Consolidated statement of cash flowsfor the year ended 30 June 2014
| GROUP | COMPANY | |||||
| 2014 R’000 |
2013 Restated R’000 |
Notes | 2014 R’000 |
2013 R’000 |
||
| Operating activities | ||||||
| 238 773 | 338 881 | Profit before tax | 82 867 | 19 025 | ||
| 238 773 | 338 881 | Profit before tax | 82 867 | 19 025 | ||
| Adjustments to reconcile profit before tax to net cash flow | ||||||
| Adjustment for non-cash items: | ||||||
| 120 869 | 94 014 | Depreciation and impairment of property, plant and equipment | 1 | 1 | ||
| 10 695 | 11 730 | Amortisation and impairment of intangible assets | ||||
| 624 | 114 | Depreciation of investment properties | ||||
| 5 101 | (11 680) | Loss/(Profit) on disposal and scrapping of assets | ||||
| 3 920 | 4 377 | Impairment and scrapping of plant included in restructuring cost | ||||
| 2 073 | (4 017) | Unrealised loss/(profit) on financial instruments | ||||
| 4 241 | (6 531) | Unrealised foreign exchange loss/(gain) | 6 | |||
| (20 716) | – | Discount on acquisition of property, plant and equipment by Clover Waters | 3.1 | |||
| (4 218) | – | Discount on acquisition of property, plant and equipment by Clover Waters – recognised in equity | ||||
| – | (16 747) | Gain on fair valuing of existing investment in joint venture due to gaining control | ||||
| (14 306) | (13 974) | Share of profit of joint venture | 4 | |||
| 6 798 | 6 679 | Movement in provisions | ||||
| 17 392 | 18 408 | Share appreciation rights recognised over vesting period | ||||
| Other adjustments: | ||||||
| 65 043 | 56 432 | Finance cost | 6.6 | – | 20 346 | |
| (7 234) | (9 715) | Finance income | 6.5 | (3 193) | (5 408) | |
| – | (1) | Dividends received | (45 000) | – | ||
| (10 397) | (10 435) | Share appreciation rights settled in cash | ||||
| (80 239) | (60 699) | Taxes paid | 25 | (11 173) | (12 119) | |
| Working capital adjustments | ||||||
| 115 267 | (107 193) | Decrease/(Increase) in inventories | ||||
| (13 662) | 22 215 | (Decrease)/Increase in trade and other receivables | 19 030 | 263 765 | ||
| (36 957) | (92 660) | (Decrease)/Increase in trade and other payables | (8 144) | 9 665 | ||
| 403 067 | 219 198 | Net cash flow from operating activities | 34 388 | 295 275 | ||
| GROUP | COMPANY | |||||
| 2014 R’000 |
2013 Restated R’000 |
Notes | 2014 R’000 |
2013 R’000 |
||
| Investing activities | ||||||
| 1 166 | 17 599 | Proceeds from sale of property, plant and equipment | ||||
| (4 241) | 6 531 | Unrealised foreign exchange (loss)/gain | ||||
| 7 234 | 9 715 | Interest received | 6.5 | 3 193 | 5 408 | |
| – | (70 556) | Acquisition of Real Juice Co Holdings | 3.1 | |||
| – | – | Dividends received | 45 000 | – | ||
| – | (24 700) | Acquisition of additional interest in Clover Manhattan | 3.2 | |||
| 32 106 | – | Government grants received recognised against property, plant and equipment | 11 | |||
| (374 988) | (434 340) | Capital expenditure: tangible assets | ||||
| (13 011) | (20 060) | Capital expenditure: intangible assets | ||||
| (351 734) | (515 810) | Net cash flows (used in)/from investing activities | 48 193 | 5 408 | ||
| Financing activities | ||||||
| (65 043) | (56 432) | Interest paid | 6.6 | – | (20 346) | |
| (69 342) | (41 912) | Dividends paid | (69 342) | (41 912) | ||
| (961) | (720) | Dividends paid to non-controlling interest holders | ||||
| – | (259 382) | Repayment of preference share liability | – | (259 382) | ||
| 37 566 | 655 605 | Proceeds from borrowings | ||||
| (97 780) | 297 159 | Net cash flows (used in)/from financing activities | (69 342) | (321 640) | ||
| (46 447) | 547 | Net (decrease)/increase in cash and cash equivalents | 13 239 | (20 957) | ||
| (4 223) | (5 101) | Net foreign exchange difference | ||||
| 704 559 | 709 113 | Cash and cash equivalents at the beginning of the year | 21 998 | 42 955 | ||
| 653 889 | 704 559 | Cash and cash equivalents at the end of the year | 18 | 35 237 | 21 998 | |