FINANCIALS

SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOW

for the year ended 31 December 2013

	Year ended 31 December 2013 Audited R’000	Year ended 31 December 2012 Audited R’000
Profit before taxation	287 379	76 349
Interest paid	19 942	29 302
Interest received	(2 661)	(9 642)
Depreciation and impairment	252 990	217 641
Adjusted for non-cash items	6 124	2 088
Adjusted for working capital changes	(61 699)	(31 747)
Cash flows from operations	502 075	283 991
Interest paid	(19 942)	(29 302)
Interest received	2 512	9 642
Tax received (paid)	1 961	(7 285)
Cash flows from operating activities	486 606	257 046
Cash flows from investing activities	(605 178)	(603 210)
Proceeds on disposal of property, plant and equipment	113	16
Acquisition of property, plant and equipment – sustaining	(208 147)	(179 658)
Acquisition of property, plant and equipment – expansionary	(397 144)	(423 568)
Cash flows from financing activities	70 568	211 094
Vesting and payment of share grants	(999)	–
Proceeds from the issue of shares	428	–
Loans raised during the year	71 139	211 094
Net decrease in cash and cash equivalents	(48 004)	(135 070)
Cash and cash equivalents at the beginning of the year	82 643	220 459
Effect of exchange rate fluctuations on cash held	(45 385)	(2 746)
Cash and cash equivalents at the end of the year	(10 746)	82 643

Sponsor: Merrill Lynch South Africa Proprietary Limited

Executive Directors: Z Matlala (Chief Executive Officer), D Chocho (Chief Financial Officer), B McBride
Non-executive Directors: CK Molefe (Chairman)*, NB Majova*, M Mamathuba, A Mngomezulu*,
K Nondumo*, M Salanje*, S Phiri, M Mosweu, Z van der Walt*
Company Secretary: A Mahendranath
Registered office: First Floor, Block B, Sandton Place,
68 Wierda Road East, Wierda Valley, Sandton, 2196
Transfer secretaries: Link Market Services South Africa Proprietary Limited
* independent

Finance and Investor Relations Manager: Kajal Bissessor
Tel: +27 11 783 4780/+27 83 784 6686
Email: kajal@meraferesources.co.za