Consolidated statement of cash flows
for the period ended
| Unaudited 26 weeks to 31 August 2014 Rm |
Unaudited 26 weeks to 1 September 2013 Rm |
Audited 52 weeks to 2 March 2014 Rm |
||
| Cash flows from operating activities | ||||
| Trading profit | 385.7 | 317.0 | 1 008.1 | |
| Depreciation and amortisation | 427.3 | 478.8 | 948.4 | |
| Share-based payment expense | 39.3 | 34.7 | 71.5 | |
| Movement in net operating lease liabilities | 52.9 | 51.4 | 90.8 | |
| Movement in provisions | (3.6) | 9.6 | (0.9) | |
| Fair value adjustments | 6.6 | 3.6 | (6.6) | |
| Cash generated before movements in working capital | 908.2 | 895.1 | 2 111.3 | |
| Movements in working capital | 941.0 | 1 387.1 | 781.3 | |
| Movements in trade and other payables | 981.0 | 1 357.6 | 1 229.7 | |
| Movements in inventory | (171.7) | 45.8 | 31.6 | |
| Movements in trade and other receivables | 131.7 | (16.3) | (480.0) | |
| Cash generated by trading activities | 1 849.2 | 2 282.2 | 2 892.6 | |
| Interest received | 26.0 | 19.2 | 44.3 | |
| Interest paid | (59.9) | (74.1) | (143.9) | |
| Cash generated by operations | 1 815.3 | 2 227.3 | 2 793.0 | |
| Dividends paid | (363.0) | (328.2) | (397.2) | |
| Tax paid | (136.3) | (113.1) | (270.2) | |
| Cash generated by operating activities | 1 316.0 | 1 786.0 | 2 125.6 | |
| Cash flows from investing activities | ||||
| Investment in intangible assets | (67.6) | (103.8) | (289.2) | |
| Investment in property, plant and equipment | (281.4) | (453.9) | (882.4) | |
| Purchase of operations | (50.9) | – | (103.3) | |
| Proceeds on disposal of intangible assets | 1.6 | – | 11.1 | |
| Proceeds on disposal of property, plant and equipment | 27.8 | 15.2 | 38.2 | |
| Loans (advanced)/repaid | (16.7) | 3.5 | 6.9 | |
| Participation in export partnerships | (1.8) | (9.9) | 3.0 | |
| Retirement obligation | (6.8) | 5.1 | (4.0) | |
| Cash utilised in investing activities | (395.8) | (543.8) | (1 219.7) | |
| Cash flows from financing activities | ||||
| Borrowings (repaid)/raised | (703.6) | 397.9 | 280.9 | |
| Share repurchases | (122.7) | (10.6) | (45.7) | |
| Proceeds from employees on settlement of share options | 0.8 | 0.6 | 1.3 | |
| Cash (utilised in)/generated by financing activities | (825.5) | 387.9 | 236.5 | |
| Net increase in cash and cash equivalents | 94.7 | 1 630.1 | 1 142.4 | |
| Cash and cash equivalents at beginning of period | 870.3 | (269.9) | (269.9) | |
| Effect of exchange rate fluctuations on cash and cash equivalents | 0.4 | (19.9) | (2.2) | |
| Net cash and cash equivalents at end of period | 965.4 | 1 340.3 | 870.3 | |
| Consisting of: | ||||
| Cash and cash equivalents | 1 285.4 | 1 340.3 | 1 540.3 | |
| Bank overdraft and overnight borrowings | (320.0) | – | (670.0) | |