Condensed consolidated statement of cash flows

for the six months ended 31 March 2022

		Six months ended 31 March
Rm	Notes	2022 Unaudited	2021 Unaudited	Year ended 30 September 2021 Audited

Cash flows from operating activities
Cash generated from operations before working capital changes	A	607	553	1 158
Increase in net working capital		(312)	(116)	(200)
Cash generated from operations		295	437	958
Cash interest received		17	13	26
Dividends received		–	–	2
Cash interest paid		(36)	(29)	(66)
Tax paid		(99)	(137)	(272)
Net cash inflow from operating activities before dividends		177	284	648
Dividends paid (including to non-controlling interests in subsidiaries)		(333)	(315)	(428)
Net cash (outflow)/inflow from operating activities		(156)	(31)	220
Cash flows from investing activities
Cash received from loan receivables		375	503	966
Cash invested in loan receivables		(323)	(486)	(893)
Other investments and loans granted		(36)	(9)	(8)
Dividends received from joint venture and associate		2	4	6
Replacement of property, plant and equipment and intangible assets		(9)	(14)	(42)
Proceeds from disposal of property, plant and equipment and intangible assets		12	5	37
Expansion of property, plant and equipment and intangible assets		(74)	(76)	(196)
Acquisition of businesses		(16)	–	(8)
Proceeds from disposal of investment, subsidiary and associate		29	17	37
Net cash outflow from investing activities		(40)	(56)	(101)

		Six months ended 31 March
Rm	Notes	2022 Unaudited	Restated¹ 2021 Unaudited	Year ended 30 September 2021 Audited

Cash flows from financing activities
Shares acquired for equity settled Conditional Share Plan (CSP)		(6)	(11)	(11)
Proceeds from subscription for shares by non-controlling interests		–	13	68
Investment in treasury shares		–	(6)	(105)
Shares acquired from non-controlling interests		(10)	–	(31)
Put option liability settled		(24)	–	–
Long-term loans raised		24	27	47
Long-term loans settled		(1)	(1)	(9)
Contingent consideration settled		(2)	–	(7)
Equity forward contract liability settled		(8)	(7)	(15)
Lease liabilities settled		(38)	(27)	(73)
Net cash outflow from financing activities		(65)	(12)	(136)
Net decrease in net cash and cash equivalents		(261)	(99)	(17)
Net cash and cash equivalents at the beginning of the period as reported in the Statement of Financial Position		291	323	323
Net cash and cash equivalents at the end of the period before translation adjustments		30	224	306
Foreign exchange translation adjustments on:
Cash and cash equivalents		(6)	(14)	(6)
Bank overdrafts and short-term facilities		8	25	(9)
Net cash and cash equivalents at the end of the period as reported in the Statement of Financial Position		32	235	291
Made up of:
Cash and cash equivalents		590	1 035	1 068
Bank overdrafts and short-term facilities		(558)	(800)	(777)
Bank overdrafts		(52)	(110)	(137)
Short-term facilities		(506)	(690)	(640)


¹	The consolidated statement of cash flows has been restated to disclose the following: – Cash interest received and dividends received are now disclosed separately – Cash flows from loan receivables have been disaggregated into cash receipts and cash payments on a gross basis – Subtotals for investments to maintain/increase operating capacity have been removed – The foreign exchange translation adjustments have been included below net cash and cash equivalents in order to reconcile the net cash and cash equivalents to the statement of financial position
	The restatement did not result from a change to any of the 2021 interim reported numbers on the face of the consolidated statement of cash flows. This change was first applied in the 30 September 2021 audited results.

Notes to the condensed consolidated statement of cash flows

for the six months ended 31 March 2022

	Six months ended 31 March
Rm	2022 Unaudited	Restated¹ 2021 Unaudited	Year ended 30 September 2021 Audited

A. Reconciliation of profit before tax to cash generated from operations before working capital changes
Profit before tax	449	431	1 008
Adjusted for:
Cash interest received	(17)	(13)	(26)
Dividend received	–	–	(2)
Cash interest paid	36	29	66
Unwinding of present value discount	(3)	1	4
Depreciation of property, plant and equipment and right-of-use assets	100	94	192
Amortisation of intangible assets	28	32	61
Profit on disposal of property, plant and equipment and intangible assets	(2)	(3)	(12)
Profit on disposal of associate	–	–	(1)
Fair value remeasurements
Gain on investment at fair value through profit or loss	(4)	(17)	(103)
Gain on contingent consideration	(3)	–	(13)
Gain on option contract	(8)	–	(41)
Loss on option contract	9	–	92
Gain on put option liability	(1)	–	–
Loss on disposal of subsidiary	–	–	1
Impairment of non-financial assets	–	–	1
Expenses arising from share-based payment transactions	6	5	7
Share-based payment expense in respect of the Group’s CSP	15	15	16
Share-based payment expense in respect of the Group’s Deferred Bonus Plan	–	–	1
Cash paid to settle the Group’s Deferred Bonus Plan	–	(6)	(6)
Net unrealised forex losses	21	28	16
Lease modification	(20)	(16)	(49)
Reversal of impairment/(impairment) of financial assets
Credit write-off	6	5	20
Expected credit losses	(14)	3	(19)
Provision movements	5	(33)	(57)
Financial guarantee cost	5	–	–
Other non-cash movements	(1)	(2)	2
Cash generated from operations before working capital changes	607	553	1 158

The reconciliation of profit before tax to cash generated from operations before working capital changes has been restated as a result of the restatement to operating profit (refer to note 3 and note 15). This restatement is to provide additional disclosure and did not result from a change to any of the 2021 interim reported numbers. This change was first applied in the 30 September 2021 audited results.