1992 — Page 45

STATEMENT OF CHANGES IN FINANCIAL POSITION

FOR THE YEAR ENDED 31ST DECEMBER, 1992

1992

HK$'000

1991

HK$'000

Source of Funds

Profit before taxation

389,698

371,544

Adjustments for items not involving the movement of funds :

Depreciation

171,664

150,177

Profit on disposal of fixed assets

(1,864)

(1,248)

Provision for staff retirement fund

145,917

108,482

Contingency provision

Funds generated from operations

insurance

11,655

20,131

327,372

277,542

717,070

649,086

Funds from other sources :

Proceeds on disposal of fixed assets, less expenses

1,984

2,397

Increase in long term liabilities

32,953

120,918

Decrease in deposits paid in respect of buses on order

3,083

38,020

123,315

755,090

772,401

Application of Funds

Dividends paid

242,184

217,965

Tax paid

52,277

37,994

Staff retirement benefits paid

55,717

60,915

Additions to fixed assets

292,396

294,546

Increase in buses under construction

29,025

52,489

Increase in deposits paid in respect of buses on order

5,563

671,599

669,472

83,491

102,929

Increase/(Decrease) in Working Capital

Spare parts and stores

22,698

7,584

Accounts receivable, deposits and prepayments

(9,481)

(2,534)

Accounts payable

50,563

(42,328)

Insurance claims payable

(9,886)

(7,369)

Movements in net liquid funds:

Deposits, cash at bank and in hand

35,538

121,549

Bank loans and overdrafts

Other borrowings

(50,014)

14,527

44.073

11,500

83,491

102,929

43

Page 45Page 46