A N N U A L   R E P O R T      2 0 0 3
Content
Highlights Accounting policies
Letter to shareholders Income statements
Board and governance structure Balance sheets
Group overview Cash flow statements
Building and developing people Notes to the cash flow statements
Corporate governance Statement of changes in equity
Value added statement Notes to the annual financial statements
Segmental analysis Principal subsidiaries
Five-year financial review Share ownership analysis
Summary of statistics Shareholders' diary
Definitions Corporate administration and information
Directors' responsibility Notice of annual general meeting
Report of the independent auditors Currency conversion table
Secretaries' certification Proxy form
Statutory information  

CASH FLOW STATEMENTS
For the year ended 30 September 2003
GROUP COMPANY
2003 2002 2003 2002
Notes Rm Rm Rm Rm

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations before
working capital changes
A 709,5 572,2 256,1 226,0
(Increase)/reduction in net working capital (59,3) (366,0) 143,5 67,5
Increase in RC&C Finance Company accounts
receivable after increasing opening balance
due to first time compliance with AC133
by R3,7 million
(269,8) (208,8)
Working capital changes B 210,5 (157,2) 143,5 67,5

Cash generated from operations 650,2 206,2 399,6 293,5
Interest received 95,1 55,8 26,1 14,0
Interest paid (50,1) (22,7) (11,4) (13,7)
Dividends received 0,2 111,8 253,1 151,1
Taxation paid C (178,7) (209,0) (69,0) (94,8)
Dividends paid (including outside shareholders) D (258,4) (201,0) (246,9) (198,1)

Net cash inflow / (outflow) from operating activities 258,3 (58,9) 351,5 152,0

CASH FLOWS FROM INVESTING ACTIVITIES
Investments to maintain operating capacity (15,6) 1,9 (385,0) 285,8
Repayment of non-current loans 0,9 14,0 0,9 13,9
Non-current loans granted (3,3) - (3,3) -
Replacement of fixed assets (17,5) (15,9) (12,0) (6,9)
Proceeds on disposal of fixed assets, investments and other capital items 4,3 3,8 3,8 0,3
Net loans (to) / from subsidiaries (374,4) 278,5
Investments to increase operating capacity (87,2) (468,2) (21,6) (429,9)
Expansion capital expenditure (27,1) (26,1) (4,0) (3,7)
Increase in investments (2,9)
Proceeds on disposal of subsidiaries and businesses E 1,2 0,8 0,8
Acquisition of subsidiaries and businesses F (61,3) (440,0) (17,6) (427,0)

Net cash outflow from investing activities (102,8) (466,3) (406,6) (144,1)

GROUP COMPANY
2003 2002 2003 2002
Rm Rm Rm Rm

CASH FLOWS FROM FINANCING ACTIVITIES
Funds provided by shareholders
Ordinary shareholders in Reunert 11,0 2,8 11,0 2,8
Loan advanced by outside shareholder 2,1  
Loan repaid to outside shareholder (2,1)
Long-term liabilities repaid (26,4) (2,7)

Net cash (outflow)/inflow from financing activities (17,5) 2,2 11,0 2,8

NET INCREASE / (DECREASE) IN CASH
AND CASH EQUIVALENTS
138,0
(523,0) (44,1)
10,7
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR
(557,3) (34,3) 80,1 69,4

CASH AND CASH EQUIVALENTS
AT END OF YEAR*
(419,3) (557,3) 36,0 80,1

Net cash flows from operating activities before
dividends paid and excluding movements in
RC&C Finance Company accounts receivable
786,5 350,9
Operating cash flow per share (cents) 417,7 187,7

* CASH AND CASH EQUIVALENTS ARE MADE UP OF:
Cash and cash equivalents 484,8 283,5 37,7 80,1
Short-term loans and bank overdrafts (3,4) (2,8) (1,7)

Net cash resources of the group/company
excluding RC&C Finance Company
481,4 280,7 36,0 80,1
RC&C Finance Company short-term
borrowings
(900,7) (838,0)

Net (borrowings)/cash and
cash equivalents of the group/company
(419,3) (557,3) 36,0 80,1


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Copyright - Reunert - 2003