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
449 431 1 008
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
1 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.