Annual financial statements
Statements of cash flows
for the year ended 30 September 2018
| Company | Group | ||||||||||
| 2018 | Reclass# 2017 |
(R'million) | Notes | 2018 | Reclass* 2017 |
||||||
| 1 783,6 | 1 958,8 | Cash operating profit | A | 3 857,4 | 5 388,1 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,6 | 18,6 | Working capital changes | B | (573,2) | 745,4 | ||||||
| 1 789,2 | 1 977,4 | Cash generated from operations | 3 284,2 | 6 133,5 | |||||||
| 71,7 | 162,6 | Finance income and income from investments | 35,1 | 34,8 | |||||||
| (0,1) | (23,9) | Finance costs | (114,1) | (203,4) | |||||||
| Dividends received from associate companies | 178,5 | 350,2 | |||||||||
| (34,5) | (45,1) | Taxation paid | C | (780,6) | (1 195,9) | ||||||
| 1 826,3 | 2 071,0 | Cash available from operations | 2 603,1 | 5 119,2 | |||||||
| (2 050,0) | (2 030,3) | Dividends paid | D | (1 854,5) | (1 834,1) | ||||||
| (223,7) | 40,7 | Net cash inflow/(outflow) from operating activities | 748,6 | 3 285,1 | |||||||
| Purchase of property, plant and equipment | E | (719,6) | (919,0) | ||||||||
| 103,5 | 82,2 | Net cash on disposal of subsidiaries (refer to note 33) | 103,4 | 23,8 | |||||||
| Proceeds from disposal of property, plant, equipment and intangible assets | 5,6 | 92,2 | |||||||||
| Proceeds on insurance claims | 11,7 | – | |||||||||
| 85,0 | 40,3 | Decrease in loans to subsidiaries and other | |||||||||
| 188,5 | 122,5 | Net cash (outflow)/inflow from investing activities | (598,9) | (803,0) | |||||||
| (35,2) | 163,2 | Net cash inflow/(outflow) before financing activities | 149,7 | 2 482,1 | |||||||
| (6,5) | – | 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) | |||||||||
| – | (51,0) | Long-term borrowings raised/(repaid) | 86,3 | (1 056,2) | |||||||
| – | (48,2) | Short-term borrowings repaid | (52,9) | (7,2) | |||||||
| (6,5) | (99,2) | Net cash outflow from financing activities | (1,8) | (1 139,6) | |||||||
| (41,7) | 64,0 | Net increase/(decrease) in cash and cash equivalents | 147,9 | 1 342,5 | |||||||
| – | 0,3 | Effect of exchange rate changes on cash and cash equivalents | 35,0 | 18,8 | |||||||
| 346,4 | 282,1 | Cash and cash equivalents at beginning of the year | F | 486,3 | (875,0) | ||||||
| 304,7 | 346,4 | Cash and cash equivalents at end of the year | G | 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 schemes (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. |
| # | As part of the annual assessment of all disclosure and presentation, the company has restated its income statement to reflect investment income as revenue. This change better presents the operations of the company. The presentation of the comparative figures has therefore been adjusted to conform to this presentation of the current period and as such the cash flow is reclassified accordingly. This is for the company only. |