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34. Cash and cash equivalents

34.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:

2020
$m

2019
$m

Cash at bank and on hand

100

99

Short-term deposits

41

16

Total cash and cash equivalents

141

115

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

2020
$m

2019
$m

Profit for the year

1,015

905

Share of profits of associates and joint ventures

(17)

(33)

Dividends received from joint ventures

15

27

Depreciation and amortisation

753

625

Share-based payment expense

9

6

(Gain)/loss in fair value of financial instruments

(308)

198

Net gain on disposal of subsidiaries and businesses

-

(52)

Loss on disposal of assets on exit of business

-

47

Loss on disposal of joint operation

-

2

Net gain/(loss) on disposal of property, plant and equipment

9

(2)

Non-cash finance costs

64

61

Capitalised finance costs

(9)

(21)

Impairment of investments in associates

14

-

Other non-cash expenses

6

-

Changes in assets and liabilities

Decrease in trade and other receivables

137

72

Increase in inventories

(14)

(74)

(Increase)/decrease in derivative financial instruments

(3)

17

Decrease/(increase) in other financial assets

471

(187)

Decrease/(increase) in other assets

39

(9)

Decrease in trade and other payables

(196)

(12)

Decrease in provisions

(31)

(81)

Increase/(decrease) in other liabilities

25

(1)

Decrease in tax assets and liabilities

177

111

Net cash provided by operating activities

2,156

1,599

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

Year ended 30 June 2020

Balance at beginning of financial year
$m

Net
proceeds/
(repayments)
$m1

Non-cash movements
$m

Balance at
end of
financial year
$m

Liabilities arising from financing activities

USD senior notes

1,054

-

110

1,164

Medium term notes

599

-

-

599

Bank loans

820

165

-

985

CPI bonds

81

(6)

-

75

Other loans

133

(11)

-

122

Lease liabilities

172

(17)

19

174

Deferred transaction costs

(9)

(5)

3

(11)

2,850

126

132

3,108

  1. 1 Excludes $32 million of repayment made on Perth Energy's external bank loans on the date of acquisition.

Year ended 30 June 2019

Balance at beginning of financial year
$m

Net
proceeds/
(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

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 and accounts relating to dividend payments held in escrow.

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