NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 23

      2014
R’000
  2013
R’000
 
23. CASH GENERATED/(UTILISED) BY OPERATIONS          
  Reconciliation of operating profit to cash generated by operating activities:          
  Operating profit   722 856   645 671  
  Adjustments for:          
  Depreciation of property, plant and equipment   36 976   36 911  
  Amortisation of intangible assets   95 004   78 930  
  Impairment of property, plant and equipment   129   3 408  
  Impairment of intangible assets   1 073   —  
  Discounting of receivables recognised in revenue   117 443   127 771  
  Discounting of payables recognised in changes in inventories of finished goods   (143 883)   (143 329)  
  Impairment of loans   1 761   8 400  
  Profit on disposal of property, plant and equipment   (287)   (789)  
  Net profit on disposal of subsidiaries   —   (120)  
  Net profit on disposal of joint ventures   —   (2 273)  
  Equity compensation benefit expense   11 069   16 180  
  Net unrealised forex profit   (16 458)   (8 037)  
  Changes in working capital (excluding the effects of acquisitions and disposals):          
  Decrease/(increase) in inventories   552 305   (1 319 938)  
  Increase in trade and other receivables   (669 602)   (155 979)  
  Increase in trade and other payables   423 461   448 236  
  (Increase)/decrease in loans receivable   (3 209)   3 570  
  Decrease in starter pack assets   370   4 004  
      1 129 008   (257 384)  

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 23