Earnings releases
Interim Results for the half-year ended 30 June 2008
| 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 |
| |
|
|
|
|