Condensed consolidated statement of cash flow
for the six months ended 30 September 2021

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   Unaudited 
30 September 
2021 
Rm 		 Unaudited  
30 September 
2020 
Rm 		 Audited 
31 March 
2021 
Rm 
Cash flow from operating activities  943  615  1 178 
Cash flow from investing activities  733  1 059  930 
Cash flow from financing activities  (1 443) (1 876) (2 739)
Net increase in cash and cash equivalents  233  (202) (631)
Foreign currency movements in cash  12  (3) 75 
Cash and cash equivalents at the beginning of the period  1 003  1 559  1 559 
Cash and cash equivalents at the end of the period  1 248  1 354  1 003 
Major items included in the above:       
Cash flow from operating activities  943  615  1 178 
Profit/(loss) before tax  925  (267) 458 
Adjustments(i) 87  917  1 034 
Working capital adjustments  (51) (23) (288)
Taxation paid  (18) –  (26)
Other  –  (12) – 
Cash flow from investing activities  733  1 059  930 
Disposal of investment in equity-accounted associate  –  1 103  1 103 
Proceeds on sale of investment property  957  79  211 
Acquisition of investment property and development costs  (346) (296) (665)
Investment and other income  119  146  323 
Other  3  27  (42)
Cash flow from financing activities  (1 443) (1 876) (2 739)
Interest-bearing borrowings advanced  3 781  2 099  2 647 
Interest-bearing borrowings repaid  (3 636) (3 531) (4 173)
Finance costs paid  (307) (317) (591)
Dividends paid  (968) (75) (556)
Cash from settlement of derivatives  (285) (13) (21)
Other  (28) (39) (45)
(i) Adjustments to cash flows from operating activities for 30 September 2021 include fair value gain on investment property of R165 million, finance costs of R357 million and fair value gain on equity investments of R191 million.