsNhx6gk5 xg6b5 vt5gQ5 WD6g5 Gur[oQx6g5H ®Ns/dtQ/i ®Ns/6, x3ÇA WQxoC∫6t9lA ®Ns/6, x3ÇA whot9lA

2004 ($’000)

2003 ($’000)

$ 78,687 56,628 2,849 138,164

$ 78,397 52,273 2,331 133,001

58,999 33,629 23,237 8,731 3,951 2,086 130,633 7,531

57,517 31,347 23,818 5,101 6,470 2,158 126,411 6,590

23,153 6,335 (9,485) 20,003

30,554 5,701 (8,468) 27,787

(26,179) 953 3,122 (3,659) – (25,763) 1,771 1,024 $ 2,795

(36,694) 1,087 577 (2,010) 2,361 (35,833) (1,456) 2,480 $ 1,024

sfx ttcw5 wMostymJ5 W9MEs9lt4 wMs/Exc6S5 ®Ns/oEi3j5 si4√TJj5.

21

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

Notes to Financial Statements

1. W0JtQ/Y tusÔ2 kNKu w[loEp3Jx4f5, W`A6tbsiƒUmb xg6bs9li kNKu w[loEp3Jx4f5 Wd/Y, Z?m4f8k5 tudtQ/s9li. ∫8N fxS‰nsJ6 w8vm∫4¥/6bsJ8NR5g5 ryxi Z?m4f8k5 Wp5tC6bsi3j5 x7ml Wdtk5 ∫4¥/wc5b6g6. w[loEp3Jx4f5 xR6ymUmb WoEctc5txDmi3u kNosJi x7ml WFc6tyi3u4 kNosJi NUui6 whmosDtQ/Q8k5 grosEc5bd9lQ5 x7ml xsM5td9lQ5 w[loEi3∆YJDJUi. bwm8N WoEctc3iR8k5, WFc6tbsJw8NsymK5 kNc6g5 xR3Ccd9lQ5 w[lc3lt4 NJZY x5bNR9li, cimicR9li, w7uƒ3li x7ml whm6h3lt4 w˚ycd9lQ5. w[loEp3Jx4f8k5 gÇc9lxb6S5 ≈6r4yd9lQ5, W?9oxt5tlt4 x7ml vmQ/c3lt x7ml xsM5tlt4 w[loEi3u kNK5 Z?mc3FYb wlxi. mo4LQ5 ttC6bsymJ5 kNKu w[loEp3Jx4f5 Wd/Y8i, w[loEp3Jx4f5 btc˙TK5 Z?mY8i kNK5 (GN), x4gx/YA5 x7m¬8•5 x4gxRbClxYA5 xtoscbsiR8k5 ®Ns/k5 xro6hwiEix6bR8k5 xsMiYk x7ml xrgJtk5 WoExEix6bRtA5.

2. W7mE9lxv9MsJ5 ®Ns/oEi3j5 xgxZsJ5 w[loEp3Jx4f5 ®Ns/oEi3j5 si4√R5 X3N4bsc5b3mb mo4LQ5 vNbu ®Ns/oEAyxc5b6gi. W9lxbsJ5 W7mE9lxv9MsJ5 ®Ns/oEi3j5 xgxZsJ5 wmw5©K5:

s i 4 √Y

March 31, 2004-j5 trstlA

gi/sJ5 x7ml st6tbsJ5 Z?m4f8i xsM0Jtk5, Wosyx3i6 x7ml xw5©yx3i6 NUui6 w[lc6tsJk5, hC4ymJc6gk5, nN/ExoUk5 x7ml xyR8k5 tt6bsc5b6S5 xsMis2 wlxi, ryxi bw4fx xfisJj5 xro6hwic3ix6t9lQ5 st6tb4nscbsJ˚YJ˚6g5, xrosbs?9oxJ5 ∫5hjY xfi xro4nsJj5 xro6˙bsiYk5 wo/sc5b6g5. gi/sJ5 Z?m4f8i kT2X9ox/5gj5 xrgJk5 WdtQ/sJk5 ttC6bsc5b6S5 ni3?4bsymJk5 xrgJk5 giyisJg5 WdtQ/k5 NojoDtk5 x7ml xro4niUi3j5 wMQxDtsJj5 bwm8N5nw8N6 xfisiEQxoY5bs6 bwmw8N5nw8Nst9lA. giyisJ5 kT2X9ox/R5gk5 xrgJk5 WdtQ/3k5 tt6bc5b6S5 WD6X9oxJj5 xro4nsJj5. vNbs2 Z?mY8i xw5©yxTJ5 vNbu w[loEp4f8i x7ml w[l∫Dtk5 xro4ni4t5tp4f5 (CMHC) wi6t6bsymic3mb xg6LA wkoµk5 w[lc6t5ti3j5 xRDtsJu. mo4LA, Z?mgv4f8iΩ6g5 wonE/smK5 ®Ns/5 wy6X9oxJg5 b=?i x3ÇAu ®Ns/6©tc3FQix6bYk5. Z?mgc4f8i xw5©yxTJ5 xrosbsd9lQ xg6gx6bFi3k5 isFst4ncd9lQ5 xrgJi Wdt4ni NlNw6yQx3isc5b6S6 x3ÇAbµ5 ≈6rQxDt4nR8k5 ®Ns/6©tR8k5 x7ml bwm8N wonE/sK6 x3ÇAu W/Yi. ®Ns/oEi3j5 wy6X9oxJ5 ®Ns/tA5 xg6t5tMs3i3j5 wonE/smQK5bs6 h3l st6b6gu WD6tb5n6g5 xg6gx6t5ti3j5. WD6tbsNhAtsJ5 ®Ns/4f5 xg6bi w[li wloc3m5 xrr8i6XsJu xro6hw0JbsZ/3iYk5 wMYwFs9lt4 ®Ns/osR8ifR8k5.

