Bidcorp

Condensed interim consolidated statement of cash flows
for the

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			Half-year ended December 31						Year ended   June 30
R000s			2018  Unaudited			2017   Unaudited   Re-presented*			2018   Unaudited   Re-presented*
Cash flows from operating activities			414 116			(68 246)			2 427 578
	Operating profit		3 205 490			2 978 229			5 772 175
	Dividends from associates and jointly controlled entity		–			25 000			25 000
	Acquisition costs		8 613			14 630			35 541
	Depreciation and amortisation		642 287			566 718			1 156 326
	Non-cash items		52 217			(179 704)			(232 521)
	Cash generated by operations before changes in working capital		3 908 607			3 404 873			6 756 521
		Changes in working capital	(1 450 864)			(1 832 520)			(965 419)
	Cash generated by operations		2 457 743			1 572 353			5 791 102
	Net finance charges paid		(137 672)			(112 272)			(213 443)
	Taxation paid		(679 662)			(794 959)			(1 423 711)
	Dividends paid		(939 132)			(838 511)			(1 777 643)
	Net operating cash flows from discontinued operations		(287 161)			105 143			51 273
Cash effects of investment activities			(1 632 931)			(1 583 276)			(3 136 908)
	Additions to property, plant and equipment		(1 268 473)			(1 054 512)			(2 315 516)
	Acquisition of businesses, subsidiaries and associates		(337 512)			(588 231)			(965 611)
	Additions to intangible assets		(69 848)			(59 357)			(123 872)
	Proceeds on disposal of property, plant and equipment		29 248			112 250			292 005
	Proceeds on disposal of investments		21 180			11 583			26 902
	Proceeds on disposal of intangible assets		–			436			5 775
	Proceeds on disposal of interests in subsidiaries and associates		–			–			16 946
	Amounts advanced to associates		–			–			(11 643)
	Investments acquired		–			–			(45 575)
	Net investing cash flows from discontinued operations		(7 526)			(5 445)			(16 319)
Cash effects of financing activities			317 585			347 043			708 841
	Borrowings raised		2 526 433			2 762 115			5 381 256
	Borrowings repaid		(2 090 041)			(2 455 488)			(4 711 152)
	Receipts from non-controlling interests		2 551			5 587			5 495
	Payments to vendors for acquisition		(179 021)			(69 834)			(160 037)
	Proceeds on disposal of treasury shares		57 663			104 663			193 279
Net decrease in cash and cash equivalents			(901 230)			(1 304 479)			(489)
Cash and cash equivalents at beginning of period			6 643 149			6 348 049			6 348 049
Exchange rate adjustment			95 191			7 005			295 589
Cash and cash equivalents at end of period			5 837 110			5 050 575			6 643 149
Cash and cash equivalents comprise:
		Cash and cash equivalents	5 279 911			5 194 090			5 927 352
		Cash and cash equivalents of discontinued operations	594 267			(89 744)			715 797
		Bank overdrafts included in short-term portion of interest-bearing borrowings	(37 068)			(53 771)			–
			5 837 110			5 050 575			6 643 149

* Refer to ‘Preparation and results’ note.