1989 — Page 41

STATEMENT OF CHANGES IN FINANCIAL POSITION

FOR THE YEAR ENDED 31ST DECEMBER, 1989

1989

HK$'000

1988 HK$'000

Source of Funds

Profit before taxation and extraordinary item

Add: Extraordinary item

282,819

244,611

9,853

292,672

244,611

Adjustment for items not involving the movement of funds:

Depreciation

227,188

190.895

Profit on disposal of fixed assets

(13,000)

(3,005)

Provision for staff retirement fund Contingency provision insurance

―

40,462

43,950

(52,157)

53,103

202,493

284,943

495,165

529,554

Funds generated from operations

Funds from other sources:

Proceeds on disposal of fixed assets, less expenses

17,335

3,365

Increase in long term liabilities

40,476

Decrease in deposits paid in respect of buses on order

4,656

Decrease in buses under construction

58,247

85,058

120,714

88,423

615,879

617,977

Application of Funds

Dividends paid

181.638

165,492

Tax paid

59,607

21,337

Staff retirement benefits paid

50,433

48,222

Additions to fixed assets

411,514

291,318

Expenses on issue of shares

654

Increase in deposits paid in respect of buses on order

5,580

Decrease in long term liabilities

129,055

703,192

661,658

(87,313)

(43,681)

Increase/(Decrease) in Working Capital

Spare parts and stores

(2,947)

(22,474)

Accounts receivable, deposits and prepayments

(1,219)

13,939

Accounts payable

(31,543)

3.494

Insurance claims payable

(4,733)

2,754

Movements in net liquid funds:

Deposits, cash at banks and in hand

(26,109)

(51,120)

Bank loans and overdrafts

(44,730)

(7,647)

Other borrowings

23,968

17,373

(87,313)

(43,681)