1994 — Page 21

Financial Review

Number of passengers

1994

1993

1992

1991

1990

0

200

400

600

800

1994

Number of

passengers

Distance operated

171

→3.966

1993

1992

1991

1990

0

50

100

150

200

250

Distance operated

1994

1993

1992

277

1991

322

1990

134

0

425

Capital expenditure

1,000

Million

300

Million km

50 100 150 200 250 300 350 400 450 500

Tota HKS'm

487

388

318

352

HK$'million

Buses and other motor vehicles

Buildings

Others

Number of buses and bus fleet capacity

189

Bus fleet capacity ('000) Total

300

320 340 360 380

400

1994

2.615

1993

2,572

1992

2.601

1991

2680

1990

2,712

0

420

440

734

592

486

347

174

500 1,000 1,500 2,000 2,500 3,000 3,500

Number of buses

Non air-conditioned buses

Air-conditioned buses

Bus Fleet capacity

3.349

3,170

3,087

3,027

2,886

LIQUIDITY AND FINANCIAL RESOURCES

In 1994, the net cash inflow from bus operation was HK$768 million (1993 - HK$925 million). In addition, there were exceptional cash inflows of HK$1,728 million arising from the disposal of two surplus depot sites situated at 81 How Ming Street, Kwun Tong and a portion of 51-53 Kwai Cheong Road, Kwai Chung. No new loans were borrowed by

the Company during the year.

The Kowloon Motor Bus Company (1933) Limited

During the year, special cash bonuses and dividends, totalling HK$1,820 million were paid to the Shareholders. Payments for capital investment and repayment of bank loans amounted to HK$493 million and HK$151 million respectively during the

year.

Cash flow statement of the Company for the year ended 31 December 1994 is set out on pages 47 and

48 of this Annual Report.

At 31 December 1994, the total borrowings of the Company amounted to HK$386 million, representing a decrease of HK$151 million as compared with 1993. The gearing ratio, representing the ratio of long term bank loans to the total share capital and reserves of

the Company, for the year also improved from 0.31 in 1993 to 0.16 in 1994. As a result of the decrease in

total borrowings, the finance charge for the year has reduced by 15.7 percent to HK$28.4 million as compared with HK$33.7 million in 1993. At 31 December 1994, cash and deposits at bank were HK$409 million.

At 31 December 1994, the Company has stand-by credit facilities totalling HK$7.5 million and GBP 1 million. Bank loans and overdraft at the year end amounted to HK$386 million, of which HK$153 million are secured on the Company's undertaking to

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