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Financials CONSOLIDATED AND SEPARATE STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31ST DECEMBER 2016 Notes Year ended Year ended Year ended Year ended 31-Dec-16 ₦’million Group Company 31-Dec-15 31-Dec-16 Cash flows from operating activities Profit before tax Adjustments for: Depreciation & amortisation Write off and impairment of property, plant and equipment Reversal of impairment Interest expense Interest income Unrealised exchange (gain)/loss on borrowings and non-operating assets Amortisation of deferred revenue Other provisions Provisions for employee benefits Loss on disposal of property, plant and equipment Changes in working capital: Change in inventories Change in trade and other receivables Change in trade and other payables Change in prepayments and other current assets Change in other current liabilities Income tax paid Net cash generated from operating activities Cash flows from Investing activities Interest received Acquisition of intangible assets Increase in long term receivables from subsidiaries Acquisition of investment Acquisition of capital assets Acquisition of property, plant and equipment Reduction in non-current prepayment Suppliers’ credit obtained Net cash used in investing activities Cashflows from Financing activities Interest paid Non-controlling shareholders contribution Dividend paid Loans obtained Loans repaid Net cash used in financing activities Increase in cash and cash equivalents Effects of exchange rate changes on the balance of cash held in foreign currencies and other non monetary impact Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 31.1 15 16 14 15 & 16 10 10 180,929 74,750 471 (1,592) 45,172 (2,662) (50,394) 56 61 (2,985) 59 243,865 (29,785) (14,735) 99,016 (12,450) (6,189) 279,722 (1,128) 278,594 2,662 (745) - - (118,841) (136,168) (4,027) 21,354 (116,924) (39,029) 617 (136,324) 343,071 (262,240) (93,905) 67,765 3,791 37,845 109,401 ₦’million ₦’million 188,294 54,626 1,624 (1,582) 33,154 (1,699) 1,252 (478) (728) 931 1 275,395 (10,431) (1,741) 29,151 3,674 5,703 301,751 (2,234) 299,517 1,699 (298) - - (157,092) (251,931) 70,397 24,442 (155,691) (25,007) - (102,243) 125,912 (116,183) (117,521) 26,305 (4,863) 16,403 37,845 374,396 47,113 - (1,592) 33,833 (45,439) (189,482) (415) 1,683 (2,985) - 217,112 (17,481) (7,605) 56,630 (4.544) (7,376) 236,736 (672) 236,064 1,469 (28) (16,947) (1,102) (59,271) (62,895) - 3,624 (75,879) (26,747) - (136,324) 305,283 (254,849) (112,637) 47,548 - 17,962 65,510 31-Dec-15 ₦’million 220,567 43,713 1,624 (1,582) 27,156 (23,410) (31,836) (478) 324 931 - 237,009 (2,054) (1,320) 1,255 10,465 6,093 251,448 (2,213) 249,235 1,459 - (63,730) - (69,300) (95,515) 1,773 24,442 (131,571) (19,274) - (102,243) 121,648 (116,183) (116,052) 1,612 - 16,350 17,962 Annual Report 2016 149

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