Fixed asset additions include property and equipment relating to acquired businesses, additional plant and machinery at Metro Pacific and Berli Jucker in respect of their capital investment programmes and additional telecommunications equipment at Pacific Link and Smart. Additional financial investments principally arose from Metro Pacific's investment in Bonifacio Land Corporation (US$214 million), the acquired associated companies of Borsumij (US$33 million) and the Company's investment in Escotel (US$11 million). The increase in financial investments also includes the 1995 share of profits of associated companies, increased loan balances with associated companies and a number of smaller investments made throughout the Group.

The decrease in banking assets and liabilities reflects the disposal of USB on 1st July 1995, which has, however, been mitigated by the growth of FPB Bank Holdco.

Current assets increased by 65 per cent to US$2,444 million which comprises increased inventory (US$364 million), accounts receivable (US$428 million), short term investments (US$5 million) and cash balances (US$163 million). Current liabilities increased by 51 per cent to US$1,821 million, due to increased borrowings (US$266 million) and payables (US$345 million). Increases in current assets and liabilities are largely represented by Hagemeyer, which has been significantly impacted by the acquisition of Borsumij, and by Tech Pacific through substantial organic growth. In addition, increased cash balances include deposits at Head Office, largely arising from the unspent proceeds of the private placement in September 1995 and deposits at Smart, arising mainly from the capital injection by Nippon Telegraph and Telephone in May 1995.

Long term liabilities and provisions increased by 68 per cent, to US$1,030 million due to increased borrowings (US$318 million) and deferred liabilities and provisions (US$100 million). Other than balances in acquired businesses, the increase relates to the issue of floating rate notes at Head Office (US$60 million), the issue of exchangeable convertible notes at First Pacific Davies (US$39 million), increased long term loans (US$150 million) principally at Metro Pacific and Berli Jucker, and increased deferred liabilities and provisions (US$11 million).

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