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1.6 Cash generated by operations

    2024 
R’000 
  2023 
R’000 
Reconciliation of operating profit to cash generated by operations:         
Operating profit    1 061 596    1 126 486 
Adjustments for:         
Depreciation of property, plant and equipment    69 179    72 464 
Depreciation on leased assets    13 105    30 793 
Amortisation of intangible assets    398 228    446 300 
Fair value gain on financial instruments    (4 846)   (47 497)
Fair value loss on financial instruments    188    11 050 
Impairment of intangible assets    1 500    — 
Impairment of property, plant and equipment    12 417    12 145 
Impairment of loans    124 466    69 578 
Impairment of inventory    9 684    8 495 
Loan forgiveness    —    (2 778)
Fair value gain on surety receivable    (2 555)   (32 743)
Lease modification income    —    (86)
Lease incentive received    —    5 018 
Termination of lease    (123)   — 
Loss on modification/derecognition of financial instruments    32 576    57 453 
Loss/(profit) on disposal of property, plant and equipment    966    (1 919)
Equity compensation benefit expense    41 048    40 012 
Net unrealised forex profit    —    (200)
Changes in working capital:         
Increase in inventories    (1 583 783)   (1 695 313)
(Increase)/decrease in trade and other receivables    (76 652)   655 641 
(Decrease)/increase in trade and other payables    (270 136)   37 640 
Decrease/(increase) in advances to customers    942 522    (589 663)
    769 380    202 876