**amcor financials********

Take note of the repayment of borrowings!!!!!

2 AMCOR FULL YEAR FINANCIAL REPORT 2004 FINANCIAL REPORT
STATEMENTS OF FINANCIAL POSITION
Consolidated Amcor Limited
$ million Note 2004 2003 2004 2003
CURRENT ASSETS
Cash assets 6 131.0 141.5 7.5 6.5
Receivables 7 1,551.4 1,525.0 8,103.3 5,950.8
Inventories 8 1,369.6 1,284.0 – –
Total Current Assets 3,052.0 2,950.5 8,110.8 5,957.3
NON-CURRENT ASSETS
Receivables 9 81.8 61.1 41.8 34.9
Other financial assets 10 12.9 21.5 3,647.9 3,558.3
Property, plant and equipment 11 4,745.0 4,295.6 5.6 1.7
Intangibles 12 2,062.7 1,956.9 5.0 –
Deferred tax assets 13 238.8 199.4 100.0 96.9
Other non-current assets 14 93.2 77.3 13.4 8.3
Total Non-Current Assets 7,234.4 6,611.8 3,813.7 3,700.1
Total Assets 10,286.4 9,562.3 11,924.5 9,657.4
CURRENT LIABILITIES
Payables 15 1,831.1 1,646.0 35.1 27.9
Interest-bearing liabilities 16 728.5 1,009.4 4,846.6 3,307.1
Current tax liabilities 17 77.4 74.1 23.6 42.7
Provisions 18 339.7 296.2 2.9 2.4
Total Current Liabilities 2,976.7 3,025.7 4,908.2 3,380.1
NON-CURRENT LIABILITIES
Payables 19 13.2 0.1 – –
Interest-bearing liabilities 20 1,776.2 1,003.6 1,463.8 748.9
Deferred tax liabilities 388.5 345.5 169.2 159.3
Provisions 18 91.9 105.4 4.5 3.7
Undated subordinated convertible securities 21 332.3 446.2 332.3 446.2
Total Non-Current Liabilities 2,602.1 1,900.8 1,969.8 1,358.1
Total Liabilities 5,578.8 4,926.5 6,878.0 4,738.2
Net Assets 4,707.6 4,635.8 5,046.5 4,919.2
EQUITY
Contributed equity 22 3,351.9 3,135.3 2,755.3 2,538.7
Reserves 23 (349.2) (210.8) 40.9 40.9
Retained profits 24 1,614.3 1,515.3 2,250.3 2,339.6
Equity attributable to members of the parent entity 4,617.0 4,439.8 5,046.5 4,919.2
Outside equity interests in controlled entities 25 90.6 196.0 – –
Total Equity 26 4,707.6 4,635.8 5,046.5 4,919.2
The Statements of Financial Position are to be read in conjunction with the notes to the financial statements set out on pages 5 to 58.
AMCOR FULL YEAR FINANCIAL REPORT 2004 FINANCIAL REPORT 3
For the year ended 30 June
STATEMENTS OF CASH FLOWS
Consolidated Amcor Limited
$ million Note 2004 2003 2004 2003
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 10,453.7 10,514.4 – –
Payments to suppliers and employees (9,222.8) (9,471.4) (64.8) (56.0)
Dividends received 0.6 1.0 37.3 0.3
Interest received 14.7 9.6 350.2 315.2
Borrowing costs paid (165.6) (155.6) (183.4) (175.8)
Income taxes paid (105.8) (86.6) (4.9) (0.3)
Other (payments)/receipts 57.0 63.3 (38.9) 10.4
Net Cash from Operating Activities(1) 1,031.8 874.7 95.5 93.8
CASH FLOWS FROM INVESTING ACTIVITIES
Loans repaid – controlled entities – – (360.8) (1,812.9)
Loans drawn/(repaid) by other persons 24.5 – 8.9 (7.0)
Acquisition of:
Controlled entities and businesses 36(2) (618.9) (2,857.9) (132.7) (622.5)
Property, plant and equipment (605.4) (890.1) (4.4) (0.9)
Proceeds on disposal of:
Controlled entities and businesses (net of cash disposed) 36(3) 40.2 186.2 – (9.1)
Property, plant and equipment 98.3 57.9 – 0.1
Net Cash used in Investing Activities (1,061.3) (3,503.9) (489.0) (2,452.3)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends and other distributions paid (225.0) (193.0) (172.9) (140.5)
Proceeds from share issues, convertible securities and calls on
partly-paid shares 13.2 27.8 13.2 27.8
Proceeds from borrowings 5,280.3 6,752.4 – –
Repayment of borrowings (4,817.1) (6,146.4) 554.2 701.9
Principal lease repayments (144.8) (43.1) – –
Net Cash from Financing Activities 106.6 397.7 394.5 589.2
Net Increase/(Decrease) in Cash Held 77.1 (2,231.5) 1.0 (1,769.3)
Cash at the Beginning of the Year 46.1 2,287.4 6.5 1,775.8
Exchange rate changes on foreign currency cash balances (2.1) (9.8) – –
Cash at the End of the Year(2) 121.1 46.1 7.5 6.5
The Statements of Cash Flows are to be read in conjunction with the notes to the financial statements set out on pages 5 to 58.