®Ns/osDbs?9oxJ5 wonE/siR5 Z?m4f8i cwbsJ5 x6ftQ9lQ5 Z?m4f5 xsM5tpR5, wi6bsymic3mb, x7ml xR6bsQxcE9lt4 ttC6bsymJ5 w˜4ƒ6gu @) kNKu w[loEi3j5 Wd/Y8i x7m w˜4ƒ6g6 $Y8i ®Ns/oEi3j5 Xw2ÙoE/siR8k5 Wd/6. bwmwt9lA, ®Ns/5 gi/sJ5 Z?m4fiΩ6ymJ5 wonE/sK5 ®Ns/6 wy6X9oxiYg5 x3ÇAj ®Ns/6©tQix6bR8k5.

22

eg3RsD†5 eM7usJ4f5 WD6t5tNhUi6 xrc6tbs9lxc5b6S5 xrr8i6n6 xg6bs9li b6√i xrostQ/sZ/6gi. ≈6r4ymJj5 xfisiY WD6tbsNh4g5 bwm8N xrc6tQiR8k5 ttC6bsymc5b6S5; N9os4fµ4∫Dtk5 ®Ns/5 ni3?6bs?9oxJ6bc6hi s=?¬8•5 xrr[oQx6ym9lt[¬8•5 xrcD8•6X9oxtbs9lt[¬8•5 s9luj5 cktQ xrc6tQixo6bY mo4bs9li. h3C4XQ5g4f5 ≈6rbsymJ4f5 eg3RsDbsix6g5 xrQix6bR5 ≈6rbsc5b6g5; eg3RsDbsix3lt4, ®Ns/osDbsix3lt[¬8•5 ®Ns/osDbsixR9lt[¬8•5 d/ˆ6bsixo6t9lQ5, ≈6r4h6bsQx4v8ic5b6g5 xrr[oQx6ymo3i6Xb bwmvw8N6ix6tbsJ5 xyxAΩix3iDt4, wMcys0/sc5b6g5 ®Ns/osDbs?9oxJk5. eg3RsDbsJ5 ttC6bsc5b6g5 vtbs?9oxJk5.

g ` Z F4 n5 y x

eg3RsD†5 w[lo/sJk5 - kN x7ml w[lw5 kN x7m w[lw5 nN/sJ5 s=?¬8•5 isFxTJ5 w[loEp3Jx4f8k5 w[ldtslt4 xg6bsd9lQ5 s=?¬8•5 N4n6bsd9lQ5 WdtQ/sJk5 bwm8N xrc3iRtg5. w[lw5 gi/sif5 w[loEp3Jx4f8i vNbu w[loEp3Jx4fR8i s=?¬8•5 kNK5 Z?mY8i NlNw6bsymJ5 bw4fx ®Ns/oE0JtR5b xrc9lx6tQiR5 mo4bs9lt4 b=?Y5 s9lu w√6tbsFYi WQx6Li. nN/s?9oxJk5 ho wMostymJw8NsK5 xrR5 kNj5 x7ml w[lk5 wo/sixgw8N6g4nwJ5 xg6bsJ4nsbsd9lQ5 x7ml xrY mo4LA ®Ns/oEi6tA5 bwm8N9lx6 ttC6bsymc5b6g5. wMostymQK5bs6 xrR5 ˚bsix6g5 NUui6 w[l∫6gj5 x7ml xro4niUiYk5 w[lnuk5 W∫E/Yn xrY bwm9lx6t9lA. ∫4fx WdtQ/sJ5 N4n6bsc5b6S5 xr9lxE/R5 NodbsQx6Lt4. wMQxDtsJ5 xg6bsc6b6S6 sfx ≈6r4ymJ5 mo4LQ5 x7ml x3ÇAbµ5 wMQxDtsJ5 mo4LQ5. wMQxDtsJk5 WQx3Fcc5b6S5 x3ÇAu w[l W/‰6bsiYi s=?¬8•5 k4t5bsiYi x7ml x3ÇAoµ6 xg6bs9li wMQxDtstbsc5b6S6. wkoµk5 w[lQ/six6gi, wkgcw5 w[ldtR5, xgDtk5\isF3i3j5 w[lu x7m w6vNw/6t w[lc6tbsiR5 vb4X9oxic6tQJ6 5% srs6b6gu w[lu xg6gx6bsJi xbs¥8NoJu 5% w9lw5 ˆn6bsymJ5 ®Ns/6gD8i6X5oxo6tbsymq5g5 w[loEp4ftA w[l5 ttC6bsymK5 xrgJk5 xg6bk5 ∫4fx w[loEp4ftA5 w[lu xg6gx3i3u xRDtu xtosE/ÇYu, xg3ioµYi, W8Rgw8NExc3iR5 x7ml W¿9oDtR5 NUuic3i3j5 gi/sc5b6S5 w[loEp3Jx4f8k5. bwmwt9lQ5, WdtQ/sJ2 xrY NlNw6bsc5b6S6 xrr[oQx6ym9li xrYb xro6hw0Jbsix6©2 b6rbµ5 wM?9oxAtY wMΩ/siYk5 xbs¥8No9li xg6bsioµYk5. xRDtQym/R5 ttC6bsymK5 xrgJ5 xg6bsiR8k5 x7ml xrosbs?9oxJ5 xrr[oQx3ic6t9lQ5 w3isDtk5 x7ml vmQ/siR8k5 xrR8i. w3isDt˚YJ5 wMosbsymK6 eg3RsDt5 wMQxDtR8k5 xfisJj5 xro4nsJj5. WD6tbsNh4g5 w[loEi3j5 - w[l∫DtFi5 xrosbsiR5 iEsN6g5 a) w[l∫Dtj5 wvÔyxDt5 w[loEp3Jx4f5, tt6ymiY $$G!H wlxi Wd/Yb, wvJc5b3m5 xrost4nY5b wMY8i x7ml w3isDtk5 xrosb4nR8i w[l∫6g5 xro6hwiRtA5 xg6LQ5 Wd/tA5 xRDtQym/R5 x7ml xR6bsJtQym/R8i w[l∫Dtj5 xg6gx3iR8k5.

