:
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED 31ST DECEMBER, 1987
Source of Funds
1987 HK$'000
1986 HK$'000
Profit before taxation and extraordinary item
Extraordinary item
268,335
186,548
66,251
268,335
252,799
Adjustment for items not involving the movement of funds:
Depreciation
159,560
123,306
Profit on disposal of fixed assets
(3,237)
(65,988)
Provision for staff retirement fund
45,529
34,618
Contingency reserve — insurance
14,744
24,991
216,596
116.927
Funds generated from operations
484,931
369,726
Funds from other sources:
Proceeds on disposal of fixed assets, less expenses
4,170
80,885
Increase in long term liabilities
141,506
45,006
Decrease in deposits paid in respect of buses on order
3,200
2,223
148,876
128,114
633,807
497,840
Application of Funds
Dividends paid
164,685
121,414
Tax paid
3.478
16,945
Staff retirement benefits paid
53,026
38,979
Additions to fixed assets
427,252
415,874
Increase in buses under construction
65,671
41.637
Expenses on issue of shares
561
803
714,673
635,652
(80,866)
(137,812)
Increase/(Decrease) in Working Capital
Spare parts and stores
24,942
27,406
Accounts receivable, deposits and prepayments
3.155
16
Accounts payable
(39,058)
(21,566)
Insurance claims payable
(11,285)
3.121
Movements in net liquid funds:
Deposits, cash at banks and in hand
(6,470)
(104,003)
Bank loans and overdrafts
(5,960)
(18,829)
Other borrowings
(46,190)
(23,957)
(80,866)
(137,812)
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