The above statement of cash flows should be read in conjunction with the accompanying notes.  48 GrainCorp 2001 Annual Report Consolidated 2001 2000 $’000 $’000 Cash Flows from Operating Activities Receipts from customers (inclusive of goods & services tax)  508,733 272,173 Payments to suppliers and employees (inclusive of goods & services tax) (387,427) (220,320) 121,306 51,853 Interest received 690 415 Borrowing costs (11,884) (5,607) Income taxes paid (23,998) (7,827) Net Cash Inflow / (Outflow) from Operating Activities 86,114 38,834 Cash Flows from Investing Activities Cash acquired on merger  4,192 - Payments for property, plant and equipment (52,311) (48,919) Purchases of investments / business (25,219) (1,904) Dividends received 571 9,675 Proceeds from sale of property, plant and equipment 1,833 3,201 Loans from / (to) related parties 157 (18,792) Net Cash Inflow / (Outflow) from Investing Activities (70,777) (56,739) Cash Flows from Financing Activities Proceeds from interest bearing liabilities 55,655 50,450 Repayment of interest bearing liabilities (1,250) (1,250) Payments for shares bought back (10,530) - Proceeds from executive share options exercised 425 - Purchase of Class B shares from GGA (37,575) - Share buy-back transaction costs (43) - Dividends paid (32,211) (18,636) Net Cash Inflow / (Outflow) from Financing Activities (25,529) 30,564 Net increase / (decrease) in cash held (10,192) 12,659 Cash at the beginning of the financial year  (426) (13,085) Cash at the End of the Financial Year (10,618) (426) for the year ended 30 September 2001 GrainCorp Limited and Controlled Entities  Statement of Cash Flows Consolidated