NET 1 UEPS TECHNOLOGIES, INC.
CONSOLIDATED STATEMENT
OF CASHFLOWS
for the years ended June 30, 2021, 2020 and 2019
F-10
2021
2020
2019
(In thousands)
Cash flows from operating activities
Net loss
$
(38,057)
$
(78,358)
$
(308,658)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
4,347
13,299
37,349
Impairment loss (Note 23 and Note 9)
-
6,336
19,745
Movement in allowance for doubtful accounts receivable
110
743
32,786
Fair value adjustment related to financial liabilities
840
(340)
73
Loss (Profit) on disposal of property, plant and equipment
480
(127)
(486)
Stock-based compensation charge (Note 16)
344
1,728
393
Inventory net realizable value adjustment (Note 4)
-
1,298
-
Change in fair value of equity securities (Note 5 and 8)
(49,304)
-
167,459
Loss on disposal of Bank Frick (Note 23)
472
-
-
Loss on disposal of equity-accounted investment (Note 23)
13
-
-
(Gain) Loss on disposal of discontinued operation (Note 23)
-
(12,454)
9,175
Gain on disposal of FIHRST (Note 23)
-
(9,743)
-
Loss on deconsolidation of CPS (Note 23)
-
7,148
-
Loss (Gain) on disposal of DNI (Note 23)
-
1,010
(177)
Interest payable
(1)
1,758
237
Facility fee amortized
-
-
321
Interest on Cedar Cellular note (Note 8)
-
-
(2,397)
Impairment of Cedar Cellular note (Note 8)
-
-
12,793
Loss (Earnings) from equity-accounted investments (Note 8)
24,878
29,542
(1,273)
Movement in allowance for doubtful loans to equity-accounted investments
4,739
1,035
-
Dividends received from equity-accounted investments
194
3,549
1,318
Implementation costs to be refunded to SASSA (Note 12)
-
-
34,039
Decrease in accounts receivable, pre-funded social welfare grants receivable and finance
loans receivable
3,751
8,818
11,663
Decrease (Increase) in inventory
1,279
(19,328)
4,042
Decrease in accounts payable and other payables
(335)
(139)
(14,538)
(Decrease) Increase in taxes payable
(17,210)
(1,427)
3,428
Increase (Decrease) in deferred taxes
5,089
(393)
(11,752)
Net cash used in operating activities
(58,371)
(46,045)
(4,460)
Cash flows from investing activities
Capital expenditures
(4,285)
(5,938)
(9,416)
Proceeds from disposal of property, plant and equipment
571
578
1,045
Proceeds from disposal of Net1 Korea, net of cash disposed (Note 23)
20,114
192,619
-
Transaction costs paid related to disposal of Net1 Korea (Note 23)
-
(7,458)
-
Proceeds from disposal of equity-accounted investment - Bank Frick (Note 8)
18,568
-
-
Proceeds from disposal of DNI as equity-accounted investment (Note 8 and Note 19)
6,010
42,477
-
Transaction costs paid related to disposal of DNI as equity-accounted investment (Note 8)
-
(1,010)
-
Loans to equity-accounted investment (Note 8)
(1,238)
(1,230)
-
Repayment of loans by equity-accounted investments
134
4,268
1,029
Proceeds from disposal of subsidiaries, net of cash disposed (Note 23 and Note 19)
-
10,895
(2,114)
Deconsolidation of CPS - cash disposed (Note 23)
-
(328)
-
Investment in equity-accounted investments (Note 8)
-
(2,500)
(2,989)
Acquisition of intangible assets
-
-
(1,384)
Investment in MobiKwik
-
-
(1,056)
Return on investment
-
-
284
Net change in settlement assets
7,901
(9,256)
79,077
Net cash provided by investing activities
47,775
223,117
64,476
Cash flows from financing activities
Proceeds from bank overdraft (Note 11)
360,083
689,763
822,754
Repayment of bank overdraft (Note 11)
(365,440)
(747,935)
(740,969)
Proceeds from disgorgement of shareholders' short-swing profits (Note 22)
124
-
-
Proceeds from exercise of stock options
53
-
-
Long-term borrowings utilized (Note 11)
-
14,798
14,613
Repayment of long-term borrowings (Note 11)
-
(14,503)
(37,357)
Guarantee fee
-
(148)
(394)
Finance lease capital repayments
-
(69)
-
Acquisition of non-controlling interests
-
-
(180)
Dividends paid to non-controlling interest
-
-
(4,104)
Net change in settlement obligations
(7,901)
9,256
(79,077)
Net cash used in financing activities
(13,081)
(48,838)
(24,714)
Effect of exchange rate changes on cash
14,957
(17,260)
(3,845)
Net (decrease) increase in cash, cash equivalents and restricted cash
(8,720)
110,974
31,457
Cash, cash equivalents and restricted cash – beginning of period
232,485
121,511
90,054
Cash, cash equivalents and restricted cash – end of period (Note 19)
$
223,765
$
232,485
$
121,511
See accompanying notes to consolidated financial statements