Summary consolidated statement of cash flowsfor the year ended 28 February 2023
| US$'000 | Audited Year ended 28 February 2023 |
Audited Year ended 28 February 2022 |
||
| Profit before taxation – combined operations | 98 383 | 50 935 | ||
|---|---|---|---|---|
| Non-cash items | 93 226 | 122 584 | ||
| Operating profit before working capital changes | 191 609 | 173 519 | ||
| Working capital changes | (25 542) | (83 791) | ||
| Increase in inventories | (109 055) | (66 806) | ||
| Increase in receivables | (347 606) | (96 647) | ||
| Increase in payables | 484 124 | 89 254 | ||
| Increase in contract assets and contract costs | (89 989) | (27 051) | ||
| Increase in deferred revenue | 36 984 | 17 459 | ||
| Decrease in other non-current assets | 754 | — | ||
| Decrease in finance lease receivables | 6 585 | 6 984 | ||
| Cash generated from operations | 173 406 | 96 712 | ||
| Net finance costs paid+~ | (38 596) | (31 265) | ||
| Taxation paid | (24 182) | (26 282) | ||
| Net cash inflow from operating activities | 110 628 | 39 165 | ||
| Cash outflow for acquisitions | (15 992) | (6 610) | ||
| Settlement of Siticom acquisition-related option | — | (5 853) | ||
| Settlement of deferred purchase consideration | — | (1 962) | ||
| Outflow of restricted cash | — | (8 709) | ||
| Inflow of restricted cash | — | 5 767 | ||
| Proceeds on disposal of investments | 4 425 | 1 943 | ||
| Inflow from investments (Angola government bonds) | 2 598 | — | ||
| Loan to associate | — | (1 000) | ||
| Dividend received from investments | 989 | 225 | ||
| Additions to equity-accounted investments | (3 432) | (1 123) | ||
| Net proceeds on disposal of Analysys Mason | 128 390 | — | ||
| Disposal-related costs | (4 600) | — | ||
| Additions to property, plant and equipment | (18 326) | (11 084) | ||
| Additions to capitalised development expenditure | (15 425) | (11 701) | ||
| Additions to software | (2 918) | (2 056) | ||
| Proceeds on disposal of property, plant and equipment | 760 | 572 | ||
| Net cash inflow/(outflow) from investing activities | 76 469 | (41 591) | ||
| Dividend paid to shareholders | (154 399) | (43 136) | ||
| Dividends paid to non-controlling interests | (1 231) | (1 708) | ||
| Treasury shares purchased | (7 725) | (6 150) | ||
| Settlement of deferred purchase consideration | (4 402) | — | ||
| Loan repayment from associate | 1 007 | — | ||
| Overdrafts repayable on demand under certain conditions~ | (2 316) | 7 082 | ||
| Repayment of lease liabilities – principal | (33 872) | (36 121) | ||
| Proceeds from short-term liabilities | 136 201 | 42 647 | ||
| Repayment of short-term liabilities | (10 118) | (28 609) | ||
| Proceeds from long-term liabilities | 58 296 | 84 882 | ||
| Repayment of long-term liabilities | (72 757) | (82 564) | ||
| Net cash outflow from financing activities | (91 316) | (63 677) | ||
| Net increase/(decrease) in cash and cash equivalents | 95 781 | (66 103) | ||
| Cash and cash equivalents at the beginning of the year | 415 973 | 478 772 | ||
| Translation differences on cash and cash equivalents | 1 032 | 3 304 | ||
| Cash and cash equivalents at the end of the year - combined operations (refer to notes 9 and 12) | 512 786 | 415 973 |
| + | Finance costs include US$6.0 million (FY22: US$5.3 million) of finance costs related to finance leases that are included in cash flows from operating activities. |
| ~ | Finance costs include US$18.4 million (FY22: US$12.8 million) interest on bank overdrafts repayable on demand under certain conditions. These finance costs are included in cash flows from operating activities. |
