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35. Cash and cash equivalents

35.a. Reconciliation to cash flow statement

Cash and cash equivalents at the end of the reporting period as shown in the Consolidated Statement of Cash Flows can be reconciled to the related items in the Consolidated Statement of Financial Position as follows:

2019
$m

2018
$m

Cash at bank and on hand

99

163

Short-term deposits

16

300

Total cash and cash equivalents

115

463

35.b. Reconciliation of profit for the year to net cash flows from operating activities

2019
$m

Restated
2018
$m1

Profit for the year

905

1,582

Share of profits of associates and joint ventures

(33)

(39)

Dividends received from joint ventures

27

40

Depreciation and amortisation

625

568

Share-based payment expense

6

6

Loss/(gain) in fair value of financial instruments

198

(803)

Net gain on disposal of subsidiaries and businesses

(52)

(25)

Loss on disposal of assets on exit of business

47

-

Loss on disposal of joint operation

2

-

Net gain on disposal of property, plant and equipment

(2)

(6)

Non-cash finance costs

61

66

Capitalised finance costs

(21)

(11)

Deferred transaction costs on borrowings

-

(2)

Impairment of investments in associates

-

20

Other non-cash expenses

-

8

Changes in assets and liabilities

Decrease in trade and other receivables

72

56

Increase in inventories

(74)

(32)

Decrease in derivative financial instruments

17

75

(Increase)/decrease in other financial assets

(187)

162

Increase in other assets

(9)

(27)

(Decrease)/increase in trade and other payables

(12)

29

Decrease in provisions

(81)

(23)

Decrease in other financial liabilities

-

(26)

(Decrease)/increase in other liabilities

(1)

20

Decrease in tax assets and liabilities

111

505

Net cash provided by operating activities

1,599

2,143

  1. 1 Comparatives have been restated for the adoption of AASB 9 Financial Instruments and AASB 16 Leases. Refer to Note 38(c).

35.c. Reconciliation of changes in liabilities arising from financing activities

Year ended 30 June 2019

Balance at beginning of financial year
$m1

Net
repayments
$m

Non-cash movements
$m

Balance at
end of
financial year
$m

Liabilities arising from financing activities

USD senior notes

931

-

123

1,054

Subordinated notes

650

(650)

-

-

Medium term notes

598

-

1

599

Bank loans

410

410

-

820

CPI bonds

88

(7)

-

81

Other loans

144

(11)

-

133

Lease liabilities

154

(5)

23

172

Deferred transaction costs

(12)

(1)

4

(9)

2,963

(264)

151

2,850

  1. 1 Comparatives have been restated for the adoption of AASB 16 Leases. Refer to Note 38(c).

Year ended 30 June 20181

Balance at beginning of financial year
$m

Net
repayments
$m

Non-cash movements
$m

Balance at
end of
financial year
$m

Liabilities arising from financing activities

USD senior notes

938

-

(7)

931

Subordinated notes

650

-

-

650

Medium term notes

598

-

-

598

Bank loans

830

(420)

-

410

CPI bonds

160

(73)

1

88

Other loans

155

(11)

-

144

Lease liabilities

157

(9)

6

154

Deferred transaction costs

(15)

-

3

(12)

3,473

(513)

3

2,963

  1. 1 Comparatives have been restated for the adoption of AASB 16 Leases. Refer to Note 38(c).

ACCOUNTING POLICY

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand and short-term deposits with an original maturity of three months or less that are readily convertible to known amounts of cash. The carrying amount represents fair value.

For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above net of outstanding bank overdrafts.

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