Statement of cash flows

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

	Quarter			Six months to
SOUTH AFRICAN RAND	June 2011	March 2011	June 2010	June 2011	June 2010
Cash flows from operating activities	2,954.2	2,782.5	3,649.7	5,736.7	6,233.2
Profit before royalties, tax and non-recurring items	2,716.5	2,452.1	2,096.2	5,168.6	3,101.6
Non-recurring items	(100.6)	(82.6)	(144.1)	(183.2)	(121.8)
Amortisation and depreciation	1,277.2	1,240.0	1,368.2	2,517.2	2,507.5
South Deep BEE dividend paid	-	(21.4)	-	(21.4)	-
Change in working capital	47.8	(290.6)	767.0	(242.8)	1,472.8
Royalties and taxation paid	(984.9)	(662.0)	(545.5)	(1,646.9)	(936.2)
Other non-cash items	(1.8)	147.0	107.9	145.2	209.3
Dividends paid	(7.3)	(564.4)	(175.2)	(571.7)	(528.2)
Ordinary shareholders	-	(505.8)	-	(505.8)	(353.0)
Non-controlling interest holders	(7.3)	(58.6)	(175.2)	(65.9)	(175.2)
Cash flows from investing activities	(8,029.7)	(3,422.4)	(1,890.2)	(11,452.1)	(3,644.4)
Capital expenditure – additions	(2,285.0)	(2,068.6)	(2,156.9)	(4,353.6)	(4,028.7)
Capital expenditure – proceeds on disposal	8.2	8.7	2.4	16.9	3.2
La Cima non-controlling interest buy-out	(1,242.6)	(1,368.4)	-	(2,611.0)	-
Ghana non-controlling interest buy-out	(4,519.7)	-	-	(4,519.7)	-
Purchase of investments	-	(0.7)	(3.6)	(0.7)	(50.9)
Proceeds on disposal of investments	12.0	11.5	339.8	23.5	511.8
Environmental and post-retirement health care payments	(2.6)	(4.9)	(71.9)	(7.5)	(79.8)
Cash flows from financing activities	2,795.2	2,277.8	(665.9)	5,073.0	(88.1)
Loans received	3,927.3	3,171.8	2,444.1	7,099.1	5,106.1
Loans repaid	(1,184.6)	(949.7)	(3,001.0)	(2,134.3)	(5,096.7)
Non-controlling interest holders' loans received	46.6	41.9	-	88.5	-
Non-controlling interest holders' loans repaid	-	-	(116.4)	-	(116.4)
Shares issued	5.9	13.8	7.4	19.7	18.9

Net cash (outflow)/inflow	(2,287.6)	1,073.5	918.4	(1,214.1)	1,972.5
Translation adjustment	29.4	65.9	47.2	95.3	(10.2)
Cash at beginning of period	6,603.2	5,463.8	2,824.9	5,463.8	1,828.2
Cash at end of period	4,345.0	6,603.2	3,790.5	4,345.0	3,790.5
*Cash flow before financing activities and dividend payments	(5,075.5)	(639.9)	1,759.5	(5,715.4)	2,588.8

	Quarter			Six months to
UNITED STATES DOLLARS	June 2011	March 2011	June 2010	June 2011	June 2010
Cash flows from operating activities	435.5	397.6	482.1	833.1	826.9
Profit before royalties, tax and non-recurring items	399.9	351.3	277.7	751.2	412.7
Non-recurring items	(14.8)	(11.8)	(18.6)	(26.6)	(14.7)
Amortisation and depreciation	188.2	177.7	181.7	365.9	333.7
South Deep BEE dividend paid	-	(3.1)	-	(3.1)	-
Change in working capital	6.3	(41.6)	100.9	(35.3)	192.5
Royalties and taxation paid	(144.1)	(96.0)	(73.6)	(240.1)	(123.9)
Other non-cash items	-	21.1	14.0	21.1	26.6
Dividends paid	(1.1)	(81.9)	(23.1)	(83.0)	(68.6)
Ordinary shareholders	-	(73.2)	-	(73.2)	(45.5)
Non-controlling interest holders	(1.1)	(8.7)	(23.1)	(9.8)	(23.1)
Cash flows from investing activities	(1,185.1)	(492.1)	(239.7)	(1,677.2)	(473.8)
Capital expenditure – additions	(336.4)	(296.4)	(286.5)	(632.8)	(536.0)
Capital expenditure – proceeds on disposal	1.3	1.2	0.3	2.5	0.4
La Cima non-controlling interest buy-out	(184.4)	(197.7)	-	(382.1)	-
Ghana non-controlling interest buy-out	(667.0)	-	-	(667.0)	-
Purchase of investments	-	(0.1)	(0.4)	(0.1)	(6.9)
Proceeds on disposal of investments	1.8	1.6	56.4	3.4	79.3
Environmental and post-retirement health care payments	(0.4)	(0.7)	(9.5)	(1.1)	(10.6)
Cash flows from financing activities	403.9	330.2	(88.0)	734.1	(10.5)
Loans received	570.0	458.2	322.9	1,028.2	677.8
Loans repaid	(173.8)	(136.1)	(396.5)	(309.9)	(675.4)
Non-controlling interest holders' loans received	6.8	6.1	-	12.9	-
Non-controlling interest holders' loans repaid	-	-	(15.4)	-	(15.4)
Shares issued	0.9	2.0	1.0	2.9	2.5

Net cash (outflow)/inflow	(346.8)	153.8	131.3	(193.0)	274.0
Translation adjustment	23.2	(9.1)	(14.9)	14.1	(12.3)
Cash at beginning of period	954.2	809.5	384.3	809.5	239.0
Cash at end of period	630.6	954.2	500.7	630.6	500.7
*Cash flow before financing activities and dividend payments	(749.6)	(94.5)	242.4	(844.1)	353.1