31 December 31 December
  Audited Audited
  2011 2010*
  R000 R000
Operating profit before working capital changes 1 069 342 1 316 495
Working capital changes (1 264 377) (300 935)
Cash (utilised in)/generated from operations (195 035) 1 015 560
Net interest paid (125 180) (50 996)
Net dividends paid (230 115) (299 608)
Taxation paid (63 004) (183 625)
  (613 334) 481 331
Net bank advances to customers and other short-term negotiables 453 489 8 257
Net cash flows (utilised in)/generated from operating activities before ships sales and purchases (159 845) 489 588
Net proceeds on disposal of ships and locomotives 124 053
Capital expenditure on ships and locomotives (842 831) (1 134 740)
Net cash flows utilised in operating activities (1 002 676) (521 099)
Acquisition of property, terminals, vehicles and equipment and investments (320 494) (639 704)
Proceeds from disposal of property, terminals, vehicles and equipment and investments 80 872 67 082
Proceeds from repayment of share capital by joint venture 262 235
Intangible assets acquired (2 903) (10 471)
Disposal of investment in subsidiary (2 650)
Loans advanced to joint venture and associate companies (13 249) (20 161)
Net cash flows generated from/(utilised in) investing activities 6 461 (605 904)
Net proceeds from issue of ordinary share capital 1 983 803 8 693
Proceeds from disposal of treasury shares 1 945 6 768
Non-controlling interest investment in subsidiary 10 000
Long-term interest-bearing debt raised 1 548 382 1 104 194
Payment of capital portion of long-term interest-bearing debt (708 718) (377 886)
Short-term interest-bearing debt issued (220 196) (439 509)
Short-term interest-bearing debt raised 399 326 306 135
Net cash flows from financing activities 3 004 542 618 395
Net increase/(decrease) in cash and cash equivalents 2 008 327 (508 608)
Cash and equivalents at beginning of the year 903 846 1 454 814
Difference arising on translation (11 123) (42 360)
Cash and cash equivalents at end of the year 2 901 050 903 846
* Restated due to the early adoption of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IAS 27 (as revised in 2011) Separate Financial Statements IAS 28 (as revised in 2011) Investments in Associates and Joint Ventures and IFRS 12 Disclosure of Interests in Other Entities.