1991 — Page 42

STATEMENT OF CHANGES IN FINANCIAL POSITION

FOR THE YEAR ENDED 31ST DECEMBER, 1991

1991

HK$'000

1990

HK$'000

Source of Funds

Profit before taxation

371,544

300,885

Adjustments for items not involving the movement of funds :

Depreciation

150,177

138,082

Profit on disposal of fixed assets

(1,248)

(1,973)

Provision for staff retirement fund Contingency provision - insurance

108,482

45,513

20,131

1,151

277,542

182,773

649,086

483,658

Funds generated from operations

Funds from other sources:

Proceeds on disposal of fixed assets, less expenses

2,397

7,458

Increase in long term liabilities

120,918

Decrease in deposits paid in respect of buses on order

1,225

123,315

8,683

772,401

492,341

Application of Funds

Dividends paid

217,965

193,747

Tax paid

37,994

26,534

Staff retirement benefits paid

60,915

57,015

Additions to fixed assets

294,546

158,952

Increase in buses under construction

52,489

31,262

Increase in deposits paid in respect of buses on order

5,563

Decrease in long term liabilities

90,597

669,472

558,107

102,929

(65,766)

Increase/(Decrease) in Working Capital

Spare parts and stores

7,584

17,906

Accounts receivable, deposits and prepayments

(2,534)

1,558

Accounts payable

(42,328)

(18,416)

Insurance claims payable

(7,369)

1,151

Movements in net liquid funds :

Deposits, cash at bank and in hand

121,549

(98,085)

Bank loans and overdrafts

14,527

11,777

Other borrowings

11,500

18,343

102,929

(65,766)

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