CMB_1989 — Page 19

Consolidated Statement of Changes in Financial Position For The Year Ended 30th June, 1989

(Expressed in Hong Kong dollars)

SOURCE OF FUNDS

Profit before taxation

Adjustment for items not involving

the movement of funds:-

Depreciation

1989

1988

$000's

$000's

75,966

89,637

27,731

29,074

Loss on disposal of fixed assets

498

413

Provision on listed investments

1

5

Provision for insurance and major

repairs to motor buses

34,670

26,187

Provision for employees'

retirement gratuities

4.745

5,101

67,645

60,780

Total generated from operations

143,611

150.417

Funds from other sources:-

Proceeds from disposal of fixed assets

Unclaimed dividends forfeited

67

94

53

161

53

143,772

150,470

APPLICATION OF FUNDS

Dividends paid

Tax paid

35,627

35.164

30,120

10,206

Additions to fixed assets

35,646

23,080

Increase in buses under construction

and in transit

23,745

4.110

Payments in respect of insurance and

major repairs to motor buses

8,170

8,187

Employees' retirement gratuities

1,251

650

Deferred bills paid

677

134,559

82,074

9,213

68.396

INCREASE/(DECREASE) IN WORKING CAPITAL

Stores and spare parts

1,044

(4,981)

Debtors, deposits and prepayments

2,067

Creditors and accruals

2,922

Bills payable

729

(134) (9,166)

4,520

Movements in net liquid funds:-

Short term deposits with banks Cash at banks and in hand

(4,650) 7.101

78,004

153

9,213

68,396

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