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Cash Flows
for the half year ended 30 June 2007

Millions of dollars
 2007
2006
Change $m
Receipts from customers 10,143 10,483 (340)
Payments to suppliers and employees (7,530) (8,123) 593
Payments for excise (2,244) (2,155) (89)
1   Borrowing costs paid (27) (28) 1
2   Other net operating activities (34) (166) 132
     Net operating cash inflows 308 11 297
3   Purchases of property, plant and equipment
     (PP&E) and major cyclical maintenance		 (120) (222) 102
Other investing cash flows (9) 4 (13)
Net investing cash outflows (129) (218) 89
4   Net financing cash inflows/(outflows) (181) 213 (394)
Net increase/(decrease) in cash held (2) 6 (8)



Discussion and Analysis

1

Borrowing costs

$1m

Net debt decreased to $490 million at 30 June 2007 (compared with $539 million at 31 December 2006). Average net debt for 1H07 was 21% lower than for 1H06, resulting in decreased gross borrowing costs ($1 million).

2

Other operating activities

$132m

A significant reason for the decrease in cash outflows from other net operating activities is lower tax payments in 1H07. The finalisation of the 2006 Income Tax position, led to a tax refund in 1H07 whereas the finalisation of the 2005 Income Tax position resulted in a tax payment in 1H06.

3

Purchases of PP&E and major cyclical maintenance

$102m

Capital expenditure in 1H07 is lower than that incurred in 1H06. This is because 1H06 included expenditure related to the Clean Fuels Project.

4

Net financing cash outflows

$394m

Net financing cash outflows increased due to higher net repayments of $50 million in 1H07 compared with net borrowings of $298 million in 1H06 (reflecting the decrease in net debt). The cash outflow also includes a higher 2006 final dividend payment of $130 million (2005 final dividend $84 million).