LAND REGISTRY TRADING FUND
CASH FLOW STATEMENT

for the year ended 31 March 2009
(Expressed in thousands of Hong Kong dollars)

	Note	2009			2008
Cash flows from operating activities
Profit from operations		84,731			176,927
Depreciation and amortisation		42,818			44,922
(Decrease)/Increase in deferred revenue		(2,195	)		8,104
(Decrease)/Increase in creditors and amounts due to related parties		(3,172	)		6,607
Increase in provision for employee benefits		5,017			8,087
Increase in customers' deposits		1,129			1,503
Increase in debtors and amounts due from related parties		(1,572	)		(1,646	)
Profits tax paid		(40,621	)		(24,166	)
Net cash from operating activities		86,135			220,338
Cash flows from investing activities
Decrease /(Increase) in bank deposits (other than cash equivalents)		12,000			(32,000	)
Purchase of fixed assets		(16,867	)		(23,074	)
Interest received		23,996			32,949
Net cash from/(used in) investing activities		19,129			(22,125	)
Cash flows from financing activities
Dividend paid		(288,006	)		(58,756	)
Net cash used in financing activities		(288,006	)		(58,756	)
Net (decrease)/increase in cash and cash equivalents		(182,742	)		139,457
Cash and cash equivalents at beginning of year		201,911			62,454
Cash and cash equivalents at end of year	17	19,169			201,911

The Notes to the Financial Statements form part of these financial statements.