STATEMENT OF CASH FLOWS
For the year ended 30 June 2000

Note

2000
$’000

1999
$’000

2000
$’000

1999
$’000

CASH FLOWS RELATED TO OPERATING ACTIVITIES

Cash was provided from:

Receipts from customers

293,210

256,315

1,939

9

Interest received

1,157

504

170

-

Dividends received

-

38

-

-

294,367

256,857

2,109

9

Cash was applied to:

Payments to suppliers and employees

134,925

127,351

5,239

4,490

Management termination fee

-

20,328

-

-

Interest paid

24,641

22,539

290

-

Gaming taxes paid

10,421

9,276

-

-

Income taxes paid

34,389

22,130

34,389

21,908

Net GST paid/(received)

730

(448)

-

22

205,106

201,176

39,918

26,420

Net Cash Flows from Operating Activities

89,261

55,681

(37,809)

(26,411)

CASH FLOWS RELATED TO INVESTING ACTIVITIES

Cash was provided from:

Sale of fixed assets

685

19

4

-

Cash was applied to:

Funding facility and capital notes costs deferred

2,760

-

630

-

Payment for operator rights

2,250

-

-

-

Purchase and construction of fixed assets

32,433

18,174

22

29

Interest paid – capitalised

354

255

-

-

Purchase of subsidiaries

17

238,605

1,680

9,987

1,680

276,402

20,109

10,639

1,709

Net Cash Flows from Investing Activities

(275,717)

(20,090)

(10,635)

(1,709)

CASH FLOWS RELATED TO FINANCING ACTIVITIES

Cash was provided from:

Proceeds of long-term debt

243,631

58,000

-

-

Exercise of share options

63

127

63

127

Advances from subsidiaries

-

-

48,277

69,369

Proceeds of capital notes

59,142

-

59,142

-

Advances from minority interests

1,797

-

-

-

Issue of shares in Riverside Casino Limited

375

-

-

-

Issue of convertible notes by Riverside Casino Limited

3,371

-

-

-

308,379

58,127

107,482

69,496

Cash was applied to:

Repayment of short-term debt

19

39

-

-

Repayment of long-term debt

55,000

45,000

-

-

Distributions to shareholders

48,140

32,887

48,140

32,887

Repurchase of shares

-

8,511

-

8,511

Advances to subsidiaries

-

-

1,536

-

103,159

86,437

49,676

41,398

Net Cash Flows from Financing Activities

205,220

(28,310)

57,806

28,098

NET INCREASE/(DECREASE) IN CASH HELD

18,764

7,281

9,362

(22)

RECONCILIATION OF CASH:

Opening cash and bank

19,030

11,749

5

27

Net increase/(decrease) in cash held

18,764

7,281

9,362

(22)

CLOSING CASH AND BANK

37,794

19,030

9,367

5

RECONCILIATION WITH OPERATING SURPLUS

Reported surplus after taxation

60,276

45,558

55,557

41,968

Less minority interests

1,831

-

-

-

58,445

45,558

55,557

41,968

Items not involving cash flows

Depreciation expense

25,522

25,127

49

160

Impairment of property, plant and equipment

899

2,840

-

-

(Increase)/Decrease in provisions

112

31

-

-

Increase in deferred taxation

1,812

1,058

-

-

Subsidiary transactions

-

-

(92,982)

(63,333)

Increase/(Decrease) in employee reserves

2,955

-

-

-

Impact of changes in working capital items

(Increase)/Decrease in accounts receivable and prepayments

477

(371)

203

(372)

(Increase)/Decrease in inventory

(244)

96

-

-

(Increase)/Decrease in pre-paid income tax

(4,405)

357

(4,404)

(5,421)

Increase/(Decrease) in creditors and accruals

3,818

(19,278)

3,746

569

Movement in GST payable

(381)

384

5

17

Items classified as investing activities

Net loss/(surplus) on disposal of property, plant and equipment

251

(121)

17

1

NET CASH FLOW FROM OPERATING ACTIVITIES

89,261

55,681

(37,809)

(26,411)