Audited results and dividend announcement
for the year ended 31 December 2008

Condensed Cash Flow Statement
as at 31 December 2008

  Audited Audited
  31 December 31 December
  2008 2007*
  R000 R000
Cash generated from operations 4 312 221 1 909 710
Net interest paid (175 360) (130 525)
Net dividends paid (604 394) (330 707)
Taxation paid (176 571) (46 721)
  3 355 896 1 401 757
Net bank advances to customers and other short-term negotiables 116 561 171 301
Net cash flows from operating activities 3 472 457 1 573 058
Acquisition of ships, property, terminals, vehicles and equipment and investments (2 158 501) (1 822 794)
Proceeds from disposal of property, terminals, vehicles and equipment    
   and investments 340 624 72 635
Intangible assets acquired (916) (5 491)
Loans advanced to associate companies (15 415)
Net cash flows used in investing activities (1 834 208) (1 755 650)
Repurchase of ordinary share capital (212 936)
Proceeds from issue of ordinary share capital 3 044 6 509
Long-term borrowings raised 643 072 484 111
Payment of capital portion of long-term borrowings (637 433) (411 519)
Short-term loans (repaid)/raised (436 589) 92 563
Net cash flows (used in)/from financing activities (640 842) 171 664
Net increase/(decrease) in cash and cash equivalents 997 407 (10 928)
Cash and cash equivalents at beginning of the year 711 739 732 055
Difference arising on translation 265 960 (9 388)
Cash and cash equivalents at end of the year 1 975 106 711 739
* Restated due to the application of the revised International Accounting Standards 7 and 16.