Statement of Cash Flows
| Consolidated | ||
| For the year ended 30 June 2004 | 2004 $’000 |
2003 $’000 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Cash receipts in the course of operations | 697,710 | 608,266 |
| Cash payments in the course of operations | (419,672) | (380,835) |
| Interest received | 2,450 | 4,860 |
| Borrowing costs paid | (12,127) | (15,019) |
| Income taxes paid | (1,552) | (18,265) |
| Net cash provided by operating activities | 266,809 | 199,007 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Payments for property, plant and equipment | (19,110) | (21,316) |
| Proceeds from sale of non-current assets | 1,940 | 440 |
| Exploration and evaluation expenditure | (45,375) | (33,340) |
| Payments in respect of mine development | (9,419) | (6,449) |
| Payments in respect of mines under construction | (647,804) | (151,425) |
| Feasibility expenditure | (17,981) | (49,706) |
| Borrowing costs paid capitalised to development projects | (15,647) | (2,895) |
| Payments of research and development costs | – | (658) |
| Net cash (used in) investing activities | (753,396) | (265,349) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from borrowings: | ||
| • Bank loan note | 554,862 | – |
| • Bank loan | 85,000 | – |
| Repayment of borrowings: | ||
| • US dollar loan | (22,755) | – |
| • Loans from bullion banks | – | (4,178) |
| • Gold loan | (49,137) | (58,262) |
| Repayment of foreign exchange contracts | – | (14,153) |
| Repayment of finance lease principal | (15,385) | (10,415) |
| Proceeds from share issues | 4,234 | 256,516 |
| Share and option issue costs paid | – | (2,714) |
| Dividends paid | (13,420) | (13,752) |
| Net cash provided by financing activities | 543,399 | 153,042 |
| Net increase in cash held | 56,812 | 86,700 |
| Cash at the beginning of the financial year | 101,065 | 14,365 |
| Effects of exchange rates to cash | (864) | – |
| Cash at the end of the financial year | 157,013 | 101,065 |
The Statement of Financial Performance is to be read in conjunction with the Management Discussion and Analysis of the Financial Statements and the Notes to the Concise Financial Report.