Unaudited six months 31 March 2004 R'000 Unaudited six months 31 March 2003 R'000 Audited year end 30 September 2003 R'000 Cash flows from operating activities Operating income 12 156 8 532 17 211 Depreciation 3 098 2 059 5 880 (Profit)/ Loss on sale of fixed assets 134 - (182) Other non-cash Items 889 2 218 (92) Decrease in working capital 7 958 5 678 6 086 Cash generated from operating activities 24 235 18 487 28 903 Interest received 2 356 2 936 5 580 Preference dividends paid (1 078) (1 500) (3 014) Ordinary dividends paid - - (7 172) Secondary taxation on Companies (137) (65) (1 367) Net cash inflow/(outflow) from operating activities 25 376 19 858 22 930 Cash flows from investing activities Investment to maintain operations :       Additionns to property, plant and equipment (5 671) (5 459) (13 831) Acquisition of goodwill - - (2 000) Proceeds on disposal of property, plant and equipment 395 - 1 558 Net cash inflow/(outflow) from Investing activities (5 276) (5 549) (14 273) Cash flows from financing activities Ordinary share capital issued 36 - 90 Interest bearing term loans repaid (1 627) (1 049) (43) Net cash inflow/(outflow) from financing activities (1 591) (1 049) 47 Net increase in cash and cash equivalents 18 509 13 350 8 704 Cash and cash equivalents at begining of period 76 772 68 068 68 068 Cash and cash equivalents at end of period 95 281 81 418 76 772