NOTES TO THE INTERIM FINANCIAL STATEMENTS
7. FINANCIAL RATIOS (continued)
31 DEC 2017 $M
31 DEC 2016 $M
30 JUN 2017 $M
Economic net debt to economic net debt plus adjusted equity ratio (“gearing ratio”) Face value of borrowings
2,270.8
2,155.4
2,235.0
Less cash and cash equivalents
(17.9)
(187.2)
(14.9)
Economic net debt
2,252.9 2,468.1
1,968.2 2,467.0
2,220.1 2,448.3
Total equity
Adjusted for hedge reserves
44.8
48.3
49.0
Adjusted equity
2,512.9 4,765.8
2,515.3 4,483.5
2,497.3 4,717.4
Economic net debt plus adjusted equity
47.3%
43.9%
47.1%
8. CASH FLOWS
30 JUN 2017 12 MONTHS $M
31 DEC 2016 6 MONTHS $M
31 DEC 2017 6 MONTHS $M
Reconciliation of net profit/(loss) to net cash flows from/(used in) operating activities Net profit/(loss) for the period Items classified as investing activities Net loss/(gain) on disposal of PPE and software intangibles
79.0
107.1
168.9
1.3
1.8
4.3
Net loss/(gain) on sale of investments
(1.1)
–
–
0.2
1.8
4.3
Non-cash items Depreciation and amortisation
109.6
97.2
199.6
Non-cash portion of interest costs (net) Fair value change on financial instruments Associates (share of net (profit)/loss)
(1.5) (2.8)
(1.5)
(3.8) (1.6) (1.6) (9.1) (1.3)
–
0.1
(1.1)
Increase/(decrease) in deferred tax Increase/(decrease) in provisions
11.8
(12.6)
1.0
1.0
118.2
83.0
182.2
Cash items not impacting net profit/(loss) Dividend received from associate
–
1.5
2.0
Changes in assets and liabilities Trade and other payables
30.4
8.5
8.2
Inventories
(1.6) (8.5)
(1.0) (2.0)
(2.0)
Trade and other receivables
(11.2) (16.7) (21.7)
Income tax
18.3 38.6
27.3 32.8
Net cash flows from/(used in) operating activities
236.0
226.2
335.7
38
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