Preliminary summarised results
for the year ended 30 June 2020

Summarised consolidated statement of cash flows

for the year ended 30 June 2020

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R million  2020      2019*
Cash flows from operating activities         
Cash generated by operations before movements in net working capital  4 536      6 870 
Movements in net working capital  559      (1 538)
Cash generated by operations before interest and taxes paid  5 095      5 332 
Net interest paid  (918)     (1 137)
Tax paid  (367)     (622)
Cash generated by operations before capital expenditure on rental assets  3 810      3 573 
Capital expenditure (Motus)       (1 172)
  3 810      2 401 
Cash flows from investing activities         
Net acquisition of subsidiaries and businesses  (276)     (92)
Expansion capital expenditure  (747)     (536)
Net replacement capital expenditure  (735)     (737)
Net movement in associates and joint ventures  45      279 
Net movement in investments, loans and non-current financial instruments  (59)     (147)
  (1 772)     (1 233)
Cash flows from financing activities         
Hedge cost premium paid  (2)     (161)
Settlement of interest-rate swap instruments  (11)     (13)
Repurchase of ordinary shares  (225)     (262)
Dividends paid  (658)     (1 227)
Cash resources distributed as part of the Motus unbundling dividend in specie        (1 058)
Cash paid on change in non-controlling interests  (277)     (142)
Capital raised from non-controlling interests        200 
Settlement of non-redeemable, non-participating preference shares        (378)
Net increase in interest-bearing borrowings  2 828      828 
Payment of lease obligations  (2 032)     (1 684)
  (377)     (3 897)
Net increase (decrease) in cash resources  1 661      (2 729)
Effects of exchange rate changes on cash resources in a foreign currency  279      74 
Cash resources at beginning of year  1 646      4 301 
Cash resources at end of year^  3 586      1 646 
* Restated for the adoption of IFRS 16 — Leases. Refer to note 3.
^ Included in cash resources is R190 million included in assets of discontinued operations and R22 million included in assets of disposal group.