CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

for the six months ended 31 December 2014

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R millions	Reviewed 6 months to 31 December 2014	Reviewed¹¹ 6 months to 31 December 2013	Audited Annual 30 June 2014
Cash (utilised)/generated by operations	(199)	1 661	1 776
Interest received	40	118	169
Interest paid	(83)	(102)	(220)
Taxation paid	(214)	(593)	(794)
Operating cash flow	(456)	1 084	931
Dividends paid to owners of Murray & Roberts Holdings Limited	(208)	(3)	(12)
Dividends paid to non-controlling interests	(15)	(1)	(3)
Cash flow from operating activities	(679)	1 080	916
Acquisition of businesses (note 8)	(162)	–	–
Dividends received from associate companies	–	–	11
Purchase of intangible assets other than goodwill	(96)	(22)	(82)
Purchase of property, plant and equipment by discontinued operations	–	(23)	(24)
Purchase of property, plant and equipment	(209)	(488)	(961)
– Replacements	(51)	(141)	(290)
– Additions	(158)	(347)	(671)
Proceeds on disposal of property, plant and equipment	25	86	152
Proceeds on disposal of businesses (note 8)	116	1 150	1 345
Proceeds on disposal of assets held-for-sale	46	17	58
Cash related to disposal of businesses	(31)	(30)	(16)
Cash related to acquisition of businesses	18	–	–
Cash related to assets held-for-sale	(1)	21	28
Proceeds from realisation of investment	63	126	146
Other (net)	–	2	(3)
Cash flow from investing activities	(231)	839	654
Net (decrease)/increase in borrowings	(631)	1 138	1 284
Treasury shares purchased (net)	(89)	(27)	(21)
Proceeds on share issue to non-controlling interests	–	6	6
Acquisition of Clough non-controlling interests	–	(4 395)	(4 395)
Cash flow from financing activities	(720)	(3 278)	(3 126)
Net decrease in cash and cash equivalents	(1 630)	(1 359)	(1 556)
Net cash and cash equivalents at beginning of period	4 277	5 386	5 386
Effect of foreign exchange rates	115	236	447
Net cash and cash equivalents at end of period	2 762	4 263	4 277
Net cash and cash equivalents comprises of:
Cash and cash equivalents	2 779	5 887	4 301
Bank overdrafts	(17)	(1 624)	(24)
Net cash and cash equivalents at end of period	2 762	4 263	4 277

¹¹

Restated due to amended offsetting requirements of IAS 32: Financial Instruments: Presentation. Financial assets and liabilities may only be presented on a net basis when the Group intends to settle on a net basis. In the prior year such intention could not be demonstrated and as a result cash and cash equivalents and bank overdrafts have been restated.