STATEMENTS OF CASH FLOWS
for the year ended 31 March 2015
| Company | Consolidated | ||||
| 2014 | 2015 | Rmillion | 2015 | 2014 | |
| Cash generated from operations | |||||
| 796 | 715 | Operating profit before dividends | 2 089 | 2 374 | |
| 148 | 425 | Dividends received | |||
| 944 | 1 140 | Operating profit | 2 089 | 2 374 | |
| (142) | (90) | Surplus on disposal of property, plant and equipment | (77) | (75) | |
| Adjustments for: | |||||
| (69) | (2) | Growing crops and other non-cash flow items | 1 | 64 | |
| 206 | 178 | Depreciation | 564 | 571 | |
| 939 | 1 226 | Operating cash flow | 2 577 | 2 934 | |
| Cash required by operations | |||||
| (188) | 136 | Inventories | 103 | (468) | |
| (13) | (48) | Trade and other receivables | (489) | (388) | |
| 127 | 90 | Trade and other payables | 342 | 95 | |
| (74) | 178 | (Increase) / decrease in working capital | (44) | (761) | |
| 865 | 1 404 | Cash flow from operations | 2 533 | 2 173 | |
| (9) | (13) | Tax payments | (353) | (452) | |
| (541) | (622) | Net financing costs | (617) | (609) | |
| 315 | 769 | Cash flow from operating activities | 1 563 | 1 112 | |
| Cash flows from investing activities | |||||
| Expenditure on property, plant and equipment | |||||
| (45) | (52) | New | (203) | (117) | |
| (232) | (386) | Replacement | (509) | (429) | |
| Major plant overhaul cost changes | (20) | 18 | |||
| (7) | (4) | Expenditure on intangible assets | (4) | (7) | |
| (107) | (76) | Capital expenditure on growing crops | (76) | (118) | |
| 147 | 100 | Proceeds on disposal of property, plant and equipment | 95 | 96 | |
| 90 | Investments - subsidiary | ||||
| Investments - other | 2 | (2) | |||
| (154) | (418) | Net cash used in investing activities | (715) | (559) | |
| 161 | 351 | Net cash flow before dividends and financing activities | 848 | 553 | |
| Dividends paid | |||||
| (352) | (488) | Ordinary and preferred ordinary shares | (417) | (240) | |
| Minorities | (12) | (13) | |||
| (352) | (488) | Dividends paid | (429) | (253) | |
| (191) | (137) | Net cash flow before financing activities | 419 | 300 | |
| Cash flows from financing activities | |||||
| (252) | 333 | Borrowings raised / (repaid) | 218 | (258) | |
| Non-recourse equity-settled BEE borrowings | (37) | (31) | |||
| 5 | 1 | Shares issued | 1 | 5 | |
| (15) | (167) | Settlement of share-based payment awards | (175) | (15) | |
| 456 | 8 | Inter-group loans | |||
| 194 | 175 | Net cash from financing activities | 7 | (299) | |
| 3 | 38 | Net increase in cash and cash equivalents | 426 | 1 | |
| 56 | 59 | Balance at beginning of year | 1 067 | 917 | |
| Currency alignment | 175 | 149 | |||
| 59 | 97 | Cash and cash equivalents at end of year | 1 668 | 1 067 | |
