Xlete PLC

Consolidated statement of cash flows

for the year ended 31 December 2017

2017 2016
£ million £ million
Cash flows from operating activities
Profit before income tax from operations 1,824 1,436
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and amortisation 799 434

Impairment of properties 33 9
Impairment of exploration and evaluation assets 5 6

Impairment of goodwill 15

Reversal of previously impaired evaluation assets (16)

Unsuccessful exploration and evaluation expenditures 90 75
(Gain) on sale of mine properties (39) (58)
(Gain)/loss on sale of property, plant and equipment (11) 11

(Gain) on sale of exploration and evaluation assets (1)

Unrealised (gain) on derivative financial instruments (2) (9)
Unwinding of discount on rehabilitation 27 28
Share of joint venture profit (16) (25)
Other non-cash income and expenses 4 2
Add: finance expense (disclosed in financing activities) 67 12
Deduct: finance revenue (disclosed in investing activities) (24) (25)
Working capital adjustments:
Change in trade and other receivables 20 (399)
Change in inventories 3 (21)
Change in trade and other payables relating to
operating activities (71) 33

Income tax paid (584) (375)

Net cash flows from operating activities 2,123 1,134

© Coventry University.
Licensed under a Creative Commons Attribution 4.0 International license.
Cash flows from investing activities

Investment in exploration and evaluation assets (358) (293)

Expenditures on mine development (1,246) (1,539)
Expenditures on other intangible assets (5) (4)
Expenditures on property, plant and equipment (1) (32)

Acquisition of a subsidiary, net of cash acquired (439)

Proceeds on disposal of exploration and evaluation

assets 23
Proceeds on disposal of mine properties 65 110
Proceeds on disposal of property, plant and
equipment assets 23 12

Finance income from investing activities 24 25

Net cash used in investing activities (1,914) (1,721)

Cash flow from financing activities

Proceeds from issuance of shares 728

Proceeds from loans and borrowings 331

Payments of loans and borrowings (114) (32)
Interest paid (64) (12)

Dividends paid (350) (140)

Net cash (used in)/from financing activities (197) 544
Net increase/(decrease) in cash 12 (43)

Cash and cash equivalents, beginning of period 438 481

Cash and cash equivalents, end of period 450 438

© Coventry University.
Licensed under a Creative Commons Attribution 4.0 International license.