Summarised consolidated statement of cash flows
FOR THE YEAR ENDED 30 SEPTEMBER
| Audited | |||
| R million | Notes | 2020 | Restated * 2019 |
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Operating cash flows before movements in working capital | 5 210 | 6 474 | |
| Movement in working capital | 670 | 765 | |
| Cash generated from operations before investment in rental fleets and leasing receivables | 5 880 | 7 239 | |
| Inflow of investment in leasing receivables | 65 | 161 | |
| Fleet leasing and equipment rental fleet | (673) | (1 118) | |
| Additions | (2 347) | (2 940) | |
| Proceeds on disposal | 1 674 | 1 822 | |
| Vehicles rental fleet | 524 | (809) | |
| Additions | (2 192) | (3 546) | |
| Proceeds on disposal | 2 716 | 2 737 | |
| Cash generated from operations | 5 796 | 5 473 | |
| Finance costs | (1 274) | (1 134) | |
| Realised adjustments on financial instruments | (223) | (130) | |
| Dividends received from investments, associates and joint ventures | 20 | 72 | |
| Interest received | 155 | 204 | |
| Taxation paid | (933) | (774) | |
| Cash inflow from operations | 3 541 | 3 711 | |
| Dividends paid (including non-controlling interest) | (1 127) | (1 057) | |
| Cash retained from operating activities | 2 414 | 2 654 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Acquisition of subsidiaries | (2 766) | (5) | |
| Proceeds on disposal of subsidiaries | 14 | (84) | |
| Investments realised | 367 | 114 | |
| Acquisition of intangible assets | (84) | (163) | |
| Proceeds on disposal of intangible assets | 5 | ||
| Acquisition of property, plant and equipment | (536) | (633) | |
| Replacement capital expenditure | (254) | (154) | |
| Expansion capital expenditure | (282) | (479) | |
| Proceeds on disposal of property, plant and equipment | 39 | 119 | |
| Net cash used in investing activities | (2 966) | (647) | |
| Net cash (outflow)/inflow before financing activities | (552) | 2 007 | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Shares repurchased for equity-settled share-based payments | (87) | (122) | |
| Share buy back | (1 562) | ||
| Non-controlling interest loan contribution | 9 | ||
| Proceeds from Khula Sizwe black public equity funding | 164 | ||
| Proceeds from long term borrowings | 2 760 | 69 | |
| Repayment of long term borrowings | (1 978) | (1 449) | |
| Movement in short term interest-bearing liabilities | 444 | (1 529) | |
| Repayments of lease liabilities | (343) | ||
| Net cash used in financing activities | (766) | (2 858) | |
| Net decrease in cash and cash equivalents | (1 318) | (851) | |
| Cash and cash equivalents at beginning of year | 7 274 | 7 893 | |
| Cash and cash equivalents held-for-sale at the beginning of year | 29 | 19 | |
| Effect of foreign exchange rate movement on cash balance | 443 | 71 | |
| Effect of foreign exchange rate movement on USD denominated cash | (187) | 171 | |
| Cash balance held in Escrow | 502 | ||
| Effect of cash balances classified as held-for-sale | (29) | ||
| Cash and cash equivalents at end of year | 6 743 | 7 274 | |
| * | Restated for the following line items: investment in leasing receivables (reclassified), acquisition of subsidiaries and intangibles (separately reported), investments realised (separately reported) and proceeds on disposal of subsidiaries. |
This set of financial statements has been extracted from the summarised preliminary report issued on 30 November 2020 which EY expressed an opinion that the preliminary consolidated
financial statements are consistent, in all material respects, with the audited consolidated financial statements. This set of summarised consolidated financial statements is a summary of the
complete set of financial statements available for inspection at our registered office and the Company's website (www.barloworld.com/investors). An unmodified audit opinion was issued on
the complete set of the consolidated financial statements.