Naked Hotel Limited

Statement of Cash Flows

Year ended 31 December 2006
(expressed in Jamaican dollars unless otherwise indicated)
Note 2006 2005
$'000 $'000
Cash flow from operating activities 22 97,119 105,653

(Increase)/Decrease in operating assets

Prepayments (1,558) (3,069)
Stocks 227 (495)
Accounts Receivable (908) (9,260)
Short term investments (30,000) -

Increase/(Decrease) in operating liabilities

Trade Creditors (1,851) 1,732
Accruals 6,360 743
Cash generated from operations (27,730) (10,349)
Corporation tax paid (35,861) (30,044)
Cash used by operating activities (63,591) (40,393)

Cash flows from investing activities

Purchase of property, plant and equipment (810) -
Proceeds from sale of property, plant and equipment 239 -
Interest received 4,875 -
Dividends received 4,158 -
Cash provided by investing activities 8,462 -

Cash flows from financing activities

Interest paid (15,000) (20,000)
Dividends paid (11,880) (4,752)
Loans and debenture payments (25,000) (25,000)
Cash used by financing activities (51,880) (49,752)
(9,890) 15,508
Foreign exchange gain 2,667 -
Net increase/ (decrease) in cash and cash equivalents (7,223) 15,508
Opening cash and cash equivalents 80,817 65,309
Closing cash and cash equilavents 17 73,594 80,817

The accompanying notes form an integral part of the financial statements.

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