Our performance in 2009 - Sappi

106
Group cash flow statement in Rands convenience translation
for the year ended September 2009
Unaudited
ZAR million 2009 2008 2007
Cash retained from operating activities 4,156 2,638 2,783
Cash generated from operations 3,935 4,586 4,234
– Decrease in working capital 1,370 7 430
Cash generated from operating activities 5,305 4,593 4,664
– Finance costs paid (964) (1,033) (1,313)
– Finance revenue received 234 97 151
– Taxation paid (45) (520) (194)
Cash available from operating activities 4,530 3,137 3,308
– Dividends paid (374) (499) (525)
Cash utilised in investing activities (6,868) (3,669) (2,611)
Investment to maintain operations (1,289) (1,775) (272)
– Replacement of non-current assets (1,325) (1,857) (832)
– Proceeds on disposal of non-current assets 18 52 359
– Decrease in other non-current assets 18 30 201
Investment to expand operations (5,579) (1,894) (2,339)
– Additions of non-current assets (261) (1,894) (2,339)
– Acquisition (5,318) – –
Cash effects of financing activities 6,374 364 703
Proceeds from interest-bearing borrowings* 31,268 15,431 5,782
Repayment of interest-bearing borrowings* (29,041) (15,097) (5,158)
Rights issue proceeds 5,183 – –
Costs directly attributable to the rights issue (279) – –
Costs directly attributable to the bond offerings (703) – –
(Decrease) increase in bank overdrafts (54) 30 79
Net movement in cash and cash equivalents 3,662 (667) 875
Cash and cash equivalents at beginning of year 2,213 2,501 1,741
Translation effects (168) 379 (115)
Cash and cash equivalents at end of year 5,707 2,213 2,501
* Includes gross cash flows relating to ongoing short-term financing activities.
Note:
The above financial results have been translated into ZAR from US Dollars using the exchange rates as set out in accounting policies note 2.2.1. The year end rate was used
for translating assets and liabilities and the average rate for translating income, expenditure and cash flow items except for dividends which have been translated at the rate
of exchange on the date of declaration. The translation was made solely for the convenience of the readers and is not defined in IAS 21. It should be noted that the translated
ZAR figures from US Dollars do not necessarily represent that these US Dollar amounts could be converted into ZAR at the time when the transaction occurred.