Earnings releases
Interim Results for the half-year ended 30 June 2009
| Condensed consolidated |
|
Unaudited |
|
Unaudited |
|
Audited |
| |
|
Half-year |
|
Half-year |
|
Year ended |
| |
|
30 June |
|
30 June |
|
31 December |
| Rmillion |
|
2009 |
|
2008 |
|
2008 |
|
| |
|
|
|
|
|
|
| Operating profit |
|
2 831 |
|
447 |
|
1 172 |
| Profit on disposal of property, plant and equipment |
|
(14) |
|
(15) |
|
(74) |
| Non-cash items: |
|
|
|
|
|
|
| Depreciation |
|
235 |
|
120 |
|
244 |
| Other non-cash items |
|
(2 509) |
|
(200) |
|
(297) |
| Tax payments |
|
(123) |
|
(99) |
|
(163) |
| Change in working capital |
|
(167) |
|
(73) |
|
83 |
| |
|
|
|
|
| Cash flow from operations |
|
253 |
|
180 |
|
965 |
| Net financing costs |
|
(151) |
|
(84) |
|
(280) |
| |
|
|
|
|
| Cash flow from operating activities |
|
102 |
|
96 |
|
685 |
| |
|
|
|
|
|
|
| Expenditure on property, plant and equipment: |
|
|
|
|
|
|
| New |
|
(559) |
|
(437) |
|
(1 317) |
| Replacement |
|
(98) |
|
(163) |
|
(221) |
| Major plant overhaul costs capitalised |
|
(31) |
|
(38) |
|
(38) |
| Expenditure on intangible assets |
|
|
|
|
|
(2) |
| Expenditure on growing crops |
|
(23) |
|
(26) |
|
(167) |
| Proceeds on disposal of property, plant and equipment |
|
17 |
|
16 |
|
96 |
| Investments |
|
4 |
|
(54) |
|
(55) |
| Long-term receivable |
|
|
|
7 |
|
7 |
| |
|
|
|
|
| Net cash flow before dividends and financing activities |
|
(588) |
|
(599) |
|
(1 012) |
| |
|
|
|
|
|
|
| Dividends paid |
|
(166) |
|
(175) |
|
(355) |
| |
|
|
|
|
| Net cash flow before financing activities |
|
(754) |
|
(774) |
|
(1 367) |
| Borrowings raised |
|
727 |
|
668 |
|
1 160 |
| Non-recourse equity-settled BEE borrowings |
|
(12) |
|
(9) |
|
(20) |
| Shares issued |
|
6 |
|
5 |
|
7 |
| Settlement of share-based payment awards |
|
(8) |
|
(9) |
|
(11) |
| |
|
|
|
|
| Net decrease in cash and cash equivalents |
|
(41) |
|
(119) |
|
(231) |
| |
|
|
|
|
|
|
| Balance at beginning of period |
|
229 |
|
396 |
|
396 |
| Foreign exchange adjustment |
|
(38) |
|
27 |
|
55 |
| Exchange rate translation (loss)/gain |
|
(1) |
|
13 |
|
9 |
| Subsidiaries consolidated |
|
69 |
|
|
|
|
| |
|
|
|
|
| Cash and cash equivalents at end of period |
|
218 |
|
317 |
|
229 |
| |
|
|
|
|
|