Summarised consolidated statement of cash flows

for the year ended June 30

R000s		2014 Audited				2013 Audited
Cash flows from operating activities		5 370 491				2 666 069
Operating profit		7 881 985				7 438 920
Dividends from associates		76 788				64 466
Acquisition costs		74 044				14 181
Depreciation and amortisation		2 344 920				2 097 264
Other non-cash items		361 057				(356 413)
Cash generated by operations before changes in working capital		10 738 794				9 258 418
Changes in working capital		(531 601)				(1 891 175)
Cash generated by operations		10 207 193				7 367 243
Net finance charges paid		(895 814)				(626 549)
Taxation paidsss		(2 067 596)				(1 847 495)
Dividends paid by – Company		(1 685 663)				(2 088 982)
– subsidiaries		(187 629)				(138 148)
Cash effects of investment activities		(8 493 479)				(3 168 357)
Net additions to vehicle rental fleet		(235 089)				(282 486)
Net additions to property, plant and equipment		(2 760 799)				(2 201 338)
Net additions to intangible assets		(213 085)				(287 253)
Net acquisition of subsidiaries, businesses, associates and investments		(5 284 506)				(397 280)
Cash effects of financing activities		1 080 266				2 459 971
Proceeds from shares issued – Company		55 872				–
– subsidiaries		–				30 635
Net issue of treasury shares		326 536				151 539
Net borrowings raised		697 858				2 277 797
Net increase (decrease) in cash and cash equivalents		(2 042 722)				1 957 683
Net cash and cash equivalents at the beginning of the year		7 092 155				4 615 458
Exchange rate adjustment		511 152				519 014
Net cash and cash equivalents at end of the year		5 560 585				7 092 155
Net cash and cash equivalents comprise Cash and cash equivalents		8 838 573				8 452 559
Bank overdrafts shown as short-term portion of interest-bearing debt		(3 277 988)				(1 360 404)
		5 560 585				7 092 155