Group statement of cash flows

for the year ended 31 May 2025

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	Notes		2025  R'000		2024  R'000
Cash flows from operating activities
Cash received from customers			12 579 041		15 442 828
Cash paid to suppliers, financiers and employees			(12 091 501)		(14 673 448)
Cash generated by operations	1.6		487 540		769 380
Interest received			402 307		199 516
Interest paid			(1 035 022)		(1 082 619)
Taxation paid			(321 292)		(186 884)
Net cash utilised in operating activities			(466 467)		(300 607)
Cash flows from investing activities
Acquisition of intangible assets	4.2		(443 330)		(282 221)
Acquisition of property, plant and equipment	4.3		(48 549)		(88 143)
Proceeds on disposal of property, plant and equipment			9 793		14 698
Additional investment in and acquisition of shares in associates	2.1.1		(100 740)		—
Proceeds on disposal of joint venture			9 945		—
Dividends received from associates	2.1.1		13 372		—
Financial assets carried at fair value repaid	3.5		21 087		45 419
Loans advanced to associates and joint ventures			—		(18 262)
Loans repaid by associates and joint ventures			245 228		236 678
Loans advanced			(28 011)		(10 189)
Loans receivable repaid			20 494		40 828
Net cash utilised in investing activities			(300 711)		(61 192)
Cash flows from financing activities
Interest-bearing borrowings raised	3.4.2		1 575 978		2 667 689
Interest-bearing borrowings repaid	3.4.2		(860 160)		(2 674 283)
Interest-bearing borrowings from associates and joint ventures raised	3.4.2		34 528		—
Lease repayments	3.7		(30 360)		(16 785)
Treasury shares (acquired)/sold	6.1		(1 202)		207
Dividends paid to non-controlling interest*	2.4		(26 480)		(21 649)
Net cash generated by/(utilised in) financing activities			692 304		(44 821)
Net decrease in cash and cash equivalents			(74 874)		(406 620)
Cash and cash equivalents at the beginning of the year			896 147		1 302 767
Cash and cash equivalents at the end of the year	3.3.4		821 273		896 147

*	Represents a dividend paid to a minority shareholder of a subsidiary company.