Statement of consolidated cash flows
for the year ended 31 December 2006| US$000 | Notes |
Group 31 Dec 2006 |
Group 31 Dec 2005 (Restated)~ |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Profit after tax | 50 876 |
47 856 |
|
| Income tax expense | 23 097 |
170 |
|
| Profit before income tax | 73 973 |
48 026~ |
|
| Net interest received | (1 559) |
(203) |
|
| Depreciation and amortisation | 22 844 |
11 910 |
|
| Other losses/(gains) - net | 653 |
(45) |
|
| Effect of roll forward of hedges | 4 413 |
- |
|
| Unwind of discount on provisions for environmental rehabilitation | 541 |
254 |
|
| Share-based payments | 2 369 |
2 243 |
|
103 234 |
62 185~ |
||
| Effects of changes in operating working capital items: | |||
| receivables | (9 640) |
(12 101) |
|
| inventories and ore stockpiles | (19 428) |
(34 569)~ |
|
| accounts payable and accrued liabilities | 9 469 |
14 408 |
|
| Cash generated from operations before interest and tax | 83 635 |
29 923 |
|
| Interest received | 7 384 |
2 064 |
|
| Interest paid | (5 825) |
(1 861) |
|
| Income tax paid | (14 784) |
(390) |
|
| Net cash generated from operating activities | 70 410 |
29 736 |
|
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| Additions to property, plant and equipment* | (61 508) |
(73 217) |
|
| Repayments from/(financing of) contractors | 105 |
(11 276) |
|
| Net cash used by investing activities | (61 403) |
(84 493) |
|
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Ordinary shares issued | 3 653 |
105 248 |
|
| Long term loans repaid | (21 756) |
(1 156) |
|
| Long term loans received* | - |
24 877 |
|
| Cash (used by)/generated from financing activities | (18 103) |
128 969 |
|
| NET (DECREASE)/INCREASE IN CASH AND EQUIVALENTS | (9 096) |
74 212 |
|
| CASH AND EQUIVALENTS AT BEGINNING OF YEAR | 152 452 |
78 240 |
|
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 143 356 |
152 452 |
|
| Cash at bank and in hand | 10
948 |
15
353 |
|
| Short term bank deposits | 132 408 |
137 099 |
|
143
356 |
152
452 |
The effective interest rate on short term bank deposits was 4.82% (2005:
2.77%). These deposits have an average maturity of
30 days.
* Excluded from the comparatives is the Loulo power plant acquired in 2005 under a finance lease agreement of US$6.8 million.
~ Restated due to change in accounting policy relating to stripping costs. Refer note 6.
The notes are an integral part of these financial statements.