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Condensed consolidated statement of cash flow for the year ended 31 March 2022

31 March 
2022 
Rm
 
31 March 
2021 
Rm 
Cash flow from operating activities  2 054  1 178 
Cash flow from investing activities  356  930 
Cash flow from financing activities  (2 823) (2 739)
Net decrease in cash and cash equivalents  (413) (631)
Foreign currency movements in cash  (25) 75 
Cash and cash equivalents at the beginning of the period  1 003  1 559 
Cash and cash equivalents at the end of the period  565  1 003 
Major items included in the above: 
Cash flow from operating activities  2 054  1 178 
Profit before tax  2 026  458 
Adjustments(i) (39) 1 034 
Working capital adjustments  91  (288)
Taxation paid  (24) (26)
Cash flow from investing activities  356  930 
Disposal of investment in equity-accounted associate  –  1 103 
Proceeds on sale of investment property  1 218  211 
Acquisition of investment property and development costs  (549) (665)
Acquisition of investment in equity instruments at fair value through other comprehensive income  (1 600) – 
Proceeds on sale of listed securities  501  40 
Loss of control of subsidiary  530  – 
Investment and other income  308  323 
Other  (52) (82)
Cash flow from financing activities  (2 823) (2 739)
Interest-bearing borrowings advanced  8 974  2 647 
Interest-bearing borrowings repaid  (9 169) (4 173)
Finance costs paid  (646) (591)
Dividends paid  (1 376) (556)
Equity transactions with NCI  (545) – 
Proceeds from issue of share capital  300  – 
Settlement of derivatives (324) (21)
Other  (37) (45)
(i) Adjustments to cash flows from operating activities for 31 March 2022 include fair value gain on investment property of R637 million, finance costs of R809 million
and fair value gain on equity investments of R35 million.