Company Cash Flow Statement

for the year ended 31 August 2005

	2005	2004
	R'000	R'000
Cash effects of operating activities
Cash generated by operations	141 967	128 897
Net interest received	–	10 858
Taxation paid	(16 035)	(19 567)
Cash inflow from operating activities	125 932	120 188
Distributions to ordinary shareholders	(123 640)	(98 599)
Net cash effects of operating activities	2 292	21 589
Cash effects of investing activities
Proceeds on disposal of subsidiary	–	378 194
Loans advanced	(59 353)	(432 808)
Net cash effects of investing activities	(59 353)	(54 614)
Cash effects of financing activities
Shares issued	57 334	33 220
Share issue expenses	(273)	(195)
Net cash effects of financing activities	57 061	33 025
Net movement in cash and cash equivalents	–	–
Cash and cash equivalents at beginning of the year	–	–
Cash and cash equivalents at end of the year	–	–

Notes to the Company Cash Flow Statement

for the year ended 31 August 2005

	2005	2004
	R'000	R'000
*Cash generated by operations*
Profit before interest and taxation	154 183	229 085
Adjustment for:
Profit on disposal of Australian operations	–	(100 188)
	154 183	128 897
Increase in dividends receivable	(12 216)	–
	141 967	128 897
*Taxation paid*
Taxation prepaid at the beginning of the year	9 515	2 845
Current taxation provided	(11 656)	(12 897)
Taxation prepaid at the end of the year	(13 894)	(9 515)
	(16 035)	(19 567)
*Proceeds on disposal of subsidiary*
Carrying value of investment	–	397 370
Loss per income statement	–	100 188
Non-cash flow items	–	(119 364)
Proceeds on disposal	–	378 194

In the prior year, costs of R7.1 million relating to this disposal were paid by a subsidiary company. The net group proceeds on disposal were reduced by these costs.

Financials

Company Cash Flow Statement

for the year ended 31 August 2005

Notes to the Company Cash Flow Statement

for the year ended 31 August 2005