Condensed Group statement of cash flows

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For the six months ended	30 November 2023 Unaudited R'000	30 November 2022 Unaudited R'000
Cash flows from operating activities
Cash generated/(utilised) by operations	288 482	(154 649)
Interest received	78 403	77 080
Interest paid	(424 904)	(236 111)
Taxation paid	(118 539)	(80 478)
Net cash utilised in operating activities	(176 558)	(394 158)
Cash flows from investing activities
Acquisition of intangible assets and property, plant and equipment*	(129 866)	(844 520)
Additional investment in associate	—	(366 236)
Loans repaid by/(advanced to) associates and joint ventures	119 627	(998 047)
Loans receivable (advanced)/repaid	(2 436)	2 889
Loans receivable carried at fair value repaid	45 419	—
Other investing activities	13 801	3 056
Net cash generated from/(utilised in) investing activities	46 545	(2 202 858)
Cash flows from financing activities
Interest-bearing borrowings (repaid)/raised**	(17 667)	2 162 810
Issuance of Class B Preference shares	—	66 859
Lease repayments	(6 180)	(20 339)
Sale/(acquisition) of treasury shares	207	(66 033)
Dividends paid to non-controlling interest***	(14 999)	—
Net cash (utilised in)/generated from financing activities	(38 639)	2 143 297
Net decrease in cash and cash equivalents	(168 652)	(453 719)
Cash and cash equivalents at the beginning of the period	1 302 767	2 723 528
Cash and cash equivalents at the end of the period	1 134 115	2 269 809

*	Acquisitions of intangible assets in the prior period include significant cash outflows of R726 million relating to the subscription income-sharing arrangement and subscriber acquisition costs.
**	Included in interest-bearing borrowings raised in the prior period is R165 million relating to the issuance of Class A Preference shares which, due to their nature, have been classified as interest-bearing borrowings.
***	Represents a dividend paid to a minority shareholder of a subsidiary company.