Annual Report 200452
STATEMENTS OF CASH FLOWS
for the year ended 31 December 2004
Consolidated Santos Ltd
2004 2003 2004 2003
Note $million $million $million $million
Cash flows from operating activities
Receipts from customers 1,544.3 1,637.3 644.4 683.0
Dividends received – 0.4 251.7 0.4
Interest received 3.5 2.5 45.1 36.9
Overriding royalties received 14.5 17.0 19.0 22.1
Pipeline tariffs and other receipts 19.9 28.2 18.0 1.6
Payments to suppliers and employees (583.6) (439.9) (279.0) (186.4)
Royalty, excise and PRRT payments (169.6) (118.7) (78.4) (39.8)
Borrowing costs paid (65.2) (60.9) (90.6) (83.6)
Income taxes paid (158.8) (168.6) (137.5) (65.1)
Net cash provided by operating activities 24 605.0 897.3 392.7 369.1
Cash flows from investing activities
Payments for:
Exploration (126.0) (149.8) (65.7) (30.6)
Delineation (73.7) (75.0) (6.1) (29.5)
Development (256.1) (188.1) (124.4) (68.7)
Land and buildings, plant and equipment (343.1) (337.8) (127.7) (91.7)
Acquisitions of oil and gas assets (14.5) (7.6) – (1.5)
Acquisitions of controlled entities (112.3) (22.7) (93.6) (22.7)
Share subscriptions in controlled entities – – (151.7) (469.9)
Restoration (7.3) (2.6) (0.1) (0.3)
Proceeds from disposal of non-current assets 39.9 108.0 430.0 62.7
Proceeds from disposal of controlled entities – 22.6 – 3.9
Other investments (0.5) – (0.5) –
Net cash used in investing activities (893.6) (653.0) (139.8) (648.3)
Cash flows from financing activities
Dividends paid (212.8) (198.0) (212.8) (198.0)
Proceeds from issues of ordinary shares 6.4 8.3 6.4 8.3
Proceeds from issue of redeemable convertible preference shares 18 589.5 – 589.5 –
Redemption of reset convertible preference shares 18 (350.0) – (350.0) –
Net drawdowns/(repayments) of borrowings 282.8 (20.4) – –
Net (payments to)/receipts from controlled entities – – (297.0) 494.1
Premium paid on buy-back of reset convertible preference shares 20 (2.4) – (2.4) –
Other 0.4 – – –
Net cash (used in)/provided by financing activities 313.9 (210.1) (266.3) 304.4
Net increase/(decrease) in cash 25.3 34.2 (13.4) 25.2
Cash at the beginning of the year 111.1 84.8 52.9 26.6
Effects of exchange rate changes on the balances of cash held in foreign currencies (8.4) (7.9) (0.2) 1.1
Cash at the end of the year 128.0 111.1 39.3 52.9
The statements of cash flows are to be read in conjunction with the notes of the financial statements.
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