Massmart Annual Report 2008

Cash flow statement
for the year ended 30 June 2008

    2008 2007
  Notes Rm Rm
Cash flow from operating activities      
Operating cash before working capital movements 36.1 2 394,9 1 926,4
Working capital movements 36.2 (73,2) (28,3)
Cash generated from operations   2 321,7 1 898,1
Interest received   46,5 56,0
Interest paid   (110,6) (100,4)
Investment income   47,7 53,6
Taxation paid 36.3 (668,1) (531,6)
Dividends received   2,2 2,5
Dividends paid   (709,9) (565,1)
Net cash inflow from operating activities   929,5 813,1
Cash flow from investing activities      
Investment to maintain operations 36.4 (268,3) (152,9)
Investment to expand operations 36.5 (309,6) (317,9)
Proceeds on disposal of property, plant and equipment 36.6 5,2 10,6
Investment in subsidiaries 36.7 (160,0)
Other investing activities 36.8 (325,5) (70,6)
Net cash outflow from investing activities   (898,2) (690,8)
Cash flow from financing activities      
Decrease in non-current liabilities   (135,4) (17,2)
Increase/(decrease) in current liabilities   12,4 (45,2)
Net acquisition of treasury shares 36.9 (99,7) (226,0)
Net cash outflow from financing activities   (222,7) (288,4)
Net decrease in cash and cash equivalents   (191,4) (166,1)
Foreign exchange movements taken to statement of changes in equity   4,6 (1,5)
Cash and cash equivalents at the beginning of the year   1 208,7 1 376,3
Cash and cash equivalents at the end of the year 36.10 1 021,9 1 208,7

Massmart uses the retail calender which means that the 2008 financial year represents a 53-week period which started on Monday, 25 June 2007 and ended on Sunday, 29 June 2008.