Chapter 6: Operational performance and working capital

6.3 Notes to the statements of cash flows relating to operational performance and working capital

6.3.1 Cash generated by operations

		Group

For the year ended 31 December	Note	2025 Rm	2024 Rm
Profit before tax		12 250	12 447
Adjusted for:
Finance income	12.1.2	(1 739)	(1 786)
Finance costs	12.1.2	1 124	1 216
Share of income of equity-accounted investments		(4 488)	(4 270)
Net operating profit		7 147	7 607
Non-cash movements:
Depreciation and amortisation	6.1.3	2 888	2 773
ECLs on financial assets at amortised costs	6.1.3	(43)	153
Write-off of trade and other receivables	6.1.3	5	13
Write-off of ESD loans	6.1.3	9	5
Write-off of other current assets	6.1.3	21
Movement in provisions	6.1.3	211	211
Movement in retirement employee obligations	6.1.3	10	13
Net unrealised currency exchange differences	6.1.3	230	(84)
Fair value adjustments on financial instruments		(609)	(303)
Write-down of inventories to net realisable value	6.1.3	50	141
Gain on modification of lease	6.1.3		(2)
Net losses on disposal of property, plant and equipment	6.1.3	243	27
Losses on disposal of intangible assets	6.1.3		16
Gain on disposal of subsidiary	8.3	(32)
Share-based payment expense	6.1.3	184	208
Hedge ineffectiveness on interest rate swap cash flow hedges	6.1.3	10	12
Translation of foreign currency items		84	(14)
Amortisation of transaction costs prepaid		5	4
Non-cash recoveries of tied mine (income)/expenses		(63)	163
Non-cash management fees		58	45
Other non-cash movements		(10)	(6)
Cash generated by operations before working capital movements		10 398	10 982
Working capital movements
Increase in inventories		(695)	(268)
Increase in trade and other receivables		(140)	(420)
Increase in trade and other payables		640	240
Utilisation of provisions	13.3	(163)	(102)
Cash generated by operations		10 040	10 432

		Company

For the year ended 31 December	Note	2025 Rm	2024 Rm
Profit before tax		20 382	8 858
Adjusted for:
Items separately disclosed:
Finance income	12.1.2	(1 449)	(1 502)
Finance costs	12.1.2	1 279	1 633
Non-cash movements:
Dividend revenue from subsidiaries (in specie)	6.1.2	(16 453)	(4 746)
Depreciation and amortisation	6.1.3	104	97
Interest revenue accrued not yet received		(31)
Impairment charges of investments in subsidiaries	8.4	358
Write-off of other current assets	6.1.3	1
Write-off of other receivables	6.1.3	2
ECLs on financial assets at amortised costs	6.1.3	(381)	141
Write-off of ESD loans	6.1.3	9	5
Movement in provisions	6.1.3	(2)	(3)
Net unrealised currency exchange differences	6.1.3	5	3
Fair value adjustments on financial instruments	6.1.3	(4)	(4)
Losses on disposal of intangible assets	6.1.3		16
Gain on disposal of subsidiary	8.3	(169)
Share-based payment expense	6.1.3	87	108
Amortisation of transaction costs prepaid		5	4
Cash generated by operations before working capital movements		3 743	4 610
Working capital movements
Decrease in inventories		7	1
Increase in trade and other receivables		(14)	(100)
Increase in treasury facilities with subsidiaries at amortised cost (receivable)		(33)	(18)
Increase in trade and other payables		75	55
Increase/(decrease) in non-interest bearing loans from subsidiaries		2	(3)
Increase in treasury facilities with subsidiaries at amortised cost (payable)		7 235	4 786
Utilisation of provisions	13.3	(1)	(2)
Cash generated by operations		11 014	9 329