![Sibanye Gold [logo]](https://reports.sibanyestillwater.com/2014/img/logo.svg){kind=logo}
![Sibanye Gold [logo]](https://reports.sibanyestillwater.com/2014/img/logo-print.svg){kind=logo}
Summarised consolidated statement of cash flows
FOR THE YEAR ENDED 31 DECEMBER 2014
| Figures in million – SA rand | 2014 | 2013 | 2012 |
|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Cash generated by operations | 7,081.4 | 6,840.0 | 5,477.4 |
| Post-retirement health care payments | (2.4) | (2.7) | (1.2) |
| Cash-settled share-based payments paid | (166.6) | (3.9) | – |
| Change in working capital | 214.5 | 568.7 | (648.0) |
| Cash generated from operating activities | 7,126.9 | 7,402.1 | 4,828.2 |
| Interest received | 68.5 | 63.3 | 35.3 |
| Interest paid | (194.0) | (326.3) | (116.9) |
| Guarantee fees received | 53.6 | 47.0 | – |
| Royalties paid | (650.1) | (249.0) | (413.7) |
| Taxation paid | (1,347.1) | (304.8) | (980.4) |
| Dividends paid | (1,005.2) | (271.9) | (731.3) |
| Net cash from operating activities | 4,052.6 | 6,360.4 | 2,621.2 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Additions to property, plant and equipment | (3,250.8) | (2,901.5) | (3,106.9) |
| Proceeds on disposal of property, plant and equipment | 22.6 | 6.9 | 5.2 |
| Contributions to environmental rehabilitation obligation funds | (69.3) | (172.3) | (24.3) |
| Payment of environmental rehabilitation obligation | (10.9) | (10.5) | – |
| Investment in subsidiary | (415.3) | – | – |
| Loans granted to subsidiary prior to acquisition | (238.6) | – | – |
| Cash acquired on acquisition of subsidiaries | 38.1 | – | – |
| Loan advanced to equity-accounted investee | (384.6) | – | – |
| Cash flow on loss of control of subsidiary | – | 5.9 | – |
| Net cash used in investing activities | (4,308.8) | (3,071.5) | (3,126.0) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from shares issued on unbundling | – | 17,245.8 | – |
| Loans repaid | (2,296.9) | (9,840.0) | – |
| Loans raised | 1,623.6 | 7,620.0 | 4,220.0 |
| Related-party loans repaid | – | (17,108.0) | (4,272.4) |
| Related-party loans raised | – | – | 486.2 |
| Financing costs capitalised | – | (9.1) | – |
| Proceeds on shares issued to non-controlling interests | – | 3.0 | – |
| Net cash (used in)/flows from financing activities | (673.3) | (2,088.3) | 433.8 |
| Net (decrease)/increase in cash and cash equivalents | (929.5) | 1,200.6 | (71.0) |
| Cash and cash equivalents at the beginning of the year | 1,492.4 | 291.8 | 362.8 |
| Cash and cash equivalents at the end of the year | 562.9 | 1,492.4 | 291.8 |
The accompanying notes form an integral part of these consolidated financial statements.