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The Kowloon Motor Bus Holding Limited

Notes on the Consolidated Cash Flow Statement
for the year ended 31 December 1998

(A) RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES

                                                      1998          1997
                                                    HK$000        HK$000
========================================================================
Operating profit                                   678,681       554,610
Amortisation and depreciation                      452,259       349,709
Interest income                                    (51,426)      (27,311)
Interest expense                                   147,612        69,506
Decrease/(increase) in spare parts and stores       27,230        (9,569)
Increase in accounts receivable                    (22,390)      (12,437)
Increase in deposits and prepayments                (5,458)       (4,124)
(Decrease)/increase in accounts payable            (54,320)       23,914
Increase in amount due from
   jointly controlled entity                          (266)         (177)
Increase in amount due to associated company         2,912         2,076
Profit on disposal of fixed assets                  (1,471)       (4,213)
Profit on disposal of associated company                 -           (71)
Provision for staff retirement fund                215,000       138,000
Increase/(decrease) in contingency provision
   - insurance                                      26,279       (15,679)
(Decrease)/increase in insurance
   claims payable                                   (4,069)       40,592
Effect of foreign exchange rates                        (6)           52
                                                 ---------     ---------
Net cash inflow from operating activities        1,410,567     1,104,878
                                                 =========     =========
========================================================================

(B) ANALYSIS OF CHANGES IN FINANCING DURING THE YEAR

                                                              Bank loans
                                                                  HK$000
========================================================================
Balance at 1 January 1998                                      1,375,714
Cash inflow from financing                                       747,852
                                                               ---------
Balance at 31 December 1998                                    2,123,566
                                                               =========
========================================================================

(C) ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS

                                                      1998          1997
                                                    HK$000        HK$000
========================================================================
Cash at bank and in hand (note)                  1,256,310       533,048
Bank loans and overdrafts repayable within
   three months                                     (9,674)       (4,622)
                                                 ---------     ---------
                                                 1,246,636       528,426
                                                 =========     =========
========================================================================

Note: Included in cash at bank and in hand in the balance sheet is an amount of HK$30 million (1997: HK$30 million) deposited with an investment manager for investment purposes which will be converted into cash upon maturity on 20 May 1999.


Source: The Kowloon Motor Bus Holding Limited
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