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

S E G M E N T A L   A N A L Y S I S
 
BUSINESS AND GEOGRAPHIC SEGMENTS
BUSINESS SEGMENTS

For management purposes, the group is currently organised into six operating divisions: Office systems (Nashua Office Automation and RC&C Finance Company), Consumer products and services (Nashua Mobile, Panasonic and SACO Systems), Telecommunications, Reutech, Low-voltage electrical (CBI), and Cables (African Cables and ATC). The group overview on pages 8 to 17 gives details of the activities of each division.

These divisions are the basis on which the group reports its primary business segments.

Segment information about these businesses is presented below.

The group's operations are situated mostly in South Africa, with only immaterial operations situated in the United Kingdom, Germany and the United States of America. It is therefore not considered meaningful to disclose information on geographic segments according to location of operation.

 
REVENUE INCLUDING ASSOCIATE COMPANIES
 
 

2002

2001 %
  Rm % Rm % change

ELECTRONICS     
Office systems 876,6 12 694,313 26
Consumer products and services 2 782,1 39 2 335,344 19
Telecommunications 1 959,5 27 922,517 112
Reutech 375,3 5 399,77 (6)
Total Electronics 5 993,5 83 4 351,881 38

ELECTRICAL ENGINEERING AND CABLES          
Low-voltage electrical 555,2 8 399,28 39
Cables 629,9 9 607,811 4
Total Electrical Engineering and Cables 1 185,1 17 1 007,019 18
Total operations 7 178,6 100 5 358,8100 34
Less: Reunert's attributable portion of
associate companies' revenue (2 115,7) (1 129,0)
Revenue as reported 5 062,9 4 229,8

OPERATING PROFIT BEFORE GOODWILL          
AMORTISATION INCLUDING ASSOCIATE COMPANIES          
ELECTRONICS          
Office systems 147,2 21 104,520 41
Consumer products and services 175,2 25 123,224 42
Telecommunications 209,0 30 102,720 104
Reutech 38,5 6 40,08 (4)
Total Electronics 569,9 82 370,472 54

ELECTRICAL ENGINEERING AND CABLES          
Low-voltage electrical 94,8 14 74,014 28
Cables 27,6 4 70,414 (61)
Total Electrical Engineering and Cables 122,4 18 144,428 (15)
Total operations 692,3 100 514,8100 34
Less: Reunert's attributable portion of
associate companies' operating profit (178,8) (133,3)
Operating profit before amortisation of
goodwill as reported 513,5 381,5
 
  2002 2001
  Rm Rm

TOTAL ASSETS (EXCLUDING CASH AND    
 DEFERRED TAX) INCLUDING ASSOCIATE COMPANIES    

ELECTRONICS    
Office systems 1 282,7 1 062,0
Consumer products and services 933,0 552,8
Telecommunications 781,4 322,2
Reutech 147,7 128,2
Total Electronics 3 144,8 2 065,2

ELECTRICAL ENGINEERING AND CABLES    
Low-voltage electrical 248,1 219,5
Cables 318,2 369,4
Total Electrical Engineering and Cables 566,3 588,9
Total operations 3 711,1 2 654,1
Less: Reunert's attributable portion of associate companies' assets (715,8) (455,9)
Total assets (excluding cash and deferred tax) as reported 2 995,3 2 198,2

PROVISIONS, TRADE AND OTHER    
PAYABLES INCLUDING ASSOCIATE COMPANIES    
ELECTRONICS    
Office systems 214,0 267,6
Consumer products and services 604,6 482,8
Telecommunications 502,5 124,2
Reutech 197,9 148,0
Total Electronics 1 519,0 1 022,6

ELECTRICAL ENGINEERING AND CABLES    
Low-voltage electrical 95,3 69,5
Cables 83,4 97,9
Total Electrical Engineering and Cables 178,7 167,4
Total operations 1 697,7 1 190,0
Less: Reunert's attributable portion of associate companies' liabilities (519,7) (162,3)
Provisions, trade and other payables as reported 1 178,0 1 027,7

CAPITAL EXPENDITURE EXCLUDING    
ASSOCIATE COMPANIES    
ELECTRONICS    
Office systems 3,4 2,3
Consumer products and services 23,0 24,1
Telecommunications 0,1 ­
Reutech 3,5 6,6
Total Electronics 30,0 33,0

ELECTRICAL ENGINEERING AND CABLES    
Low-voltage electrical 8,0 16,6
Cables 4,0 3,2
Total Electrical Engineering and Cables 12,0 19,8
Capital expenditure as reported 42,0 52,8

DEPRECIATION EXCLUDING ASSOCIATE COMPANIES    
ELECTRONICS    
Office systems 1,9 1,2
Consumer products and services 17,3 15,0
Reutech 2,2 4,4
Total Electronics 21,4 20,6

ELECTRICAL ENGINEERING AND CABLES    
Low-voltage electrical 16,2 13,6
Cables 8,6 9,6
Total Electrical Engineering and Cables 24,8 23,2
Depreciation as reported 46,2 43,8

NUMBER OF EMPLOYEES    
EXCLUDING ASSOCIATE COMPANIES    
ELECTRONICS    
Office systems 391 389
Consumer products and services 1 210 901
Telecommunications 9 ­
Reutech 782 948
Total Electronics 2 392 2 238

ELECTRICAL ENGINEERING AND CABLES    
Low-voltage electrical 1 301 1 314
Cables 625 596
Total Electrical Engineering and Cables 1 926 1 910
Number of employees as reported 4 318 4 148


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