Condensed consolidated statement of cash flows
for the half-year ended 31 December 2019
| Download (EXCEL) |
| Half-year ended 31 December | ||||||||||||||||
| R000s | 2019 Unaudited |
IFRS 16 adjustment Unaudited |
2019 ^ Pro forma Unaudited |
2018 Re-presented* Unaudited |
Year ended 30 June 2019 Audited |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities | 1 001 318 | (551 178) | 450 140 | (1 088 931) | 2 580 285 | |||||||||||
| Profit after net capital items | 3 538 928 | (99 630) | 3 439 298 | 3 333 747 | 5 692 858 | |||||||||||
| Dividends from associates and joint ventures | 58 836 | – | 58 836 | 78 480 | 155 889 | |||||||||||
| Acquisition costs | 16 465 | – | 16 465 | 3 222 | 22 940 | |||||||||||
| Depreciation and amortisation | 1 598 560 | (629 808) | 968 752 | 869 662 | 1 698 014 | |||||||||||
| Remeasurement to recoverable fair value of associates and joint ventures | 135 356 | – | 135 356 | (100 618) | 623 941 | |||||||||||
| Other non-cash items | 194 281 | – | 194 281 | (7 551) | (17 008) | |||||||||||
| Cash generated by operations before changes in working capital | 5 542 426 | (729 438) | 4 812 988 | 4 176 942 | 8 176 634 | |||||||||||
| Changes in working capital | (1 750 162) | – | (1 750 162) | (3 070 622) | (1 107 708) | |||||||||||
| (Increase) decrease in inventories | (405 130) | – | (405 130) | (542 349) | 44 123 | |||||||||||
| Decrease (increase) in trade receivables | 1 042 788 | – | 1 042 788 | 427 222 | (99 242) | |||||||||||
| Increase in banking and other advances | (337 617) | – | (337 617) | (421 215) | (764 085) | |||||||||||
| Decrease in trade and other payables and provisions | (2 572 525) | – | (2 572 525) | (2 436 652) | (1 074 852) | |||||||||||
| Increase (decrease) in amounts owed to bank depositors | 522 322 | – | 522 322 | (97 628) | 786 348 | |||||||||||
| Cash generated by operations | 3 792 264 | (729 438) | 3 062 826 | 1 106 320 | 7 068 926 | |||||||||||
| Net finance charges paid | (735 537) | 178 260 | (557 277) | (506 655) | (1 047 056) | |||||||||||
| Taxation paid | (852 403) | – | (852 403) | (636 556) | (1 422 308) | |||||||||||
| Dividends paid by the Company | (1 076 055) | – | (1 076 055) | (1 013 685) | (1 964 229) | |||||||||||
| Dividends paid by subsidiaries | (126 951) | – | (126 951) | (38 355) | (55 048) | |||||||||||
| – Non-controlling shareholders | (126 951) | – | (126 951) | (36 465) | (51 207) | |||||||||||
| – Put-call option holders | – | – | – | (1 890) | (3 841) | |||||||||||
| Cash effects of investment activities | (2 853 805) | – | (2 853 805) | (1 376 423) | (3 281 913) | |||||||||||
| Net acquisition of vehicle rental fleet | (643 899) | – | (643 899) | (331 477) | (243 334) | |||||||||||
| Net additions to property, plant and equipment | (917 401) | – | (917 401) | (1 172 149) | (2 198 170) | |||||||||||
| Net additions to intangible assets | (75 351) | – | (75 351) | (53 924) | (160 245) | |||||||||||
| Net (acquisition) disposal of subsidiaries, businesses, associates and investments | (1 217 154) | – | (1 217 154) | 181 127 | (680 164) | |||||||||||
| Cash effects of financing activities | 1 617 223 | 551 178 | 2 168 401 | 351 885 | (766 609) | |||||||||||
| Repayment of lease liabilities | (551 178) | 551 178 | – | – | – | |||||||||||
| Settlement of puttable non-controlling interest liability | (57 050) | – | (57 050) | (16 500) | (16 500) | |||||||||||
| Transactions with non-controlling interests | (176 765) | – | (176 765) | – | (757 645) | |||||||||||
| Net borrowings raised | 2 402 216 | – | 2 402 216 | 368 385 | 7 536 | |||||||||||
| Net decrease in cash and cash equivalents | (235 264) | – | (235 264) | (2 113 469) | (1 468 237) | |||||||||||
| Net cash and cash equivalents at the beginning of the period | 2 034 523 | – | 2 034 523 | 3 514 398 | 3 514 398 | |||||||||||
| Exchange rate adjustment | (7 733) | – | (7 733) | 13 835 | (11 638) | |||||||||||
| Cash arising on recognition of Adcock Ingram as a subsidiary | 467 913 | – | 467 913 | – | – | |||||||||||
| Net cash and cash equivalents at end of the period | 2 259 439 | – | 2 259 439 | 1 414 764 | 2 034 523 | |||||||||||
| Net cash and cash equivalents comprise: | ||||||||||||||||
| Cash and cash equivalents | 6 944 710 | – | 6 944 710 | 5 221 027 | 6 617 075 | |||||||||||
| Bank overdrafts included in short-term portion of interest bearing borrowings | (4 685 271) | – | (4 685 271) | (3 806 263) | (4 582 552) | |||||||||||
| 2 259 439 | – | 2 259 439 | 1 414 764 | 2 034 523 | ||||||||||||
| * | Refer note on Re-presentation of comparatives |
| ^ | Pro forma Unaudited applies IAS 17 to operating leases for the half year ending 31 December 2019 |