GROUP STATEMENT OF CASH FLOWS for the year ended 31 May 2026

	Notes	2026 R'000	2025 R'000
Cash received from customers		13 496 136	12 579 041
Cash paid to suppliers, financiers and employees		(13 071 681)	(12 091 501)
CASH GENERATED BY OPERATIONS	1.6	424 455	487 540
Interest received		134 470	402 307
Interest paid		(979 174)	(1 035 022)
Taxation paid		(140 799)	(321 292)
Net cash utilised in operating activities		(561 048)	(466 467)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of intangible assets	4.2	(474 167)	(443 330)
Acquisition of property, plant and equipment	4.3	(141 245)	(48 549)
Acquisition of subsidiary net of cash acquired*		298 777	–
Additional investment in and acquisition of shares in associates	3.5	(146 124)	(100 740)
Proceeds on disposal of property, plant and equipment		2 102	9 793
Proceeds from disposal of subsidiaries net of cash disposed**		2 500 093	–
Proceeds on disposal of joint venture		–	9 945
Dividends received from associates	2.1.1	29 812	13 372
Advances paid to associates***		(641 279)	–
Financial assets carried at fair value repaid	3.5	47 994	21 087
Loans repaid by associates and joint ventures		9 133	245 228
Loans advanced		(1 263)	(28 011)
Loans receivable repaid		17 431	20 494
Net cash generated by/(utilised in) investing activities		1 501 264	(300 711)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings raised	3.4.2	1 845 094	1 610 506
Borrowings repaid	3.4.2	(1 468 297)	(860 160)
Lease repayments	3.7	(765 276)	(30 360)
Treasury shares acquired	6.1	(57)	(1 202)
Dividends paid to non-controlling interest****	2.4	(10 235)	(26 480)
Dividends paid to equity holders of the parent		(398 000)	–
Net cash (utilised in)/generated by financing activities		(796 771)	692 304
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		143 445	(74 874)
Cash and cash equivalents at the beginning of the year		821 273	896 147
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	3.3.4	964 718	821 273

*	Acquisition of subsidiary net of cash acquired relates to the acquisition of Cell C, which became a subsidiary on 4 September 2025 (refer to note 2.2.1) with a take on cash balance of R307 million, offset by an R8 million cash outflow relating to the additional 10.13% stake in Cell C acquired.
**	Proceeds from the disposal of subsidiaries net of cash disposed comprised a net inflow of R2.535 billion relating to the disposal of Cell C and CEC, and a net outflow of R35 million relating to the disposal of Ticketpro.
***	Advances paid to associates relate to amounts advanced to Cell C in the current year that were subsequently capitalised, increasing the Group's effective holding in Cell C prior to the listing thereof.
****	Represents a dividend paid to a minority shareholder of a subsidiary company.