Unaudited condensed consolidated interim financial statements and cash dividend declaration for the six months ended 31 March 2021

Condensed consolidated
statement of cash flows

For the six months ended 31 March 2021
                                                                                    Six months ended 31 March
Rm Notes 2021
Unaudited
2020  
Unaudited1
Year ended  
30 September  
2020  
Audited1
Cash flows from operating activities
       
Cash generated from operations before working capital changes        
A 553 571 1 136
(Increase)/decrease in net working capital   (116) (74) 21
Cash generated from operations   437 497 1 157
Cash interest and dividends received   13 26 41
Cash interest paid   (29) (40) (75)
Tax paid   (137) (118) (145)
Net cash inflow from operating activities before dividends   284 365 978
Dividends paid (including to non-controlling interests in subsidiaries)   (315) (620) (727)
Net cash (outflow)/inflow from operating activities
  (31) (255) 251
Cash flows from investing activities
       
Investments to maintain operating capacity   3 (175) (191)
Cash received from/(invested in) loans receivable   17 (169) (172)
Repayment of other investments and loans   1 3
Other investments and loans granted   (9) (7) (1)
Dividend received from joint venture and associate   4 3 3
Replacement of property, plant and equipment and        
intangible assets   (14) (10) (32)
Proceeds from disposal of property, plant and equipment   5 7 8
Investments to increase operating capacity   (59) (56) (142)
Expansion of property, plant and equipment and intangible assets   (76) (56) (138)
Proceeds on/(outflow) from disposal of investment,        
subsidiaries and businesses   17 (4)
Net cash outflow from investing activities
  (56) (231) (333)
Cash flows from financing activities
       
Funds provided by equity holders of Reunert   1 1
Investment in treasury shares   (6)
Shares acquired for equity settled Conditional Share Plan (CSP)   (11) (54) (54)
Proceeds on subscription of shares by non-controlling      
interests   13
Purchase of additional shares in terms of a call option with      
non-controlling interests   (1) (1)
Put option liability settled   (131)
Long-term loans raised   27 4 2
Long-term loans settled   (1)
Contingent consideration settled   (3) (15)
Forward contract liability settled   (7)
Lease liabilities settled   (27) (26) (57)
Net cash outflow from financing activities
  (12) (79) (255)
Net decrease in net cash and cash equivalents
  (99) (565) (337)
Net cash and cash equivalents at the beginning of the period as reported in the statement of financial position
  323 616 616
Net cash and cash equivalents at the end
of the period before translation adjustments
  224 51   279
Made up of:
       
Cash and cash equivalents
  1 035 793 1 029
Bank overdrafts and short-term facilities
  (800) (721) (706)
Bank overdrafts   (110) (266) (122)
Short-term facilities   (690) (455) (584)
Net cash and cash equivalents at the end of the period as reported in the statement of financial position
  235 72 323
Foreign exchange translation adjustments on:
       
Cash and cash equivalents   14 1 1
Bank overdrafts and short-term facilities   (25) (22) (45)
Net cash and cash equivalents at the end of the period before translation adjustments
  224 51   279
1 The comparative period information has been re-presented to align with the presentation in the annual financial statements for the year ended 30 September 2020.

Notes to the condensed consolidated
statement of cash flows

For the six months ended 31 March 2021
    Six months ended 31 March
Rm 2021
Unaudited
2020  
Unaudited1
Year ended  
30 September  
2020  
Audited1

A. Reconciliation of EBITDA to cash

     

  generated from operations before

     

  working capital changes

     
EBITDA
562 (36) 547
Adjusted for:
     
Interest and dividend income 13 26 41
Interest expense (30) (45) (83)
Depreciation and amortisation (126) (119) (240)
Gain on disposal of investment 17
Transaction-related share-based payments (5)   –
Impairment of goodwill (75) (75)
Impairment of property, plant and equipment (4) (4)
Loss on remeasurement of subsidiary held for sale (22)
Loss on disposal of subsidiary (20)
Profit/(loss) before tax
431 (275) 166
Adjusted for:
     
Cash interest and dividend income received (13) (26) (41)
Cash interest paid 29 40 75
Interest paid – unwind of present value discount 1 5 8
Depreciation of property, plant and equipment and right-of-use assets 94 95 184
Amortisation of intangible assets 32 24 56
Net gain on disposal of property, plant and      
equipment and intangible assets (3) (4) (4)
Gain on disposal of investment (17)  
Transaction-related share-based payments 5
Loss on remeasurement of subsidiary held for sale 22
Loss on disposal of subsidiary   20
Impairment of non-financial assets 79 79
Share-based payment expense in respect of the Group’s CSP 15 16 10
Share-based payment expense in respect of the Group’s Deferred      
Bonus Plan      (3)
Cash paid to settle the Group’s Deferred Bonus Plan (6) (22) (22)
Unrealised forex losses 28 67 48
Gain on remeasurement of contingent consideration (2) (2)
Put option liability fair value remeasurement   3
Credit write-off and expected credit losses1 8 565 586
Provisions movements (33) (7) (5)
Other non-cash movements (18) (6) (22)
Cash generated from operations before working capital changes
553 571 1 136
1 The comparative period information has been re-presented to align with the presentation in the annual financial statements for the year ended 30 September 2020.