15
|
Deferred
Tax
|
2000
HK$000 |
1999
HK$000 |
|
Balance
at 1 April 1999
Provision for the year
|
2,099
3,122 |
6,851
(4,752) |
|
| Balance
at 31 March 2000 |
5,221 |
2,099 |
|
|
|
16
|
Government
Loan
|
2000
HK$000 |
1999
HK$000 |
|
| Government
loan repayable after one year at 31 March 2000 |
181,680 |
211,960 |
|
|
A
set-up loan of $302.8 million from the Capital Investment Fund was
made in accordance with the resolution passed by the Legislative
Council on 26 June 1996 to finance part of initial assets valued
at $1,009.4 million appropriated to the Electrical and Mechanical
Services Trading Fund effective from 1 August 1996. The loan is
repayable in ten equal annual instalments of $30.28 million starting
from 1 July 1997. The fourth instalment due to be payable on 1 July
2000 is shown under short-term borrowing. The balance of $181.68
million shown under this item represents the balance of loan after
repayment of the fourth instalment.
A further loan facility of $150 million from the Capital Investment
Fund was approved by the Finance Committee on 12 July 1996 to finance
the initial years?working capital of the Electrical and Mechanical
Services Trading Fund. The working capital loan was to operate as
an overdraft facility to the Electrical and Mechanical Services
Trading Fund with a credit limit of $150 million, drawn as and when
necessary and repayable in full by 31 July 2006. Two drawdowns of
$70 million and $35 million were made on 1 August 1996 and 2 September
1996 respectively and were subsequently fully paid off. During the
year ended 31 March 2000, no additional drawdown from the loan was
made.
Interest for the set-up loan is payable on the amount outstanding
at the average of the best lending rates quoted by the continuing members of the Committee of the Hong Kong
Association of Banks.
|
17
|
Trading
Fund Capital
This represents the Government's investment in the Electrical
and Mechanical Services Trading Fund.
|
2000
HK$000 |
1999
HK$000 |
|
Balance
at 1 April 1999
Addition |
706,600 |
706,600 |
|
| Balance
at 31 March 2000 |
706,600 |
706,600 |
|
|
|
18
|
Retained
Earnings
|
2000
HK$000 |
1999
HK$000 |
|
Balance
at 1 April 1999
Addition |
516,796
336,051 |
287,459
327,624 |
|
| Proposed
dividend |
852,847
(100,815) |
615,083
(98,287) |
|
| Balance
at 31 March 2000 |
752,032 |
516,796 |
|
|
|
19
|
Analysis
of Changes in Financing During The Year
|
Government
loan
(including short-term borrowing)
|
| |
2000
HK$000 |
1999
HK$000 |
|
Balance
at 1 April 1999
Cash outflow from financing |
242,240
(30,280) |
272,520
(30,280) |
|
| Balance
at 31 March 2000 |
211,960 |
242,240 |
|
|
|
20
|
Analysis
of The Balances of Cash and Cash Equivalents at End of Year
|
2000
HK$000 |
1999
HK$000 |
|
Cash
and bank balances
Placements with banks (cash equivalents portion) |
78,945
800,000 |
8,139
685,000 |
|
| |
878,945 |
693,139 |
|
|
|
21
|
Related
Party Transactions
Apart from those separately disclosed in
the accounts, the other material related party transactions for the
year are summarised as follows:
| (a) |
Services
provided to related parties included vehicle services;
electrical, mechanical and electronic services; and project
and consultancy services. The total revenue derived from
these services amounted to $2,995 million (1999 : $2,873
million). This amount was included in Turnover under note
3. |
| |
|
| (b) |
Services
received from related par ties included maintenance, accommodation,
central administration and auditing. The total cost incurred
on these services amounted to $146 million (1999 : $354
million). This amount was included in Operating costs
under note 4. |
| |
|
| Services
provided to related parties were priced on a cost-plus
basis. Services received from related parties were charged
at the rates payable by the general public for services
which were also available to the public or on a full cost
recovery basis for services which were available only
to the related parties. |
| |
|
|
|
|
