JSE Limited Cash Flow Statement

Financials in millions ZAR. Fiscal year is January - December.

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,071	917.75	830.98	748.56	722.44
Depreciation & Amortization	87.82	104.76	111.94	117.42	112.38
Other Amortization	83.9	84.8	95.48	155.98	145.31
Loss (Gain) From Sale of Assets	-	-0.89	0.2	-0.01	0
Asset Writedown & Restructuring Costs	7.31	-	11.49	5.4	5.56
Loss (Gain) From Sale of Investments	-21.33	-13.77	1.34	-	-
Loss (Gain) on Equity Investments	-51.71	-45.94	-38.72	-41	-51.6
Stock-Based Compensation	52.32	36.6	19.96	13.95	22.53
Other Operating Activities	79.97	64.73	27.1	115.51	87.28
Change in Accounts Receivable	-78.86	-10.21	-9.1	-42.5	-69.71
Change in Accounts Payable	-	-	-	-95.55	-56.95
Change in Unearned Revenue	-1.06	-43.41	60.46	-	-
Operating Cash Flow	1,229	1,094	1,111	977.75	917.25
Operating Cash Flow Growth	12.30%	-1.50%	13.64%	6.59%	-8.53%
Capital Expenditures	-34.68	-50.63	-78.15	-58.52	-99.65
Sale of Property, Plant & Equipment	-	1.1	0.26	0.04	-
Sale (Purchase) of Intangibles	-104.59	-90.55	-89.35	-134.59	-65.64
Investment in Securities	65.6	-318.67	-109.21	-152.24	-83.85
Other Investing Activities	24.2	24.09	20.57	40.27	43.24
Investing Cash Flow	-49.46	-434.65	-255.89	-305.04	-205.89
Long-Term Debt Repaid	-28.13	-68.56	-65.79	-62.44	-41.11
Net Debt Issued (Repaid)	-28.13	-68.56	-65.79	-62.44	-41.11
Issuance of Common Stock	40.18	95.15	9.3	9.27	10.57
Repurchase of Common Stock	-108.95	-127.8	-79.68	-73.06	-70.88
Common Dividends Paid	-693.65	-659.84	-646.03	-634.84	-612.79
Other Financing Activities	-	-	-	-	-75.45
Financing Cash Flow	-790.55	-761.05	-782.2	-845.84	-789.65
Foreign Exchange Rate Adjustments	-34.05	2.27	7.56	3.29	12.09
Miscellaneous Cash Flow Adjustments	-0	-	-	-	-
Net Cash Flow	354.93	-99	80.6	-169.84	-66.21
Free Cash Flow	1,194	1,044	1,033	919.23	817.61
Free Cash Flow Growth	14.42%	1.05%	12.38%	12.43%	-16.66%
Free Cash Flow Margin	34.81%	34.88%	36.63%	34.59%	32.41%
Free Cash Flow Per Share	14.39	12.57	12.46	11.06	9.80
Cash Interest Paid	4,267	4,492	4,630	3,018	1,807
Cash Income Tax Paid	417.06	298.42	310.27	270.14	261.27
Levered Free Cash Flow	-1,899	-2,136	-2,263	-1,428	-586.31
Unlevered Free Cash Flow	781.8	644.99	655.39	564.92	570.48
Change in Working Capital	-79.92	-53.62	51.37	-138.05	-126.65

Source: S&P Global Market Intelligence. Standard template. Financial Sources.