FINANCIAL REPORT
Our portfolio continued to deliver a resilient set
of results despite the impact of a subdued macroeconomic
environment, underpinned by our strong capital
allocation strategy.
FINANCIAL REPORT
Our portfolio continued to deliver a resilient set
of results despite the impact of a subdued macroeconomic
environment, underpinned by our strong capital
allocation strategy.
| R million | 30 June 2022 |
30 June 2021 |
| Cash flows – operating activities | ||
| Cash generated from operations | 7 756 | 7 017 |
| Interest received | 535 | 446 |
| Taxation paid | (1 430) | (1 628) |
| Dividends received | 2 223 | 1 293 |
| Finance costs | (1 185) | (1 676) |
| Cash available from operating activities | 7 899 | 5 452 |
| Proceeds from retirement fund assets transferred to Distell | 55 | 405 |
| Cash settled share based payments made by Distell | (148) | – |
| Dividends paid | (721) | (506) |
| Cash inflow from operating activities | 7 085 | 5 351 |
| Cash flows – investing activities | ||
| Investment in property, plant and equipment and other assets | (3 272) | (2 048) |
| Proceeds on disposal of property, plant and equipment and intangible assets | 262 | 242 |
| Proceeds on disposal of assets held for sale | 13 | 510 |
| Businesses acquired | (84) | (64) |
| Proceeds on disposal of investments and loans(1) | 3 536 | 2 542 |
| Additions to investments and loans(2) | (2 437) | (2 317) |
| Investment in money market funds | (690) | (800) |
| Withdrawal of money market funds | – | 735 |
| Cash outflow from investing activities | (2 672) | (1 200) |
| Cash flows – financing activities | ||
| Loans repaid(3) | (1 618) | (7 579) |
| Lease payments | (474) | (454) |
| Purchase of treasury shares | (137) | – |
| Other movements | 367 | 156 |
| Cash outflow from financing activities | (1 862) | (7 877) |
| Net increase/(decrease) in cash and cash equivalents | 2 551 | (3 726) |
| Exchange rate profit/(loss) on foreign cash | 353 | (892) |
| Cash and cash equivalents at the beginning of the year | 8 601 | 13 219 |
| Cash and cash equivalents at the end of the year | 11 505 | 8 601 |
| Cash and cash equivalents – per statement of financial position | 11 884 | 8 763 |
| Bank overdraft | (379) | (162) |
| (1) | The year under review included the proceeds on the disposal of 40 800 000 FirstRand shares amounting to R2 038 million (2021: 40 000 000 shares amounting to R2 040 million). |
| (2) | The year under review includes an investment in CIVH amounting to R2 124 million (2021: R1 636 million). |
| (3) | Remgro redeemed its exchangeable bonds for £350 million cash on 22 March 2021. |
The 2022 Annual General Meeting of Remgro will be held by way of electronic participation only (refer to the Notice of Shareholders regarding the electronic participation process).