Agribel Annual Financial Review | Page 65

AGRIBEL HOLDINGS LTD FINANCIAL REVIEW 2021
27 . RECONCILIATION OF PROFIT BEFORE TAX TO CASH FROM OPERATING ACTIVITIES
GROUP
COMPANY
2021 R ' m
2020 R ' m
2021 R ' m
2020 R ' m
Profit before tax
766
439
75
51
Non-cash adjustments to reconcile profit before tax to net cash flows :
140
100
( 79 )
( 56 )
Foreign exchange profit
1
( 4 )
-
-
Depreciation
142
95
-
-
Non-cash movement in provisions
64
( 34 )
-
-
Finance costs
104
92
2
2
Finance income
( 6 )
( 4 )
( 1 )
-
Reversal of impairment on investments and loans
( 6 )
( 12 )
-
-
( Profit )/ loss from joint ventures and associate
( 14 )
19
-
-
Profit on disposal of financial assets
-
-
( 20 )
-
AgriRewards conversion profit
-
( 9 )
-
-
Profit on disposal of property , plant and equipment
( 37 )
( 2 )
-
-
Impairment of property , plant and equipment and goodwill
40
2
-
-
Gain on bargain purchase of acquisitions
( 124 )
( 56 )
-
-
Other operating income : dividends received
-
-
( 60 )
( 58 )
Fair value adjustment of equity interest in joint venture
( 28 )
( 2 )
-
-
Deferred government grant movement through profit or loss
( 3 )
( 2 )
-
-
Equity-settled share-based payment expense
7
17
-
-
Cash from /( used in ) operating activities
906
539
( 4 )
( 5 )
28 . CHANGES IN WORKING CAPITAL
GROUP
COMPANY
2021 R ' m
2020 R ' m
2021 R ' m
2020 R ' m
Decrease in inventory
160
161
-
-
Increase in trade and other receivables
( 13 )
( 688 )
-
-
Decrease in inventory held to satisfy firm sales
95
129
-
-
Increase /( Decrease ) in trade and other payables
111
( 86 )
1
-
Increase /( Decrease ) in contract liabilities
21
( 30 )
-
-
( Decrease )/ Increase in interest-bearing current loans
( 940 )
1 276
-
-
Changes in working capital
( 566 )
762
1
-
29 . TAX PAID
GROUP
COMPANY
2021 R ' m
2020 R ' m
2021 R ' m
2020 R ' m
Tax receivable /( payable ) at the beginning of the period
( 15 )
7
-
-
Deferred tax ( liability )/ asset at the beginning of the period
-
-
-
-
Amounts debited in profit and loss
( 165 )
( 143 )
*
-
Tax movement not through profit or loss due to business combinations
34
4
-
-
Deferred tax liability at the end of the period
-
-
-
-
Tax payable /( receivable ) at the end of the period
3
15
( 3 )
-
Tax paid
( 143 )
( 117 )
( 3 )
-
* Amount is less than R0,5 million and excludes the deferred tax expense .
Agribel Holdings Limited Reg nr : 1996 / 017629 / 06 AGRIBEL ANNUAL FINANCIAL REVIEW 2021
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