Condensed consolidated statement of cash flows

for the six months to 31 August 2020

US$’000  Unaudited 
Six months 
to 31 August 
2020 
   Unaudited 
Six months 
to 31 August 
2019 
   Audited 
Year ended 
29 February 
2020 
  
Profit before taxation  15 384     26 237     59 820+   
Non-cash items  43 315     45 473     98 518    
Operating profit before working capital changes  58 699     71 710     158 338    
Working capital changes  79 126     5 635     56 984    
   (Increase)/decrease in inventories  (21 641)    27 881     70 992    
   (Increase)/decrease in receivables  (8 805)    34 619     78 496    
   Increase/(decrease) in payables  140 841     (38 922)    (69 698)   
   Increase in revenue-related assets  (32 399)    (5 248)    (23 252)   
   Increase/(decrease) in revenue-related liabilities  1 130     (12 695)    446    
Other working capital changes  (3 623)    469     247    
Cash generated from operations  134 202     77 814     215 569    
Net finance costs paid#  (12 602)    (13 637)    (30 972)   
Taxation paid  (12 941)    (16 593)    (36 941)   
Net cash inflow from operating activities  108 659     47 584     147 656    
Cash outflow for acquisitions  (6 896)    (1 081)    (9 300)   
Disposals of investments  4 961     5 859     7 841    
Additions to investments  (1 202)    (1 576)    (1 592)   
Additions to property, plant and equipment  (8 894)    (6 737)    (15 536)   
Additions to capitalised development expenditure  (3 103)    (3 919)    (10 517)   
Additions to software  (1 334)    (812)    (1 983)   
Proceeds on disposal of property, plant and equipment  82     67     121    
Net cash outflow from investing activities  (16 386)    (8 199)    (30 966)   
Dividend paid to shareholders  –     (12 167)    (12 167)   
Treasury shares purchased  –     (4 611)    (2 230)   
Shares purchased for equity-settled share-based payments  (2 810)    –     (5 108)   
Share repurchases  –     (19 459)    (44 345)   
Dividends paid to non-controlling interests  –     (932)    (2 970)   
Earn-out received net of costs  –     13 466     13 966    
Amounts paid to vendors  (2 805)    –     (196)   
Repayment of lease liabilities – principal  (15 231)    (11 345)    (16 260)   
Proceeds from short-term liabilities  5 257     17 893     53 110    
Repayment of short-term liabilities   (50 026)    (6 383)    (61 620)   
Proceeds from long-term liabilities  21 761     2 064     16 002    
Repayment of long-term liabilities  (49)    (20 072)    (14 963)   
Net cash outflow from financing activities  (43 903)    (41 546)    (76 781)   
Net increase/(decrease) in cash and cash equivalents  48 370     (2 161)    39 909    
Cash and cash equivalents at the beginning of the period  83 389     40 381     40 381    
Translation differences on cash and cash equivalents  3 880     (727)    3 099    
Cash and cash equivalents at the end of the period**  135 639     37 493     83 389    
CASH FLOWS FROM DISCONTINUED OPERATIONS                   
Net cash outflow from operating activities  –     –     (144)   
Net cash inflow from financing activities  –     13 466     13 966    
Net increase in cash and cash equivalents  –     13 466     13 822    
** Comprises cash resources, net of bank overdrafts.
# Includes interest on lease liabilities and non-cash accruals.
+ Includes both continuing and discontinued operations.


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