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Annual Report and Accounts 2011

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Consolidated Statement of Cashflows
US$ million Notes 2011 2010
Profit before taxation for the year from continuing operations 64.4 69.0
Depreciation of property, plant and equipment – exploration 0.1 0.1
Depreciation of property, plant and equipment – mining 22.2 11.6
Depreciation of property, plant and equipment – other 0.1 0.2
Amortisation of intangible assets 1.0
Reversal of impairment (11.7)
Impairment 5.2
Profit on sale of Kono project (0.8)
Loss/(profit) on sale of property, plant and equipment 0.3 (3.7)
Recycling of foreign exchange differences on exploration projects (12.3)
Release of fair value uplift on sales of inventory acquired through second 50% acquisition
of CIHL
26.4
Fair value uplift on acquisition of additional 50% of CIHL (31.0)
(Increase)/decrease in provisions 1.4 (2.1)
Finance income (7.7) (7.8)
Finance expense 11.5 12.6
Share-based payment provision 1.9 0.9
Payments for share options cancelled (0.8)
Foreign exchange gain 10 (18.9) (5.1)
Operating profit before working capital changes 68.0 59.0
Increase in trade and other receivables (24.8) (0.3)
Increase in trade and other payables 12.5 4.6
Increase in inventories (3.5) (11.2)
Cash generated from operations 52.2 52.1
Finance expense (1.2) (1.6)
Taxation paid (0.4) (1.7)
Net cash generated from operating activities 50.6 48.8
Cashflows from investing activities
Proceeds from sale of property, plant and equipment 0.1 3.9
Cash acquired with acquisition of subsidiary 0.4
Acquisition of assets at Kimberley Underground net of cash 0.3 (2.0)
Acquisition of assets at Kimberley Underground pre-acquisition (16.6)
Acquisition of 4% interest in Koffiefontein 3 (0.8)
Finance income 2.2 0.4
Acquisition of property, plant and equipment (105.2) (33.4)
Loans advanced to BEE partners (8.7)
Transfer to restricted cash deposits (218.3) (5.3)
Net cash utilised in investing activities (330.4) (52.6)
Cashflows from financing activities
Proceeds from the issuance of share capital 339.1 120.1
Payment of share placing costs (17.6) (6.6)
Increase in non-current borrowings 75.6
Repayment of non-current borrowings (15.0) (43.8)
Repayment of current borrowings (32.3) (48.0)
Net cash generated from financing activities 349.8 21.7
Net increase in cash and cash equivalents 70.0 17.9
Cash and cash equivalents at beginning of the year 24.8 6.7
Effect of exchange rate fluctuations on cash held 2.1 0.2
Cash and cash equivalents at end of the year 96.9 24.8

The notes form part of the financial statements.

Significant non-cashflow transactions which are not reflected in the Consolidated Statement of Cashflows are set out in note 31.

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