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Change Statement and disclosure in terms of IAS 34 – regarding the condensed consolidated cash flow statement
Interwaste Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/037223/06)
JSE code: IWE
ISIN: ZAE000097903
(“the Company”)
CHANGE STATEMENT AND DISCLOSURE IN TERMS OF IAS 34 – INTERIM FINANCIAL
REPORTING REGARDING THE CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
Shareholders are referred to the reviewed provisional condensed consolidated financial
statements for the year ended 31 December 2016, the announcement of which was released
on SENS on 29 March 2017. Included in those financial statements was a provisional
condensed consolidated statement of cash flows for the year ended 31 December 2016. In
compliance with IAS 34 – Interim Financial Reporting, please find below the revised and
expanded consolidated statement of cash flows for the year ended 31 December 2016.
Dec 2016 Dec 2015
As revised Audited
R’000 R’000
Profit before taxation 64 907 60 398
Adjustments for:
Depreciation and amortisation 106 769 95 836
Finance costs 31 394 26 481
Finance income (2 206) (1 975)
Loss/(profit) on disposal of property, plant and equipment 1 599 (52)
Profit on disposal of compost business (2 448) –
Landfill rehabilitation provision – 3 967
Gain on bargain purchase – (1)
Share-based payment transactions 1 156 951
Foreign currency translation 3 905 546
Changes in working capital:
Increase in trade and other receivables (12 885) (3 585)
Decrease in trade and other payables (18 990) (7 519)
Decrease in inventories 3 329 5 994
Change in estimate – site rehabilitation cost 997 (1 019)
Cash generated from operations 177 527 180 022
Finance costs paid (29 526) (26 481)
Finance income received 2 206 1 975
Tax paid (9 470) (16 267)
Net cash inflow from operating activities 140 737 139 249
Cash flows from investing activities
Purchases of property, plant and equipment (157 538) (176 553)
Proceeds on disposal and scrapping of property, plant and 4 725 5 212
equipment
Proceeds on disposal of discontinued operations 8 560 –
Non-controlling interest in new subsidiary – 2
Acquisition of subsidiaries (2 927) (3 200)
Net cash outflow on investing activities (147 180) (174 539)
Cash flows from financing activities
Proceeds on issue of share capital 1 165 11 122
Treasury shares acquired (3 226) –
Net movement in interest-bearing borrowings (7 373) 15 955
Interest-bearing borrowings raised 105 410 121 149
Interest-bearing borrowings repaid (112 783) (105 194)
Dividends to non-controlling interests (260) (539)
Net cash (outflow)/inflow from financing activities (9 694) 26 538
Total cash movement for the year (16 137) (8 752)
Effect of exchange rate fluctuations on cash held (6 166) –
Cash and cash equivalents at beginning of year 53 154 61 906
Total cash and cash equivalents at end of year 30 851 53 154
During the course of the audit of the consolidated statement of cash flows for the year ended
31 December 2016, certain changes were made to cash flow classifications which resulted in
changes to certain line items, compared to the previously reported reviewed condensed
consolidated statement of cash flows for the year ended 31 December 2016 as published on
29 March 2017. These changes are reflected below:
Dec 2016 Dec 2016
Condensed Condensed
Consolidated Consolidated Corrections
Statement of Statement of
cash flows cash flows
as previously as revised
reported
R’000 R’000 R’000
Net cash inflow from operating activities 137 985 140 737 2 752
Net cash outflow on investing activities (145 770) (147 180) (1 410)1
Net cash (outflow)/inflow from financing (8 352) (9 694) (1 342)2
activities
Total cash movement for the year (16 137) (16 137) –
Effect of exchange rate fluctuations on cash (6 166) (6 166) –
held
Cash and cash equivalents at beginning of 53 154 53 154 –
year
Total cash and cash equivalents at end of 30 851 30 851 –
year
1. The increase in cash outflows from investing activities is due to the correction of
a R968 000 overstatement of proceeds of disposal and scrapping of property,
plant and equipment. The loss/(profit) on disposal of property, plant and
equipment under operating activities also changed by the same amount. Other
reclassifications amounting to R442 000 are less predominant.
2. Proceeds from issue of share capital of R1 165 000 and R3 226 000 paid for the
acquisition of treasury shares were previously incorrectly classified under cash
flows from operating activities as opposed to cash flows from financing activities.
Other reclassifications amounting to R721 000 are less predominant.
The independent auditor’s review conclusion reached on 29 March 2017 remains
unchanged.
18 April 2017
Johannesburg
Sponsor
Grindrod Bank
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