> 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.