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Bossini International Holdings Limited
(Incorporated in Bermuda with limited liability)

Consolidated Cash Flow Statement
Year ended 31 March 1999

                                                  Notes    1,999      1,998
                                                         HK$'000    HK$'000

NET CASH INFLOW FROM OPERATING ACTIVITIES         22(a)  142,679     46,728

RETURNS ON INVESTMENTS AND SERVICING
     OF FINANCE
Interest received                                          1,766        465
Interest paid                                             (3,125)   (11,322)
Dividends paid                                                 -    (13,715)
                                                         --------   --------
Net cash outflow from returns on investments
  and servicing of finance                                (1,359)   (24,572)
                                                         --------   --------

TAXATION
Hong Kong profits tax paid                                  (435)    (6,907)
Overseas taxes paid                                          (88)    (5,076)
                                                         --------   --------
Taxes paid                                                  (523)   (11,983)
                                                         --------   --------
INVESTING ACTIVITIES
Purchases of fixed assets                                (20,095)   (37,710)
Proceeds from disposal of fixed assets                     3,339     20,888
Proceeds from disposal of intangible assets                    -      5,000
Additions to deferred pre-operating expenses                   -       (152)
Purchase of a subsidiary                          22(c)        -       (413)
Investment in an associated company                         (140)      (235)
Purchase of additional interests in subsidiaries            (250)         -
                                                         --------   --------
Net cash outflow from investing activities               (17,146)   (12,622)
                                                         --------   --------
NET CASH INFLOW/(OUTFLOW) BEFORE
  FINANCING ACTIVITIES                                   123,651     (2,449)

FINANCING ACTIVITIES                              22(b)
New bank and trust receipt loans                          29,719     19,162
Repayment of bank and trust receipt loans                (53,838)   (10,657)
                                                         --------   --------
Net cash inflow/(outflow) from financing                 
  activities                                             (24,119)     8,505
                                                         --------   --------
INCREASE IN CASH AND CASH EQUIVALENTS                     99,532      6,056

Cash and cash equivalents at beginning of year           (21,337)   (24,796)
Effect of foreign exchange rate changes, net                (714)    (2,597)
                                                         --------   --------
CASH AND CASH EQUIVALENTS AT END OF YEAR                  77,481    (21,337)
                                                         ========   ========
ANALYSIS OF BALANCES OF CASH AND
  CASH EQUIVALENTS
Cash and bank balances                                    23,892     23,821
Time deposits                                             60,000          -
Bank overdrafts                                           (4,762)   (19,158)
Short term bank and trust receipt loans repayable 
  within three months from date of advance                (1,649)   (26,000)
                                                         --------   --------
                                                          77,481    (21,337)
                                                         ========   ========

Source: Bossini International Holdings Limited
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