s i 4 √6

2003 2004

∫4fx xrosb4nYk5 wvJDtsJ5 xy0pŒc5bR7mb ∫4fx w[l∫Ch4g5 ®Ns/os6tQiR5 mo4LQ5. wvJ3i3j5 ®Ns/6©tsJ5 ttC6bsc5b6S5 x3ÇAu xR6bsJcÇY5 w[l∫Ch4g4 x7ml ttC6bs?4Lt4 xro4n4∫6gk5 wvJDtk5. bwmwt9lA, xrosb4nw5 xux4fY btbsiY moc5b6S6 yKi4n5t8i iEsN6g5 wvÔyxR9lt4 xro6hwiEoC/6bR8i w[l∫Dtj5 xg6gxMs6gj5, xrønw6gcD8N3iR8k5 WFc6tbsiY xiA6ymo6t9lA. xyT6tbs4v8i6t9lQ5 x4tQiY xg6gx6bYb wvJ6bsiYk5, moc5b3m5 ®Ns/os3iYb xy0p3iYi w[l∫Dt4nj5 xgMs6©2, wonE/sc5b6S6 x3ÇAu xy0p3iYi.

b) WFc6t5ti6 xrøRvw8ND8N3i3j5 w[l∫Dt4nj5 xgMs6t9lQ5 w[l∫Dtj5 xg6gx3isJ5 whmQ/sUmb xrønw5gco3iR8i xro4niA8NUiY WsJ8•ÇY5 x7ml dM3N6y/ÇY5 xRDtQym/YA5 st6t5t?9ox÷R8iR8i xg6gxMs6bYi x7ml egRsDtR8i. xronw5gco3iR8k5 whmQ/soc5b6S5 WY˙J6gi b6ri xro6hwRoÇYb. WFc6tbsi3u xgoc5b6S5 xro6hwiYb xrY ur[oQx6bs9li xr9lxEoC/6nYi xro6hExoR5b xux4fR8i. WQxDt5 x7ml rTixA5 xy0p3iR5 w[l∫DtFiYb xro6hwiEQxoYi xro4nw6gcoÇYb b=?i x3ÇAu bwmwFQ/Yi ttC6bsc5b6S5. w[l∫DtFi3k5 w3isDtY8k5 ®Ns/oxTJ5 w3iwDtk5 ®Ns/oxTJ5 w[l∫Dt4nj5 xg6gx6bsMs6gk5 ®Ns/k ttC6bsc5b6S5 W/s?9oxiR5 mo4LQ5. w[l∫DtFiYk5 xro7mw5gcogx3mbo, w3isDtk5 wM/s?9oxiY kcc5b6S6. rTixA9l, w3isDtY ®Ns/9ME4tg5 wonEsm/sΩo˙T9li, ryxi ttC6bsymiRtA5 d/ˆ6bsiY x7ml ®Ns/tA5 xyxpiR8k5 x7ml xyRk5 xrø`Q8No3iR8k5 tA/sJ8N6bg5 W/sMs6t9lQ. Wdt5 x7ml rhoE0Jt5 Wdt5 x7ml rhoE0Jt5 ttC6bsymc5b6S5 xrRtA5. kT2X9ox0JtR5 ≈6r4bsymc5b6S5 sfx x3ÇAbµ5 xrr[oQx6X9oxiR8k5 xg6bs9lt5: x[MFUu hN4f∫5 vb4X9oxJu x7ml rhoE0Jt5 xux4fYi 20 % hN4f∫4fF4, x[MFsc3F4 vb4X9oxJu x7ml w6vNw/6t5 w[lR5 xux4fYi 5% w[li NJZ4ni WsyQx6t5ti6 xrr[oQx6X9oxtbsK5 xbs¥8NoJu x5bg6bsiR5b xfisiY mo4bs9li.

23

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

gi/sJ5 w[loEp4ftA5 w[ldtQ/sJk5 xg6g4nsd9lQ5 w[lw5 WQ/5 w[loEp3Jx4f8k5 xsMbsc5b3mb kNoUi w[loEp4f5 tudtQ/R8k5, xsM5tpR8k5 x7ml kNoUi Z?mE/R8k5. w[loEp3Jx4f5 giyc5b6S5 x3ÇAbµ5 xsMAt4nR8k5 w[losEpsJ5, vtcyst9lt4 w[lw5 xro6h6bsiR8k5 tA/s?9ox/R8k5. ∫4fxo xrosbs?9oxJ5 mo4bs9lt4 ttC6bs?9oxc5b6S5 w[loEp3Jx4f8k5. w6vNw/6t5 yKi4n5t8i wvÔyx4nR5 w8Ngcso3i3j5 wvÔyx4nk5 w6vNw/6t5 wMscbsUmb wkoµk5 Wp5t6gk5 k6vsyxDt4nR8k5 GX3NsbsymJ6H xsMbsJ5 Z?mY8k5 vNbs2. w[loEp3Jx4f5 giyc5b6S5 bwfY mo4Lt4 w6vNw/6†5 giyiE/R5, w˜8if9l x0pŒc5bCt4 giyiEc5b6bR5 X3NstsJ5 ckw8iY mo4bsQ9li. ∫4fx giyiR5 wM`ZwFsiR9¬8•5 bft5tK5 w[loEp3Jx4f5 giyiEQxoR8i xsMiR8kl ttC6bs?9oxlt4 bwm8N giyi6bµR5b. w[loEp3Jx4f5 µ8NsJ6 gi¥8NExgR5g5 W9lA X3NstQym/sJ6 xy0p6bD8N3iR5 giyis/Exci3R5. kcsyxDt˚YR5g5 WJ8Nst4nk5 ≈6r4bsymJ5 x7ml wmwosExc3iR5 w6vNw/3iYb, w6vNw/6t5 kcsyxDt˚YR5gk5 WJ8Nst4ni kx5t?9xc5b6S5 k6v6gFis4Xb, w8Nso3i3j5 k6v3iDt4, x7ml w6vNw/6bY k6v6tbs4Xb x3ÇA5 w6vNw/6ymiR5 mo[lQ5. ∫4fx xrR5 WJ8Nst4nsJ5 NlNw6bsymK5 xYJcstsJ5 NMs∫Ex6giQ5 u4nsn4ym/R8k5 x7ml xg6bso3mb xro4ns9liA ttC6bsc5b6S5 w6vNw/6ts2 Wp5y3iY˚Ytbs9lt4.

