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Seven-year review

   
     
  2009  
Rm  
2008 
Rm 
2007 
Rm 
2006 
Rm 
2005*
Rm  
2004**
Rm   
2003**
Rm   
CONDENSED BALANCE SHEETS
ASSETS
Property, plant and equipment 559,3   569,6  565,7  455,4  328,4  196,2   213,7  
Intangible assets 28,6   21,7  13,0  11,9  7,9  —   —  
Goodwill 460,6   415,3  372,8  326,8  329,0  324,8   306,9  
Investments and loans 853,9   865,3  727,9  148,8  116,2  109,9   20,8  
RCCF accounts receivable 1 703,3   1 957,0  —  1 403,8  1 028,2  528,5#  1 220,0  
Deferred taxation assets 29,1   32,0  37,9  59,1  37,5  56,2   33,1  
Cash and cash equivalents 1 603,1   794,6  530,6  969,3  784,4  451,3   484,8  
RCCF bank balances and cash 97,6   82,0  —  —  —  —   —  
Other current assets 2 361,9   2 938,1  2 631,2  2 284,7  1 570,9  1 422,9   1 367,9  
Total assets 7 697,4   7 675,6  4 879,1  5 659,8  4 202,5  3 089,8   3 647,2  
EQUITY AND LIABILITIES
Ordinary and preference equity holders of Reunert 4 034,4   3 675,4  2 469,0  1 680,9  1 561,7  983,1   1 156,5  
Minority interest 26,7   20,7  14,4  38,2  43,0  39,7   121,2  
Total equity 4 061,1   3 696,1  2 483,4  1 719,1  1 604,7  1 022,8   1 277,7  
Deferred taxation liabilities 140,3   208,2  115,8  141,6  81,7  44,3   63,8  
Long-term borrowings 11,0   12,8  278,8  115,0  111,7  —   —  
RCCF long-term borrowings 699,9   699,9  —  —  —  —   —  
RCCF short-term borrowings 1 012,3   1 164,4  —  1 187,9  866,8  314,1#  900,7  
Current liabilities 1 772,8   1 894,2  2 001,1  2 496,2  1 537,6  1 708,6   1 405,0  
Total equity and liabilities 7 697,4   7 675,6  4 879,1  5 659,8  4 202,5  3 089,8   3 647,2  
CONDENSED INCOME STATEMENTS
Revenue 10 270,8   10 921,1  9 574,4  8 236,4  7 012,0  6 247,3   6 103,9  
Operating profit 1 140,4   1 574,1  1 318,7  1 272,7  917,3  700,5   607,7  
Net interest and dividends received 108,2   60,3  54,8  64,9  50,1  65,1   45,2  
Profit before abnormal items 1 248,6   1 634,4  1 373,5  1 337,6  967,4  765,6   652,9  
Abnormal items 299,2   —  (447,6) 1,6  3,9  6,0   —  
Profit before taxation 1 547,8   1 634,4  925,9  1 339,2  971,3  771,6   652,9  
Taxation (374,3)  (486,8) (427,4) (500,5) (326,5) (309,0)  (224,4) 
Profit after taxation 1 173,5   1 147,6  498,5  838,7  644,8  462,6   428,5  
Share of associate companies’ profits/(losses) —   16,1  148,4  95,2  79,2  66,8   (82,6) 
Profit for the year 1 173,5   1 163,7  646,9  933,9  724,0  529,4   345,9  
Profit for the year attributable to:
Minority interest 9,0   7,1  7,6  11,1  10,7  51,0   50,5  
Equity holders of Reunert 1 164,5   1 156,6  639,3  922,8  713,3  478,4   295,4  
  1 173,5   1 163,7  646,9  933,9  724,0  529,4   345,9  
Headline earnings attributable to equity holders of Reunert  1 163,1   1 159,8  481,3  918,6  708,1  526,9   345,6  
CONDENSED CASH FLOW STATEMENTS            
EBITDA 1 236,8   1 660,7  1 393,0  1 335,9  967,2  811,9   712,3  
Changes in working capital 513,9   (295,2) (439,0) (252,8) (101,3) 113,0   210,5  
