Condensed consolidated statement of cash flows
for the six months to 31 August 2021
| US$'000 | Unaudited Six months to 31 August 2021 |
Unaudited Restated# Six months to 31 August 2020 |
Audited Year ended 28 February 2021 |
||
| Profit before taxation | 25 393 | 15 384 | 25 244 | ||
|---|---|---|---|---|---|
| Non-cash items | 62 035 | 43 315 | 129 244 | ||
| Operating profit before working capital changes | 87 428 | 58 699 | 154 488 | ||
| Working capital changes | (91 443) | 79 126 | 78 154 | ||
| (Increase)/decrease in inventories | (110 550) | (21 641) | 13 324 | ||
| (Increase)/decrease in receivables | (23 680) | (8 805) | 15 314 | ||
| Increase in payables | 70 080 | 140 841 | 88 373 | ||
| Increase in contract assets and contract costs | (35 324) | (32 399) | (50 526) | ||
| Increase in deferred revenue | 8 031 | 1 130 | 11 669 | ||
| Other non-current assets | (564) | (3 623) | 1 709 | ||
| Cash (utilised in)/generated from operations | (4 579) | 134 202 | 234 351 | ||
| Net finance costs paid+ | (14 171) | (12 602) | (25 745) | ||
| Taxation paid | (17 037) | (12 941) | (36 597) | ||
| Net cash (outflow)/inflow from operating activities | (35 787) | 108 659 | 172 009 | ||
| Net cash outflow for acquisitions | (6 610) | (6 896) | (5 536) | ||
| Investment in restricted cash related to Siticom acquisition | (9 228) | – | – | ||
| Disposal of investments (Angola government bonds) | – | 4 961 | 5 842 | ||
| Additions to equity-accounted investments | (1 105) | (1 202) | (1 202) | ||
| Additions to property, plant and equipment | (4 765) | (8 894) | (17 817) | ||
| Additions to capitalised development expenditure | (4 234) | (3 103) | (10 945) | ||
| Additions to software | (1 222) | (1 334) | (6 383) | ||
| Proceeds on disposal of property, plant and equipment | 258 | 82 | 1 842 | ||
| Net cash outflow from investing activities | (26 906) | (16 386) | (34 199) | ||
| Dividend paid to shareholders | (10 470) | – | – | ||
| Increase in non-controlling interests | – | – | 370 | ||
| Treasury shares purchased to settle equity-settled share-based payments | (5 545) | (2 810) | (2 808) | ||
| Dividends paid to non-controlling interests | – | – | (4 905) | ||
| Settlement of acquisition-related liabilities | (1 666) | (2 805) | (3 130) | ||
| Overdrafts repayable on demand under certain conditions | 9 680 | 7 766 | (109 667) | ||
| Repayment of lease liabilities – principal | (16 959) | (15 231) | (56 549) | ||
| Proceeds from short-term liabilities | 95 528 | 5 257 | 218 210 | ||
| Repayment of short-term liabilities | (21 876) | (50 026) | (49 992) | ||
| Proceeds from long-term liabilities | 39 649 | 21 761 | 50 832 | ||
| Repayment of long-term liabilities | (23 509) | (49) | (27 416) | ||
| Net cash inflow/(outflow) from financing activities | 64 832 | (36 137) | 14 945 | ||
| Net increase in cash and cash equivalents | 2 139 | 56 136 | 152 755 | ||
| Cash and cash equivalents at the beginning of the period | 478 772 | 332 304 | 332 304 | ||
| Translation differences on cash and cash equivalents | 1 274 | (819) | (6 287) | ||
| Cash and cash equivalents at the end of the period (refer to note 9 ) | 482 185 | 387 621 | 478 772 | ||
| + | Finance costs include US$3.4 million (H1 FY21: US$2.5 million; FY21: US$4.9 million) of finance costs related to finance leases that are included in cash flows from operating activities. |
| # | The Group restated its statement of cash flows for H1 FY21 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. |
