Earnings releases


Interim Results for the half-year ended 30 June 2009


CASH FLOW STATEMENT

   
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