For the year ended 30 June
STATEMENTS OF CASH FLOWS CONTINUED
Consolidated Amcor Limited
$ million 2004 2003 2004 2003
(1) RECONCILIATION OF PROFIT FROM ORDINARY ACTIVITIES AFTER INCOME
TAX TO NET CASH FROM OPERATING ACTIVITIES
Profit from Ordinary Activities After Income Tax 360.2 378.1 178.0 150.3
Add/(less) non-cash items and items classified as financing/investing activities:
Depreciation of property, plant and equipment 459.4 453.5 0.5 0.5
Amortisation of leased assets 13.2 14.9 – –
Amortisation of goodwill and other intangibles 131.2 138.8 0.3 –
Interest capitalised (4.5) (0.3) – –
Finance charges on leased assets 4.7 6.3 – –
Profit on disposal of non-current assets (30.6) (13.3) – –
Profit on disposal of business/controlled entities (4.1) (6.1) – –
Profit on disposal of investment – (1.5) – –
Unrealised foreign exchange (gain)/loss – – 42.4 (105.4)
Dividends from controlled entities – – – (44.5)
Increase/(decrease) in current and deferred taxes 10.7 3.3 (51.8) 126.2
Increase/(decrease) in provisions (55.4) (15.1) 1.4 1.5
Non-cash significant item 50.2 37.5 – –
Decrease in sundry assets (19.9) (31.6) (6.1) (7.3)
Cash Flows from Operations Before Changes in Assets and Liabilities 915.1 964.5 164.7 121.3
Change in assets and liabilities excluding acquisitions/disposals of
controlled entities and businesses:
(Increase)/decrease in receivables 143.7 113.9 (40.1) (27.4)
Increase in inventories (18.1) (23.3) – –
Decrease in payables (8.9) (180.4) (29.1) (0.1)
Net Cash from Operating Activities 1,031.8 874.7 95.5 93.8
(2) RECONCILIATION OF CASH
For the purposes of the Statements of Cash Flows, cash includes cash on hand and at bank and short-term money market investments, net
of outstanding bank overdrafts. Cash as at the end of the financial year as shown in the Statements of Cash Flows is reconciled to the
related items in the Statements of Financial Position as follows:
Cash – refer Note 6 131.0 141.5 7.5 6.5
Short term deposits – refer Note 7 17.3 20.5 – –
Bank overdrafts – refer Note 16 (27.2) (115.9) – –
121.1 46.1 7.5 6.5
(3) NON-CASH FINANCING AND INVESTING ACTIVITIES
During the year, the consolidated entity acquired property, plant and equipment with an aggregate value of $104.0 million (2003
$136.0 million) by means of finance leases. Dividends of $94.7 million (2003 $112.7 million) were paid for via the Dividend Reinvestment
Plan and convertible securities of $99.9 million (2003 $34.4 million) were converted into fully paid ordinary shares. These transactions are
not reflected in the Statements of Cash Flows.