Group statement of cash flows for the year ended 31 May 2024

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Notes     2024 
R’000 
   2023 
R’000 
Cash flows from operating activities 
Cash received from customers  15 442 828     19 227 226 
Cash paid to suppliers, financiers and employees  (14 673 448)    (19 024 350)
Cash generated by operations  1.6     769 380     202 876 
Interest received  199 516     174 039 
Interest paid  (1 082 619)    (663 908)
Taxation paid  (186 884)    (214 850)
Net cash utilised in operating activities  (300 607)    (501 843)
Cash flows from investing activities 
Acquisition of intangible assets*  (282 221)    (936 140)
Proceeds on disposal of intangible assets  —    
Acquisition of property, plant and equipment  4.3     (88 143)    (119 167)
Proceeds on disposal of property, plant and equipment  14 698     7 847 
Acquisition of subsidiaries, net of cash acquired**  —     (29 707)
Additional investment in and acquisition of shares in associates  2.1.1     —     (372 609)
Loans advanced to associates and joint ventures  (18 262)    (1 093 013)
Loans repaid by associates and joint ventures  236 678     194 681 
Loans receivable carried at fair value repaid  3.5     45 419     13 540 
Loans granted  (10 189)    (65 539)
Loans receivable repaid  40 828     38 252 
Net cash utilised in investing activities  (61 192)    (2 361 851)
Cash flows from financing activities 
Interest-bearing borrowings raised  3.4.2     2 667 689     1 867 861 
Interest-bearing borrowings repaid  3.4.2     (2 674 283)    (381 248)
Lease repayments  3.8     (16 785)    (42 032)
Issuance of Class B Preference Shares  3.5     —     66 859 
Treasury shares sold/(acquired)***  6.1     207     (66 033)
Dividends paid to non-controlling interest  (21 649)    (2 474)
Net cash (utilised in)/generated by financing activities  (44 821)    1 442 933 
Net decrease in cash and cash equivalents  (406 620)    (1 420 761)
Cash and cash equivalents at the beginning of the year  1 302 767     2 723 528 
Cash and cash equivalents at the end of the year  3.3.4     896 147     1 302 767 
* Acquisitions of intangible assets in the prior year included significant cash outflows of R832 million relating to the subscription income sharing arrangement.
** In the prior year, the Group acquired 50% of Aligned Partnered Solutions Proprietary Limited’s share capital on 31 March 2023 for a purchase consideration of R500. The Group further acquired 60% of Lipa Payments Proprietary Limited’s share capital on 24 April 2023 for a purchase consideration of R30 million.
*** In the prior year, approximately 10 million shares were repurchased over the period 25 August 2022 to 19 September 2022 at a weighted average price of R6.58 per share.