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  

FIVE YEAR REVIEW

2003

2002

2001

2000*
1999
Rm
Rm
Rm
Rm
Rm

ASSETS
Property, plant and equipment 213,7
157,1
161,8
154,2
236,5
Goodwill 306,9
360,0
10,9
Investments 20,8 151,6 188,4 176,4 135,4
RC&C Finance Company
accounts receivable
1 220,0 953,9 745,1

751,6

Deferred taxation assets 33,1 25,9 42,0 22,6

29,2

Cash and cash equivalents 484,8 283,5 303,5 222,8 958,0
Other current assets 1 358,5 1 372,7 1 092,0 933,3 1 260,3

Total assets 3 637,8 3 304,7 2 543,7 2 260,9 2 619,4

EQUITY AND LIABILITIES
Ordinary and preference shareholders 1 156,5 1 071,1 878,5 919,7 674,4
Outside shareholders 121,2 103,5 137,9 101,2 217,8

Interest of all shareholders 1 277,7 1 174,6 1 016,4 1 020,9 892,2
Deferred taxation liabilities 63,8 45,9 48,6 31,3 5,8
Long-term borrowings - 2,7 4,1 4,5
RC&C Finance Company
short-term borrowings
900,7 838,0 324,0

147.2

Current liabilities 1 395,6 1 246,2 1 152,0 1 057,4 1 716,9

Total equity and liabilities 3 637,8 3 304,7 2 243,7 2 260,9 2 619,4

RESULTS
Revenue 6 103,9 5 062,9 4 229,8 3 340,1 4 565,5

Operating profit 607,7 472,1 379,2 273,2 296,6
Net interest and dividend income 45,2 36,5 59,1 58,8 95,7

Profit before abnormal items 652,9 508,6 438,3 332,0 392,3
Abnormal items (18,7) 77,4 88,6

Profit before taxation 652,9 489,9 438,3 409,4 480,9
Taxation (224,4) (177,3) (145,6) (114,0) (147,6)

Profit after taxation 428,5 312,6 292,7 295,4 333,3
Share of associate companies' (losses) / profits (82,6) 89,6 81,8 73,8 79,5

Profit after taxation
including associate companies
345,9 402,2 374,5 369,2 412,8
Interest of outside shareholders (50,5) (31,6) (42,3) (4,2) (53,6)

Earnings attributable to
shareholders of Reunert Limited
295,4 370,6 332,2 365,0 359,2
Headline earnings attributable to
shareholders of Reunert Limited
345,6 429,3 335,2 284,3 274,2
Headline earnings per share (cents) 183,5 229,5 174,8 139,6 136,8
Pro forma headline earnings per share (cents) 183,5

229,5

174,8 139,6 107,7 **
Basic earnings per share (cents) 156,9 198,1 173,3 179,2 179,2

CONSOLIDATED CASH FLOW STATEMENTS
Net cash inflow/outflow from operating activities 258,3 (58,9) 197,6 360,4 373,5
Investments net of disposals to
maintain operating capacity
(15,6) 1,9 (9,8) (33,2) 28,5

Cash available for investments to
increase operating capacity
242,7 (57,0) 187,8 327,2 402,0
Investments to (increase) /decrease
operating capacity (net)
(87,2) (468,2) (75,9) 83,0 49,6

Net cash internally generated / (utilised) 155,5 (525,2) 111,9 410,2 451,6

* 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.


back to the top...
Copyright - Reunert - 2003