XN000022-1994-04-27 — Page 27

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WEDNESDAY, APRIL 27, 1994

THERE WILL BE A ONE-YEAR GRACE PERIOD AFTER THE BILL IS ENACTED TO ENABLE THE BUSINESS COMMUNITY TO CONSIDER THEIR USE OF CONTRACTS IN THE SALE OF GOODS AND SUPPLY OF SERVICES TO CONSUMERS AND TO MAKE ANY NECESSARY CHANGES.

MR CHAU EXPRESSED THE HOPE THAT THE ENACTMENT OF THE THREE BILLS WOULD HELP STRENGTHEN THE BARGAINING POSITION OF SMALL CONSUMERS.

DEBATES ON THE BILLS WERE ADJOURNED.

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GOVERNMENT MINUTE ON PAC INTRODUCED

THE ACTING CHIEF SECRETARY, THE HON MICHAEL LEUNG, INTRODUCED TO THE LEGISLATIVE COUNCIL GOVERNMENT MINUTE RESPONDING то THE 21ST REPORT OF THE PUBLIC ACCOUNTS COMMITTEE (PAC) ON THE ACCOUNTS OF THE GOVERNMENT FOR THE YEAR ENDING MARCH 31, 1993, AND ON THE RESULTS OF VALUE FOR MONEY AUDITS.

HE SAID THE GOVERNMENT APPRECIATED FULLY THE IMPORTANCE OF PAC'S FINDINGS AND RECOMMENDATIONS,

THE

IT WILL CONTINUE TO WORK CLOSELY WITH THE AUDIT DEPARTMENT AND THE PAC IN THE QUEST FOR MORE EFFICIENT USE OF PUBLIC FUNDS, HE ADDED.

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KCRC ANNUAL REPORT 1993 TABLED AT LEGCO

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THE

FINANCIAL SECRETARY, THE HON SIR HAMISH MACLEOD, TODAY (WEDNESDAY) TABLED THE ANNUAL REPORTS AND ACCOUNTS OF THE KOWLOON- CANTON RAILWAY CORPORATION FOR THE YEAR ENDING DECEMBER 31, 1993.

AN

SIR HAMISH SAID OPERATING REVENUE STOOD AT $2,417 MILLION, INCREASE OF 12 PER CENT OVER 1992. INCLUDING INCOME FROM PROPERTY DEVELOPMENT, THE NET PROFIT FOR THE YEAR WAS $1,313 MILLION.

FULLY

"A DIVIDEND OF $160 MILLION WAS PAID TO THE GOVERNMENT AFTER TAKING INTO ACCOUNT THE CORPORATION'S LONG-TERM CASH FLOW REQUIREMENTS AND INVESTMENT NEEDS, AS WELL AS THE BROADER PUBLIC INTEREST," SIR HAMISH SAID.

STOOD

AT THE END OF LAST YEAR, THE TOTAL ASSETS of THE CORPORATION AT $7.8 BILLION, AND BORROWINGS AT $539 MILLION. THE YEAR-END DEBT TO EQUITY RATIO WAS 1:11.4.

CASH GENERATED BY THE OPERATING DIVISIONS WAS SUFFICIENT то COVER ONGOING CAPITAL EXPENDITURE AND DEBT REPAYMENT.

/SIR HAMISH