SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 March 2020
Download (EXCEL) |
2020 ZAR’m |
2019 ZAR’m |
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Cash flows from operating activities | ||||||
Cash generated from operating activities | 12 081 | 9 449 | ||||
Interest income received | 401 | 368 | ||||
Interest costs paid | (737) | (673) | ||||
Taxation paid | (3 988) | (3 694) | ||||
Net cash generated from operating activities | 7 757 | 5 450 | ||||
Cash flows from investing activities | ||||||
Property, plant and equipment acquired | (618) | (784) | ||||
Proceeds from sale of property, plant and equipment | 40 | 23 | ||||
Intangible assets acquired | (252) | (220) | ||||
Proceeds from sale of intangible assets | – | 3 | ||||
Loans to related parties1 | – | (27 726) | ||||
Repayment of loans by related parties1 | – | 28 590 | ||||
Increase in restricted cash2 | (459) | – | ||||
Acquisitions of subsidiaries and businesses, net of cash acquired | – | (8) | ||||
Investment in associate3 | (78) | – | ||||
Loans to Enterprise Development Trust | (15) | – | ||||
Net cash utilised in investing activities | (1 382) | (122) | ||||
Cash flows from financing activities | ||||||
Proceeds from long and short-term loans raised4 | – | 1 755 | ||||
Repayments of long and short-term loans4 | – | (1 813) | ||||
Proceeds from related party funding5 | – | 4 573 | ||||
Repayment of related party funding5 | – | (196) | ||||
Repayments of lease liabilities6 | (1 445) | (879) | ||||
Repayments of capital contribution from parent | – | (20) | ||||
Repurchase of treasury shares7 | (1 682) | – | ||||
Transactions with non-controlling interests8,9 | (23) | (85) | ||||
Dividends paid10 | – | (5 261) | ||||
Dividends paid by subsidiaries to non-controlling shareholders11 | (1 615) | (1 463) | ||||
Net cash utilised in financing activities | (4 765) | (3 389) | ||||
Net movement in cash and cash equivalents | 1 610 | 1 939 | ||||
Foreign exchange translation adjustments on cash and cash equivalents | 812 | 740 | ||||
Cash and cash equivalents at the beginning of the year | 6 723 | 4 044 | ||||
Cash and cash equivalents at the end of the year | 9 145 | 6 723 |
1 | Relates to gross inflows and outflows into the Naspers Limited group cash pool which was started at the end of FY17 to improve cash yield in the group. The cash pool participation with Naspers Limited ended in February 2019. |
2 | Restricted cash comprises initial margin deposits on Nigerian futures hedging instruments that are not highly liquid and have maturities of greater than three months. The increase from the prior year is due to the group increasing the level of cover on these instruments. |
3 | The group increased its interest in SafeRide Technologies Limited (SafeRide) to 22.80% within the technology segment. SafeRide is a leading provider of multi-layer cybersecurity and data analytics solutions for connected and autonomous vehicles. |
4 | In the prior year external funding was utilised to fund dividends paid to previous legal owners. |
5 | Relates to the gross funding inflows and outflows received by the Rest of Africa segment from Naspers Limited up until February 2019. |
6 | The increase relates primarily to the ZAR depreciation against the USD from a closing rate of ZAR14.50 in FY19 to ZAR17.86 in FY20 and the implementation of IFRS 16 Leases (refer to note 1). |
7 | As at 31 March 2020, the group holds 15.6m treasury shares which were repurchased for a total of ZAR1.7bn. In FY20 the group repurchased 15.6m treasury shares which resulted in a decrease in the number of ordinary shares issued. In total 5.5m shares were repurchased for the group’s restricted share unit (RSU) scheme and 4 231 RSUs were exercised during the year. Altogether 10.1m shares were repurchased as part of a general share buy-back. |
8 | During the year ended 31 March 2019, MultiChoice Africa Holdings B.V. increased its controlling interest in MultiChoice Uganda Limited and MultiChoice Tanzania Limited by 20% and 25% respectively for a purchase consideration of ZAR85m. During FY20, as part of a share swap transaction (refer to note 4) the group issued 3.7m shares to PN shareholders. This transaction did not have a cash flow impact. |
9 | In FY20, MultiChoice Africa Holdings B.V. increased its controlling interest in MultiChoice Uganda Limited by 5% for a purchase consideration of ZAR23m. |
10 | Relates to dividends paid by companies in the group to previous legal owners. |
11 | Relates primarily to dividends paid to PN. |