24

s i 4 √Y

NojtbsiR8k5 Nod5tymR5g8N3i6 X3N4bs?9oxiR5 ®Ns/oEi3j5 si4√TJ5 moc5b6mb vNbu ®Ns/oEi3j5 WsyE/sc5b6gi w[loEp3Jx4f9l WQxc6tbs9lt4 u4nsc5bExc3i3u4 x7ml NodQx3lQ5 whmQ/R8i c5yÇ9lxC/3mΩb ≈6r4y/Exc˙T9lt4 WdtQ?R8i, xro4ni, ®Ns/osDbs?9oxJi x7ml ®Ns/6g6gdtQ/R8i si4√TJi ®Ns/oEi3j5. bwmw8iR8k5, ∫4fx NodQx6ym/ClxR5 NojtbsiR8k5 Nod5tx6ymRgw8NExc6g5. yKi4n5t8il bwm8N Nod5t8iRgx6Xb x4gwic9lxc9MA8N6gi, ryxi, bwvi X3N4bso6t9lQ5 ®Ns/oEi3∆YJ5, w[loEp3Jx4f5 s4WE/ui NodQx6ym9lQ5 u4nsnMs6S5 x7ml ˆ7mlxChQ9lQ5. wMR5 W7mE9lxv9MsUmb xYJcstk5 u4nsn4bsymJ5 x4gxic6g5 sfiY: xrYi ≈6r4yFsiR5 w[loEp4ftA5 w[ldtQ/sJ5 x7ml w6vNw/6t5 w[lc6tsiR5 wMQ9lQ5 w[lw5 NUuiE/sJ5 w[loEp3Jx4f8k5 xg6bsJ5; xrYi ≈6r4yFsiR5 w[l∫Dt4nk5 xg6t5ti3j5 ®Ns/oxTJ5 x7ml wvJDbsJ5; xrR9l Xw2ÙoE/siR8k5 w[loEp4f5 w[lc6tbR5 ∫4fx WAtbs9lt4 vNbu w[loEp3Jx4f5.

g ` Z F4 n5 y x

s i 4 √6

2003 2004

3. WD6tbsNh4g5 crZhxDt5 a) eM7usJ4f5 WD6tbsNh4g5 ®Ns/5 w[loEp3Jx4f5 ®Ns/i WD6t5tNhc5b3mb b6√i eM7usJ4ƒ6gi. ®Ns/k5 WD6t5tNhUi3u st3FsiR5 x0pŒ4ymR7m5 !.))∞-u %.$^ ∞j5 @))$ wlxi

G@))#Tt9lA - !.))∞ trgA ^.!)∞H. ∫4fx ®Ns/w5 tAux6bsvw8N3iR8k5 st6g4nmsbsUmb s4W3N5tx6Lt4 x7ml s9l5 %! xiA6t9lQ5 tA/4nsoc5b6g5 G@))#u s9l5 *$-k5H.

b) xfisiY ≈6r4bsym9li WD6tbsNh4g5

2004

≈6r4bsymJj5 WD6tbsNh4g Z?mY5 vNbs2 XX5tpsJk5 vNbs2 xF4g6ymiY8i4

st3FstQiY WD6tbsNh4g5

xfisiY ˆ7m4yFYk5

3.13% 4.75% 4.50%

1 – 32x3ÇAk5 1 – 4 x3ÇAk5 1 – 7x3ÇAk5

2003 xrYb N4n3bsJN3iY

xrYb N4n3bsJ8N3iY

($'000)

($'000)

$ 2,064 979 1,000 $ 4,043

$ 1,031 979 – $ 2,010

si4tbsymiR5b xfisiEZJMs6bY @))$Tt9lA wm8NsMs6S6 #.*% ∞ G@))#u -#.%&∞H

4. ®Ns/osDbs?9oxJ5

®Ns/w5 iEsN6g5 x[Q6g5 WoEct5t8i tusJi vNbu w[loEp3Jx4f5 x7m w[l4nj5 xro4niA8N6t5tp5 kNoUi w[loEp4f5 tudtR5 Z?mY5 kNK5

2004 ($'000) $ 3,097

2003 ($'000) $ 7,698

430 1,054 77 $ 4,658

5,125 367 1,668 $ 14,858

25

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

s i 4 √Y

5. WD6tbsNhUiR5 w[loEi4f5 a) kN x7m w[lw5

2004 ($'000) vt5gQ5 xrY xrr[oQx6X9oxJtR kN w[lw5 isFx4nsJ5 w[loEp4ftA5 w[loEp4ftA5 xrgJk5 x5bg6bsiR5 xg6gxbsJk5\isF3i6 w[li w6vNw/6tk5 w[lw5 w[l4nw5 nN/s?9oxJ5

$ 316 181 441,842 39,760 10,138 6,089 2,506 $ 500,832

– – 163,783 9,970 3,638 597 – 177,988

2003 ($'000) vt5gQ5

vt5gQ5

316 181 278,059 29,790 6,500 5,492 2,506 322,844

$ 316 15,374 254,878 27,546 6,943 5,523 4,369 $ 314,949

2004 ($'000)

2003 ($'000)

$ 10,977

$ 10,445

(7,003) 3,974

(6,209) 4,236

252

252

(252) – $ 3,974

(252) – $ 4,236

b) w[l∫Dt4nc6t5ti3j5 ®Ns/osDbsJ5

w[l∫Dtc3i3j5 w3isDtR5 x0pŒR8ic6g5 ^.))∞ x7m !$.@$∞ x3ÇAbµ5, xro6bs/‰3F4no5 srs @% xiA6Xb wMY3lA: WFc6t5ti6 xrø`Q8No6gk5 w[l∫DtFi3j5 ®Ns/i xg3gx3i3j5 w3isDtc6t9lQ5 *.(%∞ x7m !).%∞ xf8iYi x3ÇAbµ5, xro6bsŒ3F4no5 srs5 % xiAgx6Xb wMY3lA: xrø`Q8No6gk5 xg6gx3i3j5 WFc6tbsiR5

ttC6bsymiR5 w[l∫Dt4nj5 ®Ns/i xg3i3j5 NlNw6bsymK5 xro6bs`Œ8No3iR8i ¢&,@%%,))) G@))#-u wm8NtQsMs6g6 - ¢ ^,$^!,)))H.

