SPUR CORP. LIMITED INTERIM RESULTS 2015

Condensed Consolidated Statement of

Cash Flows

R’000  Unaudited 
six months 
ended 
31 December 
2014 
Unaudited 
six months 
ended 
31 December 
2013 
Audited 
year ended 
30 June 
 2014 
Cash flow from operating activities       
Operating profit before working capital changes (refer note a) 109 407  92 721  198 644 
Working capital changes  (15 448) 3 182  3 971 
Cash generated from operations  93 959  95 903  202 615 
Net interest received  5 589  3 590  6 313 
Tax paid  (38 635) (34 740) (66 891)
Dividends paid  (54 732) (47 909) (96 682)
       
Net cash flow from operating activities  6 181  16 844  45 355 
Net cash flow from investing activities (refer note b) (70 286) 11 438  (63 484)
Net cash flow from financing activities (refer note c) 282 277  (3 654) (3 670)
Net movement in cash and cash equivalents  218 172  24 628  (21 799)
Effect of foreign exchange fluctuations  192  (70)
Net cash and cash equivalents at beginning of period  91 427  113 219  113 219 
Net cash and cash equivalents at end of period  309 791  137 777  91 427 

Notes:
a) Operating profit before working capital changes – Includes a gross cash outflow of R24.045 million (six months to 31 December 2013 and year to 30 June 2014: R23.357 million) in respect of the settlement of the share appreciation rights granted in terms of the group’s long-term share retention scheme (refer also note 5).
b) Cash flow from investing activities – Includes a gross cash inflow of R20.565 million (2013: R20.794 million; year ended 30 June 2014: R21.364 million) arising from the economic hedging instrument utilised by the group for its long-term share retention scheme (refer also note 5). The current year includes a gross outflow of R72.613 million relating to the subscription of preference shares (including directly attributable costs) in an unconsolidated structured entity to finance the broad-based black economic empowerment (“B-BBEE”) equity transaction as more fully described in note 2 as well as an outflow of R1.992 million for the acquisition of a further 50% equity interest in Panpen Pty Ltd as detailed in note 3. The year to 30 June 2014 includes a gross outflow of R36.650 million arising from the investment in Fine Foods (Pty) Ltd (refer also note 7) and a gross outflow of R35.380 million arising from the acquisition of The Hussar Grill (refer also note 6).
c) Cash flow from financing activities – Includes an inflow of R293.666 million relating to the issue of shares (net of directly attributable transaction costs) pursuant to the B-BBEE transaction as detailed in note 2 as well as a gross outflow of R9.345 million for the purchase of treasury shares.