FAIRFAX MEDIA  LIMITED  2013  59 CONsOLIDATED CAsH FLOw sTATEMENT FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying Notes. *   The proceeds relate to the disposal of the remaining 51% interest in Trade Me Group Ltd on 21 December 2012 and the disposal of the US  Agricultural Media business on 14 November 2012. ** The proceeds relate to the sale of 34% of Trade Me Group Ltd on 13 December 2011 and the further 15% divestment on 21 June 2012. NOTE  30June 2013 $’000 24 JUNE 2012 $’000 Cash flows from operating activities Receipts from customers (inclusive of GST) 2,326,259  2,564,435 Payments to suppliers and employees (inclusive of GST) (1,949,614)  (2,029,532) Redundancy payments  (96,018)  (42,511) Interest received  10,963   9,986 Dividends and distributions received   3,367   3,605 Finance costs paid   (60,456)  (127,633) Net income taxes paid  (48,050)  (110,701) net cash inflow from operating activities 35(A)  186,451   267,649 Cash flows from investing activities Payment for purchase of controlled entities, associates and joint ventures (net of cash acquired)  (51,935)  (13,232) Payment for purchase of businesses, including mastheads  (10,048)  (1,443) Payment for property, plant, equipment and software   (60,584)  (42,788) Proceeds from sale of property, plant and equipment  2,047   3,315 Proceeds from sale of investments, net of transaction fees and cash disposed *  644,099   18,237 Loans repaid by other parties  6,056   4,750 net cash inflow/(outflow) from investing activities  529,635   (31,161) Cash flows from financing activities Payment for purchase of non-controlling interests in subsidiaries  (2,999)  (92) Proceeds from disposal of non-controlling interest in subsidiary, net of transaction fees **  –   421,885 Proceeds from borrowings and other financial liabilities  –   321,270 Repayment of borrowings and other financial liabilities  (480,586)  (756,933) Dividends paid to shareholders 7  (47,040)  (82,318) Dividends paid to non-controlling interests in subsidiaries  (14,407)  (491) net cash outflow from financing activities  (545,032)  (96,679) net increase in cash and cash equivalents held  171,054   139,809 Cash and cash equivalents at beginning of the financial year  358,364   207,137 Effect of exchange rate changes on cash and cash equivalents  4,113   11,418 Cash and cash equivalents at end of the financial year 35(B)  533,531   358,364