1999 1998
Notes $’000 $’000
(Note 28)
NET CASH INFLOW (OUTFLOW) FROM
OPERATING ACTIVITIES (a) 189,652 (54,870)
-------- --------
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Dividends paid - (7,936)
Dividends received 1,774 1,536
Interest paid on overdrafts
and bank loans (32,950) (35,431)
Interest element of hire
purchase contract payments (2,116) (1,374)
Interest received 11,566 12,012
-------- --------
Net cash outflow from returns on
investments and servicing of finance (21,726) (31,193)
-------- --------
TAXATION
Special rebate of Hong Kong profits tax 747 -
Hong Kong profits tax paid (13,345) (537)
-------- --------
(12,598) (537)
-------- --------
INVESTING ACTIVITIES
Payment of development costs (141) (337)
Payment of pre-operating expenditures (5,016) -
Purchase of fixed assets (40,639) (26,711)
Proceeds from disposals of
investment properties 7,295 -
Payments for acquisition of
investment properties - (55,508)
Proceeds from disposals of fixed assets 2,885 432
Acquisition of long-term investments - (1,455)
-------- --------
Net cash outflow from investing activities (35,616) (83,579)
-------- --------
Net cash inflow (outflow) before
financing activities 119,712 (170,179)
-------- --------
FINANCING ACTIVITIES
Repayments under hire purchase contracts (19,568) (12,820)
Repayment of secured bank loans - (12,808)
Proceeds from issuance of
share capital, net 18(b)&19 25,856 -
Advances from minority shareholders, net (b) 684 1,157
-------- --------
Net cash inflow (outflow) from
financing activities 6,972 (24,471)
-------- --------
Increase (Decrease) in cash and
cash equivalents 126,684 (194,650)
Cash and cash equivalents,
beginning of year (306,274) (111,624)
-------- --------
Cash and cash equivalents, end of year (179,590) (306,274)
======== ========
ANALYSIS OF CASH AND CASH EQUIVALENTS
Time deposits 182,215 180,147
Cash and bank balances 15,545 37,982
Bank overdrafts (72,720) (133,803)
Short-term bank loans (304,630) (390,600)
-------- --------
(179,590) (306,274)
======== ========
(a) RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW (OUTFLOW) FROM OPERATING ACTIVITIES
1999 1998
$'000 $'000
(Note 28)
Operating profit 13,670 35,901
Interest income (11,566) (12,012)
Dividend income (48) -
Loss on disposals of fixed assets 162 188
Interest expense on overdrafts and bank loans 32,950 35,431
Hire purchase charges 2,116 1,374
Amortisation of development costs 750 750
Amortisation of pre-operating expenditures 418 -
Depreciation 16,612 13,258
Changes in non-cash working capital balances:
Decrease in long-term receivable 4,671 4,670
Increase in loans to employees (2,544) (600)
(Increase) Decrease in inventories (5,874) 652
Decrease in properties held for resale - 57,630
(Increase) Decrease in long-term
trade debtors (12,153) 17,317
Decrease (Increase) in trade debtors 192,141 (29,207)
Increase in gross amount due from
customers for contract work (27,963) (168,030)
Decrease in amounts due from
associated companies 106 4,640
Increase in prepayments, deposits
and other receivables (14,639) (3,928)
Decrease in payable to suppliers
and subcontractors (15,849) (25,187)
(Decrease) Increase in amounts
due to related parties (604) 880
Decrease in amounts due to
associated companies (40) (767)
(Decrease) Increase in accruals
and other liabilities (9,656) 10,591
Increase in gross amount due to
customers for contract work 26,992 1,579
-------- --------
NET CASH INFLOW (OUTFLOW) FROM
OPERATING ACTIVITIES 189,652 (54,870)
======== ========
(b) ANALYSIS OF CHANGES IN FINANCING DURING THE YEAR
1999 1998
------------------------------------------------- --------
Hire
Share Share Minority purchase
capital premium interests obligations Total Total
$'000 $'000 $'000 $'000 $'000 $'000
(Note 28)
Balance, beginning of year 78,710 339,443 2,514 25,207 445,874 438,863
Net cash inflow (outflow)
from financing activities 19,678 6,178 684 (19,568) 6,972 (24,471)
Effect of reduction in par
value of share capital
(see Note 18(b)) (39,355) 39,355 - - - -
Share of profit (loss) by
minority shareholders - - 293 - 293 (255)
Inception of hire purchase
obligations - - - 15,903 15,903 31,737
------- ------- ------- ------- ------- -------
Balance, end of year 59,033 384,976 3,491 21,542 469,042 445,874
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