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| Sky City Limited |
| 1998 Annual Report |
Statement of Cash Flows
for the year ended 30 June 1998
| Note | Consolidated | Parent Company | |||
| 1998 | 1997 | 1998 | 1997 | ||
| $'000 | $'000 | $'000 | $'000 | ||
| Cash Flows Related to Operating Activities | |||||
| Cash was provided from: | |||||
| Receipts from customers | 240,390 | 226,042 | 129 | 8 | |
| Interest received | 551 | 654 | - | - | |
| Dividends received | 20 | 46 | - | - | |
| 240,961 | 226,742 | 129 | 8 | ||
| Cash was applied to: | |||||
| Payments to suppliers and employees | 126,124 | 128,548 | 4,283 | 3,355 | |
| Interest paid | 26,164 | 20,308 | 929 | 42 | |
| Gaming taxes paid | 8,805 | 8,533 | - | - | |
| Income taxes paid | 7,262 | - | 1,344 | - | |
| Net GST paid | 550 | 174 | 4 | 24 | |
| 168,905 | 157,563 | 6,560 | 3,421 | ||
| Net Cash Flows from Operating Activities | 72,056 | 69,179 | -6,431 | -3,413 | |
| Cash Flows Related to Investing Activities | |||||
| Cash was provided from: | |||||
| Sale of fixed assets | 80 | - | - | - | |
| Cash was applied to: | |||||
| Purchase and construction of fixed assets | 12,331 | 60,887 | 34 | 511 | |
| Interest paid - capitalised | 1,399 | 5,271 | - | - | |
| Pre-opening expenses | 1,512 | 1,905 | - | - | |
| Net GST received | -213 | -614 | - | - | |
| 15,029 | 67,449 | 34 | 511 | ||
| Net Cash Flows from Investing Activities | -14,949 | -67,449 | -34 | -511 | |
| Cash Flows Related to Financing Activities | |||||
| Cash was provided from: | |||||
| Proceeds of short-term debt | 15,000 | 21,000 | 15,000 | 21,000 | |
| Proceeds of long-term debt | 8,000 | 32,000 | - | - | |
| Advances from subsidiaries | - | - | 82,489 | 34,433 | |
| 23,000 | 53,000 | 97,489 | 55,433 | ||
| Cash was applied to: | |||||
| Repayment of short-term debt | 34,034 | 2,000 | 34,000 | 2,000 | |
| Repayment of long-term debt | 6,000 | 26,000 | - | - | |
| Distributions to shareholders | 31,500 | 28,505 | 31,500 | 28,505 | |
| Repurchase of shares | 10,501 | - | 10,501 | - | |
| Advances to subsidiaries | - | - | 15,000 | 21,000 | |
| 82,035 | 56,505 | 91,001 | 51,505 | ||
| Net Cash Flows from Financing Activities | -59,035 | -3,505 | 6,488 | 3,928 | |
| NET INCREASE/(DECREASE) IN CASH HELD | -1,928 | -1,775 | 23 | 4 | |
Statements of Cash Flows continued
for the year ended 30 June 1998
| Note | Consolidated | Parent Company | |||
| 1998 | 1997 | 1998 | 1997 | ||
| $'000 | $'000 | $'000 | $'000 | ||
| RECONCILIATION OF CASH | |||||
| Opening cash and bank | 13,677 | 15,452 | 4 | - | |
| Net increase / (decrease) in cash held | -1,928 | -1,775 | 23 | 4 | |
| CLOSING CASH AND BANK | 11,749 | 13,677 | 27 | 4 | |
| RECONCILIATION WITH OPERATING SURPLUS | |||||
| Reported surplus after taxation | 2,471 | 36,088 | 25,437 | 36,004 | |
| Items not involving cash flows | |||||
| Depreciation expense | 23,790 | 19,533 | 166 | 68 | |
| Pre-opening expense | 28,694 | - | - | - | |
| Increase / (Decrease) in provisions | -13 | 1,302 | - | - | |
| Non-cash revenues | - | 214 | - | - | |
| Increase in deferred taxation | 1,786 | 11,627 | - | - | |
| Subsidiary transactions | - | - | -30,670 | -40,505 | |
| Impact of changes in working capital items | |||||
| Decrease / (Increase) in accounts | |||||
| receivable and prepayments | 1,310 | -1,744 | -32 | -39 | |
| Decrease in inventory | 42 | 320 | - | - | |
| Increase in pre-paid income tax | -7,122 | - | -1,344 | - | |
| Increase in creditors and accruals | 21,133 | 1,763 | -13 | 1,091 | |
| Movement in GST payable | -194 | 33 | 25 | -35 | |
| Items classified as investing activities | |||||
| Loss on disposal of assets | 159 | 43 | - | 3 | |
| NET CASH FLOW FROM OPERATING ACTIVITIES | 72,056 | 69,179 | -6,431 | -3,413 | |
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