1990 — Page 39

STATEMENT

OF CHANGES

IN FINANCIAL

POSITION

FOR THE YEAR

ENDED 31ST

DECEMBER, 1990

1990

HK$'000

1989 HK$'000

Source of Funds

Profit before taxation and extraordinary item

Add: Extraordinary item

300,885

282,819

9,853

300,885

292,672

Adjustments for items not involving the movement of funds:

Depreciation

138,082

227,188

Profit on disposal of fixed assets

(1,973)

(13,000)

Provision for staff retirement fund

45,513

40,462

Contingency provision - insurance

1,151

(52,157)

182,773

202,493

Funds generated from operations

483,658

495,165

Funds from other sources :

Proceeds on disposal of fixed assets, less

expenses

7,458

17,335

Increase in long term liabilities

40,476

Decrease in deposits paid in respect of buses on order

1,225

4,656

Decrease in buses under construction

58,247

8,683

120,714

492,341

615,879

Application of Funds

Dividends paid

193,747

181,638

Tax paid

26,534

59,607

Staff retirement benefits paid

57,015

50.433

Additions to fixed assets

158,952

411,514

Increase in buses under construction

31,262

Decrease in long term liabilities

90,597

558,107

703,192

(65,766)

(87,313)

Increase/(Decrease) in Working Capital

Spare parts and stores

17,906

(2,947)

Accounts receivable, deposits and prepayments

1,558

(1,219)

Accounts payable

(18,416)

(31,543)

Insurance claims payable

1,151

(4,733)

Movements in net liquid funds:

Deposits, cash at banks and in hand

(98,085)

(26,109)

Bank loans and overdrafts

11,777

(44,730)

Other borrowings

18,343

23,968

(65,766)

(87,313)

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