Earnings releases


Interim Results for the half-year ended 30 June 2004


CASH FLOW STATEMENT

   

  Unaudited   Unaudited   Audited
  Half-year   Half-year   Year ended
  30 June   30 June   31 December
  2004   2003   2003
Rmillion     Restated    
Operating profit 159   (115)   80
Net financing costs (70)   (102)   (152)
Non-cash items:          
   Depreciation 109   108   223
   Adjustment for exchange rate 
       translation loss
28   61   80
   Provisions 4   (1)   15
   Surplus on disposal of plant and
       equipment
        (2)
   Other non-cash items (53)   26   (99)
Tax payments (16)   (31)   (42)
Change in working capital (93)   (17)   (3)
 
 
 
Cash flow from operating activities 68   (71)   100
Expenditure on property, plant and
 equipment:
         
   New (23)   (136)   (206)
   Replacement (46)   (57)   (106)
   Major plant overhaul costs capitalised (34)   (43)   (39)
Growing crops 21   (78)   21
Proceeds on disposal of property, plant
 and equipment
16   40   43
Investments (9)   1   (19)
 
 
 
Net cash flow before dividends and
  financing activities
(7)   (344)   (206)
Dividends paid (81)   (193)   (233)
 
 
 
Net cash flow before financing activities (88)   (537)   (439)
Borrowings raised 112   590   553
Hedges of foreign loans (11)   (86)   (161)
Shares issued 4    2    2
 
 
 
Net increase/(decrease) in cash
  resources
17   (31)   (45)
Cash resources at beginning of period 808   938   938
Exchange rate translation loss (28)   (61)   (80)
Foreign exchange adjustment         (9)
(Loss)/gain on cash equivalent investment     (4)   4
 
 
 
Cash resources at end of period 797   842   808