STATEMENTS OF CASH FLOWS
for the year ended 31 March 2014
| Company | Consolidated | ||||
| 2013 Restated |
2014 | Rmillion | 2014 | 2013 Restated |
|
| Cash generated from operations | |||||
| 665 | 796 | Operating profit before dividends | 2 374 | 2 131 | |
| 97 | 148 | Dividends received | |||
| 762 | 944 | Operating profit | 2 374 | 2 131 | |
| (59) | (142) | Profit on disposal of property, plant and equipment | (75) | (24) | |
| Adjustments for: | |||||
| (165) | (69) | Growing crops and other non-cash flow items | 64 | (397) | |
| 172 | 206 | Depreciation | 571 | 472 | |
| 710 | 939 | Operating cash flow | 2 934 | 2 182 | |
| Cash required by operations | |||||
| (74) | (188) | Inventories | (468) | (264) | |
| (139) | (13) | Trade and other receivables | (388) | (292) | |
| 243 | 127 | Trade and other payables | 95 | 500 | |
| 30 | (74) | Increase in working capital | (761) | (56) | |
| 740 | 865 | Cash flow from operations | 2 173 | 2 126 | |
| (10) | (9) | Tax payments | (452) | (239) | |
| (451) | (541) | Net financing costs | (609) | (560) | |
| 279 | 315 | Cash flow from operating activities | 1 112 | 1 327 | |
| Cash flows from investing activities | |||||
| Expenditure on property, plant and equipment | |||||
| (119) | (45) | New | (117) | (447) | |
| (212) | (232) | Replacement | (429) | (477) | |
| (51) | Major plant overhaul cost changes | 18 | (93) | ||
| (15) | (7) | Expenditure on intangible assets | (7) | (15) | |
| (125) | (107) | Capital expenditure on growing crops | (118) | (157) | |
| 72 | 147 | Proceeds on disposal of property, plant and equipment | 96 | 40 | |
| 90 | Investments - subsidiary | ||||
| Investments - other | (2) | (1) | |||
| (450) | (154) | Net cash used in investing activities | (559) | (1 150) | |
| (171) | 161 | Net cash flow before dividends and financing activities | 553 | 177 | |
| Dividends paid | |||||
| (459) | (352) | Ordinary and preferred ordinary shares | (240) | (347) | |
| Minorities | (13) | (10) | |||
| (459) | (352) | Dividends paid | (253) | (357) | |
| (630) | (191) | Net cash flow before financing activities | 300 | (180) | |
| Cash flows from financing activities | |||||
| 720 | (252) | Borrowings raised | (258) | 503 | |
| Non-recourse equity-settled BEE borrowings | (31) | (15) | |||
| 5 | 5 | Shares issued | 5 | 5 | |
| (88) | (15) | Settlement of share-based payment awards | (15) | (94) | |
| 12 | 456 | Inter-group loans | |||
| 649 | 194 | Net cash from financing activities | (299) | 399 | |
| 19 | 3 | Net increase in cash and cash equivalents | 1 | 219 | |
| 37 | 56 | Balance at beginning of year | 917 | 592 | |
| Foreign exchange adjustment | 149 | 106 | |||
| 56 | 59 | Cash and cash equivalents at end of year | 1 067 | 917 | |
