Unaudited Unaudited Audited
30 June 30 June 31 December
2011 2010 2010
  R000 R000 R000
Operating cash before changes in working capital 572 592 658 059 1 340 038
Working capital changes (712 680) (265 150) (564 953)
Net interest paid (49 027) (22 926) (61 471)
Net dividends paid (150 999) (166 318) (302 468)
Taxation paid (42 333) (99 275) (183 625)
(382 447) 104 390 227 521
Net bank deposits from/(advances to) customers and other short-term negotiables 281 974 (240 089) 8 257
Net cash flows (utilised in)/generated from operating activities before ship sales and purchases (100 473) (135 699) 235 778
Proceeds on disposal of ships and locomotives 11 632 145 778
Capital expenditure on ships and locomotives (498 917) (608 498) (1 040 159)
Net cash flows utilised in operating activities (599 390) (732 565) (658 603)
Acquisition of property, terminals, vehicles and equipment and investments (100 129) (398 615) (670 008)
Proceeds from disposal of property, terminals, vehicles and equipment and investments (7 062) 28 395 82 376
Intangible assets acquired (529) (4 753) (12 155)
Disposal of investment in subsidiary (4 632) (2 650)
Loans repaid by/(advanced to) joint venture and associate companies 484 (20 161)
Net cash flows utilised in investing activities (107 236) (379 605) (622 598)
Proceeds from issue of ordinary share capital 358 384 8 693
Proceeds from disposal of treasury shares 3 078 6 769
Non-controlling interest investment in subsidiary 10 000
Long-term interest-bearing debt raised 507 563 326 317 1 104 194
Payment of capital portion of long-term interest- bearing debt (468 966) (159 516) (361 367)
Short-term interest-bearing debt raised/(issued) 503 614 (42 009) (146 478)
Net cash flows from financing activities 542 569 128 254 621 811
Net decrease in cash and cash equivalents (164 057) (983 916) (659 390)
Cash and equivalents at beginning of the period 967 532 1 669 282 1 669 282
Difference arising on translation (1 045) 15 814 (42 360)
Cash and cash equivalents at end of the period 802 430 701 180 967 532