Summarised consolidated statement of cash flows

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Note    2019 
Rm 		 2018 
Rm 		  
Cash flows from operating activities               
Cash generated by operations before movements in net working capital  4 871  8 721   
Movements in net working capital  (1 534) 811   
Cash generated by operations before interest and taxes paid  3 337  9 532   
Net interest paid  (821) (1 386)  
Tax paid  (622) (1 336)  
Cash generated by operations before capital expenditure on rental assets  1 894  6 810   
Capital expenditure – rental assets  (1 172) (1 079)  
722  5 731   
Cash flows from investing activities 
Acquisition of subsidiaries and businesses  (104) (1 211)  
Disposal of subsidiaries and businesses  12  2 070   
Expansion capital expenditure – excluding rental assets  (536) 1 248   
Net replacement capital expenditure – excluding rental assets  (737) (1 008)  
Net movement in associates and joint ventures  279 
Net movement in investments, loans and non-current financial instruments  (152) (209)  
(1 238) 890   
Cash flows from financing activities 
Hedge cost premium paid  (161) (362)  
Settlement of cross-currency swap instruments  (13) (152)  
Repurchase of ordinary shares  (262) (113)  
Dividends paid  (1 227) (1 478)  
Cash resources distributed as part of the Motus unbundling dividend in specie  (1 058)
Cash paid on change in non-controlling interests  (142) (684)  
Capital raised from non-controlling interests  200  223   
Settlement of non-redeemable, non-participating preference shares  (378)
Net increase (decrease) in other interest-bearing borrowings  828  (4 382)  
(2 213) (6 948)  
Net decrease in cash resources  (2 729) (327)  
Effects of exchange rate changes on cash resources in a foreign currency  74  129   
Cash resources at beginning of year  4 301  4 499   
Cash resources at end of year  10   1 646  4 301