Cathay Pacific 1998 Annual Report Download - page 42

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40 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1998
The notes on pages 41 to 61 form part of these accounts.
Consolidated Cash Flow Statement
for the year ended 31st December 1998
1998 1997 1998 1997
Note
HK$M HK$M US$M US$M
Net cash flow from operating activities
21
4,066 4,722 521 605
Returns on investments and servicing of finance
Interest received 387 497 50 64
Dividends received from associated companies 89 110 12 14
Net interest paid on finance leases (1,190) (1,385) (153) (178)
Other interest paid (217) (206) (28) (26)
Dividends paid – to shareholders (694) (1,817) (89) (233)
– to minority interests (31) (11) (4) (1)
Net cash outflow from returns on investments
and servicing of finance (1,656) (2,812) (212) (360)
Tax paid (75) (475) (10) (61)
Investing activities
Sales of fixed assets 52 11 71
Payments for fixed assets
22
(5,074) (5,389) (650) (691)
Purchases of long-term investments –(114) –(15)
Net decrease/(increase) in long-term receivables 124 (111) 16 (14)
Transfer of funds from investment managers 1,354 6,130 174 786
Purchase of other liquid investments (660) (470) (85) (60)
Receipts from sale of investments 229 –29 –
Net increase in short-term deposits
maturing beyond three months (85) (1) (11) –
Investment in associated companies –(4) –(1)
Loans to associated companies (121) –(15) –
Proceeds from sale of interest in associated company –21 –3
Net cash (outflow)/inflow from investing activities (4,181) 73 (535) 9
Net cash (outflow)/inflow before financing (1,846) 1,508 (236) 193
Financing
New financing
23
2,917 80 374 10
Purchases of bonds and security deposits placed
23
(2,391) (789) (307) (101)
Loan and finance lease repayments
23
(1,690) (2,901) (217) (372)
Net cash benefit from financing arrangements 749 733 96 94
Redemption of minority interests’ preference shares –(3) ––
Purchase of Company’s shares (19) (438) (2) (56)
Net cash outflow from financing (434) (3,318) (56) (425)
Decrease in cash and cash equivalents (2,280) (1,810) (292) (232)
Cash and cash equivalents at beginning of the year
24
4,381 6,223 562 798
Effect of exchange differences 18 (32) 2(4)
Cash and cash equivalents at end of the year
24
2,119 4,381 272 562
The US$ figures are for information only and are translated at HK$7.8.