CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the period ended 30 September 2020
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| Reviewed half-year 30 September 2020 ZAR’m |
Reviewed half-year 30 September 2019 ZAR’m |
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| Cash flows from operating activities | ||||
| Cash generated from operating activities | 5 994 | 5 277 | ||
| Interest income received | 148 | 251 | ||
| Interest costs paid | (400) | (415) | ||
| Taxation paid | (1 960) | (1 885) | ||
| Net cash generated from operating activities | 3 782 | 3 228 | ||
| Cash flows from investing activities | ||||
| Property, plant and equipment acquired | (391) | (253) | ||
| Proceeds from sale of property, plant and equipment | 4 | 29 | ||
| Intangible assets acquired1 | (277) | (51) | ||
| Proceeds from sale of intangible assets | 8 | – | ||
| Loans to related parties | (46) | (19) | ||
| Decrease in restricted cash | 23 | – | ||
| Loans to Enterprise Development Trust beneficiaries | (9) | – | ||
| Cash movements in other investments and loans | (5) | (15) | ||
| Net cash utilised in investing activities | (693) | (309) | ||
| Cash flows from financing activities | ||||
| Proceeds from long and short-term loans raised | 500 | – | ||
| Repayment of lease liabilities2 | (942) | (487) | ||
| Repurchase of treasury shares | – | (768) | ||
| Purchase of group shares3 | (50) | – | ||
| Dividends paid by holding company4 | (2 500) | – | ||
| Dividends paid by subsidiaries to non-controlling shareholders5 | (1 423) | (1 574) | ||
| Net cash utilised in financing activities | (4 415) | (2 829) | ||
| Net movement in cash and cash equivalents | (1 326) | 90 | ||
| Foreign exchange translation adjustments on cash and cash equivalents | (484) | 104 | ||
| Cash and cash equivalents at the beginning of the period | 9 145 | 6 723 | ||
| Cash and cash equivalents at the end of the period | 7 335 | 6 917 |
| 1 | The increase relates primarily to the group's investment in a multiyear programme to futureproof the group’s customer service, billing and data capabilities. |
| 2 | The increase is primarily due to the weaker average ZAR rate against the USD of ZAR17.35 (1H FY20: ZAR14.61) and the end of a contractual agreement on the southern Africa transponder lease whereby an upfront prepayment reduced lease payments for the first 36 months of the lease term. Subsequently, regular monthly lease payments resumed from October 2019 resulting in increased outflows. |
| 3 | Relates to the purchase of group shares during 1H FY21 which were used to settle the group's share-based compensation awards. |
| 4 | During 1H FY21, the ZAR2.5bn dividend declared in June 2020 was paid by the group to the group’s broker, Sasfin Holdings Limited (Sasfin), for distribution to shareholders. Included in this payment was an amount of ZAR89m related to dividends due to the group for treasury shares held. At 30 September 2020, the amount of ZAR89m had not yet been received by the group and the group recognised a receivable from Sasfin in the condensed consolidated statement of financial position. |
| 5 | Relates primarily to dividends paid to PN. |
