| Company |
|
|
Consolidated |
| 2011 |
2012 |
|
Rmillion |
2012 |
2011 |
| |
|
|
Cash generated from operations |
|
|
| 767 |
650 |
|
Operating profit before dividends |
1 878 |
1 606 |
| 105 |
81 |
|
Dividends received |
|
|
| 872 |
731 |
|
Operating profit |
1 878 |
1 606 |
| (17) |
(113) |
|
Profit on disposal of property, plant and equipment |
(10) |
(35) |
| |
|
|
Adjustments for: |
|
|
| (13) |
(73) |
|
|
Growing crops and other non-cash flow items |
(352) |
(622) |
| 151 |
164 |
|
|
Depreciation |
366 |
344 |
| (288) |
|
|
|
Defined benefit pension fund asset recognition |
|
(288) |
| (40) |
(38) |
|
Tax payments |
(125) |
(111) |
| 665 |
671 |
|
Cash generated from operations |
1 757 |
894 |
| |
|
|
Cash required by operations |
|
|
| 277 |
(35) |
|
Inventories |
(53) |
11 |
| (84) |
(64) |
|
Trade and other receivables |
(454) |
(7) |
| (312) |
4 |
|
Trade and other payables |
(12) |
(216) |
| (119) |
(95) |
|
Increase in working capital |
(519) |
(212) |
| 546 |
576 |
|
Cash flow from operations |
1 238 |
682 |
| (361) |
(367) |
|
Net financing costs |
(507) |
(472) |
| 185 |
209 |
|
Cash flow from operating activities |
731 |
210 |
| |
|
|
Cash flows from investing activities |
|
|
| |
|
|
Expenditure on property, plant and equipment: |
|
|
| (20) |
(75) |
|
|
New |
(329) |
(396) |
| (132) |
(163) |
|
|
Replacement |
(336) |
(323) |
| (39) |
10 |
|
|
Major plant overhaul cost changes |
(9) |
(87) |
| (26) |
(20) |
|
Expenditure on intangible assets |
(20) |
(26) |
| 2 |
(57) |
|
Capital expenditure on growing crops |
(57) |
(43) |
| 18 |
116 |
|
Proceeds on disposal of property, plant and equipment |
19 |
41 |
| (5) |
|
|
Investments |
(4) |
(5) |
| (202) |
(189) |
|
Net cash used in investing activities |
(736) |
(839) |
| (17) |
20 |
|
Net cash flow before dividends and financing activities |
(5) |
(629) |
| |
|
|
Dividends paid |
|
|
| (293) |
(383) |
|
Ordinary and preferred ordinary shares |
(279) |
(191) |
| |
|
|
Minorities |
(9) |
(7) |
| (293) |
(383) |
|
Dividends paid |
(288) |
(198) |
| (310) |
(363) |
|
Net cash flow before financing activities |
(293) |
(827) |
| |
|
|
Cash flows from financing activities |
|
|
| 579 |
976 |
|
Borrowings raised |
516 |
1 103 |
| |
|
|
Non-recourse equity-settled BEE borrowings |
(24) |
(26) |
| 6 |
4 |
|
Shares issued |
4 |
6 |
| (20) |
(24) |
|
Settlement of share-based payment awards |
(30) |
(27) |
| (214) |
(629) |
|
Inter-group loans |
|
|
| 351 |
327 |
|
Net cash from financing activities |
466 |
1 056 |
| 41 |
(36) |
|
Net increase/(decrease) in cash and cash equivalents |
173 |
229 |
| 32 |
73 |
|
Balance at beginning of year |
350 |
140 |
| |
|
|
Foreign exchange adjustment |
69 |
(18) |
| |
|
|
Exchange rate translation loss |
|
(1) |
| 73 |
37 |
|
Cash and cash equivalents at end of year |
592 |
350 |
