NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 Note Consolidated Company 2000 1999 2000 1999 $ $ $ $ Fully Paid Ordinary Share Capital Fully paid ordinary shares carry one vote  per share and carry the right to dividends Share Options On 21 June 1999, a total of 6,500,000  listed options were issued, being 1 option for every 2 shares allotted to the investor  on Initial Public Offering. These options  are exercisable by 30 November 2000 at  an exercise price of 75 cents each. Refer to Note 21 for details of the  Employee Share Option Incentive Plan. 18. RESERVES Asset revaluation reserve 3,763,956 3,763,956 – – The movement during the Financial  Year is reconciled as follows: Balance at the beginning of  the Financial Year 3,763,956 – – – Revaluation of King Bay  Supply Base Lease  – 3,763,956 – – Balance at the end of the  Financial Year 3,763,956 3,763,956 – – 19. STATEMENT OF CASH FLOWS (a) Reconciliation of the operating (loss)  profit after income tax to the net  cash flows from operations Operating (loss) profit after income tax (207,957) 2,454,919 190,559 1,106,907 Depreciation of non current assets 1,078,314 1,179,156 – – Amortisation of non current assets – 95,105 – – Provision for employee entitlements (247,618) 50,562 – – (Profit)/Loss on sale of property,  plant and equipment (20,280) 17,405 – – Write off of shares - other corporations – 2,647 – – Write back of loan (93,581) (120,419) – – Dividend received from  controlled entity – – – (1,100,000) Gar 48