Avocet Mining PLC Prospectus December 2011

c105718pu060 Proof 5: 7.12.11_13:42 B/L Revision:
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2010
Note
Six months ended 30 June 2010
(Unaudited)
Continuing
operations
Discontinued
operations
Total
Six months ended 30 June 2011
(Audited)
Continuing
operations
Discontinued
operations
Total
US$000 US$000 US$000 US$000 US$000 US$000
Cash flows from operating activities
Profit for the period 2,749 5,874 8,623 22,830 87,139 109,969
Adjusted for:
Depreciation of non-current assets 6 8,653 7,119 15,772 20,447 — 20,447
Share based payments 3,148 — 3,148 666 — 666
Provisions (2) 375 373 — 574 574
Taxation in the income statement 873 1,600 2,473 4,602 2,723 7,325
Non-operating items in the income
statement 8 5,067 (17) 5,050 (5,988) (72,981) (78,969)
20,488 14,951 35,439 42,557 17,455 60,012
Movements in working capital
(Increase)/decrease in inventory (8,133) (30) (8,163) (7,486) 341 (7,145)
Increase in trade and other
receivables (7,296) (2,637) (9,933) (10,583) (1,274) (11,857)
Increase/(decrease) in trade and
other payables (1,460) (687) (2,147) 6,675 (248) 6,427
Net cash generated by operations 3,599 11,597 15,196 31,163 16,274 47,437
Interest received — 72 72 — 17 17
Interest paid (2,398) (3) (2,401) (1,944) — (1,944)
Income tax (paid)/refunded — 790 790 (865) (3,679) (4,544)
Net cash generated by operating
activities 1,201 12,456 13,657 28,354 12,612 40,966
Cash flows from investing activities
Payments for property, plant and
equipment 6 (14,993) (1,321) (16,314) (21,996) (884) (22,880)
Inata pre-commercial revenues
capitalised 3 21,495 — 21,495 — — —
Inata pre-commercial costs
capitalised 3 (14,296) — (14,296) — — —
Deferred consideration paid (983) — (983) — (1,330) (1,330)
Exploration and evaluation
expenses 3,5 (2,355) (2,315) (4,670) (19,231) (2,995) (22,226)
Rehabilitation costs — — — (393) (393)
Disposal of discontinued
operation, net of cash disposed of — — — 158,151 — 158,151
Net cash received from disposal of
other investments 9 — — — 16,501 — 16,501
Net cash generated by/(used in)
investing activities (11,132) (3,636) (14,768) 133,425 (5,602) 127,823
149