26

vmQ/siR8k5 xrR5 w[l∫Dt4nc6ttisMs6gj5 ®Ns/oxE/sJ5 x4tQiR5 bwm8N9MEsixExR8i whmQ/s/ExcRM5 hcw7m bwmwR5g8N3iR8k5 xR6bsym5txClx6t9lR5.

g ` Z F4 n5 y x

s i 4 √6

2003 2004

6. Wdt5 x7ml rhoE9Jt5 2004 ($'000) y3lxk5 x[MFk9l x[MFs2 WdtR5 x7ml rhoE0JR5 xg6gxg5 w[lR8k5

2003 ($'000)

xrY

vtymJ5 xrr[oQx3iYk5

vt5gQ5

vt5gQ5

$ 9,625 853 121 $ 10,599

$ 4,816 507 16 $ 5,339

$ 4,809 346 105 $ 5,260

$ 5,057 380 8 $ 5,445

2004 ($'000) $ 4,755 920 274 18

2003 ($'000) $ 7,475 944 446 109

3,020 8,190 $ 17,177

6,265 5,813 $ 21,052

7. ®Ns/6g6g5

rhoEp7mEUk5 xrosbsQxo5 w3isDtk xroExo5 w6vNw/6t5 kcYvw8ND8N3iR8k5 ni3?4bsymJ5 ®Ns/osDt5 xroExo5 WoEctQ/5t8k5 Z?mY5 kNK5 kNoUi w[loEpsJk5

27

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

s i 4 √Y

8. xrosbs/Exo5 Z?mY8k5 kNK5

xux4fY x3ÇA6 WQxoC∫6t9lA xsMi3j5 gi/symJ5 gi/sJ5 xfisJj5 xro6hExoUj5 xgMs6gj5 st5tis?9oxd9lA xrgJk5 giyi6 xg6bsd9lA hC4ymJi nNi3j5, ≈6r4yi3j5 xw5©yx6t5ti3j5 xyR8kl xrR5 xsMisJ5 ®Ns/c6tb5 Z?mY8k kNK5 xux4fY x3ÇA6 whot9lA

Z?mY5 kNK5 yKixA5 xrø?Œc5b3mb xsMAt4nR8k5 xg3ix6gk5 x7ml xg6gx6bsM6gj5 st6t5t?9oxd9lQ5 sfisJj5 xro6hExoYk5. xR6bsymJ5 giyiR5 ttC6bsymJ5 ®Ns/oE0jti moc5b3mb ®Ns/6©t9MEsJi x3ÇAj5. xux4fR5 ®Ns/w5 cwbw?ŒMs6gk5 xro6hExo5 GçR6nstJ5H sY∫•gx6Xb st6tbs/Exc6S5 Z?m4f8k5

2004 ($'000) $ 1,182 77,785 (606)

2003 ($'000) $ 242 76,730 (566)

3,032 81,393 81,898 $ (505)

3,526 79,932 78,750 $ 1,182

kNKu ®Ns/tA5 x3ÇA whot9lA x7ml N4n6bs9lt4 w3is6X9oxZt4 x3ÇAix6gj5 giy/s?Œ3i6g5. µ8NsJ6 x3ÇAQ/sJu xuZ6yisJ5 ®Ns/c6tbsixExq8i5 iEsQ/sK5 yKi4nw5 x3CAw5 gi/sJ4n3ftq8i5.

9. xrgJk5 x6g4nsd9lQ5 cwbs?Œ6g5

xux4fY x3ÇA6 WQxoC∫6t9lA xrgÔtk5 xg6g4nsd9lQ5 cwbsJ5 xrgÔtk5 NlNwExDt5 xrgÔtk5 gÇ6g5 cwbsJ5 hC4gk5 nN/sJcd9lA, ≈6r4yi3j5, xw5gwi3j5 xyR8kl xux4fY x3ÇA6 whot9lA

28

2004 ($'000) $ (580) 26,185 25,605 23,586

2003 ($'000) $ 674 34,081 4,755 31,809

3,032 26,618 $ (1,013)

3,526 35,335 $ (580)

g ` Z F4 n5 y x

Z?mY5 kNK5 giy?Œc5b3mb w[loEp3Jx4f8k5 xrgÔtk5 xg6g4nsd9lQ5 hC4ymJ5 nN./sQxoUk5, ≈6r4yi3j5, xw5gwi3j5 xyR8kl gÇ6gk5. xR6bsymJ5 giyisJ5 ttC6bsc5b6S5 ®Ns/oE9Jti xg6bR8k5 x7ml ®Ns/6g34iR8k5 x3ÇAJj5. xux4fR5 cwbs?ŒMs6g5 GçR6-

s i 4 √6

2003 2004

nstJ5H xg6X9oxJk5 x7ml ®Ns/6g6gk5 x3ÇA2 whxi, N4n6bsJ8N6S5 w3is6X9oxR9lt4 x3ÇAix6gj5 xgd9lQ5. µ8N x3ÇAJj5 xuZDtJ5 iEsQ/sK5 rT=F6bsixExR8i w[lw5 WdtQ/sJ5 is3Dbs4Xb.

