| Company |
|
|
Consolidated |
| 2007 |
2008 |
|
Rmillion |
2008 |
2007 |
| |
|
|
Cash generated from operations |
|
|
| 3 185 |
515 |
|
Operating profit before dividends |
1 137 |
3 797 |
| 300 |
329 |
|
Dividends received |
35 |
53 |
| 3 485 |
844 |
|
Operating profit |
1 172 |
3 850 |
| (1) |
(57) |
|
Profit on disposal of property, plant and equipment |
(74) |
(48) |
| |
|
|
Adjustments for: |
|
|
| (3 348) |
|
|
Fair value adjustment of investment in Hulamin |
|
(3 348) |
| 349 |
|
|
BEE IFRS 2 charge and accelerated vesting of share awards |
|
350 |
| 192 |
191 |
|
Depreciation |
244 |
222 |
| |
|
|
Adjustment for exchange rate translation (gain)/loss |
(9) |
1 |
| 14 |
18 |
|
Provisions |
18 |
14 |
| 12 |
17 |
|
Other non-cash flow items |
(306) |
(71) |
| (190) |
(44) |
|
Tax payments |
(163) |
(293) |
|
|
|
|
|
|
| 513 |
969 |
|
Cash generated from operations |
882 |
677 |
| |
|
|
Cash required by operations |
|
|
| (130) |
(357) |
|
Inventories |
(366) |
(216) |
| 10 |
(150) |
|
Trade and other receivables |
96 |
(276) |
| 85 |
322 |
|
Trade and other payables |
353 |
317 |
|
|
|
|
|
|
| (35) |
(185) |
|
Decrease/(increase) in working capital |
83 |
(175) |
| 478 |
784 |
|
Cash flow from operations |
965 |
502 |
| (102) |
(234) |
|
Net financing costs |
(280) |
(119) |
| 376 |
550 |
|
Cash flow from operating activities |
685 |
383 |
| |
|
|
Cash flows from investing activities |
|
|
| |
|
|
Expenditure on property, plant and equipment |
|
|
| (114) |
(236) |
|
- New |
(1 317) |
(516) |
| (174) |
(186) |
|
- Replacement |
(221) |
(193) |
| (46) |
(38) |
|
- Major plant overhaul costs capitalised |
(38) |
(46) |
| (4) |
(1) |
|
Expenditure on intangible assets |
(2) |
(4) |
| (4) |
(3) |
|
Expenditure on growing crops |
(167) |
(14) |
| 10 |
78 |
|
Proceeds on disposal of property, plant and equipment |
96 |
58 |
| (263) |
(699) |
|
Investments - shares in subsidiary |
(55) |
(2) |
| (210) |
7 |
|
Long-term receivable and prepayment |
7 |
|
|
|
|
|
|
|
| (805) |
(1 078) |
|
Net cash used in investing activities |
(1 697) |
(717) |
| (429) |
(528) |
|
Net cash flow before dividends and fi nancing
activities |
(1 012) |
(334) |
| |
|
|
Dividends paid |
|
|
| (582) |
(438) |
|
Ordinary and preferred ordinary shares |
(336) |
(531) |
| |
|
|
Minorities |
(19) |
(20) |
|
|
|
|
|
|
| (582) |
(438) |
|
Dividends paid |
(355) |
(551) |
| (1 011) |
(966) |
|
Net cash flow before financing activities |
(1 367) |
(885) |
| |
|
|
Cash fl ows from financing activities |
|
|
| 230 |
1 052 |
|
Borrowings raised |
1 160 |
712 |
| |
|
|
Non-recourse equity-settled BEE borrowings |
(20) |
812 |
| 1 115 |
7 |
|
Shares issued |
7 |
49 |
| |
|
|
Equity contribution by BEE minorities |
|
18 |
| (450) |
|
|
Share repurchase |
|
(450) |
| (65) |
(9) |
|
Settlement of share-based payment awards |
(11) |
(73) |
| (9) |
|
|
Share issue expenses |
|
(9) |
| 202 |
(67) |
|
Inter-group loans |
|
|
|
|
|
|
|
|
| 1 023 |
983 |
|
Net cash from financing activities |
1 136 |
1 059 |
| 12 |
17 |
|
Net (decrease)/ increase in cash and cash equivalents |
(231) |
174 |
|
|
|
|
|
|
| 9 |
21 |
|
Balance at beginning of year |
396 |
509 |
| |
|
|
Foreign exchange adjustment |
55 |
15 |
| |
|
|
Exchange rate translation gain/(loss) |
9 |
(1) |
| |
|
|
Subsidiaries consolidated |
|
46 |
| |
|
|
Hulamin unbundling |
|
(347) |
| 21 |
38 |
|
Cash and cash equivalents at end of year |
229 |
396 |
