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For the year ended 31 May 2015
220
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS
CONTINUED
2014
R’000
18.
CASH GENERATED/(UTILISED) BY OPERATIONS
Reconciliation of operating loss to cash flows from
operating activities
Operating profit/(loss)
42 431
(30 273)
Adjustments for:
Dividends received
—
(10 107)
Depreciation of property, plant and equipment
6 315
6 786
Amortisation on intangible assets
203
233
Impairment of loans and investments
23 484
30 136
Reversal of impairment of loans and investments
(53 927)
—
Profit on disposal of property, plant and equipment
(1)
(23)
Loss on disposal of subsidiaries
334
—
Equity compensation benefit expense
11 274
4 972
Net unrealised foreign exchange profit
(10 503)
(2 864)
Changes in working capital:
(Increase)/decrease in trade and other receivables
(1 742)
4 723
Increase/(decrease) in trade and other payables
29 965
(21 552)
47 833
(17 969)
19.
TAXATION PAID
Balance outstanding at the beginning of the year
377
8 126
Taxation charge
—
505
Balance outstanding at the end of the year
271
(377)
648
8 254
20.
COMMITMENTS
Future operating lease commitments for:
Premises
Payable within one year
15 195
13 751
Payable in two to five years
12 270
27 465
Payable in greater than five years
—
—
27 465
41 216
Future funding commitments
The Company has committed to provide funding of R36.4 million to a joint venture.
The commitment is non-binding but has been undertaken with a reasonable expectation of fulfilment.
2015
R’000