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Group performance review and outlook

Audited summarised consolidated annual financial statements

Statement of cash flows
for the year ended 30 June 2014

  Notes   Audited  
2014  
Rm  
Audited  
2013*
Rm  
Operating activities        
Cash (utilised) / retained from operations     (98)  627  
Depreciation     881   1 181  
Amortisation     28   50  
Non-cash and other movements     549   (337) 
Cash generated by operations     1 360   1 521  
Changes in working capital:      
Increase in inventories     (13)  (313) 
Increase in amounts due from contract customers     (2 094)  (2 368) 
Increase in trade and other receivables     (12)  (34) 
Increase in amounts due to contract customers     310   96  
Increase in trade and other payables     755   1 156  
Decrease in payables other than contract-related     (102)  —  
(Decrease) / increase in employee-related payables     (106)  159  
Total changes in working capital     (1 262)  (1 304) 
Cash generated by operating activities     98   217  
Finance and transaction expenses paid     (283)  (164) 
Finance earnings received     127   126  
Taxation paid     (252)  (464) 
Cash outflow from operating activities     (310)  (285) 
Investing activities      
Property, plant and equipment purchased      
– expansion   5   (384)  (459) 
– replacement   5   (677)  (925) 
Proceeds on disposal of property, plant and equipment     256   165  
Acquisition of investment property   5   —   (71) 
Acquisition of intangible assets   5   (176)  (29) 
Proceeds on disposal of intangible assets     —   2  
Movement in equity-accounted investments     (140)  (39) 
Acquisition of subsidiary     —   (9) 
Proceeds from sale of available-for-sale investment     —   80  
Dividend earnings     33   41  
Cash outflow from investing activities     (1 088)  (1 244) 
Operating free cash outflow     (1 398)  (1 529) 
Financing activities with equity-holders        
Shares repurchased     (7)  (47) 
Dividends paid     (6)  (242) 
Financing activities with debt-holders      
Proceeds from borrowings raised     1 336   603  
Net decrease in cash and bank balances before foreign exchange movements on cash     (75)  (1 215) 
Foreign exchange movements on cash and bank balances     314   308  
Cash and bank balances at the beginning of the year     3 897   4 804  
Total cash and bank balances at the end of the year   9   4 136   3 897  
Borrowings excluding bank overdrafts     2 867   1 531  
Net cash position     1 269   2 366  
* Comparatives have been amended as detailed in note 3: New accounting standards and interpretations adopted, changes in accounting policies and other reclassifications.