Notes to the cash flow statements

for the year ended 30 September

 
 
    Group Company
     2010  
Rm  
2009  
Rm  
2010  
Rm  
2009  
Rm  
A.   RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS BEFORE WORKING CAPITAL CHANGES          
  Profit before taxation   1 288,0   1 547,8   960,7   1 088,6  
  Adjusted for:          
  Net interest received   (97,0)  (107,8)  (6,2)  (10,9) 
  Dividends received   (1,4)  (0,4)  (457,3)  (466,5) 
  Depreciation of property, plant and equipment   96,4   82,4   35,9   28,2  
  Amortisation of intangible assets   16,3   14,0   1,9   4,0  
  Impairment of property, plant and equipment   5,6   —   5,6   —  
  Share option expense   16,5   15,0   2,0   4,0  
  Profit on sale of shares in terms of BEE transaction   —   —   (99,0)  —  
  BEE transaction charge   34,0   —   —   —  
  IFRS 3 profit on acquisition of subsidiary   (8,2)  —   —   —  
  Net loss on disposal of property, plant and equipment   0,1   3,9   0,5   1,9  
  Fair valuation adjustment of financial instrument
– investment in NSN  
—   (299,2)  —   (299,2) 
  Other non–cash movements   12,3   27,6   1,6   20,5  
  Cash generated from operations before working capital changes   1 362,6   1 279,4   445,7   370,6  
B.   WORKING CAPITAL CHANGES          
  Inventory and contracts in progress   (130,0)  293,2   (58,0)  131,3  
  Accounts receivable and derivative assets   121,0   283,6   65,0   145,0  
  Trade and other payables and derivative liabilities   92,0   (62,9)  (0,7)  (93,3) 
  Working capital changes   83,0   513,9   6,3   183,0  
C.   RECONCILIATION OF TAXATION PAID TO THE AMOUNTS DISCLOSED IN THE INCOME STATEMENT AS FOLLOWS:          
  Net amounts unpaid at beginning of year   (6,4)  (84,4)  21,3   (36,5) 
  Current taxation per the income statement   (395,9)  (399,5)  (140,4)  (99,7) 
  Taxation charge on transaction with BEE partner   (2,0)  —   —   —  
  Taxation provisions of subsidiaries purchased   6,2   —      
  Net amounts unpaid at end of year   (9,8)  6,4   (4,6)  (21,3) 
  Cash amounts paid   (407,9)  (477,5)  (123,7)  (157,5) 
D.   RECONCILIATION OF CASH DIVIDENDS PAID TO THE AMOUNTS DISCLOSED IN THE STATEMENTS OF CHANGES IN EQUITY AS FOLLOWS:          
  Dividends per the statement of changes in equity   (456,0)  (546,3)  (503,2)  (602,9) 
  Dividends paid to outside shareholders in subsidiaries   (0,8)  (4,0)  —   —  
  Cash amounts paid   (456,8)  (550,3)  (503,2)  (602,9) 
E.   ANALYSIS OF DISPOSAL OF SUBSIDIARIES AND BUSINESSES:          
  Inventory   —   —   14,7   —  
  Accounts receivable   —   —   6,9   —  
  Trade and other payables and provisions   —   —   (5,3)  —  
  Property, plant and equipment   —   —   1,5   —  
  Intangible assets   —   —   0,2   —  
  Proceeds on disposal   —   —   18,0   —  
F.   ANALYSIS OF ACQUISITION OF SUBSIDIARIES AND BUSINESSES:          
  Shares acquired   —   —   112,2   0,2  
  Goodwill acquired   —   —   53,7   —  
  Deferred taxation   7,2   —   1,0   —  
  Property, plant and equipment   23,7   1,4   14,5   —  
  Intangible assets   —   11,9   0,1   —  
  Inventory   36,1   9,7   47,2   —  
  Accounts receivable   164,1   14,3   121,3   —  
  Taxation   6,2   —   —   —  
  Long-term liabilities   —   (7,0)  —   —  
  Trade and other payables and provisions   (80,0)  (5,4)  (87,3)  —  
  Amounts due to bankers and short-term loans   (168,1)  —   —   —  
  Fair value of assets and liabilities acquired   (10,8)  24,9   262,7   0,2  
  Purchase consideration   12,2   69,4   262,7   0,2  
  Goodwill arising on acquisition   (23,0)  (44,5)  —   —  
  Settled by:          
  Cash   (12,2)  (69,4)  (262,7)  (0,2) 
  Less: Amounts due to bankers and short-term loans   (168,1)  —   —   —  
  Less: Non-cash preference share deal in terms of BEE transaction   —   —   100,0   —  
  Less: Loans contributed by non-controlling shareholders   —   1,0   —   —  
  Net cash flow on acquisition of subsidiaries and businesses   (180,3)  (68,40   (162,7)  (0,2)