THE LAND REGISTRY TRADING FUND

CASH FLOW STATEMENT

For the year ended 31 March 2004

Expressed in HK$ ' 000

Note

2004

2003

Cash flows from operating activities

Profit from operations

91,463

82,135

Depreciation and amortisation

10,420

11,228

Decrease in deferred revenue

(100)

(772)

( Decrease)/Increase in creditors
and amounts due to related parties

(3,783)

3,455

Increase/(Decrease) in provision
for employee benefits

5,417

(2,087)

Decrease in customers ’ deposits

  (142)

  (1,301)

(Increase)/Decrease in debtors
and amounts due from related  parties

(3,948)

6,511

Profits tax refund

4,064

-

Profits tax paid

(3,890)

(19,080)

Net cash from operating activities

99,501

80,089

Cash flows from investing activities

Net decrease/(increase) in placements
with banks (other than cash equivalents)

-

15,000

Proceeds from disposal of fixed assets

24

-

Capital projects

(40,300)

(50,750)

Rental received

-

549

Interest received

4,861

8,270

Net cash used in investing activities

(35,415)

(26,931)

Cash flows from financing activities

Loan repayments

12

(23,660)

(23,660)

Interest paid

(1,191)

(2,561)

Dividend paid

(37,682)

(27,570)

Net cash used in financing activities

(62,533)

(53,791)

Net increase/(decrease) in cash
and cash equivalents

1,553

(633)

Cash and cash equivalents at 1  April

2,372

3,005

Cash and cash equivalents at 31  March

17

3,925

2,372