| |
|
GROUP |
COMPANY |
| |
|
2007
Rm |
2006
Rm |
2007
Rm |
2006
Rm |
| A. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS BEFORE WORKING CAPITAL CHANGES |
|
|
|
|
| |
Profit before taxation |
925,9 |
1 339,2 |
1 921,4 |
833,9 |
| |
Adjusted for: |
|
|
|
|
| |
– Net interest received |
(47,1) |
(58,0) |
(28,4) |
(37,2) |
| |
– Dividends received |
(7,7) |
(6,9) |
(1 724,2) |
(342,2) |
| |
– Depreciation of property, plant and equipment |
68,0 |
59,9 |
24,8 |
24,7 |
| |
– Amortisation of intangible assets |
6,3 |
3,3 |
3,7 |
1,3 |
| |
– Negative goodwill |
(1,1) |
— |
— |
— |
| |
– Impairment of goodwill |
0,8 |
3,4 |
— |
3,4 |
| |
– Net (surplus)/loss on disposal of property, plant and
equipment |
(0,5) |
(2,6) |
0,7 |
0,3 |
| |
– Net surplus on disposal of intangible assets |
(0,2) |
— |
— |
— |
| |
– Other abnormal items |
(34,5) |
— |
(1,7) |
(11,2) |
| |
– Surplus on disposal of businesses |
(118,1) |
(5,0) |
(366,3) |
(5,0) |
| |
– Share option expense |
609,6 |
9,6 |
565,2 |
9,6 |
| |
– Impairment of intangible assets |
1,7 |
— |
— |
— |
| |
– Other non-cash movements |
13,6 |
(11,3) |
3,6 |
(2,9) |
| |
Cash generated from operations before working capital changes |
1 416,7 |
1 331,6 |
398,8 |
474,7 |
| |
|
|
|
|
|
| B. |
WORKING CAPITAL CHANGES |
|
|
|
|
| |
– Inventory and contracts in progress |
(66,1) |
(247,6) |
3,5 |
(64,8) |
| |
– Accounts receivable, derivative assets and non-current
assets held for sale |
(240,3) |
(456,4) |
86,1 |
(185,5) |
| |
– Trade and other payables and derivative liabilities |
(132,6) |
451,2 |
(102,0) |
58,9 |
| |
Working capital changes |
(439,0) |
(252,8) |
(12,4) |
(191,4) |
| |
|
|
|
|
|
| C. |
RECONCILIATION OF TAXATION PAID TO THE AMOUNTS DISCLOSED IN THE INCOME STATEMENT AS FOLLOWS: |
|
|
|
|
| |
– Net amounts unpaid at beginning of year |
(182,2) |
(67,5) |
(61,0) |
(50,0) |
| |
– Current taxation per the income statement |
(400,8) |
(461,8) |
(147,8) |
(203,0) |
| |
– Translation reserve |
0,3 |
(0,3) |
— |
— |
| |
– Taxation provisions of subsidiaries purchased |
(0,3) |
— |
|
|
| |
– Taxation provisions of subsidiaries sold |
2,3 |
— |
|
|
| |
– Net amounts unpaid at end of year |
12,1 |
182,2 |
(14,3) |
61,0 |
| |
Cash amounts paid |
(568,6) |
(347,4) |
(223,1) |
(192,0) |
| |
|
|
|
|
|
| D. |
RECONCILIATION OF CASH DIVIDENDS PAID TO THE AMOUNTS DISCLOSED IN THE STATEMENTS OF CHANGES IN EQUITY AS FOLLOWS: |
|
|
|
|
| |
– Dividends unpaid at the beginning of year |
(390,7) |
— |
(390,7) |
— |
| |
– Dividends per the statement of changes in equity |
(484,1) |
(839,0) |
(600,1) |
(842,7) |
| |
– Dividends paid to outside shareholders in subsidiaries |
(4,5) |
(15,9) |
— |
— |
| |
– Net amounts unpaid at end of year |
— |
390,7 |
— |
390,7 |
| |
Cash amounts paid |
(879,3) |
(464,2) |
(990,8) |
(452,0) |
| |
|
|
|
|
|
| E. |
ANALYSIS OF TRANSFER/DISPOSAL OF SUBSIDIARIES AND BUSINESSES: |
|
|
|
|
| |
Inventory |
— |
— |
11,5 |
— |
| |
Accounts receivable |
1 704,5 |
— |
37,6 |
— |
| |
Trade and other payables and provisions |
(5,8) |
— |
(29,6) |
— |
| |
Taxation |
(2,3) |
— |
— |
— |
| |
Property, plant and equipment |
1,2 |
— |
5,2 |
— |
| |
Intangible assets |
— |
— |
1,1 |
— |
| |
Deferred taxation |
(41,4) |
— |
— |
— |
| |
Investments in subsidiaries |
— |
— |
43,4 |
— |
| |
Existing goodwill |
— |
— |
13,8 |
— |
| |
Attributable portion of goodwill arising in Quince on this transaction |
107,1 |
— |
— |
— |
| |
Surplus on transfer/disposal |
118,1 |
— |
389,3 |
— |
| |
Loss on disposal |
— |
— |
(23,0) |
— |
| |
Short-term borrowings |
(1 575,1) |
— |
— |
— |
| |
Cash on hand |
68,7 |
— |
2,2 |
— |
| |
Amounts received in cash |
375,0 |
— |
451,5 |
— |
| |
Net short-term borrowings/(cash) on hand at time of transfer/disposal |
1 506,4 |
— |
(2,2) |
— |
| |
Net cash received |
1 881,4 |
— |
449,3 |
— |
| |
|
|
|
|
|
| F. |
ANALYSIS OF ACQUISITION OF SUBSIDIARIES AND BUSINESSES: |
|
|
|
|
| |
Inventory |
(4,7) |
(0,5) |
— |
(8,0) |
| |
Accounts receivable |
(12,9) |
(1,4) |
— |
(10,4) |
| |
Trade and other payables and provisions |
14,5 |
1,9 |
— |
4,1 |
| |
Taxation |
0,3 |
— |
— |
— |
| |
Property, plant and equipment |
(69,1) |
(0,3) |
— |
(2,7) |
| |
Intangible assets |
(1,6) |
(5,2) |
— |
(3,7) |
| |
Deferred taxation |
10,2 |
— |
— |
— |
| |
Net cash on hand at time of the acquisition |
(8,2) |
(0,1) |
— |
(1,9) |
| |
Long-term liabilities |
24,1 |
— |
— |
— |
| |
Goodwill on previous acquisitions |
(25,2) |
(0,8) |
— |
(3,4) |
| |
Intercompany loan |
|
|
— |
13,4 |
| |
Outside shareholders’ interest |
(26,9) |
— |
— |
— |
| |
Goodwill on acquisitions |
(20,5) |
— |
— |
— |
| |
Shares purchased in existing subsidiaries |
— |
— |
(35,8) |
— |
| |
Cost of investment |
(120,0) |
(6,4) |
(35,8) |
(12,6) |
| |
Net cash on hand at time of the acquisition |
8,2 |
0,1 |
— |
1,9 |
| |
Net cash paid |
(111,8) |
(6,3) |
(35,8) |
(10,7) |
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