Download - Mintek

FINANCIAL STATEMENTS AND NOTES 2007NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 200728. CASH GENERATED FROM OPERATIONSNotes 20,662,588 4,791,266 3,003,691 4,106,723Adjusted for:Investment income (12,826,322) (9,817,025) (12,405,765) (9,817,025)Finance expenses 526,035 337,424 457,487 242,843Non-cash itemsGROUPMINTEK2007 2006 2007 2006R R R RInvestment property fair value adjustment 4 (2,941,266) (3,898,196) (2,941,266) (3,898,196)Depreciation 9 14,884,848 10,640,635 14,884,848 10,640,635Fair value adjustment - debtors 362,423 (259,971) 362,423 (259,971)Fixed asset correction – 180,510 – 180,510 387,313 1,131,011 387,313 1,131,011 (13,483,971) 653,037 – –Provisions raised 20 5,818,864 – 5,818,864 –Increase in post-retirement obligations 21 4,889,645 12,828,438 4,889,645 12,828,438Share of associates’ income (9,400,750) (2,645,536) – –Taxation in associates 6,415,338 330,241 – –Increase in loan to associates (11,125,147) (678,622) – – (1,692,709) – – –Long-term liability raised 262,868 (142,335) 194,319 (221,785) 2,739,757 13,450,877 14,651,559 14,933,183Working capital changes:(Increase)/decrease in loans (725,580) 121,842 (725,580) 121,842Increase in inventories (534,663) (671,502) (534,663) (671,502)Increase in accounts receivables (16,000,223) (7,211,637) (16,000,223) (7,732,914)Increase in payables 13,700,453 8,859,873 13,652,954 8,574,770Increase/(decrease) in deferred income 2,992,065 (1,119,808) 2,992,065 (1,119,808)(567,948) (21,232) (615,447) (827,612)2,171,809 13,429,645 14,036,112 14,105,57128.1 (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTSCash on hand (11,222,531) 4,929,673 (11,222,531) 4,929,673Cash on deposit 10,662,244 5,617,008 10,662,244 5,617,008Foreign currency 145,094 (9,303) 145,094 (9,303)(415,193) 10,537,378 (415,193) 10,537,37828.2 DISPOSAL OF SHARE IN ASSOCIATECost of investment 250 1,600 – –Fair value at acquisition – 5,212,452 – –Post-acquisition reserves 12,390,331 8,438,985 – –Loans and advances 7,125,448 5,000,000 – –Carrying value at disposal date 19,516,029 18,653,037 – –Proceeds (33,000,000) (18,000,000) – – (13,483,971) 653,037 – –81annual report 2007