Annual financial statements
- Audit and risk committee report
- Approval of the financial statement
- Certificate by Company Secretary
- Independent Auditor's report
- Directors' report
- Consolidated statement of comprehensive income
- Consolidated statement of financial position
- Consolidated statement of changes in equity
- Consolidated statement of cash flows
- Notes to the consolidated financial statements
- Notes 1 - 10
- Notes 11 - 20
- Notes 21 - 30
- Notes 31 - 34
- Abbreviations
- Definitions
CONSOLIDATED STATEMENTS OF CASH FLOWS
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 2016 R'000 |
2015 R'000 |
Notes | 2016 R'000 |
2015 R'000 |
|
| Operating activities | |||||
| 465 893 | 445 947 | Profit before tax | 135 432 | 88 607 | |
| 465 893 | 445 947 | Profit before tax | 135 432 | 88 607 | |
| Adjustments to reconcile profit before tax to net cash flow | |||||
| Adjustment for non-cash items: | |||||
| 166 941 | 160 490 | Depreciation and impairment of property, plant and equipment | 1 | 1 | |
| 21 680 | 17 048 | Amortisation and impairment of intangible assets | |||
| 8 | 132 | Depreciation of investment properties | |||
| (20 869) | (38 950) | Profit on disposal and scrapping of assets | (521) | – | |
| 21 036 | 3 063 | Unrealised loss on financial instruments | |||
| (9 075) | 2 999 | Unrealised foreign exchange - (gain)/loss | 6.2 | ||
| (27 833) | (9 966) | Realised foreign exchange gain | 6.2 | ||
| (1 721) | – | Bargain purchase on the investment in Clover Good Hope | 3.1 | ||
| 28 366 | – | Release of foreign currency translation reserve in abandonment of foreign operation | 6.3 | ||
| 38 | 3 282 | Share of profit of joint venture – net of dividend paid | 4 | ||
| 1 120 | 1 701 | Movement in provisions | |||
| 12 697 | 18 080 | Share appreciation rights expense recognised over vesting period | 31 | ||
| Other adjustments: | |||||
| 122 964 | 83 105 | Finance cost | 6.6 | 14 | 56 |
| (10 139) | (9 041) | Finance income | 6.5 | (3 438) | (2 784) |
| – | – | Dividends received | (100 000) | (50 000) | |
| – | (3 330) | Share appreciation rights expense settled in cash | |||
| (4 490) | (1 582) | Government grants | |||
| (56 938) | (106 254) | Taxes paid | 25 | (8 696) | (11 263) |
| Working capital adjustments | |||||
| 24 269 | (372 289) | Decrease/(increase) in inventories | |||
| (91 298) | (193 922) | (Increase)/Decrease in trade and other receivables | 13 426 | (3 116) | |
| 30 799 | 159 672 | Increase in trade and other payables | 19 | 2 173 | |
| 673 448 | 160 185 | Net cash flows from operating activities | 36 237 | 23 674 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 2016 R'000 |
2015 R'000 |
Notes | 2016 R'000 |
2015 R'000 |
|
| Investing activities | |||||
| 45 533 | 61 684 | Proceeds from sale of property, plant and equipment and other assets | 950 | – | |
| 27 833 | 9 966 | Realised foreign exchange gain | 6.2 | ||
| 10 139 | 9 041 | Interest received | 6.5 | 3 438 | 2 784 |
| (2 550) | – | Acquisition of controlling interest in Clover Good Hope Proprietary Limited | 3.1 | ||
| (6 610) | – | Acquisition of controlling interest in Clover Frankies Proprietary Limited | 3.2 | ||
| – | (30 000) | Acquisition of Dairy belle UHT Milk business | 3.3 | ||
| – | (107 131) | cquisition of Dairybelle Yoghurt business | 3.4 | ||
| – | (48 684) | Acquisition of Nkunzi MilkyWay business | 3.5 | ||
| Dividends received | 50 000 | 50 000 | |||
| 16 097 | 38 055 | Government grants received recognised against property, plant and equipment and expenses | |||
| (366 665) | (468 106) | Capital expenditure: tangible assets | |||
| (56 406) | (21 647) | Capital expenditure: intangible assets | |||
| (332 629) | (556 822) | Net cash flows (used in)/from investing activities | 54 388 | 52 784 | |
| Financing activities | |||||
| (122 964) | (83 105) | Interest paid | 6.6 | ( 14) | ( 56) |
| (108 755) | (71 624) | Dividends paid | (108 755) | (71 624) | |
| – | (5 500) | Non-controlling interest acquired in Lactolab Proprietary Ltd | 3.6 | ||
| (254 646) | (9 646) | Repayment of borrowings | |||
| 273 939 | 387 972 | Proceeds from borrowings | |||
| (212 426) | 218 097 | Net cash flows (used in)/from financing activities | (108 769) | (71 680) | |
| 128 393 | (178 540) | Net increase/(decrease) in cash and cash equivalents | (18 144) | 4 778 | |
| 242 | 87 | Net foreign exchange difference | |||
| 475 436 | 653 889 | Cash and cash equivalents at the beginning of the year | 40 015 | 35 237 | |
| 604 071 | 475 436 | Cash and cash equivalents at the end of the year | 18 | 21 871 | 40 015 |
