Notes to the financial statements | Note 3.7

3. Performance
3.7 Changes in liabilities arising from financing activities
 
  Group
31 March 2026 Derivative 
liabilities - 
interest rate 
swaps 
Rm 		 Interest- 
bearing 
debt 
Rm 		 Lease 
liabilities 
Rm 		 Total 
Rm 
Balance as at 31 March 2025 9  11 617  6 920  18 546 
Cash flow movements (6)  (4 954)  (2 581)  (7 541) 
Repayment of derivatives (160)  —  —  (160) 
Proceeds from derivatives 154  —  —  154 
Loans raised —  1 480  —  1 480 
Loans repaid —  (6 434)  —  (6 434) 
Repayment of lease liabilities —  —  (2 581)  (2 581) 
Non-cash flow movements 20  (70)  3 217  3 167 
Movement in insurance premium amortised —  11  —  11 
Movement in finance charges capitalised to interest-bearing debt —  (81)  —  (81) 
New leases entered into —  —  1 193  1 193 
Cancelled leases —  —  (67)  (67) 
Lease remeasurement —  —  1 417  1 417 
IFRS 16 interest capitalised —  —  630  630 
Accrued lease payments —  —  44  44 
Valuation loss 20  —  —  20 
Balance as at 31 March 2026 23  6 593  7 556  14 172 

31 March 2025
Balance as at 31 March 2024 —  14 217  6 461  20 678 
Cash flow movements (136) (2 629) (2 979) (5 744)
Repayment of derivatives (136) —  —  (136) 
Loans raised —  4 276  —  4 276 
Loans repaid —  (6 905) —  (6 905)
Repayment of lease liabilities —  —  (2 979) (2 979)
Non-cash flow movements 145  29  3 438  3 612 
Insurance premium amortised —  (95) —  (95)
Finance charges capitalised to interest-bearing debt —  124  —  124 
New leases entered into —  —  932  932 
Cancelled leases —  —  (92) (92)
Lease remeasurement —  —  618  618 
IFRS 16 interest capitalised —  —  530  530 
Accrued lease payments —  —  21  21 
Valuation loss 145  —  —  145 
Leases transferred to non-current assets held for sale —  —  1 429  1 429 
Balance as at 31 March 2025 9  11 617  6 920  18 546 

  Company
31 March 2026 Derivative 
liabilities - 
interest rate 
swaps 
Rm 		 Interest- 
bearing 
debt 
Rm 		 Lease 
liabilities 
Rm 		 Total 
Rm 
Balance as at 31 March 2025 9  11 617  5 375  17 001 
Cash flow movements (6) (4 954) (2 099) (7 059)
Repayment of derivatives (160) —  —  (160)
Proceeds from derivatives 154  —  —  154 
Loans raised —  1 480  —  1 480 
Loans repaid —  (6 434) —  (6 434)
Repayment of lease liabilities —  —  (2 099) (2 099)
Non-cash flow movements 20  (70) 2 835  2 785 
Insurance premium amortised —  11  —  11 
Finance charges capitalised to interest-bearing debt —  (81) —  (81) 
New leases entered into —  —  1 056  1 056 
Cancelled leases —  —  (51) (51)
Lease remeasurement —  —  1 294  1 294 
IFRS 16 interest capitalised —  —  500  500 
Accrued lease payments —  —  36  36 
Valuation loss 20  —  —  20 
Balance as at 31 March 2026 23  6 593  6 111  12 727 

31 March 2025        
Balance as at 31 March 2024 79  14 217  5 153  19 449 
Cash flow movements (136) (2 629) (1 939) (4 704)
Repayment of derivatives (136) —  —  (136)
Loans raised —  4 276  —  4 276 
Loans repaid —  (6 905) —  (6 905)
Repayment of lease liabilities —  —  (1 939) (1 939)
Non-cash flow movements 66  29  2 161  2 256 
Insurance premium amortised —  (95) —  (95) 
Finance charges capitalised to interest-bearing debt —  124  —  124 
New leases entered into —  —  1 092  1 092 
Cancelled leases —  —  (92) (92)
Lease remeasurement —  —  697  697 
IFRS 16 interest capitalised —  —  463  463 
Accrued lease payments —  —  1  1 
Valuation loss 66  —  —  66 
Balance as at 31 March 2025 9  11 617  5 375  17 001 

  Group Company
Repayment of lease liabilities reconciliation 31 March 
2026 
Rm 		 31 March 
2025 
Rm 		 31 March 
2026 
Rm 		 31 March 
2025 
Rm 
Total repayment of lease liabilities per tables above (2 581) (2 979) (2 099) (1 939)
Interest paid on lease liabilities classified as operating activities 630  530  500  463 
Accrued lease payment movement 41  (49) 36  (78) 
Prepayments movement —  2  —  2 
Repayment of capital lease liabilities classified as financing activities (1 910) (2 496) (1 563) (1 552)

The decrease in the repayment of lease liabilities for Group is mainly due to the advance payment made in respect of the lease liability relating to the fibre pair in the prior year, offset by an increase in lease liabilities relating to Swiftnet leases becoming external for the full financial year.