Annual Financial Statements


Financial Statements for the year ended 31 December 2008


Cash Flow Statements

for the year ended 31 December 2008 Tongaat Hulett Limited

          Company                Consolidated
2007 2008   Rmillion 2008 2007
      Cash generated from operations    
3 185 515   Operating profit before dividends 1 137 3 797
300 329   Dividends received 35 53
3 485 844   Operating profit 1 172 3 850
(1) (57)   Profit on disposal of property, plant and equipment (74) (48)
      Adjustments for:    
(3 348)     Fair value adjustment of investment in Hulamin   (3 348)
349     BEE IFRS 2 charge and accelerated vesting of share awards   350
192 191   Depreciation 244 222
      Adjustment for exchange rate translation (gain)/loss (9) 1
14 18   Provisions 18 14
12 17   Other non-cash flow items (306) (71)
(190) (44)   Tax payments (163) (293)
513 969   Cash generated from operations 882 677
      Cash required by operations    
(130) (357)   Inventories (366) (216)
10 (150)   Trade and other receivables 96 (276)
85 322   Trade and other payables 353 317
(35) (185)   Decrease/(increase) in working capital 83 (175)
478 784   Cash flow from operations 965 502
(102) (234)   Net financing costs (280) (119)
376 550   Cash flow from operating activities 685 383
      Cash flows from investing activities    
      Expenditure on property, plant and equipment    
(114) (236)   - New (1 317) (516)
(174) (186)   - Replacement (221) (193)
(46) (38)   - Major plant overhaul costs capitalised (38) (46)
(4) (1)   Expenditure on intangible assets (2) (4)
(4) (3)   Expenditure on growing crops (167) (14)
10 78   Proceeds on disposal of property, plant and equipment 96 58
(263) (699)   Investments - shares in subsidiary (55) (2)
(210) 7   Long-term receivable and prepayment 7  
(805) (1 078)   Net cash used in investing activities (1 697) (717)
(429) (528)   Net cash flow before dividends and fi nancing activities (1 012) (334)
      Dividends paid    
(582) (438)   Ordinary and preferred ordinary shares (336) (531)
      Minorities (19) (20)
(582) (438)   Dividends paid (355) (551)
(1 011) (966)   Net cash flow before financing activities (1 367) (885)
      Cash fl ows from financing activities    
230 1 052   Borrowings raised 1 160 712
      Non-recourse equity-settled BEE borrowings (20) 812
1 115 7   Shares issued 7 49
      Equity contribution by BEE minorities   18
(450)     Share repurchase   (450)
(65) (9)   Settlement of share-based payment awards (11) (73)
(9)     Share issue expenses   (9)
202 (67)   Inter-group loans    
1 023 983   Net cash from financing activities 1 136 1 059
12 17   Net (decrease)/ increase in cash and cash equivalents (231) 174
9 21   Balance at beginning of year 396 509
      Foreign exchange adjustment 55 15
      Exchange rate translation gain/(loss) 9 (1)
      Subsidiaries consolidated   46
      Hulamin unbundling   (347)
21 38   Cash and cash equivalents at end of year 229 396