A N N U A L   R E P O R T   –   2 0 0 2 
Financial highlights Statutory information
Letter to the shareholders Accounting policies
Board of directors Income statements
Group operations Balance sheets
Developing people Cash flow statements
Corporate governance Notes to the cash flow statements
Value added statement Statements of changes in equity
Segmental analysis Principal subsidiaries
Five-year financial review Share ownership analysis
Summary of statistics Shareholders’ diary
Definitions Administration
Directors’ responsibility Notice of annual general meeting
Report of the independent auditors Currency conversion table
Secretaries’ certification Board, Director and Committes

F I V E – Y E A R    R E V I E W          
   
2002   

2001  

2000*   
1999   
1998   
   
Rm   
Rm   
Rm   
Rm   
Rm   
 
  ASSETS          
  Property, plant and equipment
157,1   
161,8   
154,2   
236,5   
354,6   
  Goodwill
360,0   
10,9
  Investments 151,6    188,4    176,4    135,4    160,9   
  RC&C Finance Company          
  accounts receivable 953,9    745,1   

751,6

 

 
  Deferred taxation assets 25,9    42,0    22,6   

29,2  

 
  Cash and cash equivalents 283,5    303,5    222,8    958,0    496,9   
  Other current assets 1 372,7    1 092,0    933,3    1 260,3    1 493,7   
 
  Total assets 3 304,7    2 543,7    2 260,9    2 619,4    2 506,1   
 
  EQUITY AND LIABILITIES          
  Ordinary and preference          
  shareholders 1 071,1    878,5    919,7    674,4    938,7   
  Outside shareholders 103,5    137,9    101,2    217,8    254,7   
 
  Interest of all shareholders 1 174,6    1 016,4    1 020,9    892,2    1 193,4   
  Deferred taxation liabilities 45,9    48,6    31,3    5,8    5,7   
  Long-term borrowings -    2,7    4,1    4,5    5,2   
  RC&C Finance Company          
  short-term borrowings 838,0    324,0   

147.2

   
  Current liabilities 1 246,2    1 152,0    1 057,4    1 716,9    1 301,8   
 
  Total equity and liabilities 3 304,7    2 243,7    2 260,9    2 619,4    2 506,1   
 
  RESULTS          
  Revenue 5 062,9    4 229,8    3 340,1    4 565,5    4 919,5   
 
  Operating profit 472,1    379,2    273,2    296,6    234,1   
  Net interest and dividend income 36,5    59,1    58,8    95,7    35,5  
 
  Profit before abnormal items 508,6    438,3    332,0    392,3    269,6   
  Abnormal items (18,7)    –    77,4    88,6    –  
 
  Profit before taxation 489,9    438,3    409,4    480,9    269,6   
  Taxation (177,3)    (145,6)    (114,0)    (147,6)    (98,8)   
 
  Profit after taxation 312,6    292,7    295,4    333,3    170,8   
  Share of associate companies' profit 89,6    81,8    73,8    79,5    100,2   
 
  Profit after taxation          
  including associate companies 402,2    374,5    369,2    412,8    271,0   
  Interest of outside shareholders (31,6)    (42,4)    (4,3)    (53,6)    (60,6)   
 
  Headline earnings attributable to          
  shareholders of Reunert Limited 429,3    335,2    284,3    274,2    211,1   
  Earnings attributable to          
  shareholders of Reunert Limited 370,6    332,2    365,0    359,2    210,4   
  Headline earnings per share (cents) 229,5    174,8    139,6    136,8    105,6   
  Pro forma headline earnings          
  per share (cents) 229,5    174,8    139.6  

107,7**

 
  Basic earnings per share (cents) 198,1    173,3    179,2    179,2    105,2   
 
  CONSOLIDATED CASH FLOW STATEMENTS    
  Net cash inflow from operating          
  activities (58,9)    197,6    360,4    373,5    474,0   
  Investments net of disposals to          
  maintain operating capacity 1,9   9,8   (33,2)    28,5   (35,3)   
 
  Cash available for investments to          
  increase operating capacity (57,0)    187,8    327,2    402,0    438,7   
  Investments to (decrease)/increase          
  operating capacity (net) (468,2)   (75,9)    83,0    49,6   (17,4)  
 
  Net cash internally generated (525,2)  111,9    410,2    451,6    421,3   
 

.

* Only the 2000 and 2001 information has been restated to take account of the effect of the new accounting policies adopted on 1 October 2001 of depreciating all properties and accounting for dividends in the period that the declaration takes place.

** The ordinary shareholders of Reunert Limited received a special dividend of R510 million (R2,50 per share) on 29 October 1999. This payment had a major distorting effect on the comparability of the results of 2000 and prior years. Had this dividend been paid on 29 October 1998, the after-tax effect, calculated using an average interest rate of 16%, would have been to reduce headline earnings for 1999 of R274,2 million by R58,3 million.



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