Group statement of cash flows for the year ended 31 May 2021

Notes  2021 
R'000
 
2020 
R'000 
Cash flows from operating activities 
Cash received from customers  18 988 312  23 539 462 
Cash paid to suppliers, financiers and employees  (17 248 453) (21 836 971)
Cash generated by operations  1.6  1 739 859  1 702 491 
Interest received  59 719  93 053 
Interest paid  (126 780) (214 166)
Taxation paid  (204 756) (324 553)
Net cash generated from operating activities  1 468 042  1 256 825 
Cash flows from investing activities 
Acquisition of intangible assets*  (36 704) (31 093)
Proceeds on disposal of intangible assets  4 301  19 038 
Acquisition of property, plant and equipment  (71 214) (139 430)
Proceeds on disposal of property, plant and equipment  4 115  15 150 
Acquisition of subsidiary, net of cash acquired  83  206 
Proceeds from disposal of shares in subsidiary, net of cash disposed  2.4  –  698 335 
Proceeds from disposal of shares in joint ventures  2.1  190 555  – 
Liquidity support granted  (331 000) – 
Loans advanced to associates and joint ventures  (52 259) (5 369)
Loans repaid by associates and joint ventures  39 204  17 888 
Dividend received from associate and joint venture  2.1  14 000  6 100 
Loans granted  (74 274) (185 635)
Loans receivable repaid  67 520  58 430 
Net cash (utilised in)/generated by investing activities  (245 673) 453 620 
Cash flows from financing activities 
Interest-bearing borrowings raised  3.6.2  152 007  31 487 
Interest-bearing borrowings repaid  3.6.2  (751 053) (911 836)
Non-interest-bearing borrowings raised  3.6.2  270  170 
Non-interest-bearing borrowings repaid  3.6.2  (13 959) (22 094)
Proceeds from dilution of shares in subsidiary**  –  34 435 
Finance lease repayments  (49 900) (53 210)
Settlement of financial guarantee  3.6.3  (53 285) (44 190)
Settlement of forward exchange contracts  (2 895) – 
Acquisition of treasury shares  6.1  (43 924) (46 352)
Dividends paid to non-controlling interest  (57 148) (67 469)
Net cash utilised in financing activities  (819 887) (1 079 059)
Net increase in cash and cash equivalents  402 482  631 386 
Cash and cash equivalents at the beginning of the year  2 014 725  1 377 753 
Exchange gains on cash and cash equivalents  –  5 586 
Cash and cash equivalents at the end of the year  3.5.4  2 417 207  2 014 725 
* Significant non-cash transactions during the 2021 financial year comprise the additions to the subscription income sharing arrangement of R545 million and the subscriber acquisition costs of R111 million. Refer to note 4.2. Payments are expected to be made during the 2022 financial year and will be presented as cash flows from investing activities.
** This relates to Malik Investment Holdings Proprietary Limited’s subscription for a further 4.51% in Blue Label Mobile Holdings Proprietary Limited. Refer to note 11.

Refer to note 11 for the cash flows included above that relate solely to discontinued operations.