2019 Integrated Report

104 | PPS INTEGRATED REPORT 2019 Group 2019 2018 Note R'000 R'000 Cash flows from operating activities Cash generated from operations 29 45 056 173 554 Interest received 1 503 714 1 341 644 Dividend received 753 065 637 782 Finance costs 28 (24 366) (17 151) Tax paid 30 (399 899) (375 675) Net cash from operating activities 1 877 570 1 760 154 Cash flows from investing activities Purchases of property and equipment 2 (144 043) (56 041) Improvements to investment property 3 (72 013) (43 441) Software development 4 (59 998) (84 075) Purchase of financial assets 5,15 (23 397 923) (20 106 331) Proceeds from sale of furniture and equipment 228 600 Proceeds from disposal of financial assets 22 232 692 18 173 523 Net cash used in investing activities (1 441 057) (2 115 765) Cash flows from financing activities Proceeds from issue of share capital of subsidiary to minority – 14 994 Purchase of minority's interest in subsidiary – (114 123) Decrease in finance lease liabilities (17 919) – Decrease in borrowings 16 (7 444) (7 014) Net cash from financing activities (25 363) (106 143) Net increase/(decrease) in cash and bank 411 150 (461 754) Cash and cash equivalents at beginning of year 2 554 907 3 016 661 Cash and cash equivalents at end of year 8 2 966 057 2 554 907 CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2019