Summarised Group statement of cash flowsfor the year ended 31 May 2022

2022 
R'000 
2021 
R'000 
Cash flows from operating activities 
Cash received from customers  16 698 666  18 988 312 
Cash paid to suppliers, financiers and employees  (15 764 089) (17 248 453)
Cash generated by operations  934 577  1 739 859 
Interest received  80 993  59 719 
Interest paid  (201 091) (126 780)
Taxation paid  (165 710) (204 756)
Net cash generated from operating activities  648 769  1 468 042 
Cash flows from investing activities 
Acquisition of intangible assets*   (1 013 334) (36 704)
Proceeds on disposal of intangible assets   –  4 301 
Acquisition of property, plant and equipment   (77 813) (71 214)
Proceeds on disposal of property, plant and equipment   9 793  4 115 
Acquisition of subsidiary, net of cash acquired   –  83 
Acquisition of shares in associate  (15 340) – 
Contingent consideration received**  117 791  – 
Proceeds from disposal of shares in joint ventures   –  190 555 
Liquidity support granted   –  (331 000)
Loans advanced to associates and joint ventures   (26 565) (52 259)
Loans repaid by associates and joint ventures   1 805  39 204 
Dividend received from associate and joint venture   5 885  14 000 
Loans granted   (40 774) (74 274)
Loans receivable repaid   27 943  67 520 
Net cash utilised in investing activities  (1 010 609) (245 673)
Cash flows from financing activities 
Interest-bearing borrowings raised   1 627 141  152 007 
Interest-bearing borrowings repaid   (870 502) (751 053)
Non-interest-bearing borrowings raised   –  270 
Non-interest-bearing borrowings repaid   (270) (13 959)
Lease repayments   (37 857) (49 900)
Settlement of financial guarantee   –  (53 285)
Settlement of forward exchange contracts   –  (2 895)
Acquisition of non-controlling interest  (11 000) – 
Acquisition of treasury shares***  (9 301) (43 924)
Dividends paid to non-controlling interest   (30 050) (57 148)
Net cash generated by/(utilised in) financing activities  668 161  (819 887)
Net increase in cash and cash equivalents  306 321  402 482 
Cash and cash equivalents at the beginning of the year  2 417 207  2 014 725 
Cash and cash equivalents at the end of the year  2 723 528  2 417 207 
* Acquisitions of intangible assets in the current period include significant cash outflows of R928 million relating to the subscription income sharing arrangement that commenced during the 2021 financial year.
** Settlement of the contingent consideration relating to the disposal of the VAS operations in April 2020.
*** Approximately 1.4 million shares were repurchased over the period from 4 to 5 April 2022 at a weighted average price of R6.45 per share.