CMB_1987 — Page 15

Consolidated Statement of Changes in Financial Position For The Year Ended 30th June, 1987

(Expressed in Hong Kong dollars)

SOURCE OF FUNDS

Profit before taxation

1987

1986

$000's

$000's

94,705

30,011

Adjustment for items not involving

the movement of funds:-

Depreciation

30,514

31,302

(Profit)/loss on disposal of fixed assets

(98)

557

Provision on listed investments made/(written back)

(1)

27

Provision for insurance and major

repairs to motor buses

8,062

10,721

Provision for employees'

retirement gratuities

Exchange fluctuation reserve

5,545

4,196

(2,649)

44,022

44,154

138.727

74,165

Total generated from operations

Funds from other sources:-

Proceeds from disposal of fixed assets

Unclaimed dividends forfeited

APPLICATION OF FUNDS

291

23

84

35

375

58

139,102

74,223

Dividends paid

Tax paid

33,776

32,851

14,945

23,408

Additions to fixed assets

15,806

4,965

Increase in buses under construction

and in transit

19,335

Payments in respect of insurance and

major repairs to motor buses

8,062

9,721

Employees' retirement gratuities

409

506

Deferred bills paid

4,997

6,378

97.330

77,829

41,772

(3,606)

INCREASE/(DECREASE) IN WORKING CAPITAL

Stores and spare parts

(4,358)

29,475

Debtors, deposits and prepayments

1,088

1,327

Deposit with Hong Kong Government

1,600

Creditors and accruals

Bills payable

Movements in net liquid funds:-

Short term deposits

Cash at banks and in hand

(3,522)

5,465

3,245

6,825

51,063

(53,512)

(5,744)

5,214

41,772

(3,606)

13

Page 15Page 16