| for the year ended 31 December 2007 |
Tongaat Hulett Limited |
| |
|
|
|
| Company |
|
|
Consolidated |
| 2006 |
2007 |
|
Rmillion |
2007 |
2006 |
| |
|
|
Cash generated from operations |
|
|
| |
|
|
|
|
|
| 778 |
3 185 |
|
Operating profit before dividends |
3 797 |
959 |
| |
300 |
|
Dividends received |
53 |
61 |
| 778 |
3 485 |
|
Operating profit |
3 850 |
1 020 |
| (309) |
(1) |
|
Profit on disposal of property, plant and equipment |
(48) |
(45) |
| |
|
|
Non-cash items: |
|
|
| |
(3 348) |
|
Fair value adjustment of investment in Hulamin |
(3 348) |
|
| |
349 |
|
BEE IFRS 2 charge and accelerated vesting of share awards |
350 |
|
| 176 |
192 |
|
Depreciation |
222 |
272 |
| |
|
|
Adjustment for exchange rate translation loss/(gain) |
1 |
(57) |
| 10 |
14 |
|
Provisions |
14 |
14 |
| 4 |
12 |
|
Other |
(71) |
(16) |
| (63) |
(190) |
|
Tax payments |
(293) |
(152) |
| 596 |
513 |
|
Cash generated from operations |
677 |
1 036 |
| |
|
|
Cash required by operations |
|
|
| (13) |
(130) |
|
Inventories |
(216) |
(115) |
| (36) |
10 |
|
Trade and other receivables |
(276) |
(558) |
| 12 |
85 |
|
Trade and other payables |
317 |
266 |
| (37) |
(35) |
|
Increase in working capital |
(175) |
(407) |
| 559 |
478 |
|
Cash flow from operations |
502 |
629 |
| 35 |
(102) |
|
Net financing (costs)/income |
(119) |
(23) |
| 594 |
376 |
|
Cash flow from operating activities |
383 |
606 |
| |
|
|
Cash flows from investing activities |
|
|
| |
|
|
Expenditure on property, plant and equipment |
|
|
| (132) |
(114) |
|
- New |
(516) |
(281) |
| (147) |
(174) |
|
- Replacement |
(193) |
(163) |
| (38) |
(46) |
|
- Major plant overhaul costs capitalised |
(46) |
(38) |
| |
(4) |
|
Expenditure on intangible assets |
(4) |
(3) |
| 7 |
(4) |
|
(Expenditure on)/disposal of growing crops |
(14) |
7 |
| 338 |
10 |
|
Proceeds on disposal of property, plant and equipment |
58 |
78 |
| (290) |
(263) |
|
Investments - shares in subsidiary |
(2) |
(254) |
| |
|
|
Investments - unlisted |
|
(3) |
| |
(210) |
|
Prepayment |
|
|
| (262) |
(805) |
|
Net cash used in investing activities |
(717) |
(657) |
| 332 |
(429) |
|
Net cash flow before dividends and financing activities |
(334) |
(51) |
| |
|
|
Dividends paid |
|
|
| (506) |
(582) |
|
Ordinary and preferred ordinary shares |
(531) |
(506) |
| |
|
|
Minorities |
(20) |
|
| (506) |
(582) |
|
Dividends paid |
(551) |
(506) |
| (174) |
(1 011) |
|
Net cash flow before financing activities |
(885) |
(557) |
| |
|
|
Cash flows from financing activities |
|
|
| 492 |
230 |
|
Borrowings raised |
712 |
358 |
| |
|
|
Non-recourse equity-settled BEE borrowings |
812 |
|
| |
|
|
Hedges of foreign loans |
|
19 |
| 106 |
1 115 |
|
Shares issued |
49 |
106 |
| |
|
|
Equity contribution by BEE minorities |
18 |
|
| |
(450) |
|
Share repurchase |
(450) |
|
| |
(65) |
|
Settlement of share-based payment awards |
(73) |
|
| |
(9) |
|
Share issue expenses |
(9) |
|
| (455) |
202 |
|
Inter-group loans |
|
|
| 143 |
1 023 |
|
Net cash from financing activities |
1 059 |
483 |
| (31) |
12 |
|
Net increase/(decrease) in cash and cash equivalents |
174 |
(74) |
| 40 |
9 |
|
Balance at beginning of year |
509 |
526 |
| |
|
|
Subsidiaries consolidated |
46 |
|
| |
|
|
Hulamin unbundling |
(347) |
|
| |
|
|
Foreign exchange adjustment |
15 |
|
| |
|
|
Exchange rate translation (loss)/gain |
(1) |
57 |
| 9 |
21 |
|
Cash and cash equivalents at end of year |
396 |
509 |
