3. Performance
3.6 Reconciliation of profit before tax to cash generated from operations
 
   Group Company
   31 March 
2025 
Rm 
31 March 
2024 
Rm 
31 March
2025 
Rm 
31 March 
2024 
Rm 
Cash generated from operations1  12 991  10 235  6 653  5 282 
Profit before tax  8 361  2 537  7 564  3 611 
Finance charges and fair value movements  1 998  2 197  1 859  2 002 
Investment income  (382) (253) (2 408) (4 381)
Interest received from trade receivables and subsidiaries  (184) (203) (160) (162)
Non-cash items  2 822  7 347  (307) 3 874 
Depreciation, amortisation, impairments and write-offs  5 962  5 561  3 418  3 124 
Increase in impairment of receivables, contract assets and loans  1 342  1 683  1 199  1 451 
Increase/(decrease) in provisions  410  (846) 269  (394)
Impairment of investment in subsidiaries  —  —  —  28 
Insurance revenue  (292) (281) (292) (281)
Insurance service expenses  202  184  202  184 
Gain on termination of leases  (9) (35) (8) (13)
Profit from disposal of property, plant and equipment and intangible assets  (654) (81) (69) (61)
Gain on disposal of Swiftnet (refer to note 12.2) (4 408) —  (4 998) — 
Gain on sale of contract assets  (95) (123) (95) (123)
Foreign exchange movements  (26) 148  12  87 
Share-based payment expenses  69  121  38  36 
Movement in deferred revenue2  321  1 016  17  (164)
Movement in working capital  376  (1 390) 105  338 
Movement in inventories  141  244  101  (26)
Decrease in trade receivables, contract assets, finance lease receivables and other receivables  (727) (948) (1 042) 720 
Increase/(decrease) in trade and other payables and prepayments  962  (686) 1 046  (356)
1 This includes Swiftnet's cash generated from operations of R405 million for the 10 months ending 31 January 2025 (31 March 2024: R14 million). In the current year, Swiftnet has been sold. Refer to notes 12.2 and 12.3.
2 The decrease is mainly due to the recognition of revenue from the Google Equiano transaction, which was part of deferred revenue in the prior year.