IN THIS SECTION:

Cash flow statement

for the year ended 31 December 2005
         Group  
        2005   2004  
  Note     Rm   Rm  

   Operating activities

              
   Cash receipts from customers 29.2     83 535   72 393  
   Cash paid to customers, employees and suppliers 29.3     (67 527)   (58 330)  
   Dividends received 29.4     3 012   2 487  
   Net cash flows from operating activities 29.1     19 020   16 550  
               

   Changes in operating funds

              
   Increase in income-earning assets 29.5     (58 829)   (48 374)  
   Increase in deposits and other liabilities 29.6     89 143   51 784  
   Net cash flows from operating funds       30 314   3 410  
   Taxation paid 29.7     (2 419)   (2 883)  
               

   Investing activities

              
   Capital expenditure on – property       (395)   (147)  
      – equipment, furniture and vehicles       (1 054)   (1 094)  
      – intangible assets       (203)   (142)  
   Proceeds from sale of – property       124   130  
      – equipment, furniture and vehicles       187   194  
   Net (purchase)/sale of investment properties       (709)   338  
   Proceeds from sale of shares in business operations       –   26  
   Net increase in investments by insurance operations       (682)   (1 196)  
   Net disposal of reinsurance assets and other investments       73   654  
   Net cash (paid)/received on acquisition of subsidiaries 29.8     (1 771)   1 688  
   Increase of investments in existing subsidiaries       (526)   –  
   Investment in associates       (421)   –  
   Net cash flows (used in)/from investing activities       (5 377)   451  
               

   Financing activities

              
   Proceeds from issue of share capital to shareholders       245   3 252  
   Net proceeds from issue and repurchase of share capital to minorities       22   93  
   Repurchase of company shares       (679)   –  
   Repayment of convertible debentures       –   (1 541)  
   Net Tutuwa transaction payment       –   (4 885)  
   Tutuwa transaction payment       –   (5 341)  
   Proceeds received by Liberty Holdings       –   456  
   Increase in subordinated bonds       2 966   2 627  
   Dividends paid 29.9     (4 461)   (2 947)  
   Net cash flows used in financing activities       (1 907)   (3 401)  
   Effects of exchange rate changes on cash and cash equivalents       2 368   (4 402)  
   Net increase in cash and cash equivalents       41 999   9 725  
   Cash and cash equivalents at beginning of the year       59 303   49 578  
   Reclassified to disposal groups held for sale 30     (137)   –  
   Cash and cash equivalents at end of the year 29.10     101 165   59 303  
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