Condensed consolidated statement of cash flows

or the six months ended 31 March 2023
Six months ended
31 March
Rm Notes 2023
Unaudited
2022
Unaudited
Year ended
30 September
2022
Audited
Cash flows from operating activities
Cash generated from operations before working capital changes A 889 607 1 328
Increase in net working capital (324) (312) (334)
Cash generated from operations 565 295 994
Cash interest received 4 20 17 31
Dividends received 4 2 1
Cash interest paid 5 (74) (36) (81)
Tax paid (174) (99) (234)
Net cash inflow from operating activities before dividends 339 177 711
Dividends paid (including to non-controlling interests in subsidiaries) (364) (333) (454)
Net cash (outflow)/inflow from operating activities (25) (156) 257
Cash flows from investing activities
Cash received from loan receivables 353 375 766
Cash invested in loan receivables (425) (323) (793)
Proceeds from sale of loan receivables 42 162
Investments and loans granted (144) (36) (31)
Dividends received from joint venture 5 2 4
Replacement of property, plant and equipment and intangible assets (41) (9) (40)
Proceeds from disposal of property, plant and equipment and intangible assets 11 12 47
Expansion of property, plant and equipment and intangible assets (109) (74) (192)
Acquisition of businesses (187) (16) (16)
Contingent consideration settled (5) (9)
Proceeds from disposal of investment 29 29
Net cash outflow from investing activities (500) (40) (73)

 

Six months ended
31 March
Rm Notes 2023
Unaudited
2022
Unaudited
Year ended
30 September
2022
Audited
Cash flows from financing activities
Shares acquired for equity settled Conditional Share Plan (CSP) (5) (6) (6)
Proceeds from share subscription by non-controlling interests 11
Shares acquired from non-controlling interests (1) (10) (21)
Repurchase of shares from BBBEE party (10)
Put option liability settled (24) (24)
Long-term loans raised 234 24 31
Long-term loans settled (3) (1) (3)
Contingent consideration settled (2) (2)
Equity forward contract liability settled (8) (8) (15)
Lease liabilities settled (47) (38) (84)
Net cash inflow/(outflow) from financing activities 170 (65) (123)
Net (decrease)/increase in net cash and cash equivalents (355) (261) 61
Net cash and cash equivalents at the beginning of the period as reported in the statement of financial position 359 291 291
Net cash and cash equivalents at the end of the period before translation adjustments 4 30 352
Foreign exchange translation adjustments on:
Cash and cash equivalents (22) (6) 21
Bank overdrafts and other short-term borrowings 16 8 (14)
Net cash and cash equivalents at the end of the period as reported in the statement of financial position (2) 32 359
Made up of:
Cash and cash equivalents 1 006 590 957
Bank overdrafts and other short-term borrowings (1 008) (558) (598)
Bank overdrafts (50) (52) (67)
Other short-term borrowings (958) (506) (531)


Notes to the condensed consolidated statement of cash flows

for the six months ended 31 March 2023
Six months ended
31 March
Rm Notes 2023
Unaudited
2022
Unaudited
Year ended
30 September
2022
Audited
A. Reconciliation of profit before tax to cash generated from operations before working capital changes
Profit before tax 572 449 1 179
Adjusted for:
Cash interest received 4 (20) (17) (31)
Dividend received 4 (2) (1)
Cash interest paid 5 74 36 81
Unwinding of present value discount 4,5 (4) (3) 3
Depreciation of property, plant and equipment and right-of-use assets 115 100 201
Amortisation of intangible assets 46 28 52
Profit on disposal of property, plant and equipment and intangible assets (2) (2) (1)
Fair value remeasurements
Gain on investment at fair value through profit or loss (4) (6)
Loss/(gain) on contingent consideration 1 (3) (3)
(Gain)/loss on put option derivative asset (8) 9 (16)
Gain on call option derivative liability (20) (8) (59)
Gain on put option liability (1) (1)
Impairment of intangible assets 17
Expenses arising from share-based payment transactions 6 6
Share-based payment expense in respect of the Group's CSP 15 15 16
Share-based payment expense in respect of the Group's Retention scheme 23
Share-based payment expense in respect of the Group's cash settled employee share ownership plan 4 7
Net unrealised forex losses/(gains) 20 21 (31)
Lease modification (18) (20) (48)
Impairment/(reversal of impairment) of financial assets
Credit write-off 4 6 13
Expected credit losses 49 (14) (18)
Provisions movements 23 5 (21)
Financial guarantee 5 4
Other non-cash movements (1) 2
Cash generated from operations before working capital changes 889 607 1 328