10. xfisJj5 xro4nsix6g6

xg6gx3if5 st6tQxo5 vNbu w[loEp3Jxf8k5, x3ÇAbµ5 xrøc5b3lt4 x3ÇA @)## tr8NhUiYi, w3isDtc3li ^.(&∞u G@))#u - ^.(&∞H. xg6gx3iYk5 xrø6hwR8N3ix3iR8k5 xtos6bsym9lt4 Z?mYk5 kNK5. w[l∫DtFi3j5 xro4nE/sJ5 vNbu w[loEp3Jx4f8k5 w[lk5 gi/siƒJk5 w[loEp4ftA5 w[lc6t5ti3j5 xRDtsJu, ˆ7m4yF4nc6t9lA @))# x7ml @)#*8 xf8iYi, w3isDtY $.%∞ x7m @!.%∞ G@))@-$.%∞ x7m @!.%∞H. wMos/symŒ6g6 xro4nsJk5

2004 ($'000)

2003 ($'000)

$ 51,906

$ 53,270

136,572 188,478 8,556 $ 179,922

142,907 196,177 7,699 $ 188,478

xg6gx6bFi3j5 st6t5t?9oxi6 x7ml w3isDtR8k5 xro4nc3ioµYi ≈6r4ymK6 wm8N:

2005 2006 2007 2008 2009 2010-2014 2015-2037

xg3gx3idY

egRsD†5

vt9lQ5

($'000) $ 8,555 9,456 10,445 11,092 11,195 42,513 95,221

($'000) $ 19,449 18,548 17,528 16,420 15,256 61,039 129,100

($'000) $ 28,004 28,004 27,973 27,512 26,451 103,552 224,321

29

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

s i 4 √Y

11. ni3?4bsymJ5 xrgZJk5 giyisJk5 - Z?mY5 kNK5 2004 ($'000) $ 133,963 24,925 5,813 (7,990) $ 150,898

xux4fY x3ÇA6 WQxoC∫6t9lA Z?mY5 kNK5 giyiY kT2X9oxJk5 xrgJdtk5 Z?mY5 kNK5 giyiY w6vNw/6t5 w[lc6tbsiR8k5 ur[oQxDt4 ni3?4bsymJ5 xrgJk5 gi/symJk5 xux4fY x3ÇA6 whot9lA

2003 ($'000) $ 105,253 29,389 (6,492) $ 133,963

12. xRDbsymJ5 xrgJk5 x5bg3i3j5 kNKu

w[loEp3Jx4f5 xR6ymUmb, xro6hwix3i3ui $6,050,000 x3ÇAbµ5 $%-k5 w[lk5 NJ6bsJ8Nd9lQ5 w[loEp4ftA5 xg6bsJ8N6g5 x7ml w8Ngc3k5 w[lQ/sJ5 wvJ6bsiR8k5. ∫4fx w[lw5 x5bg6bsiR8k5 xRDtsJ5 moUmb w3isDti wM/sQx6b3iR8k5 ^.*%∞ WQx3FQ9lA !).&%∞j5 x7ml whoF4nc6gt4 @)!#u @)@$-j5.

xro6hwiEix6bR8k5 ≈πctŒQxDbs4f8iD8N6g5 srs5 b9ombµ5 xsMiR8k5 xyT6X9oxJ5 WFc6tbsQxc3iR8k5 h3l xsMi3∆YJ5 x7ml w3isDtk5 x7ml Wp5tC6bsiR8k5. w[loEp3Jx4f5 vmQ/cEK5 xyR8i xsMiR8kYJk wMostymR5gi x3ÇAbµ5 xro6hwiYk5.

yKi5t8i ur8i6Ù6 xrostsJ8N6g5

xYJcstk5 xro6hwi

wMQxDtsJ5 w3isDtk5

xg6gx6bsJk5 xroExo5

($'000)

($'000)

($'000)

($'000)

6,050

1,243

2,847

1,960

6,050 6,050 6,050 6,050 35,628 59,828 $ 65,878

1,243 1,243 1,243 1,243 6,631 11,603 $ 12,846

2,678 2,485 2,280 2,041 6,848 16,332 $ 19,179

2,129 2,322 2,527 2,766 22,149 31,893 $ 33,853

µ8N

2005 xfisJj5

2006 2007 2008 2009 2010-2024 vt9lQ5

30

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s i 4 √6

2003 2004

13. w8Ngc6yst4nk5 WJ8Nstk5 ®Ns/6g6g5 wkUk5 Wp5t6gk5 kcsyxDt4nk5 X3Nst w[loEp3Jx4f8i xro6hwQxc6t5tUm5 w8Ngc6yst4nk5 ≈6r4ymic6t9lA @.!$-R6h6ymlA G@))# – @.!$R6h6ymJ6H w6vNw/6-

ts2 gi/Yi. w[loEp3Jx4f5 giyMs6S5 w8Ngc6yst∫Dt4nk5 gÇ6gk5 x3ÇAu wm8N9lxT9lt4 ¢%^*,))) G@))# - ¢$@@,)))H.

14. ®Ns/oE0Jt5 a) xr9lxY xr9lxR5 w[loEp3Jx4f5 ®Ns/oEJtRb u4nsn4bsymK5 wm8N:

2004 ($’000) ≈6r4ymJj5 WD6tbsNh4g6 xg6gx6bj5 xroExo5 w[l∫Dtk5 xroExo5

2003 ($’000)

N4n6bsJ5 sk3iY

xr9lxR c{ysiR5

N4n6bsJ5 sk3iY

xr9lxR5 c{ysiR5

$ 4,043 51,906 136,572

$ 4,221 58,326 211,553

$ 2,010 53,270 142,906

$ 1,897 57,086 213,415

xr9lxR5 ≈6r4ymJj5 WD6tbsNh4gk5 cktQsiR tt6bc5b6S5 m5y #!To6t9lA.

xr9lxR5 xg6gx6bsJ5 x7ml w[l∫Dtk5 xroExo5 moUmb xro4nYb cktQ9lxTiYi. bm8N NlNw6bsc5b6S6 xg6bs9li wi6bsymJ6 xro4nj5 whoF4nYb s9lY gi/symt9lA is?8M8 x7m MXgxu x7ml wM9lA w[loEp3Jx4f5 xro4nYk5. bwmwos6ymK5 hcw7m Z?mY5 kNK5 xro4ni4t5tJ8NR7mb. xr9lxR5 w[l∫DtFi3k5 xrosbsix6g5 u4nsn4bsymK6 N4n6bsiYk5 sk3iYk W9lZ xRJv9Mu WDc6tbsiR5. xr9lxR5 xux4fRb ®Ns/oEi4f5 WdtQ/R8i x7ml xro4nR8i NMs5∫6bsymJ5 N4n6bsiR8k5 sk3iE/R5 hcw7m eM7usJ4f5 ˆ7m4yFco‰3ix3iR5.

