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The Kowloon Motor Bus Holding Limited

Consolidated Balance Sheet
as at 31 December 1998

                                                        1998         1997
                                          Note       HK$'000      HK$'000
=========================================================================
Fixed assets                               10      4,881,720    4,441,196
                                                  ----------   ----------
Interest in associated company             12         (4,948)      (2,036)
                                                  ----------   ----------
Interest in jointly controlled entity      13         16,834       19,859
                                                  ----------   ----------
Current assets                             14      1,636,091      909,929
Current liabilities                        15     (1,616,557)  (1,397,102)
                                                  ----------   ----------
Net current assets/(liabilities)                      19,534     (487,173)
                                                  ==========   ==========
                                                   4,913,140    3,971,846
                                                  ==========   ==========
Representing:
Share capital and reserves
Share capital                              16        403,639      403,639
Reserves                                   17      1,427,152    1,305,888
                                                  ----------   ----------
Shareholders' funds                                1,830,791    1,709,527
Contingency provision - insurance          18        299,098      272,819
Development fund                           19              -            -
Long-term bank loans                       20      1,694,159    1,115,833
Staff retirement fund                      21      1,082,600      867,600
Minority interests                                     6,492        6,067
                                                  ----------   ----------
                                                   4,913,140    3,971,846
                                                  ==========   ==========
=========================================================================

Approved by the Board of Directors on 15 April 1999


P C Woo
Chairman


John Chan Cho Chak
Managing Director

The notes on pages 65 to 80 form part of these accounts.


Source: The Kowloon Motor Bus Holding Limited
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