Condensed consolidated statement of cash flows

for the year ended 31 March

Rm	2018	2017
Cash generated from operations	32 299	31 791
Tax paid	(6 194)	(6 051)
Increase driven by strong EBITDA performance. Net cash flows from operating activities	26 105	25 740
Cash flows from investing activities
Decrease due to lower capital expenditure. Additions to property, plant and equipment and intangible assets	(10 825)	(11 689)
Proceeds from disposal of property, plant and equipment and intangible assets	187	73
Acquisition of interest in Safaricom. Acquisition of subsidiary and associate (net of cash and cash equivalents acquired)	(410)	(285)
Proceeds from HTT disposal. Proceeds on disposal of associate	797	–
Share of Safaricom dividend. Dividends received from associate	1 988	–
Finance income received	859	689
Repayment of loans granted	–	295
Other investing activities ¹	(1 122)	(1 278)
Net cash flows utilised in investing activities	(8 526)	(12 195)
Cash flows from financing activities
R1 billion loan from Vodafone. Borrowings incurred	1 124	4 000
Mainly finance lease repayments. Borrowings repaid	(107)	(1 568)
Finance costs paid	(3 182)	(2 699)
Dividends paid – equity shareholders	(13 010)	(11 657)
Impacted by R246 million minority dividend on Vodafone Kenya Limited investment. Dividends paid – non-controlling interests	(393)	(91)
Repurchase and sale of shares	(269)	(134)
Cash inflow from Vodacom Tanzania listing in current year. Changes in subsidiary holdings	2 770	240
Net cash flows utilised in financing activities	(13 067)	(11 909)
Net increase in cash and cash equivalents	4 512	1 636
Cash and cash equivalents at the beginning of the year	8 873	7 751
Effect of foreign exchange rate changes	(847)	(514)
Cash and cash equivalents at the end of the year	12 538	8 873