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NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
250
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
2014
R’000
2013
R’000
18.
CASH (UTILISED)/GENERATED BY OPERATIONS
Reconciliation of operating loss to cash flows
from operating activities
Operating loss
(30 273)
(67 090)
Adjustments for:
Dividends received
(10 107)
—
Depreciation of property, plant and equipment
6 786
7 217
Amortisation on intangible assets
233
225
Impairment of loans and investments
30 136
61 323
Profit on disposal of property, plant and equipment
(23)
(73)
Loss on disposal of subsidiaries
—
2 000
Equity compensation benefit expense
4 972
8 138
Net unrealised foreign exchange profit
(2 864)
—
Changes in working capital:
Decrease/(increase) in trade and other receivables
4 723
(5 858)
(Decrease)/increase in trade and other payables
(21 552)
2 706
Increase in loans receivable
—
(62)
(17 969)
8 526
19.
TAXATION PAID
Balance outstanding at the beginning of the year
8 126
1 110
Taxation charge
505
8 311
Balance outstanding at the end of the year
(377)
(8 126)
8 254
1 295
20.
COMMITMENTS
Future operating lease commitments for:
Premises
Payable within one year
13 751
12 444
Payable in two to five years
27 465
41 216
Payable in greater than five years
—
—
41 216
53 660