Cash flow movements

	2020  Rm		2019  Rm
Cash generated from operations before movements in net working capital	3 788		4 819
Movements in net working capital	333		(636)
Cash generated by operations before interest, tax paid and capital expenditure on vehicles for hire	4 121		4 183
Finance costs paid	(1 067)		(765)
Finance income received	59		57
Dividend income	462		496
Taxation paid	(571)		(910)
Free cash flow generated from operations	3 004		3 061
Net capital expenditure (vehicles for hire)	(795)		(318)
Cash generated by operations	2 209		2 743
Net cash outflow on the acquisitions and disposals of businesses	(561)		(358)
Net capital expenditure (excluding vehicles for hire)	(324)		(592)
Net movements in investments in associates	50		19
Net movements in investments and loans	(89)		(63)
Cash received on finance lease receivables	53		–
Cash generated from operating and investing activities	1 338		1 749
Shares repurchased (cancelled and treasury)	(313)		(780)
Change in non-controlling interests	–		(29)
Dividends paid	(490)		(1 097)
Other	2		(33)
Decrease/(increase) in net debt	537		(190)

Net working capital inflow of R333 million primarily due to the realisation of inventory and trade receivables.

The cash outflow on vehicles for hire increased by R795 million due to the Import and Distribution segment investing in increased car rental units during the year.

The net cash outflow on acquisition of businesses of R561 million relates mainly to the dealerships acquired in the UK and Australia, and businesses in the Aftermarket Parts segment.

The final dividend for the 2019 financial year was paid to shareholders amounting to R490 million. The interim dividend for 2020 was cancelled to bolster the solvency and liquidity of the Group.

Debt decreased by R537 million in the statement of cash flows, with debt increasing by R3 482 million in the statement of financial position. The year-on-year increase of R3 482 million was primarily due to the application of IFRS 16, which resulted in recognising lease liabilities amounting to R2 658 million and increased debt of R824 million.

Non-cash items amounting to R4 019 million were largely attributable to the application of IFRS 16 which required an additional R2 389 million in interest-bearing debt to be raised on the balance sheet for a day 1 adjustment. Refer to the reconciliation provided below:

	2020  Rm		2019  Rm		Movement   Rm
Core interest-bearing debt	5 794		4 777		1 017
Floorplans from financial institutions	1 648		1 841		(193)
Lease liabilities	2 658		–		2 658
Debt movements per statement of financial position	10 100		6 618		3 482
Non-cash items					(4 019)
Application of IFRS 16 – day 1 adjustment					(2 389)
Currency adjustments on debt					(825)
New leases entered into or derecognised					(466)
Debt acquired through business combination					(339)
Decrease in debt per statement of cash flows					(537)