Notes to the Group Annual Financial Statements | Note 2.4

2. GROUP COMPOSITION
2.4 Non-controlling interests

Set out below is the summarised financial information relating to each subsidiary that has non-controlling interests that are material to the Group. The amounts disclosed for each subsidiary are before inter-company eliminations with other companies in the Group.

Subsidiary

Principal place
of business
Segment		 TJ Group1
South Africa
Africa
Distribution		 Blue Label
Data
Solutions
South Africa
Solutions		 Cigicell Proprietary
Limited2
South Africa
Africa Distribution
2025  2024  2025  2024  2025  2024 
NCI (%) 40  40  19  19  26  26 
R'000  R'000  R'000  R'000  R'000  R'000 
Non-current assets  122 032  88 544  74 855  69 344  17 995  25 644 
Current assets  66 254  59 039  87 539  60 558  603 366  563 364 
Total assets  188 286  147 583  162 394  129 902  621 361  589 008 
Capital and reserves  69 196  93 550  109 388  82 241  146 551  195 086 
Non-current liabilities  29 506  8 761  —  1  —  — 
Current liabilities  89 584  45 271  53 006  47 660  474 808  393 923 
Total equity and liabilities  188 286  147 582  162 394  129 902  621 359  589 009 
Accumulated NCI3  29 706  39 679  20 784  15 626  38 103  50 722 
Summarised statement of comprehensive income for the year ended 31 May   —   —   — 
Revenue  149 813  134 252  215 505  224 253  370 801  267 327 
Total comprehensive income for the year  (24 931) (4 543) 43 300  47 141  28 840  23 353 
Comprehensive income allocated to NCI  (9 972) (1 817) 8 227  8 957  7 401  6 072 
Summarised cash flows for the year ended 31 May   —   —   — 
Cash flows generated from operating activities  8 870  22 272  6 873  24 688  43 271  58 631 
Cash flows utilised in investing activities  (50 061) (19 264) (2 450) (35 402) (18 549) (58 319)
Cash flows generated from/(utilised in) financing activities   30 134   7 604   —   10 363   (18 658)  48 740 
Net (decrease)/ increase in cash and cash equivalents   (11 057)  10 612   4 423   (351)  6 063   49 052 
Dividends paid to NCI  —  —  6 460  6 650  20 020  14 999 
1 The TJ Group consists of Transaction Junction Proprietary Limited and Transaction Junction (Namibia) Proprietary Limited.
2 Cigicell Proprietary Limited includes its subsidiary, Visual Revenue Management Proprietary Limited (VRM).
3 Accumulated NCI excludes the share-based payment reserve adjustments because the awards are treated as cash-settled in the separate entities' financial statements.