NOTES TO THE ANNUAL FINANCIAL STATEMENTS – NOTE 23

    2015
R’000
      2014
R’000
 
23. CASH GENERATED BY OPERATIONS            
  Reconciliation of operating profit to cash generated by operating activities:            
  Operating profit 986 146       722 856  
  Adjustments for:            
  Depreciation of property, plant and equipment 40 813       36 976  
  Amortisation of intangible assets 121 819       95 004  
  Impairment of property, plant and equipment       129  
  Impairment of intangible assets       1 073  
  Discounting of receivables recognised in revenue 142 326       117 443  
  Discounting of payables recognised in changes in inventories of finished goods (165 201)       (143 883)  
  Impairment of loans 4 907       1 761  
  Profit on disposal of property, plant and equipment (1 707)       (287)  
  Profit on disposal of subsidiary (3 962)        
  Profit on disposal of associates (37 238)        
  Equity compensation benefit expense 24 290       11 069  
  Net unrealised forex profit (25 718)       (16 458)  
  Changes in working capital (excluding the effects of acquisitions and disposals):            
  (Increase)/decrease in inventories (123 152)       552 305  
  Increase in trade and other receivables (538 269)       (669 602)  
  Increase in trade and other payables 2 500       423 461  
  Decrease/(increase) in loans receivable 5 322       (3 209)  
  (Increase)/decrease in starter pack assets (3 070)       370  
    429 806       1 129 008  

NOTES TO THE ANNUAL FINANCIAL STATEMENTS – NOTE 23