STATEMENTS OF FINANCIAL POSITION as at 31 December 2004 The statements of financial position are to be read in conjunction with the n otes to the financial statements. Annual Report 2004 51 Consolidated Santos Ltd 2004 2003 2004 2003 Note $million $million $million $million Current assets Cash 128.0 111.1 39.3 52.9 Receivables 7 409.1 171.7 1,917.7 1,410.3 Inventories 8 117.3 112.4 58.8 53.2 Other 9 21.5 14.3 10.0 7.4 Total current assets 675.9 409.5 2,025.8 1,523.8 Non-current assets Exploration and development expenditure 10 3,210.3 2,945.3 905.8 903.6 Land and buildings, plant and equipment 11 2,058.7 1,840.8 665.4 673.1 Other financial assets 12 1.2 11.7 2,530.7 2,295.9 Intangibles 13 4.0 8.5 – – Deferred tax assets 3.0 1.4 2.4 0.8 Other 9 2.9 1.1 – – Total non-current assets 5,280.1 4,808.8 4,104.3 3,873.4 Total assets 5,956.0 5,218.3 6,130.1 5,397.2 Current liabilities Payables 14 371.6 291.3 436.3 655.0 Deferred income 5.8 8.9 1.5 2.0 Interest-bearing liabilities 15 49.9 45.4 1,686.4 1,411.7 Current tax liabilities 11.2 29.3 9.9 23.5 Provisions 16 52.8 55.3 48.7 47.5 Other 17 14.7 10.6 – – Total current liabilities 506.0 440.8 2,182.8 2,139.7 Non-current liabilities Deferred income 16.3 18.8 – – Interest-bearing liabilities 15 1,209.5 963.3 – – Deferred tax liabilities 560.4 535.8 462.5 454.2 Provisions 16 131.6 116.0 46.0 38.3 Other 17 33.9 55.7 – – Total non-current liabilities 1,951.7 1,689.6 508.5 492.5 Total liabilities 2,457.7 2,130.4 2,691.3 2,632.2 Net assets 3,498.3 3,087.9 3,438.8 2,765.0 Equity Contributed equity 18 2,139.0 1,893.1 2,139.0 1,893.1 Foreign currency translation reserve 19 (9.0) (8.8) – – Retained profits 20 1,368.3 1,203.6 1,299.8 871.9 Total equity 3,498.3 3,087.9 3,438.8 2,765.0