Cash flow statement
for the year ended 28 June 2009
| 2009 | 2008 | ||
| notes | Rm | Rm | |
| Cash flow from operating activities | |||
| Operating cash before working capital movements | 11.1 | 16.3 | 69.8 |
| Working capital movements | 11.2 | 10.4 | (93.0) |
| Cash generated from operations | 26.7 | (23.2) | |
| Interest received | – | 5.9 | |
| Interest paid | – | (7.1) | |
| Investment income | 602.3 | 1,155.5 | |
| Taxation paid | 11.3 | (79.6) | (65.5) |
| Dividends paid | 11.4 | (883.4) | (721.4) |
| Net cash (outflow)/inflow from operating activities | (334.0) | 344.2 | |
| Loans to subsidiaries | (51.5) | – | |
| Other investing activities | 468.9 | (262.2) | |
| Net cash inflow/(outflow) from investing activities | 417.4 | (262.2) | |
| Net acquisition of treasury shares | 11.5 | (82.2) | (99.7) |
| Net cash outflow from financing activities | (82.2) | (99.7) | |
| Net increase/(decrease) in cash and cash equivalents | 1.2 | (17.7) | |
| Cash and cash equivalents at the beginning of the year | (1.2) | 16.5 | |
| Cash and cash equivalents at the end of the year | – | (1.2) |
The accounting policies are in line with the Massmart Group accounting policies. Refer to note 1 of the Group financial statements.