b) xro4nw5 NRx3NiR5

®Ns/w5 iEsN6g5 sfNΩZJUmb Z?mY kNK5 x7m vNbu w[loEp3Jx4f5 x7ml Z?mgc4f5, xR6g5 bwm8N (@∞ G@))#u-*)∞TMs6g6H iEsQ/sJi. w[l∫Dtk5 xro4nc3i3j5 NRx3N3iR5 n6rc5b6S4 ∫4fx w[l∫Dt4nk gi/sMs6g5 xro6hwiEQxoR8i xro6hw8iR2Xb. bwmMe˙TUm5 xy0p6b3iR5 w6vNw÷R5 x7ml ®Ns/os6tQiR5, x7ml xro4nc6tQiR8k5 csp6bsh5 w[loEpsJk5 xro4ncR4vlx3mΩb cspQx6bs9lt4. xg6gx3i3j5 xro6hwix3iR8k5 xtos6bst5ti6 w[loEp3Jx4f5 x6ftQ/s9lt4 NUui6 w[lc3ixo6gk5 xg6bsc5b3m kNKu. ˆ7m4yF4ncs3iR5 cYgw8N4ƒ3mb @)@# wlxi. xysp/sJ5 xg6gx6gFi3k5 W9lt4 xRJv9MslxR5g6 w[loEp3Jx4f8k5 @))$u xsMiYi.

WD6tbsNh4g5 vmQ/sUmb w[lEp3Jx4f5 toym/R8k5 bçi ®Ns/dtQ/R5 WD6t8Nhd9lQ5. xbR6gt4 WD6tbsNh4g4 st3FsiR5 NlNw4fbc6S5 R-2 u s=?¬8•5 AA d=?yUi6nu9¬8•5 guix8 NlNw6ypRtA5. WD6tbsNh4g5 r[oos6bsymK5 xRi6ÙT9lt4 !)∞ tr9lA %)∞ ®Ns/w5 WD6tbsNh4g5 c{ysiR5 mo[lQ5 x7ml sk3i6ÙE/sJ8N6g5 WD6tb4nsd9lQ5 !) uox8 WD6t5tNhdpJ5 giyiEJ8N6bY. w4fiYlxTx6 WD6¥Nhd?Œ6ymJcR5g5.

31

2003 2004

kNKu

w[l o E p3 J x 4f 5

x 3 Ç A 5 b µ6 y s 7j 5

s i 4 √Y

15. gi/sJ5 vNbu w[loEp3Jx4f8i x7ml w[l∫Dtk5 xro4niA8N6t5tp4f8i st6g5 sfNY5: xsMi3j5 x7ml vmQ/c5nwNi3j5 gi/sJ5 w[loEpftA w[lc6t5td9lQ5 Wcyst9lA w3isDtk5 wMQxDt5 hC4ymJ5 nN/siR5, vmQ/c5nwNi6, xw5gwi6 xyR8kl

wkoµk5 w[lc6t5ti3j5 xRDts2 x∫A5 vNbu w[loEp3Jx4ftA5 (CMHC), w[loEp3Jx4f5 tAyMs3mb vmQ/c3i3u4 x7ml xsM5ti3u vmQ/c3i3u w[loEp4ftA5 w[lc6t5tc5b3i3u NlNw6bsymJi xRDttA5. w[loEp3Jx4f5 x3ÇAbµ5 gi/sc5b3mb xsM5td9lQ5. ∫4fkY vmQ/c6tbsiR8k5 whmF4no4 @)#&To6X5. vNbu w[loEp3Jx4f5 Wc3iR8k5 wMsiR8kl w[lc6t5ti3u x4g6bsymUmb w[lc6t5ti3j5 gi/symiR8k5 w[loEp3Jx4f5 btQ/s9lt4, mo4bs9lt4 ∫4fx

2004 ($'000)

2003 ($'000)

$ 53,590 4,678 $ 58,268

$ 53,621 5,102 $ 58,723

NlNw6yi3j5 bt4nsi3j5 xRDtQ/Y8i. wMY5 w[loEp4ftA5 w[lc6t5ti3j5 xRDttA5 ®Ns/6 xg6bsc5b6S6 bm4fkΩYJi vNbul w[loEp3Jx4f5 wo∫DtFi3k5 Gttc !)H. bm4fx x4gxic6g5 w[l∫DtFi3˚YJ5 ˆ7m4yA0p/ÇYu4, w[loEp4f5 xhwM4 Wcoc5b6S5 vNbu w[loEp3Jx4ftA5 ®Ns/tA5 WdtQiC5bR8i. NUui6 WQ/soMsR8ioµR8i, vNbu w[loEp3Jx4f5 iR6bc5bExc6S5 Ns4fgw8N6 W?9ox/sJi w[ldtQ/sJ5 is3Dbst9lQ5.

