BASOTHO ENTERPRISES DEVELOPMENT CORPORATION

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2004 
         
      2004 2003
      M M
CASH FLOW FROM OPERATING ACTIVITIES    
         
         
Operating surplus/deficit for the year -813,518 19,277
         
  Adjustment for items not involving the movement of funds:    
  - Capital grant released -1,006,711 -1,316,304
  - Depreciation 1,329,898 1,200,860
  - Gain / loss on Disposal -18,745 16,820
         
Operating surplus before working capital changes -509,076 -79,347
         
  - Decrease Stocks 71,203 13,598
  - Decrease Debtors 1,238,957 -1,032,072
  - Increase Creditors 1,579,432 -1,385,687
         
Cash flow from trading activities 2,380,516 -2,483,508
         
Cash flow from investing activities    
         
  - Purchase of fixed assets -10,709,880 -2,967,925
  - Proceeds from sale of fixed assets 18,651 16,330
         
Net cash received from investing activities -10,691,229 -2,951,595
         
         
Cash flow from financing activities    
         
    Grants 9,475,474 1,848,219
         
Net cash received from financing activities 9,475,474 1,848,219
         
  Net increase in Cash & Cash Equivalents 1,164,761 -3,586,884
         
  Cash & Cash Equivalents at the beginning of period 1,918,186 5,505,070
         
  Cash & Cash Equivalents at the end of period 3,082,947 1,918,186
         
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