CMB_1998 — Page 29

Notes on The Accounts (Continued)

6. TAXATION (Continued)

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

components of the unprovided deferred tax are:-

company and the group.

The major

Group and company

1998

1997

$000's

$000's

Depreciation allowances in excess of related depreciation

39,343

40,917

General provisions:

- major repair to motor buses

- insurance

- employees' retirement schemes

(1,008)

(1,040)

(19,615) (26,941)

(12,579)

(18,907)

-

obsolescence of store and spare parts

(1,092)

(3,187)

- effect of terminating the franchise on 31st August, 1998

(28,391)

- others

(2,051)

438

Net deferred tax assets unprovided

(25,393)

(8,720)

7.

DIVIDENDS

Group and company

1998

1997

$000's

$000's

First interim dividend of $0.10 per share paid (1997: $0.21) Special dividend of $1.80 per share paid (1997: $1.60)

4,627

9,716

83,283

74,029

Second interim dividend of $1.10 per share declared (1997: $0.10)

50,895

4,627

Second special dividend of $nil per share declared (1997: $1.40)

64,776

Proposed final dividend of $0.20 per share (1997: $0.50) Proposed special dividend of $1.20 per share (1997: $2.00)

9,253

23,134

55,522

92,536

203,580

268,818

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