Summarised consolidated statement of cash flows
for the year ended 29 February 2020
| US$'000 | Audited Year ended February 2020 |
Audited Year ended February 2019 |
||
|---|---|---|---|---|
| Profit before taxation | 59 820+ | 35 909+ | ||
| Non-cash items | 98 518 | 53 022 | ||
| Operating profit before working capital changes | 158 338 | 88 931 | ||
| Working capital changes | 56 984 | (21 228) | ||
| Decrease/(increase) in inventories | 70 992 | (95 518) | ||
| Decrease/(increase) in receivables | 78 496 | (90 937) | ||
| (Decrease)/increase in payables | (69 698) | 171 592 | ||
| Increase in revenue-related assets | (23 252) | (17 234) | ||
| Increase in revenue-related liabilities | 446 | 10 869 | ||
| Other working capital changes | 247 | 1 287 | ||
| Cash generated from operations | 215 569 | 68 990 | ||
| Net finance costs paid# | (30 972) | (22 434) | ||
| Taxation paid | (36 941) | (38 531) | ||
| Net cash inflow from operating activities | 147 656 | 8 025 | ||
| Cash outflow for acquisitions | (9 300) | (25 450) | ||
| Disposal of investments | 7 841 | 10 201 | ||
| Additions to investments | (1 592) | (7 283) | ||
| Additions to property, plant and equipment | (15 536) | (23 769) | ||
| Additions to capitalised development expenditure | (10 517) | (11 264) | ||
| Additions to software | (1 983) | (1 853) | ||
| Proceeds on disposal of property, plant and equipment | 121 | 132 | ||
| Net cash outflow from investing activities | (30 966) | (59 286) | ||
| Dividend paid to shareholders | (12 167) | – | ||
| Treasury shares purchased | (2 230) | – | ||
| Shares purchased for equity-settled share-based payments | (5 108) | – | ||
| Share repurchases | (44 345) | (43 881) | ||
| Dividends paid to non-controlling interests | (2 970) | (53) | ||
| Earn-out received net of costs | 13 966 | – | ||
| Amounts paid to vendors | (196) | (927) | ||
| Repayment of lease liabilities – principal | (16 260) | – | ||
| Proceeds from short-term liabilities | 53 110 | 65 203 | ||
| Repayment of short-term liabilities | (61 620) | (77 830) | ||
| Proceeds from long-term liabilities | 16 002 | 13 366 | ||
| Repayment of long-term liabilities | (14 963) | (10 462) | ||
| Net cash outflow from financing activities | (76 781) | (54 584) | ||
| Net increase/(decrease) in cash and cash equivalents | 39 909 | (105 845) | ||
| Cash and cash equivalents at the beginning of the year | 40 381 | 161 342 | ||
| Translation differences on cash and cash equivalents | 3 099 | (15 116) | ||
| Cash and cash equivalents at the end of the year** | 83 389 | 40 381 | ||
| Cash flows from discontinued operations | ||||
| Net cash outflow from operating activities | (144) | (606) | ||
| Net cash inflow from financing activities | 13 966 | – | ||
| Net increase/(decrease) in cash and cash equivalents | 13 822 | (606) |
| ** | Comprises cash resources, net of bank overdrafts. |
| + | Includes both continuing and discontinued operations |
| # | Includes non-cash accruals. |