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INTERIM CONDENSED CONSOLIDATED STATEMENT OF 
CASH FLOWS

R'million Unaudited
six months
ended
31 March
2019
Unaudited
six months
ended
31 March
2018
Audited
year ended
30 September
2018
Cash operating profit 1 871,5 2 366,2 3 857,4
Working capital changes (515,8) (894,4) (573,2)
Cash generated from operations 1 355,7 1 471,8 3 284,2
Finance income and income from investments 56,8 81,0 35,1
Finance costs (84,4) (119,8) (114,1)
Dividends received from associate companies 176,1 178,5
Taxation paid (550,7) (555,6) (780,6)
Cash available from operations 953,5 877,4 2 603,1
Dividends paid (1 193,2) (1 193,7) (1 854,5)
Net cash (outflow)/inflow from operating activities (239,7) (316,3) 748,6
Purchase of property, plant and equipment (361,2) (296,9) (719,6)
Proceeds on sale of investment in associate 581,4
Proceeds from insurance claims 11,7
Net cash on disposal of subsidiary 255,9* 103,5 103,4
Proceeds from disposal of property, plant, equipment and intangible assets 7,4 5,6
Net cash inflow/(outflow) from investing activities 476,1 (186,0) (598,9)
Net cash inflow/(outflow) before financing activities 236,4 (502,3) 149,7
Black Managers Trust (BMT) shares exercised 3,4 15,0 17,9
Shares exercised relating to equity-settled scheme (25,9) (41,6) (46,6)
Repurchase of Tiger Brands shares (6,5) (6,5)
Long-term borrowings (repaid)/raised (2,1) 86,3
Short-term borrowings raised/(repaid) 32,3 8,4 (52,9)
Net cash inflow/(outflow) from financing activities 7,7 (24,7) (1,8)
Net increase/(decrease) in cash and cash equivalents 244,1 (527,0) 147,9
Effect of exchange rate changes on cash and cash equivalents (24,7) (60,4) 35,0
Cash and cash equivalents at the beginning of the period 669,2 486,3 486,3
Cash and cash equivalents at the end of the period 888,6 (101,1) 669,2
Cash resources 888,6 1 108,8 1 581,1
Short-term borrowings regarded as cash and cash equivalents (1 209,9) (911,9)
888,6 (101,1) 669,2

* the second tranche received from East African Group (EAG) on the sale of East African Tiger Brands Industries Plc. (EATBI) in 2017.

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