Consolidated statements of cash flows
FOR THE YEAR ENDED 30 JUNE 2018
| GROUP | COMPANY | |||||
| 2018 R’000 |
2017 R’000 |
Notes | 2018 R’000 |
2017 R’000 |
||
| Operating activities | ||||||
| 98 849 | 199 847 | Profit before tax | 61 392 | 124 269 | ||
| 98 849 | 199 847 | Profit before tax | 61 392 | 124 269 | ||
| Adjustments to reconcile profit before tax to net cash flow |
||||||
| Adjustment for non-cash items: | ||||||
| 200 758 | 183 366 | Depreciation of property, plant and equipment | 1 | 1 | ||
| 27 197 | 22 816 | Amortisation of intangible assets | ||||
| – | 6 | Depreciation of investment properties | ||||
| (2 616) | (1 422) | Fair value adjustments | ||||
| 439 042 | – | Impairment of revolving credit facility to DFSA | ||||
| – | 4 100 | Software licences written off | ||||
| (200) | (9 270) | Profit on the sale of Lactolab | ||||
| – | 336 | Deconsolidation of Lactolab | ||||
| (1 272) | (33 404) | Profit on disposal and scrapping of assets | ||||
| 591 | (15 889) | Unrealised loss on financial instruments | ||||
| 5 702 | (9 321) | Unrealised foreign exchange loss/(gain) | 5.3 | |||
| – | 11 232 | Realised foreign exchange loss/(gain) | ||||
| (7 089) | (7 295) | Share of profit of joint venture – net of dividend received | 3 | |||
| 3 337 | 2 213 | Movement in provisions | ||||
| (2 593) | 5 865 | Share appreciation rights (credit)/expense recognised over vesting period |
31 | |||
| Other adjustments: | ||||||
| 141 880 | 145 765 | Finance cost | 5.6 | – | 13 | |
| (47 618) | (12 647) | Finance income | 5.5 | (3 980) | (5 097) | |
| – | – | Dividends received | (50 686) | (80 000) | ||
| (2 019) | – | Share appreciation rights paid in cash | ||||
| (84 424) | (47 115) | Taxes paid | 25 | (6 074) | (9 184) | |
| Working capital adjustments | ||||||
| 95 539 | (43 578) | Decrease/(Increase) in inventories | ||||
| (134 764) | (36 747) | (Increase)/Decrease in trade and other receivables | 11 128 | (8 835) | ||
| 387 432 | (81 902) | Increase/(Decrease) in trade and other payables | 625 | (79) | ||
| 1 117 732 | 276 956 | Net cash flows from operating activities | 12 406 | 21 088 | ||
FOR THE YEAR ENDED 30 JUNE 2018
| GROUP | COMPANY | |||||
| 2018 R’000 |
2017 R’000 |
Notes | 2018 R’000 |
2017 R’000 |
||
| 1 117 732 | 276 956 | Net cash flows from operating activities | 12 406 | 21 088 | ||
|---|---|---|---|---|---|---|
| Investing activities | ||||||
| 32 965 | 58 941 | Proceeds from sale of property, plant and equipment and other assets |
||||
| – | (11 232) | Realised foreign exchange loss/(gain) | ||||
| 47 618 | 12 647 | Interest received | 5.5 | 3 980 | 5 097 | |
| (439 042) | – | Revolving credit facility granted to Dairy Farmers of South Africa Proprietary Limited |
||||
| (2 020) | – | Unbundling of Dairy Farmers of South Africa Proprietary Limited |
||||
| – | 10 275 | Disposal of controlling interest in Lactolab Proprietary Limited |
||||
| – | (29 639) | Acquisition of controlling interest in Clover Pride Proprietary Limited |
||||
| – | 3 854 | Cancellation of a finance lease | ||||
| – | – | Dividends received | – | 130 000 | ||
| (214 743) | (316 883) | Capital expenditure: tangible assets | ||||
| (3 425) | (5 671) | Capital expenditure: intangible assets | ||||
| (578 647) | (277 708) | Net cash flows (used in)/from investing activities | 3 980 | 135 097 | ||
| Financing activities | ||||||
| (112 362) | (145 765) | Interest paid | 5.6 & 25.2 | – | (13) | |
| (50 593) | (115 230) | Dividends paid | (50 593) | (114 802) | ||
| – | (4 440) | Non-controlling interest acquired in Clover Frankies Proprietary Limited |
||||
| – | (3 854) | Cancellation of a finance lease | ||||
| (313 333) | (285 668) | Repayment of borrowings and finance leases | 25.2 | |||
| 150 000 | 496 975 | Proceeds from borrowings | 25.2 | |||
| (326 288) | (57 982) | Net cash flows (used in)/from financing activities | (50 593) | (114 815) | ||
| 212 797 | (58 734) | Net increase/(decrease) in cash and cash equivalents | (34 207) | 41 370 | ||
| 3 033 | (474) | Net foreign exchange difference | ||||
| 544 863 | 604 071 | Cash and cash equivalents at the beginning of the year | 63 241 | 21 871 | ||
| 760 693 | 544 863 | Cash and cash equivalents at the end of the year | 17 | 29 034 | 63 241 | |
Consolidated statement of changes in equity
