Earnings releases


Interim Results for the half-year ended 30 June 2008


CASH FLOW STATEMENT

   
Condensed consolidated Unaudited   Unaudited     Audited
  Half-year   Half-year   Year ended
  30 June   30 June   31 December
Rmillion 2008   2007   2007

           
Operating profit 447   3 310   3 850
Profit on disposal of property, plant and equipment (15)   (6)   (48)
Non-cash items:          
   Depreciation 120   106   222
   BEE equity and corporate
   structuring transactions
15   (3 011)   (2 998)
   Other non-cash items (208)   (73)   (56)
Tax payments (99)   (108)   (293)
Change in working capital (73)   39   (175)
 
 
Cash flow from operations 187   257   502
Net financing costs (84)   (37)   (119)
 
 
Cash flow from operating activities 103   220   383
           
Expenditure on property, plant and equipment:          
   New (437)   (134)   (516)
   Replacement (163)   (141)   (193)
   Major plant overhaul costs capitalised (38)   (40)   (46)
Expenditure on intangible assets         (4)
Expenditure on growing crops (26)       (14)
Proceeds on disposal of property, plant and equipment 16   6   58
Investments (54)   (9)   (2)
 
 
Net cash flow before dividends and financing activities   (599)   (98)   (334)
Dividends paid (175)   (389)   (551)
 
 
Net cash flow before financing activities (774)   (487)   (885)
Borrowings raised 668   602   712
Non-recourse equity-settled BEE borrowings (9)       812
Shares issued 5   48   49
Settlement of share-based payment awards (9)   (87)   (73)
Share issue expenses   (9)   (9)
Share repurchase       (450)
Equity contribution by BEE minorities       18
 
 
Net (decrease)/increase in cash and cash equivalents (119)   67   174
           
Balance at beginning of period 396   509   509
Foreign exchange adjustment 27       15
Exchange rate translation gain/(loss) 13   3   (1)
Subsidiaries consolidated       46
Hulamin unbundling   (347)   (347)
       
 
 
Cash and cash equivalents at end of period 317   232   396