Summarised consolidated statement of cash flows
for the year ended 28 February 2021
| US$'000 | Audited Year ended February 2021 |
Audited Restated# Year ended February 2020 |
||
| Profit before taxation | 25 244 | 59 820@ | ||
|---|---|---|---|---|
| Non-cash items | 129 244 | 98 518 | ||
| Operating profit before working capital changes | 154 488 | 158 338 | ||
| Working capital changes | 78 154 | 56 984 | ||
| Decrease in inventories | 13 324 | 70 992 | ||
| Decrease in receivables | 15 314 | 78 496 | ||
| Increase/(decrease) in payables | 88 373 | (69 698) | ||
| Increase in contract assets and contract costs | (50 526) | (23 252) | ||
| Increase in deferred revenue | 11 669 | 446 | ||
| Other non-current assets | 1 709 | – | ||
| Decrease in finance lease receivables | – | 247 | ||
| Cash generated from operations | 234 351 | 215 569 | ||
| Net finance costs paid+/~ | (25 745) | (30 972) | ||
| Taxation paid | (36 597) | (36 941) | ||
| Net cash inflow from operating activities | 172 009 | 147 656 | ||
| Cash outflow for acquisitions | (5 536) | (9 300) | ||
| Disposal of investments (Angola government bonds) | 5 842 | 7 841 | ||
| Additions to equity-accounted investments | (1 202) | (1 592) | ||
| Additions to property, plant and equipment | (17 817) | (15 536) | ||
| Additions to capitalised development expenditure | (10 945) | (10 517) | ||
| Additions to software | (6 383) | (1 983) | ||
| Proceeds on disposal of property, plant and equipment | 1 842 | 121 | ||
| Net cash outflow from investing activities | (34 199) | (30 966) | ||
| Dividend paid to shareholders | – | (12 167) | ||
| Treasury shares purchased | – | (2 230) | ||
| Increase in minority shareholding | 370 | – | ||
| Treasury shares purchased to settle equity-settled share-based payments | (2 808) | (5 108) | ||
| Share repurchases | – | (44 345) | ||
| Dividends paid to non-controlling interests | (4 905) | (2 970) | ||
| Earn-out received net of costs | – | 13 966 | ||
| Amounts paid to vendors | (3 130) | (196) | ||
| Overdrafts repayable on demand under certain conditions~ | (109 667) | (32 073) | ||
| Repayment of lease liabilities – principal | (56 549) | (16 260) | ||
| Proceeds from short-term liabilities | 218 210 | 53 110 | ||
| Repayment of short-term liabilities | (49 992) | (61 620) | ||
| Proceeds from long-term liabilities | 50 832 | 16 002 | ||
| Repayment of long-term liabilities | (27 416) | (14 963) | ||
| Net cash inflow/(outflow) from financing activities | 14 945 | (108 854) | ||
| Net increase in cash and cash equivalents | 152 755 | 7 836 | ||
| Cash and cash equivalents at the beginning of the year | 332 304 | 333 738 | ||
| Translation differences on cash and cash equivalents | (6 287) | (9 270) | ||
| Cash and cash equivalents at the end of the year | 478 772 | 332 304 | ||
| CASH FLOWS FROM DISCONTINUED OPERATIONS | ||||
| Net cash outflow from operating activities | – | (144) | ||
| Net cash inflow from financing activities | – | 13 966 | ||
| Net increase in cash and cash equivalents | – | 13 822 | ||
| @ | Includes both continuing and discontinued operations. |
| + | Finance costs include US$4.9 million (FY20: US$6.0 million) of finance costs related to finance leases that are included in cash flows from operating activities. |
| ~ | Finance costs include US$13.5 million (FY20: US$17.9 million) interest on bank overdrafts repayable on demand under certain conditions. These finance costs are included in cash flows from operating activities. |
| # | The Group restated its statement of cash flows for FY20 to exclude certain bank overdrafts from cash and cash equivalents. Bank overdrafts that are repayable on demand under certain circumstances, but not unconditionally repayable on demand, have now been excluded from cash and cash equivalents and cash flows associated with these bank overdrafts are now shown as cash flows from financing activities. The restatement relates to banking arrangements that form an integral part of the Group's cash management. |
