Value added statement

	2026 R’000	2026 %	2025 R’000	2025 %	2024 R’000	2024 %	2023 R’000	2023 %
VALUE ADDED
VALUE ADDED BY OPERATING ACTIVITIES	(3 508 453)	108.6	2 488 582	75.6	2 191 766	70.8	2 208 065	84.3
Revenue	13 052 808		14 050 177		14 598 444		18 918 263
Net operating expenses	(16 561 261)		(11 561 595)		(12 406 678)		(16 710 198)
VALUE ADDED BY INVESTING ACTIVITIES	277 599	(8.6)	803 857	24.4	901 884	29.2	411 540	15.7
Interest income	277 599		803 857		901 884		411 540

	(3 230 854)	100	3 292 439	100	3 093 650	100	2 619 605	100
VALUE DISTRIBUTED
DISTRIBUTED TO EMPLOYEES	1 266 793	(39.2)	1 052 704	32.0	961 883	31.1	945 501	36.0
Salaries, wages, medical and other benefits	1 266 793		1 052 704		961 883		945 501
DISTRIBUTED TO PROVIDERS OF FINANCE	991 319	(30.7)	1 090 314	33.1	1 121 356	36.2	682 599	26.1
Finance costs	991 319		1 090 314		1 121 356		682 599
DISTRIBUTED TO THE STATE	76 777	(2.4)	337 776	10.3	136 033	4.4	257 276	9.8
Income Tax	76 777		337 776		136 033		257 276
DISTRIBUTED TO SOCIAL RESPONSIBILITY	12 516	(0.4)	6 104	0.2	11 621	0.4	14 914	0.6
Socio-economic development	12 516		6 104		11 621		14 914
VALUE REINVESTED	(892 599)	27.6	(1 675 179)	(50.9)	203 172	6.6	431 142	16.5
Depreciation, amortisation, impairment and fair value movement	438 237		18 458		156 666		121 164
Impairment/(reversal of impairment) of investment in associate	9 273		(1 555 042)		–		(962 531)
Share of (profits)/losses of associates and joint ventures	(1 215 906)		55 376		(15 416)		1 329 747
Deferred taxation	(124 203)		(193 971)		61 922		(57 238)
VALUE RETAINED	(4 685 660)	145.0	2 480 720	75.3	659 585	21.3	288 173	11.0
Retained profit	(4 882 394)		2 484 243		647 386		268 966
Minority shareholders’ interest	196 734		(3 523)		12 199		19 207

	(3 230 854)	100	3 292 439	100	3 093 650	100	2 619 605	100

Value distribution (%)