Audited summarised consolidated financial statement of cash flows

for the year ended 31 March 2018

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  Notes   Year ended
2018
Audited
Rm
Year ended
2017
Audited
Rm
 
Cash flow from operating activities          
Operating cash flows before movements in working capital        1 889  2 101    
Working capital movements        411  (230)   
Cash generated from operations        2 300  1 871    
Finance costs paid        (592) (743)   
Investment income received        52  21    
Taxation paid        (330) (296)   
Cash available from operations        1 430  853    
Dividends paid        —  (8)   
Net cash inflow from operating activities        1 430  845    
Cash flow from investing activities                
Acquisition of additional shares in an equity-accounted investment        (42) —    
Acquisition of additional shares in subsidiary        —  (18)   
Investments in intangible assets        (6) (19)   
Investments in property, plant and equipment        (921) (2 058)   
Proceeds from disposal of property, plant and equipment        29    
Other investing activities        28  —    
Net cash outflow from investing activities        (912) (2 091)   
Cash flow from financing activities(a)                
Net borrowings repaid before repayment of the notes  17     (597) (1 370)   
Proceeds from the issuance of shares following rights issue (net of transaction costs)       —  3 722    
Proceeds from the issuance of shares to strategic black partners in terms of the company’s first BBBEE transaction    14      —    1 041    
Proceeds from the sale of shares and nil paid letters by consolidated BBBEE entities        —  137    
Proceeds from the sale of shares held by consolidated BBBEE entity        36  —    
Purchase of PPC Ltd shares in terms of the FSP share incentive scheme  14     (16) (74)   
Repayment of notes  17     —  (1 614)   
Net cash (outflow)/inflow from financing activities        (577) 1 842    
Net movement in cash and cash equivalents          (59) 596    
Cash and cash equivalents at the beginning of the year        990  460    
Cash and cash equivalents acquired on acquisition of 3Q Mahuma Concrete  20     —    
Exchange rate movements on opening cash and cash equivalents        (95) (70)   
Cash and cash equivalents at the end of the year        836  990    
(a) During the year, the non-cash changes on borrowings amounted to R457 million arising from favourable, unrealised foreign exchange differences.