CASH FLOW STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2007

    Consolidated The Company  
    Twelve months   Six months   Twelve months   Six months  
    ended   ended   ended   ended  
    30 June   30 June   30 June   30 June  
R million Notes   2007   2006   2007   2006  
Cash flow – operating activities          
Net operating profit before taxation   423   128   59   112  
Adjustments 9.1   (455)  (148)  (61)  (112) 
Operating loss before working capital changes   (32)  (20)  (2)  –  
Working capital changes 9.2   (84)  186   1   –  
Cash generated/(utilised) from operations   (116)  166   (1)  –  
Net interest received/(paid)   88   (2)  1   (38) 
Dividends received 9.3   234   –   60   150  
Taxation paid 9.4   (7)  (7)  –   –  
Cash available from operations   199   157   60   112  
Dividends paid 9.5   (145)  –   (146)  –  
Net cash inflow/(outflow) from operating          
   activities   54   157   (86)  112  
           
Cash flow – investment activities   113   (2 136)  –   (5 012) 
Additions to investments   (167)  (64)  –   –  
Proceeds on disposal of investments   149   212   –   –  
Capital distribution received   134   10   –   –  
Acquisition of subsidiaries 9.6   –   (2 331)  –   (5 012) 
Loans repaid   (3)  37   –   –  
           
Cash flow – financing activities   (325)  3 233   3   4 983  
Decrease in intergroup loans       3   1 696  
Repurchase of shares   (325)  (54)  –   –  
Issue of shares   –   3 293   –   3 293  
Share issue expenses   –   (6)  –   (6) 
space space
Net increase/(decrease) in cash and          
   cash equivalents   (158)  1 254   (83)  83  
Cash and cash equivalents at the beginning of the year 1 254   –   83   –  
Cash and cash equivalents at the end of the year *   1 096   1 254   –   83  
           

* Included is restricted cash of R20.9 million. (Refer note 4)