(iii)
Computation of Permitted Surplus Equalisation Account Balance from 1987/88 to 1990/91
1987/88
$M
1988/89
$M
1989/90
$M
ANFA
1,595.4
1,858.0
2,089.5
1990/91
$M
2,233.4
16.5% thereof
263.2
306.6
344.8
368.5
Add: Interest Received
3.0
7.0
10.2
12.2
Less: Interest Paid
3.6
7.8
6.9
5.4
Taxation thereon
(0.1)
(0.1)
0.5
1.2
262.7
305.9
347.6
374.
1
Actual Surplus per (i) above
297.4
327.8
326.9
349.1
Surplus Equalisation Account
Transfer
34.7
21.9
(20.7)
(25.0)
(iv)
Cash Available for Dividend Payments
1987/88
$M
1988/89
$M
1989/90
$M
1990/91
$M
Treasury Current Account Balance
before Dividends
71.6
130.9
183.4
251.8
Less: Credit balance on Surplus
Equalisation Account
34.7
56.6
35.9
10.9
36.9
74.3
147.5
240.9
Dividend Payments
1,755.3*
74.3
147.5
240.9
* Dividend payment in 1987/88 paid from past years' retained, unapplied surplus
= $1,718.4M
(v) Computation of Cash Position 1987/88 to 1990/91
1987/88
$M
Opening Balance
1,718.4
1988/89
$M
1989/90
$M
1990/91
$M
34.7
56.6
35.9
Less: Initial Dividend Payments
1,718.4
Adjusted Opening Balance
34.7
56.6
35.9
Add: Surplus for the year
355.3
388.0
383.6
408.4
Depreciation
68.4
82.1
103.8
127.0
Decrease/(Increase) in
Current Assets
(3.8)
(6.0)
(9.1)
(9.7)
(Decrease)/Increase in
Liabilities
17.6
59.9
(13.5)
(13.1)
Less: Capital Expenditure
308.0
367.6
281.3
237.4
Closing Balance before Interest
129.5
191.1
240.1
311.1
Interest Received
3.0
7.0
10.2
12.2
Closing Balance before Taxation
132.5
198.1
250.3
323.3
Less: Taxation (17%)
60.9
67.2
66.9
71.5
Closing Balance before Dividends
71.6
130.9
183.4
251.8
Less: Dividends
36.9
74.3
147.5
240.9
Closing Balance after Dividends
34.7
56.6
35.9
10.9
11
11