ANNUAL FINANCIAL STATEMENTS 2024
for the year ended 30 September 2024
for the year ended 30 September 2024
for the year ended 30 September 2024
| GROUP | COMPANY | |||||
| (R'million) | Notes | 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|---|---|
| A Cash operating profit | ||||||
| Operating profit before impairment and non-operational items | ||||||
| – Continuing operations | 3 143,8 | 3 118,2 | 2 086,2 | 1 963,3 | ||
| Adjusted for: | ||||||
| Depreciation | 13 | 950,1 | 892,6 | |||
| Expected credit loss reversed | (20,0) | (59,0) | – | – | ||
| Share-based payment expenses | 29 | 71,4 | 13,4 | |||
| Amortisation | 14.1 | 56,8 | 57,8 | |||
| Loss on disposal/write-offs of plant, equipment and vehicles | 5 | 14,6 | 8,8 | |||
| Dividends received from associate companies and subsidiaries | – | – | (1 733,9) | (1 896,8) | ||
| Dividend in specie | – | – | 64,4 | – | ||
| Group investments and loan accounts | – | – | (380,4) | – | ||
| Post-retirement medical aid and pension fund obligations | 28,2 | 13,0 | ||||
| Restructuring provision charges to operating profit | (8,9) | 94,6 | ||||
| Other provisions charged to operating profit | 380,3 | 176,7 | ||||
| Inventory provision charged to operating profit | 10,3 | – | ||||
| Impact of prior year product recall | 14,9 | (6,0) | ||||
| Loss on IFRS 16 adjustments | (0,3) | (0,5) | ||||
| Early settlement of lease liability | (5,5) | (7,6) | ||||
| Post-retirement medical aid buy-out | 31 | (1,4) | (52,8) | |||
| Other non-cash items | (7,8) | 15,3 | ||||
| Cash operating profit – Continuing operations | 4 626,5 | 4 264,5 | 36,3 | 66,5 | ||
| – Discontinued operation | ||||||
| Insurance proceeds received | 140,0 | – | – | – | ||
| Cash operating profit – Total operations | 4 766,5 | 4 264,5 | 36,3 | 66,5 | ||
| B Working capital changes | ||||||
| Decrease/(increase) in inventories | 258,3 | (344,8) | – | – | ||
| Decrease/(increase) in trade and other receivables | 332,7 | (505,3) | 6,5 | 86,8 | ||
| Increase/(decrease) in trade and other payables | 144,4 | (711,2) | 9,3 | (74,9) | ||
| Working capital changes | 735,4 | (1 561,3) | 15,8 | 11,9 | ||
| C Taxation paid | ||||||
| Amounts (payable)/receivable at beginning of year, net income statement charge | (84,8) | (115,7) | (1,7) | 0,4 | ||
| – Continuing operations | 10 | (799,3) | (817,1) | (12,2) | (13,9) | |
| Deferred tax | 19 | 61,2 | 46,3 | – | – | |
| Exchange rate difference and other non-cash items | 0,4 | (6,3) | – | – | ||
| Amounts (receivable)/payable at end of year, net | (8,2) | 84,8 | (3,2) | 1,7 | ||
| Taxation paid – Continuing operations | (830,7) | (808,0) | (17,1) | (11,8) | ||
| Income statement charge | ||||||
| – Discontinued operation | 36 | (37,8) | ||||
| Taxation paid – Total operations | (868,5) | (808,0) | (17,1) | (11,8) | ||
| D Dividends paid | ||||||
| Per statement of changes in equity | (1 637,9) | (1 562,9) | (1 841,1) | (1 754,6) | ||
| Dividends paid to outside shareholders | (3,2) | (0,9) | – | |||
| Total dividends paid | (1 641,1) | (1 563,8) | (1 841,1) | (1 754,6) | ||
| E Purchase of property, plant, equipment | ||||||
| Replacement | (461,5) | (767,0) | ||||
| Expansion | (508,9) | (445,6) | ||||
| (970,4) | (1 212,6) | |||||
| F Cash and cash equivalents at beginning of the year | ||||||
| Cash resources | 775,9 | 1 115,9 | 353,9 | 388,2 | ||
| 775,9 | 1 115,9 | 353,9 | 388,2 | |||
| G Cash and cash equivalents at the end of the year | ||||||
| Cash resources | 1 547,2 | 732,3 | 204,8 | 353,9 | ||
| Short-term borrowings regarded as cash and cash equivalents | 27 | (244,7) | – | – | – | |
| Cash relating to venture capital initiatives | – | 43,6 | – | – | ||
| 1 302,5 | 775,9 | 204,8 | 353,9 | |||