2001 Annual Report - OneSteel

Notes to the Financial StatementsNOTE 26. NOTES TO THE STATEMENT OF CASH FLOWS:(a) Reconciliation of CashFor the purpose of the Statement of Cash Flows, cash includes cash on hand and in banks and deposits at call,net of outstanding bank overdrafts.Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related itemsin the Statement of Financial Position as follows:ConsolidatedParent2001 2000 2001 2000$m $m $m $mCash 14.1 20.3 – –Bank overdrafts (6.8) (2.9) – –Total cash and cash equivalents 7.3 17.4 – –(b) Reconciliation of Net Profit After Income Tax to Net Cash Provided by Operating ActivitiesConsolidatedParent12 Months to 13 Months to 12 Months to 13 Months to30 June 2001 30 June 2000 30 June 2001 30 June 2000$m $m $m $mNet profit/(loss) after income tax (22.9) 36.3 179.6 40.9Adjusted for non cash items:Depreciation and amortisation 137.1 27.0 – –Bad debts written off 2.8 2.8 – –Net loss(gain) on sale of fixed assets (0.9) 1.0 – –Net loss(gain) on sale of investments (0.7) – (0.7) –Changes in assets and liabilities net of effects frompurchase and sale of controlled entities and businesses:(Increase)/decrease in receivables 0.6 45.6 – –(Increase)/decrease in inventories (47.7) 28.9 – –(Increase)/decrease in future income tax benefit (15.4) (0.6) – –(Increase)/decrease in other assets (10.1) (8.3) – –Increase/(decrease) in deferred tax provision 27.6 (1.1) – –Increase/(decrease) in payables 26.7 (29.3) – –Increase/(decrease) in other provisions (53.6) (1.2) – (0.4)Net operating cash flow 43.5 101.1 178.9 40.5During the year dividends of $2.6m were paid by the issue of shares under a dividend reinvestment plan.(c) Controlled Entities AcquiredThe following controlled entities were acquired by the OneSteel Group at the dates stated and their operatingresults have been included in the Statement of Financial Performance from the relevant date.Proportion Consolidated Consolidatedof shares 2001 2000Date Acquired acquired $m $mEntity and consideration givenOneSteel Manufacturing Pty Limited 1 July 2000 100%Cash 13.0 –OneSteel NSW Pty Limited 1 July 2000 100%Cash 5.5 –OneSteel Investments Pty Limited 1 July 2000 100%Cash – –OneSteel Queensland Pty Limited 1 October 2000 100%Cash 97.2 –Pipeline Supplies New Zealand Limited 1 May 2001 100%Cash 5.1 –Tubemakers of Australia Limited 1 June 2001 100%Cash – 844.0Total consideration 120.8 844.020