STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED 31ST DECEMBER, 1992
1992
HK$'000
1991
HK$'000
Source of Funds
Profit before taxation
389,698
371,544
Adjustments for items not involving the movement of funds :
Depreciation
171,664
150,177
Profit on disposal of fixed assets
(1,864)
(1,248)
Provision for staff retirement fund
145,917
108,482
Contingency provision
Funds generated from operations
insurance
11,655
20,131
327,372
277,542
717,070
649,086
Funds from other sources :
Proceeds on disposal of fixed assets, less expenses
1,984
2,397
Increase in long term liabilities
32,953
120,918
Decrease in deposits paid in respect of buses on order
3,083
38,020
123,315
755,090
772,401
Application of Funds
Dividends paid
242,184
217,965
Tax paid
52,277
37,994
Staff retirement benefits paid
55,717
60,915
Additions to fixed assets
292,396
294,546
Increase in buses under construction
29,025
52,489
Increase in deposits paid in respect of buses on order
5,563
671,599
669,472
83,491
102,929
Increase/(Decrease) in Working Capital
Spare parts and stores
22,698
7,584
Accounts receivable, deposits and prepayments
(9,481)
(2,534)
Accounts payable
50,563
(42,328)
Insurance claims payable
(9,886)
(7,369)
Movements in net liquid funds:
Deposits, cash at bank and in hand
35,538
121,549
Bank loans and overdrafts
Other borrowings
(50,014)
14,527
44.073
11,500
83,491
102,929
43
Page 45Page 46