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
for the year ended 30 June 2017
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 2017 R’000 |
2016 R’000 |
Notes | 2017 R’000 |
2016 R’000 |
|
| Operating activities | |||||
| 199 847 | 465 893 | Profit before tax | 124 269 | 135 432 | |
| 199 847 | 465 893 | Profit before tax | 124 269 | 135 432 | |
| Adjustments to reconcile profit before tax to net cash flow | |||||
| Adjustment for non-cash items: | |||||
| 183 366 | 166 941 | Depreciation of property, plant and equipment | 1 | 1 | |
| 22 816 | 21 680 | Amortisation of intangible assets | |||
| 6 | 8 | Depreciation of investment properties | |||
| (1 422) | – | Fair value adjustments on call options | |||
| 4 100 | – | Software licences written off | |||
| (9 270) | – | Profit on the sale of Lactolab | |||
| 336 | – | Deconsolidation of Lactolab | |||
| (33 404) | (20 869) | Profit on disposal and scrapping of assets | – | ( 521) | |
| (15 889) | 21 036 | Unrealised loss on financial instruments | |||
| (9 321) | (9 075) | Unrealised foreign exchange gain | 6.2 | ||
| 11 232 | (27 833) | Realised foreign exchange loss/(gain) | 6.2-6.3 | ||
| – | (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 | ||
| (7 295) | 38 | Share of profit of joint venture – net of dividend paid | 4 | ||
| 2 213 | 1 120 | Movement in provisions | |||
| 5 865 | 12 697 | Share appreciation rights expense recognised over vesting period | 32 | ||
| Other adjustments: | |||||
| 145 765 | 122 964 | Finance cost | 6.6 | 13 | 14 |
| (12 647) | (10 139) | Finance income | 6.5 | (5 097) | (3 438) |
| – | – | Dividends received | (80 000) | (100 000) | |
| – | – | Share appreciation rights expense settled in cash | |||
| – | (4 490) | Government grants | |||
| (47 115) | (56 938) | Taxes paid | 26 | (9 184) | (8 696) |
| Working capital adjustments | |||||
| (43 578) | 24 269 | (Increase)/Decrease in inventories | |||
| (36 747) | (91 298) | (Increase)/Decrease in trade and other receivables | (8 835) | 13 426 | |
| (81 902) | 30 799 | (Decrease)/Increase in trade and other payables | (79) | 19 | |
| 276 956 | 673 448 | Net cash flows from operating activities | 21 088 | 36 237 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the year ended 30 June 2017
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 2017 R’000 |
2016 R’000 |
Notes | 2017 R’000 |
2016 R’000 |
|
| 276 956 | 673 448 | Net cash flows from operating activities | 21 088 | 36 237 | |
| Investing activities | |||||
| 58 941 | 45 533 | Proceeds from sale of property, plant and equipment and other assets | – | 950 | |
| (11 232) | 27 833 | Realised foreign exchange (loss)/gain | 6.2 - 6.3 | ||
| 12 647 | 10 139 | Interest received | 6.5 | 5 097 | 3 438 |
| – | (2 550) | Acquisition of controlling interest in Clover Good Hope Proprietary Limited | |||
| – | (6 610) | Acquisition of controlling interest in Clover Frankies Proprietary Limited | |||
| 10 275 | – | Disposal of controlling interest in Lactolab Proprietary Limited | |||
| (29 639) | – | Acquisition of controlling interest in Clover Pride Proprietary Limited | 3.1 | ||
| 3 854 | – | Cancellation of a finance lease | |||
| – | – | Dividends received | 130 000 | 50 000 | |
| – | 16 097 | Government grants received recognised against property, plant and equipment and expenses | |||
| (316 883) | (366 665) | Capital expenditure: tangible assets | |||
| (5 671) | (56 406) | Capital expenditure: intangible assets | |||
| (277 708) | (332 629) | Net cash flows (used in)/from investing activities | 135 097 | 54 388 | |
| Financing activities | |||||
| (145 765) | (122 964) | Interest paid | 6.6 | (13) | (14) |
| (115 230) | (108 755) | Dividends paid | (114 802) | (108 755) | |
| (4 440) | – | Non-controlling interest acquired in Clover Frankies Proprietary Limited | 3.2 | ||
| (3 854) | – | Cancellation of a finance lease | |||
| (285 668) | (254 646) | Repayment of borrowings | |||
| 496 975 | 273 939 | Proceeds from borrowings | |||
| (57 982) | (212 426) | Net cash flows (used in)/from financing activities | (114 815) | (108 769) | |
| (58 734) | 128 393 | Net (decrease)/increase in cash and cash equivalents | 41 370 | (18 144) | |
| (474) | 242 | Net foreign exchange difference | |||
| 604 071 | 475 436 | Cash and cash equivalents at the beginning of the year | 21 871 | 40 015 | |
| 544 863 | 604 071 | Cash and cash equivalents at the end of the year | 18 | 63 241 | 21 871 |
