CONDENSED consolidated statement of cash flow
for the year ended 31 March 2021

31 March 
2021 
Rm
 
31 March 
2020 
Rm 
Cash flow from operating activities  1 178  2 417 
Cash flow from investing activities  930  (2 359)
Cash flow from financing activities  (2 739) 247 
Net increase in cash and cash equivalents  (631) 305 
Foreign currency movements in cash  75  117 
Cash and cash equivalents at the beginning of the period  1 559  1 137 
Cash and cash equivalents at the end of the period  1 003  1 559 
Major items included in the above: 
Cash flow from operating activities  1 178  2 417 
Profit before tax  458 
Adjustments(i) 1 034  2 256 
Working capital adjustments  (288) 186 
Taxation paid  (26) (26)
Cash flow from investing activities  930  (2 359)
Disposal of investment in equity-accounted associate  1 103  – 
Acquisition of investment property and development costs  (665) (2 920)
Investment and other income  323  422 
Proceeds on sale of investment property  211  56 
Other  (42) 83 
Cash flow from financing activities  (2 739) 247 
Interest-bearing borrowings advanced  2 647  3 102 
Interest-bearing borrowings repaid  (4 173) (448)
Finance costs paid  (591) (570)
Dividends paid  (556) (1 867)
Other  (66) 30 
(i) Adjustments to cash flows from operating activities for 31 March 2021 include fair value loss on investment property of R920 million, finance costs of R707 million and fair value gain on equity investments of R303 million.