Consolidated statement of cash flowsfor the year ended 30 June 2015
| GROUP | COMPANY | |||||
| 2015 R’000 |
2014 R’000 |
Notes | 2015 R’000 |
2014 R’000 |
||
Operating activities |
||||||
| 445 947 | 238 773 | Profit before tax | 88 607 | 82 867 | ||
| 445 947 | 238 773 | Profit before tax |
88 607 | 82 867 | ||
Adjustments to reconcile profit before tax to net cash flow |
||||||
| Adjustment for non-cash items: | ||||||
| 160 490 | 120 869 | Depreciation and impairment of property, plant and equipment | 1 | 1 | ||
| 17 048 | 10 695 | Amortisation and impairment of intangible assets | ||||
| 132 | 624 | Depreciation of investment properties | ||||
| (38 950) | 5 101 | (Profit)/Loss on disposal and scrapping of assets | ||||
| – | 3 920 | Impairment and scrapping of plant included in restructuring cost | ||||
| 3 063 | 2 073 | Unrealised loss on financial instruments | ||||
| 2 999 | – | Unrealised foreign exchange loss | 6 | |||
| (9 966) | 4 241 | Realised foreign exchange (gain)/loss | 6 | |||
| – | (20 716) | Discount on acquisition of property, plant and equipment by Clover Waters | 3.5 | |||
| – | (4 218) | Discount on acquisition of property, plant and equipment by Clover Waters – recognised in equity | ||||
| 3 282 | (14 306) | Share of profit of joint venture (net of dividend paid) | 4 | |||
| 1 701 | 6 798 | Movement in provisions | ||||
| 18 080 | 17 392 | Share appreciation rights recognised over vesting period | ||||
| Other adjustments: | ||||||
| 83 105 | 65 043 | Finance cost | 6.6 | 56 | – | |
| (9 041) | (7 234) | Finance income | 6.5 | (2 784) | (3 193) | |
| – | – | Dividends received | (50 000) | (45 000) | ||
| (3 330) | (10 397) | Share appreciation rights settled in cash | ||||
| (1 582) | – | Government grants | ||||
| (106 254) | (80 239) | Taxes paid | 25 | (11 263) | (11 173) | |
| Working capital adjustments | ||||||
| (372 289) | 115 267 | (Increase)/decrease in inventories | ||||
| (193 922) | (13 662) | (Increase)/decrease in trade and other receivables | (3 116) | 19 030 | ||
| 159 672 | (36 957) | Increase/(decrease) in trade and other payables | 2 173 | (8 144) | ||
| 160 185 | 403 067 | Net cash flow from operating activities |
23 674 | 34 388 | ||
Investing activities |
||||||
| 61 684 | 1 166 | Proceeds from sale of property, plant and equipment and other assets | ||||
| 9 966 | (4 241) | Realised foreign exchange gain/(loss) | 6 | |||
| 9 041 | 7 234 | Interest received | 6.5 | 2 784 | 3 193 | |
| (30 000) | Acquisition of Dairybelle UHT Milk business | 3.1 | ||||
| (107 131) | – | Acquisition of Dairybelle Yoghurt business | 3.2 | |||
| (48 684) | Acquisition of Nkunzi MilkyWay business | 3.3 | ||||
| – | – | Dividends received | 50 000 | 45 000 | ||
| 38 055 | 32 106 | Government grants received recognised against property, plant and equipment and expenses | 11 | |||
| (468 106) | (374 988) | Capital expenditure: tangible assets | ||||
| (21 647) | (13 011) | Capital expenditure: intangible assets | ||||
| (556 822) | (351 734) | Net cash flows (used in)/from investing activities |
52 784 | 48 193 | ||
Financing activities |
||||||
| (83 105) | (65 043) | Interest paid | 6.6 | ( 56) | – | |
| (71 624) | (69 342) | Dividends paid | (71 624) | (69 342) | ||
| (961) | Dividends paid to non-controlling interest holders | |||||
| (5 500) | Non-controlling interest acquired in Lactolab (Pty) Ltd | 3.4 | ||||
| 378 326 | 37 566 | Proceeds from borrowings | ||||
| 218 097 | (97 780) | Net cash flows from/(used in) financing activities |
(71 680) | (69 342) | ||
| (178 540) | (46 447) | Net (decrease)/increase in cash and cash equivalents |
4 778 | 13 239 | ||
| 87 | (4 223) | Net foreign exchange difference |
||||
| 653 889 | 704 559 | Cash and cash equivalents at the beginning of the year |
35 237 | 21 998 | ||
| 475 436 | 653 889 | Cash and cash equivalents at the end of the year |
18 | 40 015 | 35 237 | |