16. Xw2ÙoE/s0JtR8k5 ®Ns/6©t5

®8Ns/4n5 x7ml wvÔyx5 xJR5gi x7ml x0psR5gk5 Wp5y6bsi6 cY5bst5 x7ml k4tDt5 nNJt4n5 x7ml rhoE0Jt4nw5 vt`Zlt4 wo8ix3i6 x7ml cspnDt5 gnc5bstoEi6 cCns/4f5 Wp5tC6bsi6 w[li x7ml rhoEAtk5 xg6gx3i6 xyR5 ur5©t5 kNdtk5 xroExo5 x7ml ®Ns/6g6g5

32

2004 ($'000) $ 5,488 1,279 1,061 765 153 105 83 82 68 18 $ 9,102

2003 ($'000) $ 5,506 1,312 1,051 277 166 123 95 66 68 28 $ 8,692

g ` Z F4 n5 y x

s i 4 √6

2003 2004

17. wMscbsJk5 xg6g4n5

19. ®Ns/w5 wMQ/sJk5 sY7jC4g5

w[loEp3Jx4f5 dM3ND8•6t5tiR8k5 xro6bsZ/3iR5 ®Ns/4fFoEpsJ5 k∫i s=?¬8•5 k∫`AEx6bsJi w[li nNJc6t9lA Wc5b3mb. m5y #!, @))$-T6t9lA WYhi4 G@))#u-#H ®Ns/i xg6gx3ij5 xro6bsZ/3iR8i xtosEMs3mb, x7ml xro4nE/sJ5 xro6bsJµ3ix3t9lQ5 ¢#*),)))-Ms6S6 G@))#u-¢#*@,)))H. w[loEp4ftA5 w[lc6t5ti∆YJ5 xRDts2 wlxi vNbu w[loEp3Jx4ftA5, kNKu w[loEp3Jx4f5 vmQ/c6S5 Xw2ÙoE/s0JtR8i c5yv9Mw5 xg6gx6ymt9lQ5 yM∫iΩ6g5, ∫4fx vNbu w[loEp3jx4f5 x7ml w[l∫Dt4nk5 xg6gx6t5tp N9osfµE/st9lQ5. xRDtsJ5 w[lEp3Jx4f8i xro4nc3FsJ8•C/3iR8k5 x7ml st6t5yFsZ/3iR8k5 xRDtc3mb Ns4f5 xyxpdNA, xroExoUi x7ml ®Ns/6gDti ∫4fx xg6gx6bsJ˚Yt9lQ5. ∫4fx ®Ns/5 w[l∫Dt˚YJ5 vt5gQ5 wm8N9lxTMs3mb ¢$,!@(,))) m5y #!, @))$-Tt9lA G@))#u-¢$,@&%,)))H.

w[loEp3Jx4f5 WoEctcc5b3iR8k5 x0pŒR5gi kNoUi w[loEpsJ5 tudtR8i “Ù8N” Q/s9lt4 w[loEp4ftA5 w[lc6t5ti3j5, xgi vmQ/c3ix3i3j5 xRDtsJtA5. w[loEp4f5 tudtR5 kNoUi tuD6tbsymUmb xg6bs9lt4 kNKu w[loEp3Jx4f5 Wd/Y5 x7ml ui{b vmQ/c6g6 w[loEp3Jx4f8k5 t4fx6y?4S6 vtmpQix6bR8i. w[loEp3Jx4f5 kNoUi w[loEpsJ5 xsM0Jt4nR8k5 ®Ns/c6t5tc5b3mb vmQ/c3iR5 mo4bs9lt4. ho4v8i6 kNoUi w[loEpsJ5 W/‰6y/Exc6S5 k∫A6tEi3u x7ml Wsyt5tQxDti w[ldtQ/R8i, bwm8N WoEd/s9lt4 w[lEp3Jx4f8k5 xRbsymogxCu4. w[loEp3Jx4f5 wMQ/sFc3uUmb NUuiccbsi3u Z?m4f8k5 kNKu WoEFT6tbsymJk5, tuD6tbsJk5 x7ml Z?m4f8k5 tudbsJi. w[loEp3Jx4f5 ∫4fkY W{iygw8N6tg5 xRctcc5b6S5 bwm8N Wsys˙6 xg6gA. w[loEp3Jx4f5 ttCc5bR5g5 xyR8i4 xrgÔ†5 cktQ xrc6tQ/ExR8k5 Wp5yCsti[¬8•5 xgw8Nstbsc5b˙i4 kNK5 Z?m4fY8k5 xrøt5yZt4 ∫4fNi ®Ns/oEi3j5 ttC6ymJk5. Wp5yCstk5 kNK5 Z?mY8k5 xgw8NstbsJ5 sfx wMcys0/symJ5 xro6gw0Jtk5 Wp5yCs†5, w6vNw/6goEi3j5 wvJ6˙†5, gnZ4noEi3∆oYJk9l wvJ6˙†5 x[M[Fc6t5yc5b3i3l.

18. xRDbsymJ5 W/Exc6g5 w[loEp3Jx4f5 xg6gx6bt5tcb3mb w6vNw/6tui x7m w[li x7ml xR6ym9lt4 W/Exc6bgxui xro6hwt5tZ/3i3ui x3ÇAk b9omk. x5bg3i3j5 xr5gExDti Wbc3m5 vmQ/siR8k x7ml kNoUk ∫4¥/wi3j5, xro6hwiEQxoYb sΩ∫kDtgw8NExcDtQ9lQ5. wm8N ≈6r4bsymK5: vt9lQ5

2005 2006 2007 2008 2009

($'000) 22,243 20,160 18,321 15,523 15,242

33

2003 2004

34

kNKu

w[l o E p3 J x 4f 5

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s i 4 √Y

20. WoExE/sisnJ6 ci5g4f5

21. x0pXlR ˆnst5

w[loEp3Jx4f5 ci5g4f5 xRctŒc3isno6g5 vNbs2 Z?m4fR8i4, w[loi3j5 X3NsbsymJ6tA5 ®Ns/c6tbsymJ4f5, k∫i4 w[loJ8Nd9lQ5 wkUk5 w[lQ/six6gi4 ®Ns/os5yxc5bR5gk5 kN2 kNoQ/R8i. b[N xRctŒAbsJ6tA5 gi3Dyx6∫6tbsix6g5 %)∞ -lxEN/6bwi4 xrosbsix6gk5 x3ÇAw5 WYhk5 N7mˆ6tQix6gi4 WQx3lA ®Ns/oE8Ns2 x3ÇAYi 2004-2005, r[oc3ix6g6 ¢@) uox8∫Mi4.

wMR5 @))#u ˆnstsMs6g5 ≈6rQx6bsymo3mb b=?i x3ÇAJ∆Yo6tbs9lt4 bf/4bnsd9lQ5 wo{y8k5.