| Consolidated statements
of cash flows for the
years ended June 30 |
| Derived from financial statements
prepared in accordance with US GAAP |
| |
2003
US$000 |
2002
US$000 |
2001
US$000 |
| Net cash (utilized) by operating
activities |
(23
879) |
(64 170) |
(16 670) |
| Net profit/(loss) |
45
514 |
(52 793) |
(87 634) |
| Reconciliation to net cash provided by operations: |
|
|
|
| Net increase/(decrease) in provision for
rehabilitation |
1
414 |
445 |
(2 439) |
| Depreciation and amortization |
11
984 |
15 017 |
15 188 |
| Change in accounting policy |
173 |
– |
– |
| Amortization of restraint of trade payments |
70 |
124 |
229 |
| Mining assets impaired |
5
303 |
2 167 |
2 752 |
| Movement in gold in process |
1
251 |
358 |
15 |
| Expenses paid through issue of stock |
– |
– |
315 |
| Surplus of sale of mining assets |
(1
729) |
(331) |
(57) |
| (Loss)/surplus on sale of listed investment |
(152) |
937 |
(232) |
| Share of results of associate company |
4
848 |
– |
– |
| Stock based compensation expenses |
4
313 |
2 503 |
2 934 |
| Movement on deferred tax |
273 |
(42 085) |
(8 150) |
| Movement in net taxation liability |
– |
461 |
(573) |
| Taxation (refunded)/paid |
(471) |
(153) |
124 |
| Movement in deferred financial liability |
(71
961) |
12 403 |
60 025 |
| Profit on disposal of subsidiary |
(10
281) |
– |
(8 609) |
| Write down of investments and loans |
9
382 |
86 |
1 421 |
| Effect of changes in operating working capital
items: |
|
|
|
| Receivables |
(19
224) |
3 328 |
3 349 |
| Inventories |
97 |
698 |
2 747 |
| Accounts payable (excluding short-term loans) |
(4
683) |
(7 335) |
1 925 |
| Net cash (used in)/realized from
investing activities |
(9
817) |
2 854 |
(1 239) |
| Additions to investments |
(9
108) |
(1 961) |
(481) |
| Proceeds from sale of listed investments |
196 |
11 070 |
982 |
| Additions to mining assets |
(13
414) |
(8 188) |
(6 316) |
| Proceeds on disposal of mining assets |
3
594 |
1 662 |
5 879 |
| Decrease/(increase) in restricted cash |
– |
271 |
(982) |
| Cash paid for subsidiaries |
– |
– |
(321) |
| Proceeds on disposal of subsidiary net of
cash disposed of |
8
915 |
– |
– |
| Net cash generated in financing
activities |
52
082 |
67 074 |
13 019 |
| Net proceeds on issue of convertible loan
notes |
63
605 |
– |
– |
| Net proceeds from issue of stock |
9
026 |
51 137 |
25 086 |
| Stock issue expenses |
(214) |
(2 559) |
(1 168) |
| Long-term loans (repaid)/received |
(20
335) |
18 496 |
(10 899) |
| Net increase/(decrease) in cash
and cash equivalents |
18
386 |
5 758 |
(4 890) |
| Effect of exchange rate changes on cash |
(1
183) |
3 718 |
7 007 |
| Cash and cash equivalents at the beginning
of the year |
23
320 |
13 844 |
11 727 |
| Cash and cash equivalents at the end of
the year |
40
523 |
23 320 |
13 844 |
