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The Kowloon Motor Bus Holding Limited

Consolidated Cash Flow Statement
for the year ended 31 December 1998

                                                        1998                    1997
                                 Note    HK$'000     HK$'000     HK$'000     HK$'000
====================================================================================
Net cash inflow from
   operating activities           (a)              1,410,567               1,104,878
Returns on investments and
   servicing of finance
Interest received                         43,241                  26,466
Interest paid                           (147,255)                (65,649)
Dividends paid                          (439,967)               (427,858)
                                       ---------               ---------
Net cash outflow from returns on
   investments and servicing of
   finance                                          (543,981)               (467,041)
Taxation
Hong Kong Profits Tax paid                                 -                 (19,472)
Investing activities
Purchase of fixed assets                (903,624)              (1,395,113)
Sale of fixed assets                       4,151                   14,933
Investment in jointly
   controlled entity                       3,239                  (19,651)
                                       ---------                ---------
Net cash outflow from investing
   activities                                       (896,234)             (1,399,831)
                                                   ---------              ----------
Net cash outflow before financing                    (29,648)               (781,466)
Financing
New bank loans                    (b)  1,193,136                1,030,000
Repayment of bank loans           (b)   (445,284)                (156,998)
Capital contribution received
   by a subsidiary from minority
   shareholder                                 -                    6,058
                                       ---------                ---------
Net cash inflow from financing                       747,852                 879,060
                                                   ---------               ---------
Increase in cash and cash
   equivalents                                       718,204                  97,594
Cash and cash equivalents at                         
   1 January                                         528,426                 430,884

Effect of foreign exchange rates                           6                     (52)
                                                   ---------               ---------
Cash and cash equivalents at
   31 December                    (c)              1,246,636                 528,426
                                                   =========               =========
====================================================================================

Source: The Kowloon Motor Bus Holding Limited
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