Chapter 4: Financial statements

4.1.4 Statement of cash flows

For the year ended 31 December	Note	2025 Rm	2024 Rm

Cash flows from operating activities		8 380	8 425
Cash generated by operations	6.3.1	10 040	10 432
Interest received	12.1.6	1 680	1 720
Interest paid	12.1.6	(1 059)	(1 095)
Tax paid	7.6.1	(2 281)	(2 632)
Cash flows from investing activities		(1 867)	1 084
Property, plant and equipment acquired		(5 099)	(2 448)
Intangible assets acquired		(33)	(27)
Proceeds from disposal of property, plant and equipment		1
Cash received from other financial assets at amortised cost		141	111
ESD loans granted		(76)	(130)
ESD loans settled		117	84
Intervention receivable granted		(57)	(33)
Deposit facilities placed		(360)	(360)
Lease receivables settled		16	16
Proceeds from disposal of subsidiary	8.3	116
Dividends received from equity-accounted investments	9.5	3 367	3 871
Cash flows from financing activities		(3 192)	(8 742)
Interest-bearing borrowings raised	12.1.3	7 365	705
Interest-bearing borrowings repaid	12.1.3	(3 375)	(1 397)
Transaction costs paid on interest-bearing borrowings raised	12.1.3	(57)
Lease liabilities paid	11.4	(62)	(50)
Acquisition debt settled1		(180)
Dividends paid to owners of the parent	5.6	(4 071)	(5 744)
Dividends paid to NCI BEE Parties	17.7.1	(1 382)	(1 893)
Dividends paid to NCI of Tsitsikamma SPV and Amakhala SPV	17.7.1	(37)	(42)
Shares acquired in the market to settle share-based payments		(173)	(321)
Shares repurchased including transaction expenses		(1 220)

Net increase in cash and cash equivalents		3 321	767
Cash and cash equivalents at beginning of the year		20 630	19 859
Translation difference on movement in cash and cash equivalents		(261)	4
Cash and cash equivalents at end of the year	6.2.5	23 690	20 630

1 Relates to the settlement of a dividend payable that was an assumed liability of the Karreebosch project asset acquisition.