for the year ended 30 June 2020
DownloadR 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. |