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CONDENSED CONSOLIDATED STATEMENT OF 
CASH FLOWS

R'million     Audited year 
ended 
30 September 
2018
 
      Reclass*
Audited year 
ended 
30 September 
2017 
  
Cash operating profit     3 857,4        5 388,1    
Working capital changes     (573,2)       745,4    
Cash generated from operations     3 284,2        6 133,5    
Finance cost net of dividends received     99,5        181,6    
Taxation paid     (780,6)       (1 195,9)   
Cash available from operations     2 603,1        5 119,2    
Dividends paid     (1 854,5)       (1 834,1)   
Net cash inflow from operating activities     748,6        3 285,1    
Purchase of property, plant, equipment and intangibles     (719,6)       (919,0)   
Net cash on disposal of subsidiaries     103,4        23,8    
Proceeds from disposal of property, plant and equipment     5,6        92,2    
Proceeds on insurance claims     11,7        –    
Net cash outflow from investing activities     (598,9)       (803,0)   
Net cash inflow before financing activities     149,7        2 482,1    
Repurchase of Tiger Brands shares     (6,5)       –    
Black Managers Trust (BMT) shares exercised     17,9        24,0    
Shares exercised relating to equity-settled scheme     (46,6)       (77,8)   
Reduction in non-controlling interest in empowerment shares     –        (22,4)   
Long-term borrowings raised/(repaid)    86,3        (1 056,2)   
Short-term borrowings repaid     (52,9)       (7,2)   
Net cash outflow from financing activities     (1,8)       (1 139,6)   
Net increase in cash and cash equivalents     147,9        1 342,5    
Effect of exchange rate changes on cash and cash equivalents     35,0        18,8    
Cash and cash equivalents at the beginning of the year     486,3        (875,0)   
Cash and cash equivalents at the end of the year     669,2        486,3    
Cash resources     1 581,1        1 221,4    
Short-term borrowings regarded as cash and cash equivalents     (911,9)       (735,1)   
      669,2        486,3    

* As part of the annual assessment of all disclosure and presentation, the JSE Report on Proactive Monitoring of Financial Statements issued in February 2018 was reviewed. As a consequence, the group has restated its cash flow treatment relating to equity-settled share option schemes as financing activities. The presentation of comparative figures has therefore been adjusted to conform to the presentation of the current period. The cash flow related to equity-settled share scheme (September 2017: R77,8 million) has been reclassified out of operating activities and proceeds from BMT shares exercised (September 2017: R24,0 million) has been reclassified from investing activities.

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