Notes to the cash flow statements

FOR THE YEAR ENDED 30 SEPTEMBER 2013

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Group
Company
  Rm 2013 Restated*
2012  
2013 2012

A.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS BEFORE WORKING CAPITAL CHANGES

 
 
Profit before taxation
1 345,2
1 566,5
654,8
738,4
Continuing operations
1 345,2
1 566,5
654,8
721,2
Asset held for sale
17,2
Adjusted for:
 
 
– Interest received
(26,3)
(52,0)
(34,6)
(38,6)
– Interest paid
11,1
10,7
2,9
2,8
– Dividends received
(0,5)
(0,5)
(179,5)
(255,0)
– Depreciation of property, plant and equipment
98,3
98,9
23,4
38,3
– Amortisation of intangible assets
33,4
37,2
1,3
19,2
– Impairment of property, plant and equipment
0,3
1,9
– Share option expense
20,2
16,0
(0,6)
– Net profit on disposal of property, plant and equipment and intangible assets
(8,1)
(1,3)
(0,9)
(1,5)
– Movement in provisions through the income statement
(3,9)
10,4
(8,0)
(0,1)
– Other non-cash movements
5,2
(0,9)
(2,5)
(0,3)
Cash generated from operations before working capital changes
1 474,9
1 686,9
456,9
502,6

B.

WORKING CAPITAL CHANGES

 
 
Inventory and contracts in progress
(192,3)
(19,5)
(108,2)
(17,1)
Accounts receivable and derivative assets
(65,6)
(53,4)
17,5
(65,8)
Trade and other payables and derivative liabilities
113,4
(118,7)
102,3
34,4
Working capital changes
(144,5)
(191,6)
11,6
(48,5)

C.

RECONCILIATION OF TAXATION PAID TO THE AMOUNTS DISCLOSED IN THE INCOME STATEMENT AS FOLLOWS:

 
 
– Net amounts unpaid at beginning of year
(13,8)
(8,2)
(4,7)
(0,9)
– Current taxation per the income statement
(376,9)
(452,8)
(131,2)
(173,8)
– Net amounts unpaid at end of year
17,9
13,8
8,7
4,7
Cash amounts paid
(372,8)
(447,2)
(127,2)
(170,0)

D.

RECONCILIATION OF CASH DIVIDENDS PAID TO THE AMOUNTS DISCLOSED IN THE STATEMENTS OF CHANGES IN EQUITY AS FOLLOWS:

 
 
– Dividends per the statement of changes in equity
(603,1)
(563,5)
(742,5)
(694,6)
– Dividends paid to non-controlling interests
(9,7)
(13,9)
Cash amounts paid
(612,8)
(577,4)
(742,5)
(694,6)

E.

ANALYSIS OF DISPOSAL OF SUBSIDIARIES AND BUSINESSES:

 
 
– Deferred taxation
0,1
 
– Inventory
4,7
4,7
– Accounts receivable
4,7
73,9
– Trade and other payables and provisions
(4,1)
(65,0)
– Property, plant and equipment
2,0
48,5
– Intangible assets
17,8
– Investment in subsidiaries
 
0,9
– Net amount due to group companies
 
(22,4)
– Cash on hand at time of disposal
8,7
– Existing goodwill
115,4
– Surplus on disposal
0,7
1,6
Net assets disposed
8,1
184,1
Cash on hand at time of disposal
(8,7)
Funded through subsidiary loan
(175,9)
Net cash flows on disposal of subsidiaries and businesses
8,1
(0,5)

F.

ANALYSIS OF ACQUISITION OF SUBSIDIARIES AND BUSINESSES:

 
 
– Deferred taxation
(4,2)
4,3
– Property, plant and equipment
0,6
12,8
– Intangible assets
16,3
9,2
– Finance lease receivables
124,6
 
– Inventory
3,1
60,7
15,0
– Current accounts receivable
5,8
22,7
(7,6)
– Net cash on hand at time of acquisition
9,9
– Trade and other payables and provisions
(4,6)
(76,9)
(0,3)
Fair value of assets and liabilities acquired
151,5
32,8
7,1
Purchase consideration
(248,5)
(76,8)
(14,7)
Goodwill arising on acquisition
(97,0)
(44,0)
(7,6)
Settled by:
 
 
– Cash paid
(238,6)
(76,8)
(14,7)
Purchase consideration
(248,5)
(76,8)
(14,7)
Less: net cash on hand at time of acquisition
9,9
     
 
   
 
 
 
Net cash flows on acquisition of subsidiaries and businesses
(238,6)
(76,8)
(14,7)
 
* It is the group’s view that rental and finance leases provided to customers are investing activities due to the long-term nature of these advances. Accordingly, the prior year cash flow statement was restated to reflect the movement in these amounts from operating to investing activities.
 
The impact of the restatement is reflected below:
  Previously
reported
Restated Difference
Increase in net working capital (398,9) (191,6) 207,3
Cash generated from operations 1 288,0 1 495,3 207,3
Net cash inflows from operating activities available to pay dividends 882,6 1 089,9 207,3
Net cash inflows from operating activities 305,2 512,5 207,3
Investments to maintain operating capacity (35,1) (242,4) (207,3)
Movement in total rental and finance lease receivables (207,3) (207,3)
Net cash outflows from investing activities (291,2) (498,5) (207,3)
Accounts receivable and derivative assets (note B) (260,7) (53,4) 207,3
Working capital changes (note B) (398,9) (191,6) 207,3