Annual Financial Statements


Financial Statements for the year ended 31 March 2013


STATEMENTS OF CASH FLOWS

for the year ended 31 March 2013

Company         Consolidated 
2012  2013    Rmillion    2013  2012 
      Cash generated from operations       
650  648    Operating profit before dividends    2 119  1 878 
81  97    Dividends received       
731  745    Operating profit    2 119  1 878 
(113) (59)   Profit on disposal of property, plant and equipment Adjustments for:    (24) (10)
(73) (148)   Growing crops and other non-cash flow items    (385) (352)
164  172    Depreciation    472  366 
709  710    Cash generated from operations    2 182  1 882 
      Cash required by operations       
(35) (74)   Inventories    (264) (53)
(64) (139)   Trade and other receivables    (292) (454)
243    Trade and other payables    500  (12)
(95) 30    (Increase)/decrease in working capital    (56) (519)
614  740    Cash flow from operations    2 126  1 363 
(38) (10)   Tax payments    (239) (125)
(367) (451)   Net financing costs    (560) (507)
209  279    Cash flow from operating activities    1 327  731 
      Cash flows from investing activities       
      Expenditure on property, plant and equipment       
(75) (119)   New    (447) (329)
(163) (212)   Replacement    (447) (336)
10  (51)   Major plant overhaul cost changes    (93) (9)
(20) (15)   Expenditure on intangible assets    (15) (20)
(57) (125)   Capital expenditure on growing crops    (157) (57)
116  72    Proceeds on disposal of property, plant and equipment    40  19 
      Investments    (1) (4)
(189) (450)   Net cash used in investing activities    (1 150) (736)
20  (171)   Net cash flow before dividends and financing activities    177  (5)
      Dividends paid       
(383) (459)   Ordinary and preferred ordinary shares    (347) (279)
      Minorities    (10) (9)
(383) (459)   Dividends paid    (357) (288)
(363) (630)   Net cash flow before financing activities    (180) (293)
      Cash flows from financing activities       
976  720    Borrowings raised    503  516 
      Non-recourse equity-settled BEE borrowings    (15) (24)
  Shares issued   
(24) (88)   Settlement of share-based payment awards    (94) (30)
(629) 12    Inter-group loans       
327  649    Net cash from financing activities    399  466 
(36) 19    Net increase/(decrease) in cash and cash equivalents    219  173 
73  37    Balance at beginning of year    592  350 
      Foreign exchange adjustment    106  69 
37  56    Cash and cash equivalents at end of year    917  592