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Hopson Development Holdings Limited

Consolidated Cash Flow Statement
For the year ended 31st December, 1998
(Expressed in Hong Kong dollars)
                                                             1998     1997
                                                  Notes     $'000    $'000

Net cash inflow from operating activities         25.a    193,817   28,299
__________________________________________________________________________
Returns on investments and servicing of finance
  Interest received                                        19,183    1,987
  Interest paid                                            (4,922)  (1,763)
  Payment to minority shareholders                         (2,087)       -
__________________________________________________________________________
Net cash inflow from returns on
  investments and servicing of finance                     12,174      224
__________________________________________________________________________
Taxation
  Hong Kong profits tax paid                               (4,270)    (185)
  Overseas tax paid                                        (5,156)       -
__________________________________________________________________________
                                                           (9,426)    (185)
Investing activities
  Purchases of fixed assets                                (4,938)  (1,246)
  Increase in investment properties                      (109,134)       -
  (Increase) Decrease in properties under
    development for long-term investment                 (320,664)  42,693
  Increase in other investment                            (66,074)       -
__________________________________________________________________________
                                                         (500,810)  41,447
__________________________________________________________________________
Net cash (outflow) inflow before financing               (304,245)  69,785
__________________________________________________________________________
Financing                                         25.b
  Proceeds from issue of shares                           642,692        -
  Increase in enterprise expansion and reserve fund        10,480    1,364
  Decrease in enterprise expansion and reserve fund          (779)       -  
  Inception of short-term loans                           128,972   32,056
  Repayment of short-term loans                           (32,056)  (8,384)
  Repayment of long-term bank loans                             -   (2,325)
  Decrease in amounts due to related companies            (41,221) (25,566)
  (Decrease) Increase in amounts due to directors         (42,036)   3,486
__________________________________________________________________________
                                                          666,052      631
__________________________________________________________________________
Increase in cash and cash equivalents                     361,807   70,416

Cash and cash equivalents, beginning of year               82,362   11,946
__________________________________________________________________________
Cash and cash equivalents, end of year                    444,169   82,362
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Source: Hopson Development Holdings Limited
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