Annual Report 2004

	The Hongkong and Shanghai Hotels, Limited (00045)

Cover Contents Financial and Operating Highlights Milestones 2004 Building Brand Awareness Ten Year Operating Summary Chairman's Statement Chief Executive Officer's Report General Managers' Reports Projects Directors Group Management Committee & Senior Management Employee Development and Benefits Community Relations The Environment 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