3. Performance
3.6 Reconciliation of profit before tax to cash generated from operations
 
  Group Company
  31 March 
2026 
Rm 
31 March 
2025 
Rm 
31 March 
2026 
Rm 
31 March 
2025 
Rm 
Cash generated from operations1 12 264  12 991  6 664  6 653 
Profit before tax 4 756  8 361  4 005  7 564 
Finance charges and fair value movements 1 608  1 998  1 359  1 859 
Investment income (431) (382) (1 925) (2 408)
Interest received from trade receivables and finance lease receivable (176) (184) (135) (160)
Adjusted for: 7 379  2 822  4 519  (307) 
Depreciation, amortisation, impairments and write-offs 6 547  5 962  3 738  3 418 
Impairment of receivables, contract assets and loans 1 014  1 342  993  1 199 
Increase in provisions 65  410  63  269 
Insurance revenue (283) (292) (283) (292)
Insurance service expenses 179  202  179  202 
Gain on termination of leases (3) (9) (2) (8)
Profit from disposal of property, plant and equipment (refer to note 3.3) (194) (654) (79) (69)
Gain on disposal of Swiftnet (refer to note 12.2) —  (4 408) —  (4 998)
Gain on sale of contract assets (refer to note 3.3) (209)  (95)  (209)  (95) 
Foreign exchange movements —  (26)  —  12 
Share-based payment expenses 67  69  48  38 
Movement in deferred revenue 196  321  71  17 
Movement in working capital (872) 376  (1 159) 105 
Decrease in inventories 202  141  60  101 
Decrease/(increase) in trade and other receivables, contract assets and finance lease receivables 319  (727) (530) (1 042)
(Decrease)/increase in trade and other payables and prepayments (1 393) 962  (689) 1 046 
1 The prior year's cash generated from operations included R405 million for the 10 months ending 31 January 2025 relating to Swiftnet. In the prior year, Swiftnet was sold. Refer to notes 12.2 and 12.3.