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

                                                         1999        1998
                                              Note    HK$'000     HK$'000

NET CASH INFLOW FROM OPERATING ACTIVITIES     30(a)    80,040     366,098
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RETURNS ON INVESTMENTS AND SERVICING OF FINANCE

Interest received                                       8,367       8,521
Interest paid                                        (122,628)   (209,876)
Dividends received                                      7,967       2,435
Dividends paid                                              -     (37,444)
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NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS
   AND SERVICING OF FINANCE                          (106,294)   (236,364)
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TAXATION

Hong Kong profits tax refunded                            228       1,012
Overseas tax paid                                        (330)     (3,311)
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TAX PAID                                                 (102)     (2,299)
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INVESTING ACTIVITIES

Net cash outflow for acquisition of a
   subsidiary company                                       -     (13,381)
Purchase of trademarks and patents                       (754)     (1,419)
Purchase of fixed assets                              (63,432)    (56,668)
Proceeds from sale of land and buildings
   and investment properties                        1,367,251     491,880
Proceeds from sale of other fixed assets                  600       2,847
Construction costs incurred for properties
   held for development                                     -    (400,374)
Deferred expenditure incurred                          (2,126)     (3,647)
Forfeiture of deposits from property purchasers             -      37,571
Forfeiture of deposit from a tenant                         -       6,750
Recovery of bank deposit from Bank of
   Credit and Commerce Group (in liquidation)               -       4,868
Repatriation of share capital from other
   investments                                            750           -
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NET CASH INFLOW FROM INVESTING ACTIVITIES           1,302,289      68,427
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NET CASH INFLOW BEFORE FINANCING                    1,275,933     195,862
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FINANCING                                 30(b)

Issue of shares                                             -         464
Acquisition of shareholding from minority
   interest                                                 -        (414)
New long term bank loans                                    -     166,000
Repayment of long term bank loans                  (1,243,391)   (270,370)
Addition of finance leases                                  -         654
Capital repayment of finance leases                    (3,039)       (925)
Increase/(decrease) in loan from a related
   company                                             14,515     (10,199)
Decrease in retention money                            (5,606)     (6,053)
Redemption of convertible notes                       (36,528)          -
Decrease in loans from shareholders                   (37,910)          -
New short term loan                                         -      13,000
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NET CASH OUTFLOW FROM FINANCING                    (1,311,959)   (107,843)
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(Decrease)/increase in cash and cash equivalents      (36,026)     88,019
Cash and cash equivalents at 1st April                (27,901)    (77,125)
Effect of foreign exchange rate changes                 1,243     (38,795)
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CASH AND CASH EQUIVALENTS AT 31ST MARCH               (62,684)    (27,901)
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Analysis of the balances of cash and cash equivalents:

Cash and bank balances                                 82,670     155,632
Bank overdrafts and short term loans
  Secured                                             (84,498)    (15,184)
  Unsecured                                           (60,856)   (168,349)
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                                                      (62,684)    (27,901)
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Source: STELUX Holdings International Limited
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