SKY CITY ENTERTAINMENT GROUP LIMITED
STATEMENTS OF CASH FLOWS
for the year ended 30 June 2003
| |
Consolidated
|
Parent Company
|
| |
2003
|
2002
|
2003
|
2002
|
| |
$’000
|
$’000
|
$’000
|
$’000
|
| |
|
|
|
|
| |
|
|
|
|
| Operating activities |
|
|
|
|
| Cash was provided from |
|
|
|
|
| Receipts from customers |
569,979
|
514,913
|
60
|
76
|
| Interest received |
3,009
|
2,169
|
–
|
36
|
| |
572,988
|
517,082
|
60
|
112
|
| Cash was applied to |
|
|
|
|
| Payments to suppliers and employees |
(281,034)
|
(267,702)
|
(16,103)
|
(15,708)
|
| Interest paid |
(44,847)
|
(45,575)
|
(13,982)
|
(14,140)
|
| Net GST (paid) / received |
(3,992)
|
(747)
|
60
|
40
|
| Gaming taxes paid |
(34,114)
|
(32,202)
|
–
|
–
|
| Income taxes paid |
(34,318)
|
(48,124)
|
(32,160)
|
(44,639)
|
| |
(398,305)
|
(394,350)
|
(62,185)
|
(74,447)
|
| Net cash flows from operating activities |
174,683
|
122,732
|
(62,125)
|
(74,335)
|
| Investment activities |
|
|
|
|
| Cash was provided from |
|
|
|
|
| Sale of fixed assets |
–
|
3,384
|
–
|
–
|
| Sale of investments |
–
|
21,878
|
–
|
–
|
| |
–
|
25,262
|
–
|
–
|
| Cash was applied to |
|
|
|
|
| Purchase and construction of fixed assets |
(80,760)
|
(51,199)
|
(7)
|
–
|
| Capitalised interest paid |
(1,173)
|
–
|
–
|
–
|
| Purchase of investments |
–
|
(8,853)
|
–
|
–
|
| Purchase of subsidiaries |
–
|
(563)
|
–
|
(4,202)
|
| |
(81,933)
|
(60,615)
|
(7)
|
(4,202)
|
| Net Cash Flows from Investment Activities |
(81,933)
|
(35,353)
|
(7)
|
(4,202)
|
| |
|
|
|
|
| Financing activities |
|
|
|
|
| Cash was provided from |
|
|
|
|
| Proceeds from long-term debt |
178,516
|
61,200
|
–
|
–
|
| Proceeds from issue of convertible notes |
9,000
|
–
|
–
|
–
|
| Exercise of share options |
2,555
|
9,463
|
2,555
|
9,463
|
| Dividends from subsidiaries |
–
|
–
|
125,000
|
92,000
|
| Advances from subsidiaries |
–
|
–
|
58,533
|
63,979
|
| Advances from minority interests |
–
|
7,203
|
–
|
–
|
| Issue of shares in Queenstown Casinos Limited |
–
|
880
|
–
|
–
|
| Issue of mandatory convertible notes by |
|
|
|
|
| SKYCITY Leisure Limited |
–
|
7,196
|
–
|
–
|
| Gains on foreign currency swaps hedging |
|
|
|
|
| investment in foreign operations |
2,348
|
2,251
|
–
|
–
|
| |
192,419
|
88,193
|
186,088
|
165,442
|
| Cash was applied to |
|
|
|
|
| Share repurchase |
(12,967)
|
–
|
(12,967)
|
–
|
| Repayment of short-term debt |
(1,000)
|
(88,969)
|
–
|
–
|
| Repayment of long-term debt |
(146,947)
|
(21,095)
|
–
|
–
|
| Purchase of convertible notes |
(4,950)
|
–
|
–
|
–
|
| Advances to subsidiaries and associates |
–
|
(14,103)
|
–
|
(42,982)
|
| Distributions to shareholders |
(110,990)
|
(43,923)
|
(110,990)
|
(43,923)
|
| |
(276,854)
|
(168,090)
|
(123,957)
|
(86,905)
|
| Net cash flows from financing activities |
(84,435)
|
(79,897)
|
62,131
|
78,537
|
| Net increase/(decrease) in cash held |
8,315
|
7,482
|
(1)
|
–
|
| Foreign currency translation adjustment |
865
|
(1,001)
|
–
|
–
|
| Opening cash and bank |
48,084
|
41,603
|
1
|
1
|
| Cash at End of Year |
57,264
|
48,084
|
–
|
1
|
| Composition of cash |
|
|
|
|
| Cash and bank |
57,264
|
48,456
|
–
|
1
|
| Bank overdraft |
–
|
(372)
|
–
|
–
|
| |
57,264
|
48,084
|
–
|
1
|
| |
|
|
|
|
| Reconciliation with operating surplus |
|
|
|
|
| Reported surplus after tax |
107,217
|
57,153
|
108,799
|
67,351
|
| Less associated entity deficits |
(246)
|
(344)
|
–
|
–
|
| Less minority interests |
286
|
(10,518)
|
–
|
–
|
|
107,257
|
46,291
|
108,799
|
67,351
|
| Items not involving cash flows and non-operating cash flows |
|
|
|
|
| Depreciation expense |
40,980
|
37,236
|
20
|
28
|
| Goodwill impairment |
–
|
16,730
|
–
|
–
|
| Increase in provisions |
–
|
239
|
–
|
–
|
| Increase in employee share entitlement reserve |
3,502
|
2,528
|
3,502
|
2,528
|
| Amortisation expense |
5,052
|
4,803
|
–
|
–
|
| Amortisation of deferred expenditure |
628
|
1,430
|
378
|
378
|
| Increase in deferred taxation |
3,872
|
1,495
|
–
|
–
|
| Write-off of investments |
–
|
22,422
|
–
|
–
|
| Dividend from subsidiary |
–
|
–
|
(125,000)
|
(92,000)
|
| Subsidiary transactions |
–
|
–
|
(61,834)
|
(54,640)
|
| Movement in foreign exchange |
(2,351)
|
(133)
|
136
|
1,230
|
| |
51,683
|
86,750
|
(182,798)
|
(142,476)
|
| Impact of changes in working capital items |
|
|
|
|
| (Increase)/decrease in accounts receivable |
(892)
|
2,175
|
9,883
|
(437)
|
| (Increase)/decrease in inventory |
168
|
230
|
–
|
–
|
| Increase/(decrease) in creditors and accruals |
3,696
|
(7,752)
|
(683)
|
(655)
|
| (Increase)/decrease in pre-paid income tax |
10,617
|
(5,253)
|
2,674
|
1,882
|
| |
13,589
|
(10,600)
|
11,874
|
790
|
| Items classified as investing activities |
|
|
|
|
| Net loss on disposal of fixed assets |
–
|
31
|
–
|
–
|
| Loss on sale of investments |
–
|
(290)
|
–
|
–
|
| Capitalised costs |
2,154
|
550
|
–
|
–
|
| |
2,154
|
291
|
–
|
–
|
| Net Cash Flow from Operating Activities |
174,683
|
122,732
|
(62,125)
|
(74,335)
|
The above statements should be read in conjunction with the accompanying notes.
|
|
