Content
Cash flow statements
for the year ended 28 February 2010
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| Notes | 2010 Rm |
2009 Rm* |
2010 Rm |
2009 Rm |
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| Cash flows from operating activities | |||||||||
| Trading profit/(loss) | 1 652.5 | 1 695.6 | (0.6) | — | |||||
| Loss on sale of equipment and vehicles | 5.6 | 13.7 | — | — | |||||
| Depreciation and amortisation | 735.3 | 615.8 | — | — | |||||
| Share options expense | 65.2 | 59.1 | — | — | |||||
| Net operating lease obligations | 36.5 | 33.4 | |||||||
| Cash generated/(utilised) before movements in working capital | 2 495.1 | 2 417.6 | (0.6) | — | |||||
| Movements in working capital: | (46.4) | 211.8 | 0.1 | (0.2) | |||||
| Increase in trade and other payables | 269.9 | 1 149.4 | 0.9 | 0.6 | |||||
| Increase in inventory | (148.9) | (415.2 ) | — | — | |||||
| Increase in trade and other receivables | (167.4) | (522.4) | (0.8) | (0.8) | |||||
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| Cash generated by/(utilised in) trading activities | 2 448.7 | 2 629.4 | (0.5) | (0.2) | |||||
| Interest received | 75.9 | 71.9 | — | — | |||||
| Interest paid | (91.6) | (107.5) | — | — | |||||
| Cash generated by/(utilised in) operations | 2 433.0 | 2 593.8 | (0.5) | (0.2) | |||||
| Dividends received | 1 | — | — | 447.8 | 395.7 | ||||
| Dividends paid | 5 | (814.6) | (717.8) | (447.3) | (395.9) | ||||
| Tax paid | (457.5) | (567.8) | — | (0.1) | |||||
| Net cash from/(utilised in) operating activities – continuing operations | 1 160.9 | 1 308.2 | — | (0.5) | |||||
| Net cash utilised in operating activities – discontinued operation | (212.7) | (56.1) | — | — | |||||
| Total net cash from/(utilised in) operating activities | 948.2 | 1 252.1 | — | (0.5) | |||||
| Cash flows from investing activities | |||||||||
| Investment in property, equipment and vehicles to expand operations | (367.3) | (386.0) | — | — | |||||
| Intangible asset additions | (50.3) | (52.9) | — | — | |||||
| Property additions | (140.3) | (46.7) | — | — | |||||
| Equipment and vehicle additions | (176.7) | (286.4) | — | — | |||||
| Investment in property, equipment and vehicles to maintain operations | (826.2) | (616.5) | — | — | |||||
| Intangible asset additions | (1.2) | (13.2) | — | — | |||||
| Property additions | (8.6) | (5.6) | — | — | |||||
| Aircraft additions | (0.7) | — | |||||||
| Equipment and vehicle additions | (815.7) | (597.7) | — | — | |||||
| Proceeds on disposal of property | 207.5 | 78.0 | — | — | |||||
| Proceeds on disposal of equipment and vehicles | 1.9 | 21.8 | — | ||||||
| Loans repaid/(advanced) | 3.9 | (7.6) | — | 0.5 | |||||
| Net cash (utilised in)/from investing activities – continuing operations | (980.2) | (910.3) | — | 0.5 | |||||
| Net cash from investing activities – discontinued operation (net proceeds on closure) | 56.8 | 68.9 | — | — | |||||
| Total net cash (utilised in)/from investing activities | (923.4) | (841.4) | — | 0.5 | |||||
| Cash flows from financing activities | |||||||||
| Debt repaid | (6.9) | (1.3) | — | — | |||||
| Share repurchases | (80.1) | (21.6) | — | — | |||||
| Proceeds from employees on settlement of share options | 36.4 | 31.3 | — | — | |||||
| Net cash (utilised in)/from financing activities – continuing operations | (50.6) | 8.4 | — | — | |||||
| Net (decrease)/increase in cash and cash equivalents | (25.8) | 419.1 | — | — | |||||
| Cash and cash equivalents at 1 March | 1 072.8 | 663.2 | — | — | |||||
| Effect of exchange rate fluctuations on cash and cash equivalents | 8.3 | (9.5) | — | — | |||||
| Cash and cash equivalents at 28 February | 1 055.3 | 1 072.8 | — | — | |||||
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*Restated – refer note 31.1 of the Pick n Pay Stores Limited’s financial statements.