Chapter 4: Financial statements

4.2 Company financial statements

4.2.1 Statement of comprehensive income

For the year ended 31 December	Note	2025 Rm	2024 Rm

Revenue	6.1.2	21 931	10 881
– Revenue from contracts with customers		1 645	1 634
– Dividend revenue		19 995	8 861
– Interest revenue		291	386
Operating expenses	6.1.3	(1 530)	(1 892)
Gain on disposal of subsidiary	8.3	169
Impairment charges of investments in subsidiaries	8.4.1	(358)
Finance income	12.1.2	1 449	1 502
Finance costs	12.1.2	(1 279)	(1 633)
Profit before tax		20 382	8 858
Income tax expense	7.3	(94)	(9)
Profit for the year		20 288	8 849
Total comprehensive income for the year		20 288	8 849

There were no components of OCI for the years ended 31 December 2025 and 31 December 2024.

4.2.2 Statement of financial position

At 31 December	Note	2025 Rm	2024 Rm

Assets
Non-current assets		14 189	11 670
Property, plant and equipment	10.1.3	111	94
Intangible assets	10.2.3	142	160
Right-of-use assets	11.3	546	203
Investments in subsidiaries	17.4	8 547	8 368
Financial assets	10.3.2	4 684	2 690
Deferred tax	7.5	157	154
Other assets	10.4.1	2	1
Current assets		22 233	19 026
Inventories	6.2.2	2	9
Financial assets	10.3.2	1 433	1 421
Trade and other receivables	6.2.3	242	237
Cash and cash equivalents	6.2.5	20 500	17 300
Current tax receivable		10	15
Other assets	10.4.1	46	44

Total assets		36 422	30 696
Equity and liabilities
Capital and other components of equity
Share capital	12.2.2	11 196	11 227
Other components of equity		146	114
Retained earnings		13 726	540
Total equity		25 068	11 881
Non-current liabilities		4 731	2 808
Interest-bearing borrowings	12.1.3	4 083	2 499
Lease liabilities	11.4	593	256
Provisions	13.3	55	53
Current liabilities		6 623	16 007
Interest-bearing borrowings	12.1.3	423	498
Lease liabilities	11.4	92	86
Trade and other payables	6.2.4	252	216
Financial liabilities	12.1.7	5 639	15 028
Other liabilities	12.1.8	217	179

Total liabilities		11 354	18 815
Total equity and liabilities		36 422	30 696

4.2.3 Statement of changes in equity

			Other components of equity

	Note	Share capital Rm	Equity- settled Rm	Retained earnings/ (accumulated deficit) Rm	Total equity Rm
At 31 December 2023		11 227	259	(3)	11 483
Total comprehensive income				8 849	8 849
– Profit for the year				8 849	8 849
Transactions with owners			(145)	(8 306)	(8 451)
Contributions and distributions			(145)	(8 306)	(8 451)
– Share-based payments movement			(145)		(145)
– Dividends paid	5.6			(8 306)	(8 306)


At 31 December 2024		11 227	114	540	11 881
Total comprehensive income				20 288	20 288
– Profit for the year				20 288	20 288
Transactions with owners		(31)	32	(7 102)	(7 101)
Contributions and distributions		(31)	32	(7 102)	(7 101)
– Share-based payments movement			32		32
– Shares repurchased and cancelled1	12.2.3	(31)		(1 169)	(1 200)
– Share repurchase expenses				(20)	(20)
– Dividends paid	5.6			(5 913)	(5 913)


At 31 December 2025		11 196	146	13 726	25 068

1 Relates to the repurchase and cancellation of 7 391 418 ordinary shares to the value of R1.2 billion in terms of the share repurchase programme.

4.2.4 Statement of cash flows

For the year ended 31 December	Note	2025 Rm	2024 Rm

Cash flows from operating activities		11 106	9 158
Cash generated by operations	6.3.1	11 014	9 329
– Dividend revenue received	6.1.2	3 542	4 115
– Interest revenue received		260	386
– Other cash generated by operations		7 212	4 828
Interest received	12.1.6	1 454	1 502
Interest paid	12.1.6	(1 292)	(1 637)
Tax paid	7.6.1	(70)	(36)
Cash flows from investing activities		(1 971)	586
Property, plant and equipment acquired	10.1.3	(26)	(65)
Intangible assets acquired	10.2.3	(22)	(18)
Proceeds from disposal of property, plant and equipment		1
Cash received from other financial assets at amortised cost		141	31
ESD loans granted		(76)	(130)
ESD loans settled		117	84
Proceeds from disposal of subsidiary	8.3	152
Increase in investment in subsidiaries		(157)	(328)
Non-interest-bearing loans to subsidiaries granted		(220)	(125)
Interest-bearing loans to subsidiaries granted		(4 883)
Interest-bearing loans to subsidiaries settled		3 002	1 137
Cash flows from financing activities		(5 757)	(9 625)
Interest-bearing borrowings raised	12.1.3	4 500
Interest-bearing borrowings repaid	12.1.3	(2 950)	(1 093)
Transaction costs paid on interest-bearing borrowings raised	12.1.3	(23)
Lease liabilities paid	11.4	(56)	(47)
Dividends paid	5.6	(5 913)	(8 306)
Shares acquired in the market to settle share-based payments		(95)	(179)
Shares repurchased including transaction expenses		(1 220)

Net increase in cash and cash equivalents		3 378	119
Cash and cash equivalents at beginning of the year		17 300	17 151
Translation difference on movement in cash and cash equivalents		(178)	30
Cash and cash equivalents at end of the year	6.2.5	20 500	17 300