CMB_1990 — Page 30

6.

Taxation

(a) Taxation in the profit and loss accounts represent:-

Estimated liability to Hong Kong

The group

The company

1990

1989

1990

$000's

$000's

$000's

1989

$000's

profits tax at 16.5% on the

assessable profits of the year

13,323

12,548

13,051

12,300

Under/(over) provision in respect of

previous year

630

(71)

630

(70)

13,953

12,477

13,681

12,230

(b) The liability to taxation represents:-

Estimated liability to profits

tax for the year

13,323

12,548

13,051

12,300

Provisional profits tax paid

(114)

(114)

13,323

12,434

13,051

12,186

Balance of profits tax provision

relating to previous year

526

21

492

13,849

12,455

13,543

12,186

(c) No provision for deferred taxation is required as there are net deferred tax assets for both the company and

the group. The major components of the unprovided deferred tax are:-

The group

The company

1990

1989

1990

1989

$000's

$000's

$000's

$000's

Depreciation allowances in excess

of related depreciation

165,620

132.830

165,542

132,791

General provision

(251,502)

(168,419)

(251,479)

(168,396)

Net deferred tax assets unprovided

(85,882)

(35,589)

(85,937)

(35,605)

7.

Dividends

Group and company

1990

1989

$000's

$000's

First interim dividend of

21 cents per share paid (1989: 21 cents)

9,716

9,716

Special dividend of

5 cents per share paid (1989: 5 cents)

2,313

2,313

Second interim dividend of

18 cents per share declared (1989: 18 cents)

8,329

8,329

Proposed final dividend of

33 cents per share (1989: 33 cents)

15,269

15,269

35,627

35,627

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8.

Fixed assets