Earnings releases


Interim Results for the half-year ended 30 June 2005


CASH FLOW STATEMENT
   

Unaudited  Unaudited  Audited
Half-year  Half-year  Year ended
30 June  30 June  31 December
2005  2004  2004
 Restated  Restated
Rmillion for IFRS  for IFRS
Operating profit319 157  358
Net financing costs(35) (70)  (93)
Non-cash items:      
   Depreciation135 109  231
   Other non-cash items(80) (19)  17
Tax payments(17) (16)  (71)
Change in working capital(31) (93)  (203)



Cash flow from operating activities291 68  239
Expenditure on property, plant and equipment:      
   New(60) (23)  (81)
   Replacement(27) (46)  (78)
   Major plant overhaul costs capitalised (34) (34)  (32)
Growing crops disposals 21  20
Proceeds on disposal of property, plant and equipment23 16  44
Investments(59) (9)  (19)



Net cash flow before dividends and financing activities134 (7)  93
Dividends paid(123) (81)  (132)



Net cash flow before financing activities11 (88)  (39)
Borrowings (repaid)/raised(158) 112  32
Hedges of foreign loans(9) (11)  (35)
Shares issued31 4  30
Shares of a subsidiary issued to the minority   54



Net (decrease)/increase in cash resources(125) 17  42
Cash resources at beginning of period803 808  808
Exchange rate translation gain/(loss)39 (28)  (47)



Cash resources at end of period717  797  803