for the year ended 31 December 2015
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| Group | Company | |||||||||||||
| Note | 2015 R'000 |
2014 R'000 |
2015 R'000 |
2014 R'000 |
||||||||||
| Cash flows from operating activities | ||||||||||||||
| Cash generated from operating activities | 19 | 1 054 395 | 395 918 | 187 031 | 75 493 | |||||||||
| Finance costs** | (41 201) | (43 915) | (9) | (25) | ||||||||||
| Interest received | 1 460 | 1 047 | 1 133 | 823 | ||||||||||
| Taxation paid | (58 972) | (46 985) | – | – | ||||||||||
| Net cash from operating activities | 955 682 | 306 065 | 188 155 | 76 291 | ||||||||||
| Cash flows from investing activities | ||||||||||||||
| Proceeds on disposal of property, plant and equipment | 48 | 6 311 | 48 | 15 | ||||||||||
| Acquisition of property, plant and equipment | ||||||||||||||
| – sustainingᵇ | (259 185) | (247 359) | (224) | (140) | ||||||||||
| – expansionaryᵇ | (44 320) | (195 953) | – | – | ||||||||||
| Increase in investments | – | – | (45 000) | (60 000) | ||||||||||
| Net cash utilised in investing activities | (303 457) | (437 001) | (45 176) | (60 125) | ||||||||||
| Cash flows from financing activities | ||||||||||||||
| Proceeds from issue of shares | – | 6 790 | – | 6 790 | ||||||||||
| Vesting of share grants | (2 888) | (6 471) | (2 888) | (6 471) | ||||||||||
| Dividends paid | (45 192) | (27 952) | (45 192) | (27 952) | ||||||||||
| Loans (repaid)/raised during the year | (57 154) | 34 905 | – | (7) | ||||||||||
| Net cash generated/(used in) financing activities | (105 234) | 7 272 | (48 080) | (27 640) | ||||||||||
| Net increase/(decrease) in cash and cash equivalents | 546 991 | (123 664) | 94 899 | (11 474) | ||||||||||
| Cash and cash equivalents at 1 January | (162 468) | (10 746) | 8 140 | 19 614 | ||||||||||
| Effect of exchange rate fluctuations on cash held during the year | (74 953) | (28 058) | – | – | ||||||||||
| Cash and cash equivalents at 31 December | 19.1 | 309 570 | (162 468) | 103 039 | 8 140 | |||||||||
| ᵇ Relates to 20.5% of the Venture’s total cash outflow.Note 2.1 details the property, plant and equipment owned by Merafe Ferrochrome. | ||||||||||||||
| Note: Total interest paid can be reconciled as follows: | (41 201) | (52 940) | (9) | (25) | ||||||||||
| **Included in operating activities | (41 201) | (43 915) | (9) | (25) | ||||||||||
| Included in investing activities – borrowing costs capitalised | – | (9 025) | – | – | ||||||||||
| Borrowing costs capitalisation rate | – | 17% | – | – | ||||||||||