Annual Report 2003

	The Hongkong and Shanghai Hotels, Limited (00045)

Contents Milestones 2003 Financial and Operating Highlights Chairman's Statement Chief Executive Officer's Report Ten Year Operating Summary General Managers' Reports Directors Group Management Committee & Senior Management Employee Development & Community Relations Financial Review Summary Financial Review Ten Year Financial Summary Corporate Governance Directors' Report Financial Statements Consolidated Income Statement Consolidated Statement of Changes in Equity Consolidated Balance Sheet Parent Company Balance Sheet Consolidated Cash Flow Statement Notes to the Financial Statements Principal Subsidiary Companies Auditors' Report