15. LONG TERM LIABILITIES
Balance of premium on land
Bank loans (Note 17a)
Other borrowings (Note 17b)
NOTES ON THE ACCOUNTS
1992
1991
HK$'000
HK$'000
384
369,695
316,162
49,192
69,388
418,887
385,934
Land premium of HK$384,000 (1991 — HK$362,000) payable within one year of the balance sheet date in respect of land purchased from Government has been included under accounts payable of current liabilities.
16. STAFF RETIREMENT FUND
1992
HK$'000
1991
HK$'000
Balance at 1st January
67,100
19,533
Transfer from profit and loss account
167,894
128,108
234,994
147,641
Payments during year
Balance at 31st December
(77,694)
(80,541)
157,300
67,100
The deferred liability represents the provision for the improvement of the benefit factor under an approved retirement scheme for its employees.
17. BANK LOANS, OVERDRAFTS AND OTHER BORROWINGS
Bank loans and overdrafts (Note 17a)
Other borrowings (Note 17b)
50
1992
HK$'000
1991
HK$'000
511,544
407,997
69,388
133,657
580,932
541,654
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