Annual Financial Statements


Financial Statements for the year ended 31 December 2005


Cash Flow Statements

for the year ended 31 December 2005

     Company       Group
2004* 2005    Rmillion 2005 2004*
    Cash generated from operations    
264 693 Operating profit 730 358
(100) (54) Net financing costs (60) (93)
    Non-cash items:    
159 167    Depreciation 265 230
       Adjustment for exchange rate translation (gain)/loss (14) 47
7 9    Provisions 12 11
(25) (35)    Other 2 (40)
(12) (26) Tax payments (38) (71)
293 754   Cash generated from operations 897 442
    Cash required by operations    
204 154 Inventories 169 123
2 24 Trade and other receivables (231) 63
(355) (144) Trade and other payables (47) (389)
(149) 34   (Increase)/decrease in working capital (109) (203)
144 788   Cash flows from operating activities 788 239
    Cash flows from investing activities    
    Expenditure on property, plant and equipment:    
(40) (95)    New (169) (78)
(57) (79)    Replacement (101) (78)
(32) (35)    Major plant overhaul costs capitalised (35) (32)
    Expenditure on intangible assets (4) (3)
20 5 Growing crops 5 20
48 70 Proceeds on disposal of property, plant and equipment 42 44
(29) (36) Investments – shares in subsidiary    
      Investments – unlisted (72) (19)
(90) (170)   Net cash used in investing activities (334) (146)
54 618   Net cash flow before dividends and financing activities 454 93
    Dividends paid    
(81) (123) Previous year final (123) (81)
(51) (124) Current year interim (124) (51)
(132) (247)   Dividends paid (247) (132)
(78) 371   Net cash flow before financing activities 207 (39)
    Cash flows from financing activities    
157 (455) Borrowings (repaid)/raised (558) 32
    Shares of a subsidiary issued to the minority   54
    Hedges of foreign loans (2) (35)
30 62 Shares issued 62 30
(103) 9 Inter-group loans    
84 (384)   Net cash (utilised in)/from financing activities (498) 81
6 (13) Net (decrease)/increase in cash and cash equivalents (291) 42
47 53 Balance at beginning of year 803 808
        Exchange rate translation gain/(loss) 14 (47)
53 40   Cash and cash equivalents at end of year 526 803
    * Restated for IFRS