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GROUP CONDENSED STATEMENT OF CASH FLOWS

for the six months ended 30 June 2014

	Six months ended 30 June 2014 Reviewed R’000		Six months ended 30 June 2013 Reviewed R’000
Profit before taxation	319 838		55 236
Interest paid	18 955		9 919
Interest received	(630)		(340)
Depreciation and impairment	84 619		145 370
Adjusted for non-cash items	(1 409)		2 970
Adjusted for working capital changes	(110 834)		31 001
Cash flows from operations	310 539		244 156
Interest paid#	(15 884)		(9 757)
Interest received	421		340
Tax paid	(30 028)		–
Cash flows from operating activities	265 048		234 739
Cash flows from investing activities	(242 386)		(280 016)
Proceeds on disposal of property, plant and equipment	4 695		97
Acquisition of property, plant and equipment – expansionary	(152 525)		(200 442)
Acquisition of property, plant and equipment – sustaining	(94 556)		(79 671)
Cash flows from financing activities	9 524		47 203
Proceeds from issue of shares	1 100		–
Vesting and payment of share grants	(1 868)		(716)
Increase in borrowings	10 292		47 919
Net increase in cash and cash equivalents	32 186		1 926
Cash and cash equivalents at the beginning of the period	(10 746)		82 643
Effect of exchange rate fluctuations on cash held	(2 000)		(38 028)
Cash and cash equivalents at the end of the period	19 440		46 541

^# Excludes R3m relating to interest accrued