Annual Financial Statements


Financial Statements for the year ended 31 March 2014


STATEMENTS OF CASH FLOWS

for the year ended 31 March 2014

Company      Consolidated   
2013 
Restated 
2014     Rmillion  2014  2013 
Restated 
         Cash generated from operations       
665  796     Operating profit before dividends  2 374  2 131 
97  148     Dividends received       
762  944     Operating profit  2 374  2 131 
(59) (142)    Profit on disposal of property, plant and equipment  (75) (24)
         Adjustments for:       
(165) (69)    Growing crops and other non-cash flow items  64  (397)
172  206     Depreciation  571  472 
710  939     Operating cash flow  2 934  2 182 
         Cash required by operations       
(74) (188)    Inventories  (468) (264)
(139) (13)    Trade and other receivables  (388) (292)
243  127     Trade and other payables  95  500 
30  (74)    Increase in working capital  (761) (56)
740  865     Cash flow from operations  2 173  2 126 
(10) (9)    Tax payments  (452) (239)
(451) (541)    Net financing costs  (609) (560)
279  315     Cash flow from operating activities  1 112  1 327 
         Cash flows from investing activities       
         Expenditure on property, plant and equipment       
(119) (45)    New  (117) (447)
(212) (232)    Replacement  (429) (477)
(51)       Major plant overhaul cost changes  18  (93)
(15) (7)    Expenditure on intangible assets  (7) (15)
(125) (107)    Capital expenditure on growing crops  (118) (157)
72  147     Proceeds on disposal of property, plant and equipment  96  40 
   90     Investments - subsidiary       
         Investments - other  (2) (1)
(450) (154)    Net cash used in investing activities  (559) (1 150)
(171) 161     Net cash flow before dividends and financing activities  553  177 
         Dividends paid       
(459) (352)    Ordinary and preferred ordinary shares  (240) (347)
         Minorities  (13) (10)
(459) (352)    Dividends paid  (253) (357)
(630) (191)    Net cash flow before financing activities  300  (180)
         Cash flows from financing activities       
720  (252)    Borrowings raised  (258) 503 
         Non-recourse equity-settled BEE borrowings  (31) (15)
   Shares issued 
(88) (15)    Settlement of share-based payment awards  (15) (94)
12  456     Inter-group loans       
649  194     Net cash from financing activities  (299) 399 
19     Net increase in cash and cash equivalents  219 
37  56     Balance at beginning of year  917  592 
         Foreign exchange adjustment  149  106 
56  59     Cash and cash equivalents at end of year  1 067  917