|
SKY CITY ENTERTAINMENT GROUP LIMITED
STATEMENTS OF CASH FLOWS
for the year ended 30 June 2004
| |
Consolidated
|
ParentCompany
|
| |
2004
|
2003
|
2004
|
2003
|
| |
$’000
|
$’000
|
$’000
|
$’000
|
| |
| |
| OPERATING ACTIVITIES |
|
|
|
|
| Cash was provided from |
|
|
|
|
| Receipts from customers |
574,325
|
569,979
|
–
|
60
|
| Interest received |
6,421
|
3,009
|
598
|
–
|
| Dividends received |
163
|
–
|
–
|
–
|
| |
580,909
|
572,988
|
598
|
60
|
| Cash was applied to |
|
|
|
|
| Payments to suppliers and employees |
(296,113)
|
(281,034)
|
(18,241)
|
(16,103)
|
| Interest paid |
(47,230)
|
(44,847)
|
(14,273)
|
(13,982)
|
| Net GST (paid)/received |
(1,994)
|
(3,992)
|
93
|
60
|
| Gaming taxes paid |
(25,030)
|
(34,114)
|
–
|
–
|
| Income taxes paid |
(53,828)
|
(34,318)
|
(51,014)
|
(32,160)
|
| |
(424,195)
|
(398,305)
|
(83,435)
|
(62,185)
|
| Net cash inflows/(outflows) from operating activities |
156,714
|
174,683
|
(82,837)
|
(62,125)
|
| INVESTMENT ACTIVITIES |
|
|
|
|
| Cash was provided from |
|
|
|
|
| Dividends from subsidiaries |
–
|
–
|
130,000
|
125,000
|
| Cash was applied to |
|
|
|
|
| Purchase and construction of fixed assets |
(145,874)
|
(80,760)
|
(121)
|
(7)
|
| Capitalised interest paid |
(6,784)
|
(1,173)
|
–
|
–
|
| Advances and loans to subsidiaries |
–
|
–
|
(1,800)
|
–
|
| Purchase of investments |
(94,609)
|
–
|
–
|
–
|
| Purchase of subsidiaries |
(33,270)
|
–
|
(25,377)
|
–
|
| |
(280,537)
|
(81,933)
|
(27,298)
|
(7)
|
| Net cash (outflows)/inflows from investment activities |
(280,537)
|
(81,933)
|
102,702
|
124,993
|
| FINANCING ACTIVITIES |
|
|
|
|
| Cash was provided from |
|
|
|
|
| Proceeds from long-term debt |
617,000
|
178,516
|
–
|
–
|
| Proceeds from issue of convertible notes |
–
|
9,000
|
–
|
–
|
| Exercise of share options |
4,193
|
2,555
|
4,193
|
2,555
|
| Advances from subsidiaries |
–
|
–
|
103,604
|
58,533
|
| Advances from minority interests |
1,200
|
–
|
–
|
–
|
| Gains on foreign currency swaps hedging investment |
|
|
|
|
| in foreign operations |
1,500
|
2,348
|
–
|
–
|
| |
623,893
|
192,419
|
107,797
|
61,088
|
| Cash was applied to |
|
|
|
|
| Shares repurchased |
(27,656)
|
(12,967)
|
(27,656)
|
(12,967)
|
| Repayment of short-term debt |
(1,000)
|
(1,000)
|
–
|
–
|
| Repayment of long-term debt |
(374,071)
|
(146,947)
|
–
|
–
|
| Purchase of convertible notes |
–
|
(4,950)
|
–
|
–
|
| Distributions to shareholders |
(100,004)
|
(110,990)
|
(100,004)
|
(110,990)
|
| |
(502,731)
|
(276,854)
|
(127,660)
|
(123,957)
|
| Net cash inflows/(outflows) from financing activities |
121,162
|
(84,435)
|
(19,863)
|
(62,869)
|
| Net (decrease)/increase in cash held |
(2,661)
|
8,315
|
2
|
(1)
|
| Foreign currency translation adjustment |
(1,331)
|
865
|
–
|
–
|
| Opening cash and bank |
57,264
|
48,084
|
–
|
1
|
| Cash at end of year |
53,272
|
57,264
|
2
|
–
|
|
|
| Composition of cash |
|
|
|
|
| Cash and bank balances |
53,272
|
57,264
|
2
|
–
|
|
|
| RECONCILIATION WITH OPERATING SURPLUS |
|
|
|
|
| Reported surplus after tax |
100,222
|
107,217
|
104,831
|
108,799
|
| Less associated entity surpluses |
(117)
|
(246)
|
–
|
–
|
| Add back minority interests |
1,899
|
286
|
–
|
–
|
| |
102,004
|
107,257
|
104,831
|
108,799
|
| Items not involving cash flows and non-operating cash flows |
|
|
|
|
| Depreciation expense |
44,668
|
40,980
|
13
|
20
|
| Increase in employee share entitlement reserve |
3,336
|
3,502
|
3,336
|
3,502
|
| Amortisation expense |
3,010
|
5,052
|
–
|
–
|
| Amortisation of deferred expenditure |
1,303
|
628
|
378
|
378
|
| Increase in deferred taxation |
2,533
|
3,872
|
–
|
–
|
| Gain on foreign currency interest rate swap |
(1,500)
|
–
|
–
|
–
|
| Increase in future income tax benefit |
(11,494)
|
–
|
–
|
–
|
| Write-down of associate |
20,904
|
–
|
–
|
–
|
| Dividend from subsidiary |
–
|
–
|
(130,000)
|
(125,000)
|
| Write-down of subsidiary |
–
|
–
|
2,214
|
–
|
| Subsidiary transactions |
–
|
–
|
(80,456)
|
(61,834)
|
| Movement in foreign exchange |
1,573
|
(2,351)
|
6
|
136
|
| |
64,333
|
51,683
|
(204,509)
|
(182,798)
|
| Impact of changes in working capital items |
|
|
|
|
| (Increase)/decrease in receivables and prepayments |
(29,742)
|
(892)
|
17,328
|
9,883
|
| (Increase)/decrease in income tax receivable |
(9,684)
|
10,617–
|
2,674
|
|
| (Increase)/decrease in inventory |
(119)
|
168
|
–
|
–
|
| Increase/(decrease) in payables and accruals |
28,783
|
3,696
|
(487)
|
(683)
|
|
(10,762)
|
13,589
|
16,841
|
11,874
|
| Items classified as investing activities |
|
|
|
|
| Capital items included in working capital movements |
1,139
|
2,154
|
–
|
–
|
| Net cash flow from operating activities |
156,714
|
174,683
|
(82,837)
|
(62,125)
|
|
|
|
|
|
|
|
|
|
|
The above statements should be read in conjunction with the accompanying notes.
|
