Consolidated Statement of Changes in Financial Position For The Year Ended 30th June, 1988
(Expressed in Hong Kong dollars)
SOURCE OF FUNDS
Profit before taxation
1988
1987
$000's
$000's
89,637
94,705
Adjustment for items not involving
the movement of funds:-
Depreciation
29,074
30.514
Loss/(profit) on disposal of fixed assets
413
(98)
Provision on listed investments made/(written bäck)
5
(1)
Provision for insurance and major
repairs to motor buses
26,187
8,062
Provision for employees'
retirement gratuities
5,101
5,545
60,780
44,022
150,417
138,727
Total generated from operations
Funds from other sources:-
Proceeds from disposal of fixed assets
Unclaimed dividends forfeited
18
291
53
84
53
375
150,470
139,102
APPLICATION OF FUNDS
Dividends paid
35,164
33,776
Tax paid
10.206
14,945
Additions to fixed assets
23,080
15,806
Increase in buses under construction
and in transit
4,110
19.335
Payments in respect of insurance and
major repairs to motor buses
8.187
8.062
Employees' retirement gratuities
650
409
Decrease in deferred bills
677
4,997
82,074
97,330
68,396
41,772
INCREASE/(DECREASE) IN WORKING CAPITAL
Stores and spare parts
(4,981)
(4,358)
Debtors, deposits and prepayments
(134)
1,088
Creditors and accruals
(9,166)
(3,522)
Bills payable
Short term deposits
Cash at banks and in hand
4,520
3,245
Movements in net liquid funds:-
78,004
51,063
153
(5,744)
68,396
41,772
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