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Lung Kee (Bermuda) Holdings Limited

Consolidated Cash Flow Statement
For the year ended 31st March, 1999

                                                    1999          1998
                                     Notes           HK$           HK$

NET CASH INFLOW FROM OPERATING
 ACTIVITIES                            23    222,174,849   209,628,897
                                            ------------  ------------
RETURNS ON INVESTMENTS AND
 SERVICING OF FINANCE
Dividends paid                               (49,342,719)  (73,989,038)
Interest paid                                (10,060,624)   (8,593,255)
Dividends paid to minority
 shareholders of subsidiaries                 (6,500,000)  (11,600,000)
Interest received                              6,190,761     4,744,709
Dividends received                                     -        22,857
                                            ------------  ------------
NET CASH OUTFLOW FROM RETURNS ON
 INVESTMENTS AND SERVICING OF FINANCE        (59,712,582)  (89,414,727)
                                            ------------  ------------
TAXATION
Hong Kong Profits Tax paid                   (23,552,889)  (15,513,876)
Hong Kong Profits Tax refunded                 1,622,804             -
                                            ------------  ------------
                                             (21,930,085)  (15,513,876)
                                            ------------  ------------
INVESTING ACTIVITIES
Purchase of fixed assets                     (82,629,524) (126,443,251)
Acquisition of a subsidiary            24     (1,484,604)            -
Repayment from (advances to)
 jointly controlled entities                   6,996,748    (9,247,246)
Proceeds on disposal of fixed
 assets                                        3,596,530       291,405
Repayment from an associated
 company                                       3,186,852             -
Investment in jointly controlled
 entities                                              -    (5,070,536)
Deposits for purchase of fixed
 assets                                                -    (4,515,411)
Proceeds on disposal of listed
 investments                                           -     2,405,229
                                            ------------  ------------
NET CASH OUTFLOW FROM INVESTING
 ACTIVITIES                                  (70,333,998) (142,579,810)
                                            ------------  ------------
NET CASH INFLOW (OUTFLOW) BEFORE
 FINANCING                                    70,198,184   (37,879,516)
                                            ------------  ------------
FINANCING                              25
Repayment of bank borrowings                 (78,775,069) (108,836,108)
Repayment of obligations under
 finance leases                               (2,695,143)   (3,099,934)
(Repayment to) loan from a
 minority shareholder of a
 subsidiary                                     (381,000)      600,000
New bank borrowings raised                    14,190,000   146,481,910
Proceeds from issue of new shares                      -     6,201,700
Refinancing of fixed assets                            -     5,357,296
                                            ------------  ------------
NET CASH (OUTFLOW) INFLOW FROM
 FINANCING                                   (67,661,212)   46,704,864
                                            ------------  ------------
INCREASE IN CASH AND CASH
 EQUIVALENTS                                   2,536,972     8,825,348
CASH AND CASH EQUIVALENTS AT THE
 BEGINNING OF THE YEAR                       118,560,941   109,833,458
EFFECT OF FOREIGN EXCHANGE RATE
 CHANGES                                          70,850       (97,865)
                                            ------------  ------------
CASH AND CASH EQUIVALENTS AT THE
 END OF THE YEAR
 representing bank balances,
  deposits and cash                          121,168,763   118,560,941
                                            ============  ============

Source: Lung Kee (Bermuda) Holdings Limited
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