| | GROUP | COMPANY |
| | | | Restated | | Restated |
| | | 2005 | 2004 | 2005 | 2004 |
| | Notes | | R'000 | R'000 | R'000 | R'000 |
| Cash receipts from customers | | | 1 927 328 | 1 798 241 | 6 377 | 3 370 |
| Cash paid to suppliers and employees | | | (1 537 478) | (1 444 612) | (6 600) | (7 103) |
| Cash generated from/(utilised in) operations | 25 | | 389 850 | 353 629 | (223) | (3 733) |
| Investment income | | | 7 808 | 12 528 | 10 059 | 22 225 |
| Finance costs | | | (38 653) | (27 078) | (5 892) | (6 412) |
| Dividends (paid to minorities)/received | | | – | (1 916) | – | 96 286 |
| Tax paid | 26 | | (69 365) | (63 805) | (1 605) | – |
| Net cash inflow from operating activities | | | 289 640 | 273 358 | 2 339 | 108 366 |
| Disposal of businesses | 24 | | – | (1 151) | – | – |
| Acquisition of businesses | 24 | | (204 070) | (4 334) | – | – |
| Proceeds on disposal of other investments | | | 3 215 | – | 800 | – |
| Minority interests acquired | | | (191 568) | (16 723) | (8 000) | (200) |
| Loans advanced and investments in associated companies | | | – | (4 235) | – | – |
| Amounts realised on disposal of interest in associate | | | – | 5 580 | – | – |
| Acquisition of other investments | | | (3 470) | (724) | (4 714) | – |
| Loans repaid to minorities | | | (2 288) | (5 748) | | |
| Additions to intangible assets | | | (4 108) | (4 808) | – | – |
| Additions to property, plant and equipment | | | | | | |
| – to maintain operations | | | (61 939) | (26 236) | – | – |
| – to expand operations | | | (24 448) | (15 181) | – | – |
| Proceeds on disposal of property, plant and equipment | | | 3 891 | 2 998 | – | – |
| Net cash outflow from investing activities | | | (484 785) | (70 562) | (11 914) | (200) |
| Distribution to shareholders | | | (103 289) | (63 729) | (105 851) | (64 290) |
| Increase/(decrease) in inter-group loans | | | | | 53 389 | (21 833) |
| Net proceeds from issue of shares | | | 29 060 | – | 29 060 | – |
| Share acquisitions by The Primedia Trust | | | (50 855) | (7 540) | | |
| Shares disposed by The Primedia Trust | | | 21 749 | – | | |
| Decrease in amounts owed to vendors | | | – | (1 083) | – | – |
| Short-term borrowings raised | | | 1 272 | – | – | – |
| Long-term borrowings raised | | | 269 738 | – | – | – |
| Long-term borrowings repaid | | | (46 002) | (51 512) | – | – |
| Net cash inflow/(outflow) from financing activities | | | 121 673 | (123 864) | (23 402) | (86 123) |
| Net (decrease)/increase in cash and cash equivalents | | | (73 472) | 78 932 | (32 977) | 22 043 |
| Exchange rate adjustments | | | 1 064 | (287) | – | – |
| Cash and cash equivalents at beginning of year | | | 65 997 | (12 648) | (70 573) | (92 616) |
| Cash and cash equivalents at end of year | | | (6 411) | 65 997 | (103 550) | (70 573) |
| Bank balances and cash | | | 4 368 | 65 997 | – | – |
| Bank overdrafts | | | (10 779) | – | (103 550) | (70 573) |
| Analysis of closing balance | | | (6 411) | 65 997 | (103 550) | (70 573) |
