31 December 31 December
  Audited Audited
  2009 2008*
  R000 R000
Cash generated from operations 917 747 3 352 986
Net interest paid (91 367) (175 360)
Net dividends paid (460 868) (604 394)
Taxation paid (240 459) (176 571)
  125 053 2 396 661
Net bank advances to customers and other short-term  negotiables  (150 013) 116 561
Net cash flows (utilised in)/from operating activities  before ships sales and purchases (24 960) 2 513 222
Net proceeds on disposal of ships 756 728 959 235
  Proceeds on disposal of ships 1 257 467 1 070 101
  Cash payments on ship options exercised (500 739) (110 866)
Capital expenditure on ships (793 207) (1 310 419)
Net cash flows (utilised in)/from operating activities (61 439) 2 162 038
Acquisition of property, terminals, vehicles and  equipment and investments (578 139) (848 082)
Proceeds from disposal of property, terminals,  vehicles and equipment and investments 51 498 340 624
Intangible assets acquired (36 283) (916)
Loans repaid by/(advanced to) joint venture and associate companies 27 386 (15 415)
Net cash flows used in investing activities (535 538) (523 789)
Repurchase of ordinary share capital – (212 936)
Proceeds from issue of ordinary share capital 13 209 3 045
Minority investment in subsidiary 3 780 –
Loan from minority shareholders 15 853 –
Long-term borrowings raised 591 700 643 071
Payment of capital portion of long-term borrowings (447 341) (637 433)
Short-term loan raised/(repaid) 381 783 (436 589)
Net cash flows from/(utilised in) financing activities 558 984 (640 842)
Net (decrease)/increase in cash and cash equivalents (37 993) 997 407
Cash and equivalents at beginning of the year 1 975 106 711 739
Difference arising on translation (267 831) 265 960
Cash and cash equivalents at end of the year 1 669 282 1 975 106
* Restated due to a reallocation in relation to IAS 7 Cash Flow Statements.    

condensed changes in disclosure
for the year ended 31 December 2009

  31 December   31 December
  Audited   Audited
  2008 IAS 7 2008*
  R000 R000 R000
Cash generated from operations 4 312 221 (959 235) 3 352 986
Net proceeds on disposal of ships – 959 235 959 235
Proceeds on disposal of ships – 1 070 101 1 070 101
Cash payments on ship options exercised – (110 866) (110 866)
Capital expenditure on ships – (1 310 419) (1 310 419)
Net cash flows from operating activities 3 472 457 (1 310 419) 2 162 038
Acquisition of property, terminals, vehicles and equipment and investments (2 158 501) 1 310 419 (848 082)
Net cash flows used in investing activities (1 834 208) 1 310 419 (523 789)
* Restated due to the requirement of IAS 7 Cash Flow Statements, which states that capital expenditure relating to dual purpose assets should be reallocated from investing activities to operating activities.
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