31 December December 31
  Audited Audited
  2010 2009
  R000 R000
Cash generated from operations 775 085 917 747
Net interest paid (61 471) (91 367)
Net dividends paid (302 468) (460 868)
Taxation paid (183 625) (240 459)
  227 521 125 053
Net bank advances to customers and other short-term negotiables 8 257 (150 013)
Net cash flows generated from/(utilised in) operating activities    
   before ship sales and purchases 235 778 (24 960)
Net proceeds on disposal of ships and locomotives 145 778 756 728
   Proceeds on disposal of ships and locomotives 145 778 1 257 467
   Cash payments on ship options exercised (500 739)
Capital expenditure on ships and locomotives (1 040 159) (793 207)
Net cash flows utilised in operating activities (658 603) (61 439)
Acquisition of property, terminals, vehicles and equipment and    
   investments (670 008) (578 139)
Proceeds from disposal of property, terminals, vehicles and    
equipment and investments 82 376 51498
Intangible assets acquired (12 155) (36 283)
Disposal investment in subsidiary of (2 650)
Loans (advanced to)/repaid by joint venture and associate    
   companies (20 161) 27 386
Net cash flows utilised in investing activities (622 598) (535 538)
Proceeds from issue of ordinary share capital 8 693 13 209
Proceeds from disposal of treasury shares 6 769
Non-controlling interest investment in subsidiary 10 000 3 780
Loan from non-controlling interest shareholders 15 853
Long-term interest-bearing debt raised 1 104 194 591 700
Payment of capital portion of long-term interest-bearing debt (361 367) (447 341)
Short-term interest-bearing debt issued (439 511)
Short-term interest-bearing debt raised 293 033 381 783
Net cash flows from financing activities 621 811 558 984
Net decrease in cash and cash equivalents (659 390) (37 993)
Cash and equivalents at beginning of the year 1 669 282 1 975 106
Difference arising on translation (42 360) (267 831)
Cash and cash equivalents at end of the year 967 532 1 669 282
 
During the year the group acquired the following businesses:        
Company acquired Percentage
acquired
(%)
Date
acquired
Purchase
consideration
R000
United Barge Owners B.V. and
   Associated Bunkeroil Contractors B.V. 100 1 May 2010 82 878
Fuelogic (Pty) Limited 100 21 April 2010 159 887
Sinpor Trading (Pty) Limited 50 1 February 2010 4 894
    247 659
These businesses comprise the following net assets:   
Net assets acquired Fair value
R000
Ships, property, terminals, vehicles and equipment 472 028
Intangible assets4 441
Investments5 807
Taxation 3 480
Working capital 45 752
Cash and bank(54 757)
Long-term liabilities (303 492)
Deferred taxation(62 305)
Total 110 954
Goodwill and intangible assets arising on acquisition 136 705
 247 659

All assets were acquired at fair value. The goodwill arising on the acquisition of these businesses is attributable to the anticipated profitability of these businesses and synergies expected.

From the dates of their acquisition, the acquired businesses contributed attributable profit of R13 797 000.