SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 March 2022
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| Note | 2022 ZAR’m |
2021 ZAR’m |
|
| Cash flows from operating activities | |||
| Cash generated from operating activities | 12 723 | 13 909 | |
| Interest income received | 255 | 263 | |
| Interest costs paid | (752) | (796) | |
| Settlement of share-based compensation awards1 | – | (349) | |
| Taxation paid2 | (3 572) | (4 095) | |
| Net cash generated from operating activities | 8 654 | 8 932 | |
| Cash flows from investing activities | |||
| Property, plant and equipment acquired | (626) | (755) | |
| Proceeds from sale of property, plant and equipment | 15 | 54 | |
| Intangible assets acquired3 | (462) | (858) | |
| Proceeds from sale of intangible assets | 15 | 9 | |
| Decrease/(increase) in restricted cash | 221 | (79) | |
| Investment in associate | 6 | (4 244) | (1 351) |
| Loans to Enterprise Development Trust beneficiaries | (39) | (28) | |
| Repayment of Enterprise Development Trust loans | 9 | 21 | |
| Loans to related parties | – | (39) | |
| Cash received from other investments and loans | 29 | – | |
| Cash paid for other investments and loans4 | (153) | (50) | |
| Net cash utilised in investing activities | (5 235) | (3 076) | |
| Cash flows from financing activities | |||
| Proceeds from long and short-term loans raised5,6,7,8 | 5 453 | 2 000 | |
| Repayments of long and short-term loans5,6,7,8 | (2 866) | (631) | |
| Settlement of contingent consideration9 | 6 | (467) | – |
| Repayments of lease liabilities | (2 007) | (1 855) | |
| Purchases of shares for group share schemes10 | (87) | (152) | |
| Repurchase of treasury shares | (308) | – | |
| Transactions with non-controlling interests11 | (9) | – | |
| Dividends paid by holding company | (2 418) | (2 411) | |
| Dividends paid by subsidiaries to non-controlling shareholders | (1 506) | (1 491) | |
| Net cash utilised in financing activities | (4 215) | (4 540) | |
| Net movement in cash and cash equivalents | (796) | 1 316 | |
| Foreign exchange translation adjustments on cash and cash equivalents12 | (1 586) | (1 924) | |
| Cash and cash equivalents at the beginning of the year | 8 537 | 9 145 | |
| Cash and cash equivalents at the end of the year | 6 155 | 8 537 |
| 1 | Relates to the settlement paid to employees due to the closure of the MultiChoice 2008 SAR scheme in the prior year. |
| 2 | Decrease relates to a lower third top-up payment and reduced profitability in the South Africa segment. |
| 3 | Decrease relates primarily to a reduction in investment in a multi-year programme to upgrade the group’s customer service, billing and data capabilities. |
| 4 | In FY22, the group made a USD10m investment in Trust Machines SPV, LLC applications and platforms (note 8). |
| 5 | A ZAR4bn term loan was concluded in November 2021 to fund the group’s additional investment in KingMakers. The loan has a five-year term and bears interest at three-month JIBAR + 1.35%. As at 31 March 2022, ZAR900m of this loan had been repaid. |
| 6 | During FY22, the group utilised short term banking facilities of ZAR1.450bn. The facilities attracted interest at a market-related interest rate. The facilities were utilised for working capital in the group. As at 31 March 2022, all these facilities had been fully repaid. |
| 7 | An amortising working capital loan of ZAR1.5bn was concluded in FY21. The loan has a three-year term and bears interest at three-month JIBAR + 1.70%. As at 31 March 2022, ZAR625m of this loan had been repaid with ZAR500m paid during FY22. |
| 8 | During FY21, the group utilised a short-term banking facility for ZAR500m. The facility attracted interest at a market related interest rate. The facility was utilised for working capital in the group. As at 31 March 2021, the facility had been fully repaid. |
| 9 | In October 2021, the group increased its investment in KingMakers which triggered the payment of the contingent consideration of USD31m (ZAR467m) which was recognised on the consolidated statement of financial position as at 31 March 2021 (note 6). |
| 10 | Relates to the purchase of group shares, which were used to settle the group’s share-based compensation awards. |
| 11 | In March 2022, the group acquired the remaining 49% of shares in SuperSport Schools. SuperSport Schools is now 100% owned by the group. |
| 12 | Includes losses of ZAR1.1bn (FY21: ZAR575m) incurred in Nigeria, within the Rest of Africa segment, due to differences between the I&E rate used by the group for translation and the parallel rate at which cash has been extracted. |