| |
|
|
2017
R'000 |
|
| |
|
|
|
|
| |
|
Profit before taxation from continuing operations |
895 157 |
|
724 844 |
|
| |
|
Profit before taxation from discontinued operations |
– |
|
7 675 |
|
| |
|
Profit before taxation |
895 157 |
|
732 519 |
|
| |
|
Adjusted for: |
|
|
|
|
| |
|
– amortisation of intangibles |
10 647 |
|
9 682 |
|
| |
|
– depreciation |
158 386 |
|
140 390 |
|
| |
|
– (profit)/loss on disposal/scrapping of property, plant and equipment |
(1 968) |
|
781 |
|
| |
|
– dividend income |
(4 340) |
|
(5 979) |
|
| |
|
– finance income |
(18 270) |
|
(16 938) |
|
| |
|
– finance costs |
26 187 |
|
40 253 |
|
| |
|
– equity accounted earnings |
(79 252) |
|
(64 144) |
|
| |
|
– share-based payment expenses |
34 345 |
|
40 660 |
|
| |
|
– equity options settlement |
(6 286) |
|
– |
|
| |
|
– provision for accounts receivable impairment and credit notes |
7 778 |
|
22 079 |
|
| |
|
– increase in provisions and post-retirement medical liability |
52 120 |
|
6 592 |
|
| |
|
– straight-lining of leases |
(907) |
|
999 |
|
| |
|
– impairment of intangible asset |
2 700 |
|
– |
|
| |
|
– impairment of long-term receivable |
2 535 |
|
217 |
|
| |
|
– inventories written off |
94 854 |
|
66 215 |
|
| |
|
– increase in inventory provisions |
19 306 |
|
15 422 |
|
| |
|
– foreign exchange loss |
4 850 |
|
13 060 |
|
| |
|
|
1 197 842 |
|
1 001 808 |
|
| |
|
|
|
|
| |
|
Increase in inventories |
(438 199)) |
|
(81 429) |
|
| |
|
Decrease/(Increase) Increase in trade and other receivables |
11 695 |
|
(183 547) |
|
| |
|
Increase in trade and other payables |
83 536 |
|
31 041 |
|
| |
|
|
(342 968) |
|
(233 935) |
|
| |
|
|
|
|
| |
|
Dividends paid to equity holders of the parent |
(235 904) |
|
(170 369) |
|
| |
|
Dividends paid to non-controlling shareholders |
(11 239) |
|
(5 484) |
|
| |
|
|
(247 143) |
|
(175 853) |
|
| |
|
|
|
|
| |
|
Amounts overpaid at beginning of year |
9 642 |
|
84 087 |
|
| |
|
Amounts charged to profit or loss |
(251 084) |
|
(206 157) |
|
| |
|
Continuing operations |
(251 084) |
|
(204 856) |
|
| |
|
Discontinued operations |
– |
|
(1 301) |
|
| |
|
Movement in deferred tax |
(555) |
|
(2 836) |
|
| |
|
Acquisition of business |
1 579 |
|
462 |
|
| |
|
Exchange rate adjustments |
(184) |
|
(93) |
|
| |
|
Reclassification to disposal group held-for-sale |
– |
|
898 |
|
| |
|
Amounts overpaid at end of year |
(6 061) |
|
(9 642) |
|
| |
|
|
(246 663) |
|
(133 281) |
|
| |
|
|
|
|
| |
|
Inventories |
87 003 |
|
16 485 |
|
| |
|
Trade and other receivables |
89 383 |
|
5 288 |
|
| |
|
Property, plant and equipment |
18 291 |
|
2 880 |
|
| |
|
Marketing-related intangible assets |
121 385 |
|
462 |
|
| |
|
Taxation receivable |
1 579 |
|
94 |
|
| |
|
Trade and other payables |
(99 602) |
|
(11 015) |
|
| |
|
Cash and cash equivalents/(bank overdraft) |
9 082 |
|
(2 275) |
|
| |
|
Short-term borrowings |
(24 297) |
|
(1 198) |
|
| |
|
Long-term borrowings |
– |
|
(920) |
|
| |
|
Deferred tax |
(27 622) |
|
204 |
|
| |
|
Provisions |
(2 255) |
|
– |
|
| |
|
Fair value of net assets |
172 947 |
|
10 005 |
|
| |
|
Goodwill arising on acquisition |
163 758 |
|
5 595 |
|
| |
|
Deferred consideration |
– |
|
(8 000) |
|
| |
|
Consideration paid |
336 705 |
|
7 600 |
|
| |
|
Net (cash)/bank overdraft acquired with the business |
(9 082) |
|
2 275 |
|
| |
|
Cash outflow on business combination |
327 623 |
|
9 875 |
|
| |
|
|
|
|
| |
|
Finance income – continuing operations |
18 270 |
|
15 665 |
|
| |
|
– discontinued operations |
– |
|
1 273 |
|
| |
|
|
18 270 |
|
16 938 |
|
| |
|
Less movement in receivable |
(907) |
|
– |
|
| |
|
|
17 363 |
|
16 938 |
|
| |
|
|
|
|
| |
|
Finance costs – continuing operations |
(26 187) |
|
(38 239) |
|
| |
|
– discontinued operations |
– |
|
(2 014) |
|
| |
|
|
(26 187) |
|
(40 253) |
|
| |
|
Add/(Less) movement in accrual |
582 |
|
(1 359) |
|
| |
|
|
(25 605) |
|
(41 612) |
|
| |
|
|
|
|
| |
|
Dividend income (note 3) |
4 340 |
|
5 979 |
|
| |
|
Dividend received from joint ventures |
25 760 |
|
15 389 |
|
| |
|
|
30 100 |
|
21 368 |
|
| |
|
|
|
|
| |
|
Balance at beginning of year |
251 908 |
|
500 000 |
|
| |
|
Non-cash items: Acquisition of business (note 1.1) |
24 297 |
|
2 118 |
|
| |
|
| |
Exchange rate adjustments |
|
(28) |
|
(82) |
|
| |
|
| |
Reclassification to disposal group held-for-sale |
|
– |
|
(7 822) |
|
| |
|
Balance at end of year |
– |
|
(251 908) |
|
| |
|
Cash movement in borrowings |
276 177 |
|
242 306 |
|
| |
|
Disclosed as follows: |
|
|
|
|
| |
|
Increase in borrowings |
– |
|
9 917 |
|
| |
|
Repayment of borrowings |
(276 177) |
|
(252 223) |
|
| |
|
|
(276 177) |
|
(242 306) |
|
| |
|
|
|
|
| |
|
Proceeds from sale of interest in Group Risk Holdings Proprietary Limited |
– |
|
318 |
|
| |
|
Decrease in Black Managers Share Trust |
5 232 |
|
32 038 |
|
| |
|
|
5 232 |
|
32 356 |
|