STATEMENT
OF CHANGES
IN FINANCIAL
POSITION
FOR THE YEAR
ENDED 31ST
DECEMBER, 1990
1990
HK$'000
1989 HK$'000
Source of Funds
Profit before taxation and extraordinary item
Add: Extraordinary item
300,885
282,819
9,853
300,885
292,672
Adjustments for items not involving the movement of funds:
Depreciation
138,082
227,188
Profit on disposal of fixed assets
(1,973)
(13,000)
Provision for staff retirement fund
45,513
40,462
Contingency provision - insurance
1,151
(52,157)
182,773
202,493
Funds generated from operations
483,658
495,165
Funds from other sources :
Proceeds on disposal of fixed assets, less
expenses
7,458
17,335
Increase in long term liabilities
40,476
Decrease in deposits paid in respect of buses on order
1,225
4,656
Decrease in buses under construction
58,247
8,683
120,714
492,341
615,879
Application of Funds
Dividends paid
193,747
181,638
Tax paid
26,534
59,607
Staff retirement benefits paid
57,015
50.433
Additions to fixed assets
158,952
411,514
Increase in buses under construction
31,262
Decrease in long term liabilities
90,597
558,107
703,192
(65,766)
(87,313)
Increase/(Decrease) in Working Capital
Spare parts and stores
17,906
(2,947)
Accounts receivable, deposits and prepayments
1,558
(1,219)
Accounts payable
(18,416)
(31,543)
Insurance claims payable
1,151
(4,733)
Movements in net liquid funds:
Deposits, cash at banks and in hand
(98,085)
(26,109)
Bank loans and overdrafts
11,777
(44,730)
Other borrowings
18,343
23,968
(65,766)
(87,313)
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