Summarised consolidated statement of cash flows

for the year ended 30 September 2017

  Notes   2017 
R million 
  Restated 
2016 
R million 
 
Cash generated from operations before working capital changes        2 395.1     2 264.0    
Working capital changes        (326.8)    561.3    
Cash generated from operations        2 068.3     2 825.3    
Net interest paid        (405.8)    (521.4)   
Retirement benefits, contributions and settlements        (119.1)    (161.0)   
Income tax paid        (152.7)    (201.3)   
Cash flows from operations        1 390.7     1 941.6    
Dividends paid        (0.1)    (575.5)   
Net cash generated from operating activities        1 390.6     1 366.1    
Capital expenditure        (735.3)    (1 443.6)   
Replacement1        (377.0)    (479.3)   
Expansion        (358.3)    (964.3)   
Net proceeds on the disposal of business  4.2     57.8     –    
Net proceeds from sale and leaseback transaction        –     1 701.1    
Post-retirement medical aid buy-out  4.3     (569.2)    –    
Increase in liquid bonds for hedging purposes2        (1 336.5)    (617.5)   
Other investing activities        12.0     158.2    
Net cash utilised in investing activities        (2 571.2)    (201.8)   
Net cash (utilised)/generated before financing activities        (1 180.6)    1 164.3    
Net cash (repaid in)/raised from financing activities        (238.4)    2 380.7    
Net (decrease)/increase in cash and cash equivalents        (1 419.0)    3 545.0    
Net cash and cash equivalents/(overdraft) at beginning of year        1 224.5     (2 084.9)   
Translation of cash in foreign subsidiaries        25.7     (235.6)   
Net (overdraft)/cash and cash equivalents at end of year  7     (168.8)    1 224.5   
1 Following the JSE’s proactive monitoring process, the replacement capital expenditure cash flow has been reclassified from “cash flow from operations” to “cash flows from investing activities” and the comparatives restated. The result of this reclassification is an increase in cash generated from operating activities of R475.7 million in the prior year and a decrease in cash generated from investing activities of R475.7 million in the prior year. In addition, capital expenditure relating to intangible assets (R16.2 million) in the prior year has been removed from “other investing activities” and presented together with capital expenditure relating to tangible assets being classified accordingly as replacement expenditure (R3.6 million) and expansion expenditure (R12.6 million) respectively.
2 As indicated on the summarised consolidated statement of financial position, US dollar indexed Angolan kwanza bonds were reclassified from cash equivalents to loan receivables after a reassessment of their nature in terms of IAS 7: Statement of Cash Flows. As a result of this reclassification, the movement in these assets is now presented as investing activities.