Integrated Annual Report 2020

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FINANCIAL PERFORMANCE

Group statement of cash flows For the year ended 31 May 2020

Notes  2020 
R'000 		 2019 
R'000 
Cash flows from operating activities 
Cash received from customers  23 539 462  25 995 287 
Cash paid to suppliers, financiers and employees  (21 836 971) (25 564 000)
Cash generated by operations  1.6  1 702 491  431 287 
Interest received  93 053  88 416 
Interest paid  (214 166) (231 131)
Taxation paid  (324 553) (369 086)
Net cash generated from/(utilised in) operating activities  1 256 825  (80 514)
Cash flows from investing activities 
Acquisition of intangible assets  (31 093) (75 931)
Proceeds on disposal of intangible assets  19 038  51 
Acquisition of property, plant and equipment  (139 430) (134 028)
Proceeds on disposal of property, plant and equipment  15 150  5 230 
Acquisition of subsidiary, net of cash acquired  206  (7 162)
Proceeds from disposal of shares in subsidiary, net of cash disposed  2.4  698 335  — 
Liquidity support granted  —  (326 388)
Loan repaid by Cell C  —  1 135 759 
Loan granted to Cell C  —  (106 132)
Loans advanced to associates and joint ventures  (5 369) (13 284)
Loans repaid by associates and joint ventures  17 888  1 690 
Dividend received from associate and joint venture  2.1  6 100  17 992 
Loans granted  (185 635) (29 916)
Loans receivable repaid  58 430  96 007 
Settlement of contingent consideration  —  (2 614)
Net cash generated by investing activities  453 620  561 274 
Cash flows from financing activities 
Interest-bearing borrowings raised  3.6.2  31 487  993 439 
Interest-bearing borrowings repaid  3.6.2  (911 836) (769 652)
Non-interest-bearing borrowings raised  3.6.2  170  35 876 
Non-interest-bearing borrowings repaid  3.6.2  (22 094) (170)
Proceeds from dilution of shares in subsidiary*  34 435  — 
Principal lease repayments  (53 210) — 
Settlement of financial guarantee  3.6.3  (44 190) — 
Share buy-back**  6.1  —  (224 006)
Acquisition of treasury shares  6.1  (46 352) (42 378)
Dividends paid to non-controlling interest  (67 469) (35 550)
Net cash utilised in financing activities  (1 079 059) (42 441)
Net increase in cash and cash equivalents  631 386  438 319 
Cash and cash equivalents at the beginning of the year  1 377 753  947 888 
Exchange gains/(losses) on cash and cash equivalents  5 586  (8 454)
Cash and cash equivalents at the end of the year  3.5.4  2 014 725  1 377 753 
* This relates to Malik Investment Holdings Proprietary Limited's subscription for a further 4.51% in Blue Label Mobile Holdings Proprietary Limited. Refer to note 11.
** Approximately 32.9 million shares were repurchased in the prior year over the period 22 August 2018 to 21 September 2018 at a weighted average price of R6.78 per share.

Refer to note 11 for the cash flows included above that relate solely to discontinued operations.