CMB_1988 — Page 15

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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