Annual Financial Statements


Financial Statements for the year ended 31 December 2003


Cash Flow Statements


for the year ended 31 December 2003
CompanyGroup
20022003Rmillion20032002
RestatedRestated
Cash generated from operations
64943Earnings before interest and tax73674
(40)(150)Net financing costs(152)(134)
Non-cash items:
159153     Depreciation223209
    Adjustment for exchange rate translation loss80151
159     Provisions1520
(1)     Surplus on disposal of plant and equipment(2)
86(69)     Other(92)(17)
(28)(29)Tax payments(42)(39)


841(44)Cash generated from operations103864

Cash required by operations
(583)(6)Inventories105(580)
(141)(44)Accounts receivable(202)(136)
39136Trade and other payables94413


(333)(14)Increase in working capital(3)(303)

508(58)Cash flows from operating activities100561

Cash flows from investing activities
Expenditure on property, plant and equipment
(145)(91)     - New(206)(167)
(31)(63)     - Replacement(106)(56)
(39)(39)     - Major plant overhaul costs capitalised(39)(39)
22Growing crops21(12)
Proceeds on disposal of property,
2633   plant and equipment4336
(89)Investments - shares in subsidiary
Investments(19)(1)


(189)(227)Net cash used in investing activities(306)(239)

Dividends paid
(211)(193)Previous year final(193)(211)
(81)(40)Current year interim(40)(81)


(292)(233) Dividends paid(233)(292)

27(518)Net cash flow before financing activities(439)30

Cash flows from financing activities
(150)591Borrowings raised/(repaid)553(226)
Hedges of foreign loans (161)159
82Shares issued28
160(191)Inter-group loans


18402Net cash from/(utilised in) financing activities394(59)

45(116)Net (decrease)/increase in cash resources(45)(29)
118163Cash resources at beginning of year9381 125
Exchange rate translation loss(80)(151)
Foreign exchange adjustment(9)(11)
Gain on cash equivalent investment44

16347Cash resources at end of year808938