Annual Financial Statements


Financial Statements for the year ended 31 December 2006


Cash Flow Statements

for the year ended 31 December 2006

Company     Group
2005 2006   Rmillion 2006 2005
      Cash generated from operations    
648 778   Operating profit before dividends 959 711
45     Dividends received 61 19
693 778   Operating profit 1 020 730
(54) 35   Net financing (costs)/income (23) (60)
(47) (309)   Profit on disposal of property, plant and equipment (45) (19)
      Non-cash items:    
167 176   Depreciation 272 265
      Adjustment for exchange rate translation gain (57) (14)
9 10   Provisions 14 12
12 4   Other (16) 21
(26) (63)   Tax payments (152) (38)
754 631   Cash generated from operations 1 013 897
      Cash required by operations    
154 (13)   Inventories (115) 169
24 (36)   Trade and other receivables (558) (231)
(144) 12   Trade and other payables 266 (47)
34 (37)   (Increase)/decrease in working capital (407) (109)
788 594   Cash flows from operating activities 606 788
      Cash flows from investing activities    
      Expenditure on property, plant and equipment:    
(95) (132)   - New (281) (169)
(79) (147)   - Replacement (163) (101)
(35) (38)   - Major plant overhaul costs capitalised (38) (35)
      Expenditure on intangible assets (3) (4)
5 7   Growing crops 7 5
70 338   Proceeds on disposal of property, plant and equipment 78 42
(36) (290)   Investments – shares in subsidiary    
      Investments – shares in Hippo Valley Estates (254)  
      Investments – unlisted (3) (72)
(170) (262)   Net cash used in investing activities (657) (334)
618 332   Net cash flow before dividends and financing activities (51) 454
      Dividends paid    
(123) (294)   Previous year final (294) (123)
(124) (212)   Current year interim (212) (124)
(247) (506)   Dividends paid (506) (247)
371 (174)   Net cash flow before financing activities (557) 207
      Cash flows from financing activities    
(455) 492   Borrowings raised/(repaid) 358 (558)
      Hedges of foreign loans 19 (2)
62 106   Shares issued 106 62
9 (455)   Inter-group loans    
(384) 143   Net cash from/(utilised in) financing activities 483 (498)
(13) (31)   Net decrease in cash and cash equivalents (74) (291)
53 40   Balance at beginning of year 526 803
      Exchange rate translation gain 57 14
40 9   Cash and cash equivalents at end of year 509 526