SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWSFor the year ended 28 February 2022
| USD'000 | Audited Year ended 28 February 2022 |
Audited Year ended 28 February 2021 |
| Profit before taxation | 50 935 | 25 244 |
|---|---|---|
| Non-cash items | 122 584 | 129 244 |
| Operating profit before working capital changes | 173 519 | 154 488 |
| Working capital changes | (83 791) | 78 154 |
| (Increase)/decrease in inventories | (66 806) | 13 324 |
| (Increase)/decrease in receivables | (96 647) | 15 314 |
| Increase in payables | 89 254 | 88 373 |
| Increase in contract assets and contract costs | (27 051) | (50 526) |
| Increase in deferred revenue | 17 459 | 11 669 |
| Decrease in other non-current assets | – | 1 709 |
| Decrease in finance lease receivables | 6 984 | – |
| Cash generated from operations | 96 712 | 234 351 |
| Net finance costs paid+~ | (31 265) | (25 745) |
| Taxation paid | (26 282) | (36 597) |
| Net cash inflow from operating activities | 39 165 | 172 009 |
| Net cash outflow for acquisitions | (6 610) | (5 536) |
| Settlement of Siticom acquisition-related option | (5 853) | – |
| Settlememt of acquisition-related libilities | (1 962) | – |
| Outflow of restricted cash | (8 709) | – |
| Inflow of restricted cash | 5 767 | – |
| Disposal of investments | 1 943 | – |
| Disposal of investments (Angola government bonds) | – | 5 842 |
| Loan to associates | (1 000) | – |
| Dividend received from investment | 225 | – |
| Additions to equity-accounted investments | (1 123) | (1 202) |
| Additions to property, plant and equipment | (11 084) | (17 817) |
| Additions to capitalised development expenditure | (11 701) | (10 945) |
| Additions to software | (2 056) | (6 383) |
| Proceeds on disposal of property, plant and equipment | 572 | 1 842 |
| Net cash outflow from investing activities | (41 591) | (34 199) |
| Dividends paid to shareholders | (43 136) | – |
| Treasury shares purchased | (6 150) | (2 808) |
| Increase in minority shareholding | – | 370 |
| Dividends paid to non-controlling interests | (1 708) | (4 905) |
| Settlement of acquisition-related liabilities | – | (3 130) |
| Overdrafts repayable on demand under certain conditions | 7 082 | (109 667) |
| Repayment of lease liabilities – principal | (36 121) | (56 549) |
| Proceeds from short-term liabilities | 42 647 | 218 210 |
| Repayment of short-term liabilities | (28 609) | (49 992) |
| Proceeds from long-term liabilities | 84 882 | 50 832 |
| Repayment of long-term liabilities | (82 564) | (27 416) |
| Net cash (outflow)/inflow from financing activities | (63 677) | 14 945 |
| Net (decrease)/increase in cash and cash equivalents | (66 103) | 152 755 |
| Cash and cash equivalents at the beginning of the year | 478 772 | 332 304 |
| Translation differences on cash and cash equivalents | 3 304 | (6 287) |
| Cash and cash equivalents at the end of the year (refer to note 9) | 415 973 | 478 772 |
| + | Finance costs include US$5.3 million (FY21: US$4.9 million) of finance costs related to finance leases that are included in cash flows |
| ~ | Finance costs include US$12.8 million (FY21: US$13.5 million) interest on bank overdrafts repayable on demand under certain conditions. These finance costs are included in cash flows from operating activities. |
