147 / 166
2017
R’000
2016
R’000
5.
CASH UTILISED BY OPERATIONS
Operating loss
(63)
(3)
Shareholder-related costs
(13 711)
–
Other costs
(984)
–
Working capital changes
Decrease (increase) in trade and other receivables
8 122
(3 802)
Increase in other payables
6 155
–
Cash utilised by operations
(481)
(3 805)
6.
TAXATION PAID
Balance receivable (payable) at beginning of year
41
(36)
Current taxation charge
(5 148)
(2 321)
Foreign withholding tax
–
(2 123)
Balance payable (receivable) at end of year
4 715
(41)
Amounts paid
(392)
(4 521)
7.
SUBSEQUENT EVENTS
No material subsequent events have arisen since June 30 2017.
8.
RELATED PARTIES
The subsidiaries and associates of the group are related parties of the company. The company has made loans to, and has received loans
from, certain of these entities, details of which are reflected in annexure A of these financial statements.
9.
ACCOUNTING ESTIMATES AND JUDGEMENTS
CFC income (tax)
Detailed calculations are performed to determine taxation due on controlled foreign companies (CFCs) in terms of section 9D of the Income
Tax Act. These calculations are based on financial data obtained directly from the CFCs.
10.
GOING CONCERN
The financial statements have been prepared on a going concern basis as the directors have every reason to believe that the company has
adequate resources in place to continue in operation in the foreseeable future.
143
Annual integrated report 2017
Bid Corporation Limited