Sky City Limited
1998 Annual Report

Statement of Financial Position
for the year ended 30 June 1998

  Note Consolidated Parent Company
    1998 1997 1998 1997
    $'000 $'000 $'000 $'000
Equity          
Share capital 5 175,499 186,000 175,499 186,000
Retained earnings 6 -22,604 3,588 362 3,588
TOTAL EQUITY   152,895 189,588 175,861 189,588
           
Current Assets          
Cash and bank   11,749 13,677 27 4
Receivables and prepayments 7 3,025 4,335 174 167
Inventories   1,709 1,751 - -
Income tax 4 7,122 - 1,344 -
Advances to subsidiaries 15 - - 5,977 42,793
Total Current Assets   23,605 19,763 7,522 42,964
           
Non-Current Assets          
Property, plant and equipment 8 482,715 498,107 366 501
Pre-opening expenditure 9 - 27,194 - -
Investments in subsidiaries 13 - - 186,000 186,000
Total Non-Current Assets   482,715 525,301 186,366 186,501
TOTAL ASSETS   506,320 545,064 193,888 229,465
           
Current Liabilities          
Creditors and accruals 10 46,269 30,235 1,364 1,377
Provision for dividend 6 16,663 19,500 16,663 19,500
Short-term borrowings 11 36 19,036 - 19,000
Total Current Liabilities   62,968 68,771 18,027 39,877
           
Non-Current Liabilities          
Deferred tax 4 13,413 11,627 - -
Borrowings 11 277,044 275,078 - -
Total Non-Current Liabilities   290,457 286,705 - -
TOTAL LIABILITIES   353,425 355,476 18,027 39,877
TOTAL NET ASSETS   152,895 189,588 175,861 189,588


J.P. Hartley, Chairman
24 August 1998
E.W. Davies, Managing Director
24 August 1998


The accompanying notes on pages 39 to 54 [of the printed annual report]
form part of and are to be read in conjunction with these financial statements.

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