FINANCIAL REPORT CONTENTS Directors’ Statutory Report 47 Financial Report Statements of Financial Perf ormance 50 Statements of Financial Position 51 Statements of Cash Flows 52 Notes to the Financial Statements 1 Statement of Accounting Policies 53 2 Revenue from Ordinary Activities 56 3 Expenses from Ordinary Activities 56 4 Borrowing Costs 56 5 Profit from Ordinary Activities 57 6 Taxation 57 7 Receivables 58 8 Inventories 58 9 Other Assets 58 10 Exploration and Developmen Expenditure 58 11 Land and Buildings, Plant an Equipment 59  12 Other Financial Assets 59 13 Intangibles 59 14 Payables 59 15 Interest-Bearing Liabilities 60 16 Provisions 61 17 Other Liabilities 61 18 Contributed Equity 62 19 Foreign Currency Translation Reserve 68 20 Retained Profits 68 21 Earnings per Share 69 22 Investments in Controlled Entities 70 23 Interests in Joint Ventures 72 24 Notes to Statements of Cash Flows 74 25 Related Parties 74 26 Specified Director and Specified Ex ecutive Disclosures 75 27 Remuneration of Auditors 80 28 Segment Information 80 29 Commitments for Expenditure 82 30 Superannuation Commitments 82 31 Contingent Liabilities 83 32 Additional Financial Instruments Disclosure 84 33 Economic Dependency 86 34 Post Balance Date Events 86 35 Australian Equivalents to Internati onal Reporting Standards 86 Directors Declaration 88 Independent Audit Report 89 46 Annual Report 2004