Annual Financial Statements


Financial Statements for the year ended 31 December 2004


Cash Flow Statements

for the year ended 31 December 2004

Company  Group
20032004  Rmillion 20042003
 Cash generated from operations   
44270  Operating profit 36480
(150)(100)  Net financing costs (93)(152)
 Non-cash items:   
153159  Depreciation 231223
  Adjustment for exchange rate translation loss 4780
97  Provisions 1115
(1)(2)  Surplus on disposal of plant and equipment (4)(2)
(70)(29)  Other (43)(99)
(29) (12)  Tax payments(71) (42)
(44) 293   Cash generated from operations 442103
 Cash required by operations   
(6)204  Inventories 123105
(44)2  Trade and other receivables 63(202)
36(355)  Trade and other payables (389)94
(14) (149)   Increase in working capital (203)(3)
(58) 144    Cash flows from operating activities 239100
 Cash flows from investing activities   
 Expenditure on property, plant and equipment:   
(91)(40)  New(81) (206)
(63)(57)  Replacement (78)(106)
(39)(32)  Major plant overhaul costs capitalised (32)(39)
2220  Growing crops 2021
3348  Proceeds on disposal of property, plant and equipment 4443
(89)(29)  Investments - shares in subsidiary   
     Investments - unlisted(19) (19)
(227) (90)   Net cash used in investing activities (146)(306)
(285) 54   Net cash flow before dividends and financing activities 93(206)
 Dividends paid   
(193)(81)  Previous year final (81)(193)
(40) (51)  Current year interim(51) (40)
(233) (132)   Dividends paid (132)(233)
(518) (78)   Net cash flow before financing activities (39)(439)
 Cash flows from financing activities   
591157  Borrowings raised 32553
 Shares of a subsidiary issued to the minority 54
  Hedges of foreign loans (35) (161)
230  Shares issued 302
(191) (103)  Inter-group loans   
402 84   Net cash from financing activities 81394
(116)6  Net increase/(decrease) in cash and cash equivalents 42(45)
16347  Balance at beginning of year 808938
   Exchange rate translation loss(47) (80)
 Foreign exchange adjustment (9)
 Gain on cash equivalent investment 4
47 53   Cash and cash equivalents at end of year 803 808