INTEGRATED ANNUAL REPORT 2011 GRI RESPONSES  

Consolidated statement of cash flows

for the year ended 30 September

  Notes   2011
Rm
  2010*
Rm
  2009*
Rm
 
Cash flows from operating activities                
Cash receipts from customers     49 030   41 707   45 525  
Cash paid to employees and suppliers     (44 529)   (37 039)   (40 643)  
Cash generated from operations before investment in rental assets A   4 501   4 668   4 882  
Net investment in fleet leasing and equipment rental assets B   (1 013)   (847)   (760)  
Net investment in vehicle rental fleet B   (384)   (209)   (69)  
Cash generated from operations     3 104   3 612   4 053  
Finance costs     (755)   (833)   (1 146)  
Realised fair-value adjustments on financial instruments     (172)   (102)   (180)  
Dividends received from investments, associates and joint ventures     67   6   14  
Interest received     60   82   146  
Taxation paid C   (389)   (200)   (603)  
Cash flow from operations     1 915   2 565   2 284  
Dividends paid (including non-controlling interest)     (257)   (223)   (434)  
Cash retained from operating activities     1 658   2 342   1 850  
Cash flows from investing activities                
Acquisition of subsidiaries, investments and intangibles^ D   (271)   (3)   219  
Proceeds on disposal of subsidiaries, investments and intangibles E   185   309   7  
Net investment in leasing receivables     56   135   (139)  
Acquisition of other property, plant and equipment     (880)   (565)   (910)  
Replacement capital expenditure     (305)   (346)   (522)  
Expansion capital expenditure     (575)   (219)   (388)  
Proceeds on disposal of property, plant and equipment     198   68   180  
Net cash used in investing activities     (712)   (56)   (643)  
Net cash inflow before financing activities     946   2 286   1 207  
Cash flows from financing activities                
Proceeds on share issue     6   43   12  
Shares repurchased for forfeitable share plan     (21)          
Proceeds from long-term borrowings     2 653   1 920   4 379  
Repayment of long-term borrowings     (1 470)   (2 928)   (4 328)  
Decrease in short-term interest-bearing liabilities     (1 346)   (826)   (710)  
Net cash used in financing activities     (178)   (1 791)   (647)  
Net increase in cash and cash equivalents     768   495   560  
Cash and cash equivalents at beginning of year     1 928   1 627   1 238  
Cash and cash equivalents held for sale at beginning of year     6   145   31  
Effect of foreign exchange rate movement on cash balance     52   (106)   (57)  
Effect of cash balances classi ed as held-for-sale         (6)   (145)  
Effect of disposal of car rental Scandinavia on cash balances         (227)      
Cash and cash equivalents at end of year     2 754   1 928   1 627  
Cash balances not available for use due to reserving restrictions     503   413   360  
Cash flows from operating activities (before dividends paid)                
Per business segment:                
Continuing operations                
– Equipment     1 454   2 383   1 198  
– Automotive and Logistics     458   89   1 315  
– Handling     91   206   (214)  
– Corporate     (88)   (308)   (187)  
Total continuing operations     1 915   2 370   2 112  
Discontinued operations                
– Car rental - Scnadinavia         195   172  
Total discontinued operations         195   172  
Total group     1 915   2 565   2 284  
Cash flows from investing activities                
Per business segment:                
Continuing operations                
– Equipment     (505)   3   (179)  
– Automotive and Logistics     (302)   (207)   (207)  
– Handling     (30)   60   (77)  
– Corporate     125   (95)   (163)  
Total continuing operations     (712)   (239)   (626)  
Discontinued operations                
– Car rental – Scandinavia         183   (17)  
Total discontinued operations         183   (17)  
Total group     (712)   (56)   (643)  
Cash flows from financing activities                
Per business segment:                
Continuing operations                
– Equipment     (629)   (2 178)   (433)  
– Automotive and Logistics     396   241   (1 082)  
– Handling     8   (252)   61  
– Corporate     47   490   847  
Total continuing operations     (178)   (1 699)   (607)  
Discontinued operations                
– Car rental – Scandinavia         (92)   (40)  
Total discontinued operations         (92)   (40)  
Total group     (178)   (1 791)   (647)  

^This movement includes the repayment of loans by joint ventures and associates.
*Reclassification of interest paid in the leasing business from cost of sales to finance costs (refer note 34.2).