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S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
Entire Document
 
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                      THE GALBREATH COMPANY AND AFFILIATES
 
                       COMBINED STATEMENTS OF CASH FLOWS
 

<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED
                                          YEAR ENDED          MARCH 31,
                                         DECEMBER 31,  ------------------------
                                             1996         1996         1997
                                         ------------  -----------  -----------
                                                             (UNAUDITED)
<S>                                      <C>           <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income............................  $ 2,749,142   $    83,245  $   522,031
 Adjustments to reconcile net income to
  net cash provided by operating
  activities:
   Depreciation and amortization.......      701,219       168,113      178,953
   Equity in income of real estate
    partnerships.......................     (561,681)      (42,012)     (73,491)
   Gain on sale of assets..............      (13,715)          --           --
   Change in:
     Receivables and advances to
      brokers, customers and other.....   (1,808,602)   (1,455,097)    (184,008)
     Prepaid and other assets..........      426,350       409,133     (335,977)
     Accounts payable--trade...........      707,768        25,314     (161,483)
     Accrued expenses..................      966,852    (1,736,871)  (2,783,332)
                                         -----------   -----------  -----------
      Net cash provided by (used in)
       operating activities............    3,167,333    (2,548,175)  (2,837,307)
                                         -----------   -----------  -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchase of fixed assets..............     (322,600)      (96,430)    (241,332)
 Proceeds from sales of fixed assets...      270,543           --           --
 Sales (purchases) of investments--
  securities...........................      354,507       (70,493)     (42,550)
 Change in restricted cash.............      132,345       132,345          --
 Collections of notes receivable
  issued...............................      205,733           --       136,401
 Increase in notes receivable..........     (503,557)      (26,255)         --
 Distributions from real estate
  partnerships.........................      489,373           --           --
                                         -----------   -----------  -----------
      Net cash provided by (used in)
       investing activities............      626,344       (60,833)    (147,481)
                                         -----------   -----------  -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Payments on notes payable, including
  capital lease obligations............   (9,077,535)          --      (131,770)
 Proceeds from notes payable...........    6,996,938     1,947,900          --
 Repayment of notes payable............          --       (604,082)         --
 Distributions to owners...............     (124,072)      (27,354)         --
                                         -----------   -----------  -----------
      Net cash provided by (used in)
       financing activities............   (2,204,669)    1,316,464     (131,770)
                                         -----------   -----------  -----------
INCREASE IN CASH.......................    1,589,008    (1,292,544)  (3,116,558)
CASH AND CASH EQUIVALENTS--Beginning of
 period................................    4,216,435     4,216,435    5,805,443
                                         -----------   -----------  -----------
CASH AND CASH EQUIVALENTS--End of
 period................................  $ 5,805,443   $ 2,923,891  $ 2,688,885
                                         ===========   ===========  ===========
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest.................  $   334,428   $    70,159  $    24,331
                                         ===========   ===========  ===========
Capital lease obligations incurred for
 fixed assets..........................  $   108,237   $       --   $       --
                                         ===========   ===========  ===========
Transfer of real estate investment to
 satisfy demand note payable...........  $   168,000   $       --   $       --
                                         ===========   ===========  ===========
Transfer of note and accrued interest
 receivable to satisfy demand note and
 accrued interest payable..............  $   574,522   $       --   $       --
                                         ===========   ===========  ===========
Fixed asset additions in accounts
 payable...............................  $    46,025   $       --   $       --
                                         ===========   ===========  ===========
</TABLE>

 
See notes to combined financial statements.
 
                                      F-23


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