27. RECONCILIATION OF PROFIT BEFORE TAX TO CASH FROM
OPERATING ACTIVITIES
GROUP
COMPANY
2020
2019 *
2020
2019
R’m
R’m
R’m
R’m
Profit before tax 439 391 51 48
Adjustments to reconcile profit before tax to net cash flows: 100 180 ( 56) ( 52)
Foreign exchange profit (4) (2) - -
Depreciation 95 55 - -
Non-cash movement in provisions (34) 38 - -
Finance costs 92 82 2 2
Finance income (4) - - -
(Reversal of impairment)/impairment on investments and loans (12) - - -
Loss/(profit) from joint ventures and associate 19 (6) - -
AgriRewards conversion profit (9) - - -
Profit on disposal of property, plant and equipment (2) (2) - -
Impairment of property, plant and equipment and goodwill 2 5 - -
Gain on bargain purchase of subsidiary (56) - - -
Other operating income: dividends received - - (58) (54)
Fair value adjustment of equity interest in joint venture (2) - - -
Deferred government grant movement through profit or loss (2) - - -
Equity-settled share-based payment expense 17 9 - -
Cash from/(used in) operating activities 539 571 (5) (4)
* Change in presentation of finance costs and cost of sales. Refer to note 35.
28. CHANGES IN WORKING CAPITAL
GROUP
2020
R’m
2019
R’m
Decrease in inventory 161 390
Increase in trade and other receivables (688) (188)
Decrease/(increase) in inventory held to satisfy firm sales 129 (91)
Decrease in trade and other payables (86) (116)
Decrease in contract liabilities (30) (40)
Increase/(decrease) in interest-bearing current loans 1 276 (148)
Changes in working capital 762 (193)
79
SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 Senwesbel Limited Reg no: 1996/017629/06