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CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 DECEMBER

    2011 2010
  Notes Rm Rm
Cash generated by operations 49.1 16 552 15 251
Cash received from clients 49.2 57 850 57 327
Cash paid to clients, employees and suppliers 49.3 (42 367) (43 093)
Dividends received on investments   428 254
Recoveries on loans previously written off   641 763
Change in funds for operating activities   (4 080) (12 891)
Increase in operating assets 49.4 (35 200) (42 172)
Increase in operating liabilities 49.5 31 120 29 281
       
Net cash from operating activities before taxation   12 472 2 360
Taxation paid 49.6 (3 609) (2 093)
Cashflows from operating activities   8 863 267
Cashflows utilised by investing activities   (3 702) (4 438)
Acquisition of property and equipment, computer software and development costs and investment property   (1 697) (2 004)
Disposal of property and equipment, computer software and development costs and investment property   32 372
Disposal of investment banking assets   14 11
Acquisition of associate companies   (71) (149)
Disposal of associate companies   373 138
Acquisition of other investments   (3 629) (2 415
  Disposal of other investments   1 276 1 462
Acquisition of investments in subsidiary companies net of cash 49.7   (1 853)
Cashflows from financing activities   557 5 504
Net proceeds from issue of ordinary shares   418 1 807
Issue of long-term debt instruments   4 901 6 513
Redemption of long-term debt instruments   (1 563) (493)
Dividends paid to ordinary shareholders 49.8 (2 918) (2 042)
Preference share dividends paid   (281) (281)
Effects of exchange rate changes on opening cash and cash equivalents (excluding foreign borrowings)   (54) 37
Net increase in cash and cash equivalents   5 664 1 370
Cash and cash equivalents at the beginning of the year*   19 745 18 375
Cash and cash equivalents at the end of the year* 21 25 409 19 745
* Including mandatory reserve deposits with central banks.