NOTES TO THE FINANCIAL STATEMENTS – NOTE 30

30. Notes to the statements of cash flows
30.1 The following convention applies to figures other than adjustments:

Outflows of cash are represented by figures in brackets.

Inflows of cash are represented by figures without brackets.
    Note   GROUP
June 2015
R000		   GROUP
June 2014
R000		   COMPANY
June 2015
R000		   COMPANY
June 2014
R000		  
30.2 Cash generated from operations                    
  Net income before taxation     3 798 599   1 974 309   3 842 722   1 820 044  
  Adjustments:     (2 081 065)   (400 859)   (2 124 459)   (288 944)  
     Change in fair value: Investment property     (2 467 113)   (1 655 897)   (2 467 113)   (1 613 720)  
 
  Listed property securities
        82 266       82 266  
 
  Derivative instruments
    (19 556)   (4 276)   (35 645)   (6 294)  
     Impairment: Intercompany loan                 5 682  
 
  Investment in subsidiary
            4 280   7 779  
 
  Goodwil
    4 280   7 779          
     (Profit)/loss on disposal: Investment property     (24 243)   (4 460)   (24 243)   (4 460)  
 
  Investment in subsidiary
        (168 869)       (168 869)  
 
  Subsidiary
    30 011              
 
  Investment in associate
        (17 431)       (21 400)  
     Share of income from associate     (652)   (462)          
     Share of loss from joint venture     17 447              
     Unrealised foreign exchange gain             (728)      
     Dividends received             (44 872)   (36 943)  
     Depreciation     20 054   19 931   19 895   16 431  
     Share-based payment     6 707   1 649   6 707   1 649  
     Interest received     (157 344)   (65 645)   (10 328)   (19 678)  
     Interest paid     508 991   460 366   427 506   421 162  
     Debenture interest paid         1 147 443       1 147 798  
     Gain on bargain purchase (African Land)         (102 895)          
     Amortisation of debenture premium         (102 806)       (102 806)  
     Loss on write-off of assets     82   2 468   82   2 457  
     Other non-cash items     271   (20)       2  
  Operating profit before working capital changes     1 717 534   1 573 450   1 718 263   1 531 100  
  Increase in working capital     21 230   151 895   18 296   153 175  
     Decrease in receivables     19 620   107 013   14 762   109 463  
     Increase in working capital included in held for sale 13   (14 740)       (14 740)      
     Increase in payables     16 350   44 882   18 274   43 712  
                       
  Cash generated from operations     1 738 764   1 725 345   1 736 559   1 684 275  
30.3 Debenture interest paid to unitholders                    
  Interest payable at beginning of year     (585 877)   (517 831)   (585 877)   (517 831)  
  Per statements of comprehensive income         (1 147 443)       (1 147 798)  
  Interest payable at end of year         585 877       585 877  
        (585 877)   (1 079 397)   (585 877)   (1 079 755)  
30.4 Taxation paid                    
  Taxation payable at beginning of year     (298)   (5 923)          
  Per statements of comprehensive income     (12 386)   (1 982)       (62)  
  Taxation payable at end of year     10 132   298          
        (2 552)   (7 607)       (62)  
30.5 Dividends received                    
  Dividends receivable at beginning of year             10 445      
  Per statement of comprehensive income             44 872   36 943  
  Dividends receivable at end of year             (36 164)   (10 445)  
                19 153   26 498  
30.6 Proceeds on disposal of held for sale assets                    
  Disposals: Investment property 13   766 326       766 326      
 
  Building appurtenances and tenant installations
13   1 860       1 860      
  Proceeds on sale of Mantrablox 13       139 000       139 000  
  Amount due included in loans receivable (Stoneridge) 10   (45 904)       (45 904)      
  Profit on disposal of investment property     24 243       24 243      
        746 525   139 000   746 525   139 000