Our performance in 2009 - Sappi

102
Group cash flow statement
for the year ended September 2009
US$ million Note 2009 2008 2007
Cash retained from operating activities 461 355 388
Cash generated from operations 23.1 432 623 585
– Decrease in working capital 23.2 152 1 60
Cash generated from operating activities 584 624 645
– Finance costs paid 23.3 (107) (139) (183)
– Finance revenue received 26 13 21
– Taxation paid 23.4 (5) (70) (27)
Cash available from operating activities 498 428 456
– Dividends paid (37) (73) (68)
Cash utilised in investing activities (762) (494) (364)
Investment to maintain operations (143) (239) (38)
– Replacement of non-current assets 23.5 (147) (250) (116)
– Proceeds on disposal of non-current assets 23.6 2 7 50
– Decrease in other non-current assets 2 4 28
Investment to expand operations (619) (255) (326)
– Additions of non-current assets (29) (255) (326)
– Acquisition 34 (590) – –
Cash effects of financing activities 707 49 98
Proceeds from interest-bearing borrowings* 3,469 2,077 806
Repayment of interest-bearing borrowings* (3,222) (2,032) (719)
Rights issue proceeds 575 – –
Costs directly attributable to the rights issue (31) – –
Costs directly attributable to the bond offerings (78) – –
(Decrease) increase in bank overdrafts (6) 4 11
Net movement in cash and cash equivalents 406 (90) 122
Cash and cash equivalents at beginning of year 274 364 224
Translation effects 90 – 18
Cash and cash equivalents at end of year 23.7 770 274 364
* Includes gross cash flows relating to ongoing short-term financing activities.