Annual Financial Statements


Financial Statements for the year ended 31 December 2007


Cash Flow Statements

for the year ended 31 December 2007 Tongaat Hulett Limited
       
Company     Consolidated
2006 2007   Rmillion 2007 2006
      Cash generated from operations    
           
778 3 185   Operating profit before dividends 3 797 959
  300   Dividends received 53 61
778 3 485   Operating profit 3 850 1 020
(309) (1)   Profit on disposal of property, plant and equipment (48) (45)
      Non-cash items:    
  (3 348)   Fair value adjustment of investment in Hulamin (3 348)  
  349   BEE IFRS 2 charge and accelerated vesting of share awards 350  
176 192   Depreciation 222 272
      Adjustment for exchange rate translation loss/(gain) 1 (57)
10 14   Provisions 14 14
4 12   Other (71) (16)
(63) (190)   Tax payments (293) (152)
596 513   Cash generated from operations 677 1 036
      Cash required by operations    
(13) (130)   Inventories (216) (115)
(36) 10   Trade and other receivables (276) (558)
12 85   Trade and other payables 317 266
(37) (35)   Increase in working capital (175) (407)
559 478   Cash flow from operations 502 629
35 (102)   Net financing (costs)/income (119) (23)
594 376   Cash flow from operating activities 383 606
      Cash flows from investing activities    
      Expenditure on property, plant and equipment    
(132) (114)   - New (516) (281)
(147) (174)   - Replacement (193) (163)
(38) (46)   - Major plant overhaul costs capitalised (46) (38)
  (4)   Expenditure on intangible assets (4) (3)
7 (4)   (Expenditure on)/disposal of growing crops (14) 7
338 10   Proceeds on disposal of property, plant and equipment 58 78
(290) (263)   Investments - shares in subsidiary (2) (254)
      Investments - unlisted   (3)
  (210)   Prepayment    
(262) (805)   Net cash used in investing activities (717) (657)
332 (429)   Net cash flow before dividends and financing activities (334) (51)
      Dividends paid    
(506) (582)   Ordinary and preferred ordinary shares (531) (506)
      Minorities (20)  
(506) (582)   Dividends paid (551) (506)
(174) (1 011)   Net cash flow before financing activities (885) (557)
      Cash flows from financing activities    
492 230   Borrowings raised 712 358
      Non-recourse equity-settled BEE borrowings 812  
      Hedges of foreign loans   19
106 1 115   Shares issued 49 106
      Equity contribution by BEE minorities 18  
  (450)   Share repurchase (450)  
  (65)   Settlement of share-based payment awards (73)  
  (9)   Share issue expenses (9)  
(455) 202   Inter-group loans    
143 1 023   Net cash from financing activities 1 059 483
(31) 12   Net increase/(decrease) in cash and cash equivalents 174 (74)
40 9   Balance at beginning of year 509 526
      Subsidiaries consolidated 46  
      Hulamin unbundling (347)  
      Foreign exchange adjustment 15  
      Exchange rate translation (loss)/gain (1) 57
9 21   Cash and cash equivalents at end of year 396 509