Cash generated from operations excluding changes in RCCF receivables 1 750,7   1 365,5  954,0  1 083,1  865,9  924,9   922,8  
Net interest and dividends received 108,2   147,2  200,8  120,9  119,3  65,1   45,2  
Taxation paid (477,5)  (410,8) (568,6) (347,4) (364,9) (313,5)  (178,7) 
Dividends paid (550,3)  (569,0) (879,3) (464,2) (308,3) (268,1)  (258,4) 
Share buy-back —   —  —  —  —  (476,6)  —  
Other (net) 42,6   17,9  23,7  (4,3) 29,3  (5,8)  (2,8) 
Net cash flows from operating activities excluding changes in RCCF receivables 873,7   550,8  (269,4) 388,1  341,3  (74,0)  528,1  
Net cash flows from investing activities (130,8)  (921,3) 1 008,6  (185,7) (48,5) (250,1)  (102,8) 
Net cash flows from financing activities 2,5   (380,3) 274,5  27,0  156,1  18,7   (17,5) 
Net cash generated/(utilised) (before RCCF receivables) 745,4   (750,8) 1 013,7  229,4  448,9  (305,4)  407,8  
Decrease/(increase) in RCCF receivables 243,5   (32,5) (300,7) (375,6) (499,7) 691,5 (269,8) 
Net cash generated/(utilised) 988,9   (783,3) 713,0  (146,2) (50,8) 386,1   138,0  
CONDENSED CASH FLOW STATEMENTS            
EBITDA 1 236,8   1 660,7  1 393,0  1 335,9  967,2  811,9   712,3  
Changes in working capital 513,9   (295,2) (439,0) (252,8) (101,3) 113,0   210,5  
Cash generated from operations excluding changes in RCCF receivables 1 750,7   1 365,5  954,0  1 083,1  865,9  924,9   922,8  
Net interest and dividends received 108,2   147,2  200,8  120,9  119,3  65,1   45,2  
Taxation paid (477,5)  (410,8) (568,6) (347,4) (364,9) (313,5)  (178,7) 
Dividends paid (550,3)  (569,0) (879,3) (464,2) (308,3) (268,1)  (258,4) 
Share buy-back —   —  —  —  —  (476,6)  —  
Other (net) 42,6   17,9  23,7  (4,3) 29,3  (5,8)  (2,8) 
Net cash flows from operating activities excluding changes in RCCF receivables 873,7   550,8  (269,4) 388,1  341,3  (74,0)  528,1  
Net cash flows from investing activities (130,8)  (921,3) 1 008,6  (185,7) (48,5) (250,1)  (102,8) 
Net cash flows from financing activities 2,5   (380,3) 274,5  27,0  156,1  18,7   (17,5) 
Net cash generated/(utilised) (before RCCF receivables) 745,4   (750,8) 1 013,7  229,4  448,9  (305,4)  407,8  
Decrease/(increase) in RCCF receivables 243,5   (32,5) (300,7) (375,6) (499,7) 691,5 (269,8) 
Net cash generated/(utilised) 988,9   (783,3) 713,0  (146,2) (50,8) 386,1   138,0  
* The 2005 information has been restated to take account of the effect of adopting SAICA Circular 09/2006 and IFRS on 1 October 2004.
** The 2003 to 2004 information has not been restated to take account of the effect of adopting IFRS and is therefore still in terms of SA GAAP.
# In December 2003, R1 255,5 million was received on the sale of the RCCF debtors book.
Increase in RCCF receivables while it was a consolidated subsidiary (refer to note 33).
In years prior to 2008 inventory items were shown net of advance payments received from customers. These utilised advanced payments are now disclosed in current liabilities.