163 / 248
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2015
161
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
2014
R’000
23.
CASH GENERATED BY OPERATIONS
Reconciliation of operating profit to cash generated by
operating activities:
Operating profit
986 146
722 856
Adjustments for:
Depreciation of property, plant and equipment
40 813
36 976
Amortisation of intangible assets
121 819
95 004
Impairment of property, plant and equipment
—
129
Impairment of intangible assets
—
1 073
Discounting of receivables recognised in revenue
142 326
117 443
Discounting of payables recognised in changes in inventories
of finished goods
(165 201)
(143 883)
Impairment of loans
4 907
1 761
Profit on disposal of property, plant and equipment
(1 707)
(287)
Profit on disposal of subsidiary
(3 962)
—
Profit on disposal of associates
(37 238)
—
Equity compensation benefit expense
24 290
11 069
Net unrealised forex profit
(25 718)
(16 458)
Changes in working capital (excluding the effects of acquisitions
and disposals):
(Increase)/decrease in inventories
(123 152)
552 305
Increase in trade and other receivables
(538 269)
(669 602)
Increase in trade and other payables
2 500
423 461
Decrease/(increase) in loans receivable
5 322
(3 209)
(Increase)/decrease in starter pack assets
(3 070)
370
429 806
1 129 008
24.
TAXATION PAID
Balance outstanding at the beginning of the year
25 323
36 071
Taxation charge
275 768
208 996
Acquisition of subsidiaries
(19 403)
3 726
Translation differences
(24)
68
Balance outstanding at the end of the year
(36 169)
(25 323)
245 495
223 538
2015
R’000