Pick n Pay Holdings Limited and its subsidiaries

Cash flow statements

for the year ended 29 February 2012

 

 

GROUP

 

COMPANY

 

2012 
Rm 

2011 
Rm 

 

2012 
Rm 

2011 
Rm 

Cash flows from operating activities 

                 

Trading profit/(loss)

 

1 265.9 

 

1 416.3 

   

(1.6)

 

(1.4)

Depreciation and amortisation 

 

808.1 

 

733.3 

   

— 

 

— 

Loss on sale of property, equipment and vehicles and intangible assets 

 

7.6 

 

— 

   

— 

 

— 

Share options expense 

 

95.7 

 

73.8 

   

— 

 

— 

Net operating lease obligations 

 

52.7 

 

29.3 

   

— 

 

— 

Cash generated/(utilised) before movements in working capital 

 

2 230.0 

 

2 252.7 

   

(1.6)

 

(1.4)

Movements in working capital: 

 

491.9 

 

(843.4)

   

0.4 

 

— 

Increase/(decrease) in trade and other payables 

 

1 032.0 

 

(677.2)

   

0.9 

 

(0.5)

Increase in inventory 

 

(172.2)

 

(349.1)

   

— 

 

— 

(Increase)/decrease in trade and other receivables 

 

(367.9)

 

182.9 

   

(0.5)

 

0.5 

Cash generated by/(utilised in) trading activities 

 

2 721.9 

 

1 409.3 

   

(1.2)

 

(1.4)

Interest received 

 

39.5 

 

39.5 

   

— 

 

— 

Interest paid 

 

(135.1)

 

(111.0)

   

— 

 

— 

Cash generated by/(utilised in) operations 

 

2 626.3 

 

1 337.8 

   

(1.2)

 

(1.4)

Dividends received 

 

— 

 

— 

   

329.4 

 

442.0 

Dividends paid 

 

(605.4)

 

(808.0)

   

(328.2)

 

(440.6)

Tax paid 

 

(462.1)

 

(526.3)

   

— 

 

— 

Net cash generated by operating activities – continuing operations 

 

1 558.8 

 

3.5 

   

— 

 

— 

Net cash (utilised in)/generated by operating activities – discontinued operation 

 

(330.4)

 

13.9 

   

— 

 

— 

Total net cash generated by operating activities 

 

1 228.4 

 

17.4 

   

— 

 

— 

Cash flows from investing activities 

                 

Investment in property, equipment and vehicles and intangible assets 

 

(1 611.0)

 

(1 245.7)

   

— 

 

— 

Intangible asset additions 

 

(271.7)

 

(82.5)

   

— 

 

— 

Property additions 

 

(446.8)

 

(289.2)

   

— 

 

— 

Equipment and vehicle additions 

 

(889.9)

 

(874.0)

   

— 

 

— 

Aircraft additions 

 

(2.6)

 

— 

   

— 

 

— 

Increase in investment in associate 

 

(102.5)

 

— 

   

— 

 

— 

Purchase of operations 

 

(106.4)

 

— 

   

— 

 

— 

Proceeds on disposal of property, equipment and vehicles and intangible assets 

 

44.5 

 

21.9 

   

— 

 

— 

Loans repaid 

 

9.4 

 

34.5 

   

— 

 

— 

Net cash utilised in investing activities – continuing operations 

 

(1 766.0)

 

(1 189.3)

   

— 

 

— 

Net cash generated by/(utilised in) investing activities – discontinued operation 

 

1 459.6 

 

(151.4)

   

— 

 

— 

Total net cash utilised in investing activities 

 

(306.4)

 

(1 340.7)

   

— 

 

— 

Cash flows from financing activities 

                 

Debt raised/(repaid)

 

787.5 

 

(32.5)

   

— 

 

— 

Share repurchases 

 

(42.7)

 

(90.2)

   

— 

 

— 

Proceeds from employees on settlement of share options 

 

31.1 

 

25.1 

   

— 

 

— 

Net cash generated by/(utilised in) financing activities – continuing operations 

 

775.9 

 

(97.6)

   

— 

 

— 

Net cash generated by financing activities – discontinued operation 

 

— 

 

10.0 

   

— 

 

— 

Total net cash generated by/(utilised in) financing activities 

 

775.9 

 

(87.6)

   

— 

 

— 

Net increase/(decrease) in cash and cash equivalents 

 

1 697.9 

 

(1 410.9)

   

— 

 

— 

Cash and cash equivalents at 1 March 

 

(431.8)

 

1 055.3 

   

— 

 

— 

Effect of exchange rate fluctuations on cash and cash equivalents 

 

5.6 

 

(76.2)

   

— 

 

— 

Cash and cash equivalents at end February 

 

1 271.7 

 

(431.8)

   

— 

 

— 

Continuing operations 

 

1 271.7 

 

(547.4)

   

— 

 

— 

Discontinued operation 

 

— 

 

115.6 

   

— 

 

—