> Summarised consolidated statement of cash flows
For the year ended 30 June 2016
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NOTE | % Change |
2016 Rm |
2015* Rm |
|||||
Cash flows from operating activities | ||||||||
Cash generated by operations before movements in net working capital | 8 952 | 9 049 | ||||||
Movements in net working capital | (828) | 9 | ||||||
Cash generated by operations before interest and taxes paid | (10) | 8 124 | 9 058 | |||||
Net finance costs paid | (1 461) | (1 180) | ||||||
Tax paid | (1 910) | (1 301) | ||||||
Cash generated by operations before capital expenditure on rental assets | 4 753 | 6 577 | ||||||
Expansion capital expenditure – rental assets | (772) | (772) | ||||||
Net replacement capital expenditure – rental assets | (839) | (759) | ||||||
– Expenditure | (3 539) | (2 496) | ||||||
– Proceeds | 2 700 | 1 737 | ||||||
Cash generated by operations after capital expenditure on rental assets | (38) | 3 142 | 5 046 | |||||
Cash flows from investing activities | ||||||||
Net disposals (acquisitions) of subsidiaries and businesses | 760 | (938) | ||||||
Expansion capital expenditure – excluding rental assets | (1 130) | (1 743) | ||||||
Net replacement capital expenditure – excluding rental assets | (1 397) | (1 245) | ||||||
Net movement in associates and joint ventures | 71 | 178 | ||||||
Net movement in investments, loans and other financial instruments | (30) | (1 203) | ||||||
(1 726) | (4 951) | |||||||
Cash flows from financing activities | ||||||||
Hedge cost premium paid | (193) | (128) | ||||||
Ordinary shares repurchased | (558) | (56) | ||||||
Dividends paid | (1 909) | (1 724) | ||||||
Change in non-controlling interests# | (439) | (90) | ||||||
Capital raised from non-controlling interests | 26 | 1 | ||||||
Net increase in other interest-bearing borrowings | 2 193 | 831 | ||||||
(880) | (1 166) | |||||||
Net increase (decrease) in cash and cash equivalents | 536 | (1 071) | ||||||
Effects of exchange rate changes on cash resources in foreign currencies | 145 | 7 | ||||||
Cash and cash equivalents at beginning of year | 38 | 1 102 | ||||||
Cash and cash equivalents at end of year | 9 | 719 | 38 |
* Restated for the application of the change in accounting policy (see note 2.1). |
# The 4 559 221 ordinary shares issued to acquire the remaining interest in Associated Motor Holdings (Pty) Limited and Boundlesstrade 154 (Pty) Limited was treated as non-cash flow. |