1994 — Page 53

Notes on the Accounts

3. OPERATING PROFIT

Operating profit is arrived at after charging:

1994

1993

HK$'000

HK$'000

Depreciation

222,619

196,302

Operating lease charges on

- temporary bus depots and terminal shelters

1,411

6,857

- buses

1,271

Auditors' remuneration

757.

734

Interest payable on:

Bank loans and overdrafts repayable

- within 5 years

28,369

26,401

- over 5 years

7,278

Balance of premium on land

4

Annual contributions to retirement schemes

99,341

87,661

Additional provision for staff retirement fund

192,000

126,000

4. EXCEPTIONAL ITEM

Exceptional item represents the surplus arising from the disposal of the Company's property at 81 How Ming Street, Kwun Tong and a portion of the property at 51-53 Kwai Cheong Road, Kwai Chung during the year.

5. DIRECTORS' REMUNERATION

Directors' remuneration disclosed pursuant to Section 161 of the Companies Ordinance is as follows:

1994

HK$'000

1993

HK$'000.

Directors' fees

298

267

Salaries and allowances

4,858

1,851

Discretionary and performance

related bonuses

6,073

1,237

Retirement fund contributions

1,060

125

12,289

3,480

The Kowloon Motor Bus Company (1933) Limited

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