Consolidated

Parent Company

1999

1998

1999

1998

$’000

$’000

$’000

$’000

CASH FLOWS RELATED TO OPERATING ACTIVITIES

Cash was provided from:

Receipts from customers

256,315

240,390

9

129

Interest received

504

551

-

-

Dividends received

38

20

-

-

256,857

240,961

9

129

Cash was applied to:

Payments to suppliers and employees

127,351

126,124

4,490

4,283

Management termination fee

20,328

-

-

-

Interest paid

22,539

26,164

-

929

Gaming taxes paid

9,276

8,805

-

-

Income taxes paid

22,130

7,262

21,908

1,344

Net GST paid/(received)

(448)

550

22

4

201,176

168,905

26,420

6,560

Net Cash Flows from Operating Activities

55,681

72,056

(26,411)

(6,431)

CASH FLOWS RELATED TO INVESTING ACTIVITIES

Cash was provided from:

Sale of property, plant and equipment

19

80

-

-

Cash was applied to:

Purchase and construction of property, plant and equipment

18,174

12,331

28

34

Interest paid - capitalised

255

1,399

-

-

Investments in subsidiaries and associates

1,680

-

1,681

-

Pre-opening expenses

-

1,512

-

-

Net GST received

-

(213)

-

-

20,109

15,029

1,709

34

Net Cash Flows from Investing Activities

(20,090)

(14,949)

(1,709)

(34)

CASH FLOWS RELATED TO FINANCING ACTIVITIES

Cash was provided from:

Proceeds of short-term debt

-

15,000

-

15,000

Proceeds of long-term debt

58,000

8,000

-

-

Exercise of share options

127

-

127

-

Advances from subsidiaries

-

-

69,369

82,489

58,127

23,000

69,496

97,489

Cash was applied to:

Repayment of short-term debt

39

34,034

-

34,000

Repayment of long-term debt

45,000

6,000

-

-

Distributions to shareholders

32,887

31,500

32,887

31,500

Repurchase of shares

8,511

10,501

8,511

10,501

Advances to subsidiaries

-

-

-

15,000

86,437

82,035

41,398

91,001

Net Cash Flows from Financing Activities

(28,310)

(59,035)

28,098

6,488

NET INCREASE/(DECREASE) IN CASH HELD

7,281

(1,928)

(22)

23

RECONCILIATION OF CASH:

Opening cash and bank

11,749

13,677

27

4

Net increase/(decrease) in cash held

7,281

(1,928)

(22)

23

CLOSING CASH AND BANK

19,030

11,749

5

27

RECONCILIATION WITH OPERATING SURPLUS

Reported surplus after taxation

45,558

2,471

41,968

25,437

Items not involving cash flows

Depreciation expense

25,127

23,790

160

166

Impairment of property, plant and equipment

2,840

-

-

-

Pre-opening expense

-

28,694

-

-

Increase/(Decrease) in provisions

31

(13)

-

-

Increase in deferred taxation

1,058

1,786

-

-

Subsidiary transactions

-

-

(63,333)

(30,670)

Impact of changes in working capital items

Decrease/(Increase) in accounts receivable and prepayments

(371)

1,310

(372)

(32)

Decrease in inventory

96

42

-

-

Decrease/(Increase) in pre-paid income tax

357

(7,122)

(5,421)

(1,344)

Increase/(Decrease) in creditors and accruals

(19,278)

21,133

569

(13)

Movement in GST payable

384

(194)

17

25

Items classified as investing activities

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

(121)

159

1

-

NET CASH FLOW FROM OPERATING ACTIVITIES

55,681

72,056

(26,411)

(6,431)

The accompanying notes on pages 40 to 56 form part of
and are to be read in conjunction with these financial statements.