Condensed consolidated statement of cash flows

for the six months ended 31 August 2018

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Note   Unaudited
six months
ended
31 August
2018
R000
  Unaudited
six months
ended
31 August
2017
R000
Audited
year
ended
28 February
2018
R000
Cash generated before working capital changes   528 767   543 200 1 135 121
Working capital changes   11 601   (80 180) (12 201)
(Increase)/decrease in inventories   (46 529)   (76 872) 18 768
Increase in receivables   (60 749)   (144 867) (12 730)
Increase/(decrease) in payables   118 879   141 559 (18 239)
Cash generated from operations   540 368   463 020 1 122 920
Net interest paid   (100 044)   (110 306) (207 440)
Tax paid   (98 365)   (97 468) (274 386)
Cash available from operating activities   341 959   255 246 641 094
Dividends paid   (18 870)   (7 800) (17 182)
Net cash inflow from operating activities   323 089   247 446 623 912
Cash utilised in investing activities
Additions to property, plant and equipment   (48 241)   (114 893) (192 588)
Intangible assets acquired   (8 784)   (31 245) (38 531)
Proceeds from disposal of property, plant and equipment and intangible assets   8 263   12 413 29 171
Net cash outflow on acquisition of subsidiaries 12     (1 295) (2 589)
Dividends received from associate   1 190   1 750 3 149
Net cash outflow utilised in investing activities   (47 572)   (133 270) (201 388)
Cash flow from financing activities
Borrowings repaid   (106 667)   (106 667)
Cash paid to non–controlling shareholders     (431) (14 630)
Proceeds from issue of equity instruments of
Famous Brands Limited
    13 635
Proceeds from disposal of non–controlling interest in subsidiary   4 559  
Net cash outflow from financing activities   (102 108)   (431) (107 662)
Net increase in cash and cash equivalents   173 409   113 745 314 862
Foreign currency effect   34 470   (41 183) (3 261)
Cash and cash equivalents at the beginning of the period   716 795   405 194 405 194
Cash and cash equivalents at the end of the period*   924 674   477 756 716 795

* Comprises cash and cash equivalents of R924.7 million (2017: R493.0 million) and bank overdrafts of Rnil million (2017: R15.2 million).