| (Derived from financial statements prepared in accordance with US GAAP) |
| |
| | 2004 | 2003 | 2002 |
| | | $'000 | $'000 | $'000 |
| Net cash utilised by operating activities | (25 092) | (23 878) | (64 170) |
| Net (loss)/profit applicable to common stockholders | (55 750) | 11 374 | (51 709) |
| Reconciliation to net cash provided by operations: | | | |
| Net increase in provision for rehabilitation | 9 528 | 1 414 | 445 |
| Depreciation and amortisation | 30 135 | 10 759 | 13 933 |
| Amortisation of restraint of trade payments | - | 70 | 124 |
| Debt issuance costs amortised and non-cash interest movements | 3 615 | - | - |
| Impairment of assets | 3 501 | - | 2 167 |
| Loss/(profit) of sale of mining assets | 55 | (1 729) | (331) |
| (Profit)/loss on sale of other assets and listed investments | (63) | (152) | 937 |
| Stock based compensation expenses | 2 310 | 4 313 | 2 503 |
| Share of results of associate including tax thereon | 8 827 | 9 452 | - |
| Increase/(decrease) on deferred tax provision | 6 842 | 41 765 | (42 085) |
| Change in accounting policy | - | 173 | - |
| Movement in derivative instruments | (35 078) | (72 985) | 12 403 |
| Profit on disposal of subsidiary | - | (5 302) | - |
| Write down of investments and loans | - | - | 86 |
| Movement in minority interest | 7 | - | - |
| Effect of changes in operating working capital items: | | | |
| Receivables | 7 114 | (19 224) | 3 328 |
| Inventories | 5 014 | 97 | 698 |
| Movement in gold in process | (1 000) | 1 251 | 358 |
| Accounts payable and accrued liabilities (excluding short-term loans) | (13 462) | (4 683) | (7 335) |
| Movement in net taxation liability | 3 313 | (471) | 308 |
| Net cash (utilised in)/realised from investing activities | (94 074) | (9 818) | 2 854 |
| Additions to investments | (10 828) | (9 108) | (1 961) |
| Proceeds on sale of other assets and listed investments | 63 | 196 | 11 070 |
| Additions to mining assets | (26 917) | (13 414) | (8 188) |
| Proceeds on disposal of mining assets | 3 397 | 3 594 | 1 662 |
| Decrease in restricted cash | - | - | 271 |
| Cash paid for subsidiaries, net of cash acquired | (59 789) | - | - |
| Proceeds on disposal of subsidiary, net of cash disposed of | - | 8 914 | - |
| Net cash generated in financing activities | 88 626 | 55 449 | 67 561 |
| Expenses paid/(proceeds) from the issue of the convertible loan note | (636) | 63 605 | - |
| Net proceeds from issue of shares | 108 665 | 9 027 | 51 137 |
| Share issue expenses | (992) | (213) | (2 559) |
| (Decrease)/increase in bank overdraft | (2 069) | 3 365 | 487 |
| Long-term loans (repaid)/received | (16 342) | (20 335) | 18 496 |
| | | | |
| Net (decrease)/increase in cash and cash equivalents | (30 540) | 21 753 | 6 245 |
| Effect of exchange rate changes on cash | 8 570 | (1 182) | 3 718 |
| Cash and cash equivalents at beginning of year | 44 423 | 23 852 | 13 889 |
| Cash and cash equivalents at end of year | 22 453 | 44 423 | 23 852 |
| These condensed financial statements should be read in conjunction with the Company's financial statements and footnotes filed on Form 20-F with the United States Securities and Exchange Commission on or about 30 September 2004. |
