Consolidated statement of cash flows

for the year ended 30 September

	Notes	2014 Rm	2013* Rm	2012* Rm
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers		64 533	64 829	57 524
Cash paid to employees and suppliers		(58 701)	(58 366)	(55 450)
Cash generated from operations before investment in leasing and rental assets	A	5 832	6 463	2 074
Net investment in fleet leasing and equipment rental assets	B	(2 143)	(1 636)	(1 481)
Net investment in vehicle rental fleet	B	(736)	(572)	(633)
Cash generated from/(utilised in) operations		2 953	4 255	(40)
Finance costs		(1 125)	(1 022)	(874)
Realised fair value adjustments on financial instruments		(162)	(54)	(19)
Dividends received from investments, associates and joint ventures		197	221	150
Interest received		39	28	37
Taxation paid	C	(947)	(821)	(580)
Cash inflow/(outflow) from operations		955	2 607	(1 326)
Dividends paid (including non-controlling interest)		(742)	(598)	(443)
Cash retained from/(applied to) operating activities		214	2 009	(1 769)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of subsidiaries, investments and intangibles	D	(323)	(775)	(1 589)
Proceeds on disposal of subsidiaries, investments and intangibles	E	1 316	105	931
Net investment in leasing receivables		(15)	22	98
Acquisition of other property, plant and equipment		(1 323)	(818)	(824)
Replacement capital expenditure		(476)	(339)	(334)
Expansion capital expenditure		(847)	(479)	(490)
Proceeds on disposal of property, plant and equipment		276	117	264
Net cash used in investing activities		(69)	(1 349)	(1 120)
Net cash inflow/(outflow) before financing activities		145	660	(2 889)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on share issue			4	2
Shares repurchased for equity-settled share-based payments		(34)	(32)	(24)
Non-controlling equity loans			6	9
Purchase of non-controlling interest		(4)	(125)
Proceeds from long-term borrowings		3 651	1 614	3 842
Repayment of long-term borrowings		(3 987)	(1 748)	(2 474)
Increase/(decrease) in short-term interest-bearing liabilities		1 535	(339)	1 360
Net cash from/(used in) financing activities		1 161	(620)	2 715
Net increase/(decrease) in cash and cash equivalents		1 306	40	(174)
Cash and cash equivalents at beginning of year		2 695	2 476	2 577
Effect of foreign exchange rate movement on cash balance		131	208	73
Effect of cash balances classified as held for sale		29	(29)
Cash and cash equivalents at end of year		4 162	2 695	2 476
Cash balances not available for use due to reserving restrictions		58	189	182

*	Restated for the treatment of IFRS 10, IAS 19 and discontinued operations – refer to note 34.

	2014 Rm	2013* Rm	2012* Rm
CASH FLOWS FROM OPERATING ACTIVITIES (BEFORE DIVIDENDS PAID)
Continuing operations
– Equipment and Handling	535	2 265	(1 453)
– Automotive and Logistics	534	284	(13)
– Corporate	(312)	(85)	113
Total continuing operations	757	2 464	(1 353)
Discontinued operations
– Motor retail – Australia	198	143	27
Total discontinued operations	198	143	27
Total group	955	2 607	(1 326)
CASH FLOWS FROM INVESTING ACTIVITIES
Continuing operations
– Equipment and Handling	(536)	(854)	(782)
– Automotive and Logistics	(761)	(449)	(392)
– Corporate	49	(38)	61
Total continuing operations	(1 248)	(1 341)	(1 113)
Discontinued operations
– Motor retail – Australia	1 179	(8)	(7)
Total discontinued operations	1 179	(8)	(7)
Total group	(69)	(1 349)	(1 120)
CASH FLOWS FROM FINANCING ACTIVITIES
Continuing operations
– Equipment and Handling	521	(782)	2 483
– Automotive and Logistics	1 158	893	812
– Corporate	371	(636)	(592)
Total continuing operations	2 050	(525)	2 703
Discontinued operations
– Motor retail – Australia	(889)	(95)	12
Total discontinued operations	(889)	(95)	12
Total group	1 161	(620)	2 715

*	Restated for the treatment of IFRS 10, IAS 19 and discontinued operations – refer to note 34.