Annual Financial Statements


Financial Statements for the year ended 31 March 2011


Cash Flow Statements

for the year ended 31 March 2011 Tongaat Hulett Limited

Company     Consolidated
15 months to 12 months to     12 months to 15 months to
31 March 31 March     31 March 31 March
2010 2011   Rmillion 2011 2010
      Cash generated from operations    
678 767   Operating profit before dividends 1 606 3 687
137 105   Dividends received    
815 872   Operating profit 1 606 3 687
(77) (17)   Profit on disposal of property, plant and equipment (35) (87)
      Adjustments for:    
(53) (13)     Growing crops and other non-cash flow items (622) (729)
230 151     Depreciation 344 521
  (288)     Defined benefit pension fund asset recognition (288)  
        Zimbabwe consolidation take-on gain   (1 969)
(52) (40)   Tax payments (111) (257)
863 665   Cash generated from operations 894 1 166
      Cash required by operations    
676 277   Inventories 11 497
57 (84)   Trade and other receivables (7) 57
432 (312)   Trade and other payables (216) 235
1 165 (119)   (Increase)/decrease in working capital (212) 789
2 028 546   Cash flow from operations 682 1 955
(374) (361)   Net financing costs (472) (452)
1 654 185   Cash flow from operating activities 210 1 503
      Cash flows from investing activities    
      Expenditure on property, plant and equipment    
(25) (20)     - New (396) (1 416)
(195) (132)     - Replacement (323) (280)
(137) (39)     - Major plant overhaul costs (87) (291)
(7) (26)   Expenditure on intangible assets (26) (7)
3 2   Capital expenditure on growing crops (43) (76)
88 18   Proceeds on disposal of property, plant and equipment 41 110
(1 216) (5)   Investments - subsidiary (5)  
      Investments - unlisted   8
(1 489) (202)   Net cash used in investing activities (839) (1 952)
165 (17)   Net cash flow before dividends and financing activities (629) (449)
      Dividends paid    
(366) (293)   Ordinary and preferred ordinary shares (191) (264)
      Minorities (7) (19)
(366) (293)   Dividends paid (198) (283)
(201) (310)   Net cash flow before financing activities (827) (732)
      Cash flows from financing activities    
513 579   Borrowings raised 1 103 652
      Non-recourse equity-settled BEE borrowings (26) (4)
14 6   Shares issued 6 14
(18) (20)   Settlement of share-based payment awards (27) (22)
(314) (214)   Inter-group loans    
195 351   Net cash from financing activities 1 056 640
(6) 41   Net increase/(decrease) in cash and cash equivalents 229 (92)
38 32   Balance at beginning of year 140 229
      Foreign exchange adjustment (18) (61)
      Exchange rate translation loss (1) (5)
      Consolidation of subsidiaries   69
32 73   Cash and cash equivalents at end of year 350 140