There is set out below the financial position of the Group analysed by each principal operating company.
The increase in both total assets and liabilities is due to the combined effect of the assets acquired from Borsumij, significant organic expansion at Tech Pacific, the investment in Bonifacio Land Corporation by Metro Pacific, the growth in Smart through the capital injection of US$123 million by Nippon Telegraph and Telephone and the disposal of USB with effect from 1st July 1995.
Despite the significant increase in the Group's net assets their relative distribution is comparable to last year. The majority of the Group's investments continue to be located in Asia which is where the majority of the Group's profits are generated.
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