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Consolidated cash flow statement for the year ended 31 December 2008

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US$ million Note 2008 2007
Cash inflows from continuing operations 30a 9,579 9,375
Dividends from associates   609 275
Dividends from financial asset investments   50 36
Income tax paid   (2,173) (2,886)
Net cash inflows from operating activities – continuing operations   8,065 6,800
Net cash inflows from operating activities – discontinued operations   464
Net cash inflows from operating activities – total Group   8,065 7,264
 
Cash flows from investing activities
Acquisition of subsidiaries, net of cash and cash equivalents acquired(1) 32 (5,887) (772)
Investment in joint ventures 32 (609) (1,114)
Investment in associates   (9) (1)
Cash flows from derivatives related to acquisitions   (661)
Purchase of tangible assets   (5,146) (3,931)
Purchase of financial asset investments   (741) (47)
Investment of advance received in anticipation of disposal(2)   (281)
Loans granted   (108) (108)
Interest received and other investment income   291 228
Disposal and demerger of subsidiaries, net of cash and cash equivalents disposed 33 468 110
Sale of interests in associates   205
Repayment of loans and capital by associates   42 119
Proceeds from disposal of tangible assets   30 111
Proceeds from sale of financial asset investments   851 601
Other cash flows from derivatives not related to net debt   (166) (2)
Other investing activities   (29) (30)
Net cash used in investing activities – continuing operations   (11,750) (4,836)
Net cash inflows from investing activities – discontinued operations   2,575
Net cash used in investing activities – total Group   (11,750) (2,261)

Cash flows from financing activities
Issue of shares by subsidiaries to minority interests   62 29
Sale of treasury shares to employees   40 134
Purchase of treasury shares   (710) (6,217)
Interest paid   (741) (483)
Dividends paid to minority interests   (796) (728)
Dividends paid to Company shareholders   (1,550) (1,538)
Receipt of short term borrowings   1,432 2,780
Receipt of medium and long term borrowings   5,184 341
Cash flows from derivatives related to net debt   380
Advance received in anticipation of disposal(2)   307
Other financing activities   (66) 21
Net cash inflows from/(used in) financing activities – continuing operations   3,542 (5,661)
Net cash inflows from financing activities – discontinued operations   692
Net cash inflows from/(used in) financing activities – total Group   3,542 (4,969)
Net (decrease)/increase in cash and cash equivalents   (143) 34
 
Cash and cash equivalents at start of year 30c 3,074 2,980
Cash movements in the year   (143) 34
Effects of changes in foreign exchange rates   (187) 60
Cash and cash equivalents at end of year 30c 2,744 3,074
(1)
Includes amounts paid to acquire minority interests in subsidiaries.
(2)
Advance received in respect of anticipated disposal of the Group’s 50% interest in the Booysendal joint venture, invested in unlisted preference shares (guaranteed by Nedbank Limited and Nedbank Group Limited) and an escrow account, pending completion of the transaction. Refer to note 21 for further details.