Condensed Group statement of cash flows

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For the six months ended  30 November 
2019 
Reviewed 
R'000
 
30 November 
2018 
Unaudited 
R'000 
  
Cash flows from operating activities          
Cash generated by/(utilised in) operations  390 152  (950 899)   
Interest received  37 585  64 102    
Interest paid  (113 551) (118 819)   
Taxation paid  (204 085) (187 617)   
Net cash generated from/(utilised in) operating activities  110 101  (1 193 233)   
Cash flows from investing activities          
Acquisition of intangible assets and property, plant and equipment  (89 061) (111 514)   
Acquisition of subsidiaries net of cash acquired  –  (7 162)   
Liquidity support granted*  –  (53 229)   
Loans repaid by Cell C  –  1 029 626    
Loans repaid/(granted) 21 826  (7 163)   
Loans repaid/(granted) to associates and joint ventures  9 264  (7 485)   
Settlement of contingent consideration  –  (2 614)   
Other investing activities  8 725  6 191    
Net cash (utilised in)/ generated from investing activities  (49 246) 846 650    
Cash flows from financing activities          
Proceeds from dilution of shares in subsidiary**  34 435  –    
Borrowings raised  422 072  632 603    
Acquisition of treasury shares  –  (42 394)   
Share buy back***  –  (224 006)   
Principal element of lease payments  (22 929) –    
Dividends paid to non-controlling interest  (57 977) (28 553)   
Net cash generated from financing activities  375 601  337 650    
Net increase/(decrease) in cash and cash equivalents  436 456  (8 933)   
Cash and cash equivalents at the beginning of the period  1 377 753  947 888    
Exchange gains on cash and cash equivalents  1 160  693    
Cash and cash equivalents at the end of the period  1 815 369  939 648    
Included in cash and cash equivalents per the statement of financial position  1 640 684  939 648    
Included in the assets of the disposal group  174 685  –    
   1 815 369  939 648    
*   This relates to the liquidity support given to SPV2.
**   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 9.2 of the Group annual financial statements for the year ended 31 May 2019.
***   Approximately 32.9 million shares were repurchased over the period 22 August 2018 to 21 September 2018 at a weighted average price of R6.78 per share.