Annual Financial Statements


Financial Statements for the year ended 31 March 2010


Cash Flow Statements

for the 15 month period ended 31 March 2010

Company     Consolidated
12 months to 15 months to     15 months to 12 months to
31 December 31 March     31 March 31 December
2008 2010   Rmillion 2010 2008
      Cash generated from operations    
515 678   Operating profit before dividends 3 687 1 137
329 137   Dividends received   35
844 815   Operating profit 3 687 1 172
(57) (77)   Profit on disposal of property, plant and equipment (87) (74)
      Adjustments for:    
        Zimbabwe consolidation take-on gain (1 969)  
35 (53)     Growing crops and other non-cash flow items (729) (297)
191 230     Depreciation 521 244
(44) (52)   Tax payments (257) (163)
969 863   Cash generated from operations 1 166 882
      Cash required by operations    
(357) 676   Inventories 497 (366)
(150) 57   Trade and other receivables 57 96
322 432   Trade and other payables 235 353
(185) 1 165   Decrease/(increase) in working capital 789 83
784 2 028   Cash flow from operations 1 955 965
(234) (374)   Net financing costs (452) (280)
550 1 654   Cash flow from operating activities 1 503 685
      Cash flows from investing activities    
      Expenditure on property, plant and equipment    
(236) (25)   - New (1 416) (1 317)
(186) (195)   - Replacement (280) (221)
(38) (137)   - Major plant overhaul costs (291) (38)
(1) (7)   Expenditure on intangible assets (7) (2)
(3) 3   Growing crops (76) (167)
78 88   Proceeds on disposal of property, plant and equipment 110 96
(699) (1 216)   Investments - subsidiary   (55)
      Investments - unlisted 8  
7     Long-term receivable and prepayment   7
(1 078) (1 489)   Net cash used in investing activities (1 952) (1 697)
(528) 165   Net cash flow before dividends and financing activities (449) (1 012)
      Dividends paid    
(438) (366)   Ordinary and preferred ordinary shares (264) (336)
      Minorities (19) (19)
(438) (366)   Dividends paid (283) (355)
(966) (201)   Net cash flow before financing activities (732) (1 367)
      Cash flows from financing activities    
1 052 513   Borrowings raised 652 1 160
      Non-recourse equity-settled BEE borrowings (4) (20)
7 14   Shares issued 14 7
(9) (18)   Settlement of share-based payment awards (22) (11)
(67) (314)   Inter-group loans    
983 195   Net cash from financing activities 640 1 136
17 (6)   Net (decrease)/increase in cash and cash equivalents (92) (231)
21 38   Balance at beginning of period 229 396
      Foreign exchange adjustment (61) 55
      Exchange rate translation (loss)/gain (5) 9
      Consolidation of subsidiaries 69  
38 32   Cash and cash equivalents at end of period 140 229