179 / 198
For the year ended 31 May 2016
177
BLUE LABEL INTEGRATED ANNUAL REPORT 2016
2016
R’000
2015
R’000
18. Cash (utilised)/generated by operations
Reconciliation of operating loss to cash flows from operating activities
Operating profit
183 493
42 431
Adjustments for:
Dividends received
(3 598)
—
Depreciation of property and equipment
6 190
6 315
Amortisation on intangible assets
54
203
Impairment of loans and investments
2 496
23 484
Reversal of impairment of loans and investments
(157 914)
(53 927)
Loss/(profit) on disposal of property, plant and equipment
4
(1)
(Profit)/loss on disposal of subsidiaries
(900)
334
Equity compensation benefit expense
8 241
11 274
Net unrealised foreign exchange profit
(25 066)
(10 503)
Changes in working capital:
Increase in trade and other receivables
(2 051)
(1 742)
(Decrease)/increase in trade and other payables
(20 222)
29 965
(9 273)
47 833
19. Taxation paid
Balance outstanding at the beginning of the year
271
377
Taxation charge
—
—
Balance outstanding at the end of the year
—
(271)
271
648
20. Commitments
Future operating lease commitments for:
Premises
Payable within one year
12 270
15 195
Payable in two to five years
—
12 270
Payable in greater than five years
—
—
12 270
27 465
NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS
continued