STATEMENT OF CASH FLOWS

	United States Dollars Six months ended
Figures in millions unless otherwise stated	June 2019	June 2018

Cash flows from operating activities	425.7	262.9
Profit before royalties, tax and non-recurring items	154.8	196.1
Non-recurring items	19.0	(661.2)
Amortisation and depreciation	291.9	346.9
Other non-cash items^#	85.7	563.5
South Deep BEE dividend	(1.4)	(1.7)
Payment of long-term incentive plan	–	(17.8)
Change in working capital	(25.2)	5.9
Royalties and taxation paid	(99.1)	(168.8)

Dividends paid	(11.5)	(34.7)
Owners of the parent	(11.5)	(34.7)

Cash flows from investing activities	(277.4)	(319.6)
Capital expenditure – additions	(356.3)	(410.8)
Proceeds on disposal of property, plant and equipment	0.9	76.6
Purchase of investments	(6.0)	(17.6)
Proceeds on disposal of Maverix	66.8	–
Proceeds on disposal of assets held for sale	–	40.0
Proceeds on disposal of investments	20.9	–
Contributions to environmental trust funds	(3.7)	(7.8)

Cash flows from financing activities	0.3	115.1
Loans received	1,520.7	358.1
Loans repaid	(1,503.2)	(243.0)
Payment of lease liabilities	(17.2)	–

Net cash inflow	137.1	23.7
Translation adjustment	(2.0)	(4.6)
Cash and cash equivalent at beginning of the period	399.7	479.0
Cash and cash equivalent at end of the period	534.8	498.1
Cash flow from operating activities less net capital expenditure and environmental payments and lease payments	49.4	(79.1)

^# Other non-cash items for six months ended June 2018 include impairment of South Deep (US$481.5 million) and impairment of investments and assets (US$20.0 million).