The Company makes reference to a non-GAAP measure for adjusted operating cash flow and adjusted operating cash flow per share. Adjusted operating cash flow is defined as cash flow from operations excluding certain impacts which the Company believes are not reflective of the Company's regular operating cash flow, and excluding changes in working capital. Working capital can be volatile due to numerous factors, including the timing of tax payments, and in the case of Kupol, a build-up of inventory due to transportation logistics. The Company uses adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, adjusted operating cash flow and adjusted operating cash flow per share measures are not necessarily indicative of net cash flow from operations as determined under IFRS.
The following table provides a reconciliation of adjusted operating cash flow from continuing operations for the periods presented:
---------------------------------------------------------------------------- GAAP to Adjusted Operating Cash Flow from Continuing Operations ------------------------ Three months ended(in millions, except share and per share amounts) March 31, ------------------------ 2013 2012 ------------------------Net cash flow of continuing operations provided from operating activities - as reported $ 358.1 $ 380.0 ------------------------Adjusting items: Close out and early settlement of derivative instruments - (28.4) Working capital changes: Accounts receivable and other assets (28.7) 28.5 Inventories 34.9 (1.2) Accounts payable and other liabilities, including taxes 47.5 (59.6) ------------------------ 53.7 (60.7) ------------------------Adjusted operating cash flow from continuing operations $ 411.8 $ 319.3 ------------------------ ------------------------Weighted average number of common shares outstanding - Basic 1,140.6 1,138.1 ------------------------Adjusted operating cash flow from continuing operations per share $ 0.36 $ 0.28 ------------------------ ----------------------------------------------------------------------------------------------------
