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Group balance sheet |
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Solid operating performance across the Group has seen the balance sheet retain its strength and move
towards a more efficient capital structure. Net debt, after financial assets and liabilities, increased 6.6% to
R11,659 million (September 30, 2005: R10,935 million) resulting in a net debt to equity ratio of 41.6%
from 44.6% at September 30, 2005. On September 30, 2006, the Group had cash balances of
R718 million.
During the six months ended September 30, 2006, 11.1 million shares were repurchased for R1,454 million.
These shares are in the process of being cancelled as issued share capital and restored as authorised
but unissued share capital. Interest-bearing debt, including credit facilities utilised, decreased 6.2% to
R12,831 million (September 30, 2005: R13,675 million) in the six months ended September 30, 2006.
The Group repaid R430 million of the commercial paper debt by September 30, 2006, which was
partially offset by R1,146 million nominal value of commercial paper issued during the six months ended
September 30, 2006. |
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| Group cash flow |
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| Cash flows from operating activities decreased 11.8% to R772 million (September 30, 2005: R875 million),
primarily due to higher taxation payments offset in part by increased operational cash flows. Cash flows
utilised in investing activities increased 33.3% to R4,102 million (September 30, 2005: 3,078 million),
primarily due to increased capital expenditure in both the mobile and fixed-line segments. Cash utilised in
financing activities primarily consists of R1,403 million for share buybacks and a R430 million repayment
of commercial paper bills, which was partially offset by R1,146 million nominal value commercial paper
bills issued during the six months ended September 30, 2006. |
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| SUMMARY |
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Year ended |
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March 31, |
Six months ended September 30 |
| In ZAR millions |
2006 |
2005 |
2006 |
% |
| Cash generated from operations |
19,724 |
8,625 |
9,046 |
4.9 |
| Cash from operating activities |
|
|
|
|
| (after tax, interest and dividends) |
9,506 |
875 |
772 |
(11.8) |
| Investing activities |
(7,286) |
(3,078) |
(4,102) |
33.3 |
| Financing activities |
(258) |
859 |
(817) |
(195.1) |
| Net increase/(decrease) in cash |
1,962 |
(1,344) |
(4,147) |
208.6 |
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