1994 — Page 67

Notes on the Scheme of Control Statement

5.

The Permitted Return

Leasehold

Buses & other

land Buildings HK$'m

HK$'m

motor vehicles

Others

Total

HK$'m

HK$'m

HK$'m

Cost or valuation :

At 1 January 1994

141.0

648.5

2,695.9

244.7

3,730.1

Additions

16.0

408.9

26.2

451.1

Disposals

(8.1)

(43.4)

(24.4)

(1.0)

(76.9)

At 31 December 1994

132.9

621.1

3,080.4

269.9

4,104.3

Aggregate depreciation :

At 1 January 1994

26.7

200.9

1,325.0

190.3

1,742.9

Charge for the year

20.0

178.7

23.9

222.6

Written back on disposals

(6.3)

(20.0)

(23.1)

(0.7)

(50.1)

At 31 December 1994

20.4

200.9

1,480.6

213.5

1,915.4

Net book value

At 31 December 1994

112.5

420.2

1,599.8

56.4

2,188.9

Add:

Amortisation on land Buses under construction

Less:

Items not ranking for

20.4

287.2

20.4 287.2

Control Scheme purpose

0.6

0.6

Adjusted net book value of

fixed assets for Control

Scheme purpose

132.9

420.2

1,886.4

56.4

2,495.9

Add:

Other assets ranking as fixed assets under Control Scheme:

Deposits paid in respect of buses on order

Spare parts and stores

Insurance deposits with the Government

2.8 231.3

2.0

Net fixed assets for Control Scheme purpose at 31 December 1994

2,732.0

Net fixed assets for Control Scheme purpose at 31 December 1993

2,433.7

Average net fixed assets for Control Scheme purpose

for the year ended 31 December 1994

2,582.9

Permitted Return for 1994 at 16% on average net fixed assets

for Control Scheme purpose

Less: Concessions for senior citizens (Note)

413.3

12.0

Permitted Return for the year ended 31 December 1994

(net of concessions for senior citizens)

Note :-

401.3

As a result of the implementation of concessionary fares to senior citizens in 1993, a sum of HK$12 million has been deducted from the Permitted Return for the year.

The Kowloon Motor Bus Company (1933) Limited

65