Annual integrated report 2018

2018 R’000 2017 R’000 7. CASH UTILISED BY OPERATIONS Operating profit 1 265 929 1 635 482 Impairment of investments 544 640 – Dividends received from subsidiaries (1 825 363) (1 650 240) Working capital changes Decrease in trade and other receivables – 8 122 (Decrease) increase in other payables (5 254) 6 155 Cash utilised by operations (20 048) (481) 8. TAXATION PAID Balance (payable) receivable at beginning of year (4 715) 41 Current taxation charge (4 178) (5 148) Balance (receivable) payable at end of year (1) 4 715 Amounts paid (8 894) (392) 9. SUBSEQUENT EVENTS No material subsequent events have arisen since June 30 2018. 10. RELATED PARTIES The subsidiaries and associates of the group are related parties of the company. The company has loaned an amount to Crown Food Ingredients Zambia Limited (Crown Zambia). Crown Zambia is charged interest at the South African prime lending rate. All expenditure incurred by the company is borne by a subsidiary in lieu of administration fees and interest. 11. 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. 12. 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. 13. FINANCIAL INSTRUMENTS The credit risk on cash and cash equivalents is addressed by utilising financial institutions of good standing for investment and cash management purposes. 14. DIRECTORS’ EMOLUMENTS Disclosure on directors’ emoluments has been included in note 11.2 of the notes of the consolidated financial statements. 15. ACCOUNTING POLICIES The accounting policies for the separate financial statements are the same as the consolidated financial statements, unless specifically stated otherwise. 149 Bid Corporation Limited Annual integrated report 2018 This is Bidcorp ifc – 13 Leadership review 14 – 23 ESG reviews 24 – 47 Governance review 48 – 59 Financial statements 60 – ibc