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  

NOTES TO THE CASH FLOW STATEMENTS
For the year ended 30 September 2003
GROUP COMPANY
2003 2002 2003 2002
Rm Rm Rm Rm

A. RECONCILIATION OF NET PROFIT BEFORE TAXATION
TO OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES
Profit before taxation 652,9 489,9 504,3 359,1
Adjusted for:
- Net interest received (45,0) (33,1) (14,7)
(0,3)
- Dividends received (0,2) (3,4) (253,1) (151,1)
- Depreciation 58,4 46,2 16,3 19,0
- Amortisation of goodwill 46,2 41,4 5,1 4,7
- Surplus on disposal of plant, vehicles and equipment (0,2) (2,1) (0,3) (0,1)
- Provision against investments in subsidiaries 9,7 (10,1)
- Net (reversal) / creation of provisions (1,3) 14,6 (10,2) 4,8
- Other movements (1,3) 18,7 (1,0)

CASH GENERATED FROM OPERATIONS BEFORE
WORKING CAPITAL CHANGES
709,5 572,2 256,1 226,0

B. WORKING CAPITAL CHANGES
- Inventory and contracts in progress 169,6 (161,5) 133,5 (121,5)
- Accounts receivable after increasing
opening balances due to first time
compliance with AC133 by:
group R72,4 million, company R51,2 million
11,8 (118,0) 15,3 66,1
- Accounts payable and provisions
after increasing opening balances due to
first time compliance with AC133 by:
group R59,2 million, company R44,4 million
29,1 122,3 (5,3) 122,9

WORKING CAPITAL CHANGES 210,5 (157,2) 143,5 67,5

C. TAXATION PAID IS RECONCILED TO THE AMOUNTS
DISCLOSED IN THE INCOME STATEMENT AS FOLLOWS:
- Net amounts unpaid, at beginning of year (65,4) (110,5) (33,6) (49,3)
- Current taxation per the income statement (216,7) (163,9) (60,4) (79,1)
- Taxation owing to subsidiary acquired
at date of purchase
8,0
- Net amounts unpaid, at end of year 95,4 65,4 25,0 33,6

CASH AMOUNTS PAID (178,7) (209,0) (69,0) (94,8)

D. DIVIDENDS PAID ARE RECONCILED TO THE
AMOUNTS DISCLOSED IN THE STATEMENT
OF CHANGES IN EQUITY AS FOLLOWS:
- Charge per the statement of changes in equity (226,2) (181,4) (246,9) (198,1)
- Dividends paid to outside shareholders (32,2) (19,6)

CASH AMOUNTS PAID (258,4) (201,0) (246,9) (198,1)

E. ANALYSIS OF DISPOSAL OF BUSINESSES
Inventory 0,4 0,5 0,5
Accounts receivable 0,8 0,5 0,5
Accounts payable (0,2) (0,2)
Cash on hand at time of disposal 0,2 0,2

Cash amounts received 1,2 1,0 1,0
Less: Cash on hand at time of disposal (0,2) (0,2)

NET CASH RECEIVED 1,2 0,8 0,8

F. ANALYSIS OF ACQUISITION OF SUBSIDIARIES AND BUSINESSES
Inventory (42,0) (1,7) (3,6) (1,7)
Accounts receivable (52,9)
Accounts payable 34,5 (4,1) 6,0
Property, plant and equipment (72,3) (1,3) (3,2) (1,3)
Intercompany balances (15,3)
Taxation owing to subsidiary acquired
at date of purchase
(8,0)
Long-term liabilities 26,4
Loan taken over by purchaser 21,8
Attributable share of net assets at date of acquisition 54,2 (60,4) 5,1 (56,6)
Goodwill on acquisitions (6,4) (390,5) (12,9) (383,6)
Increased capital of subsidiary (5,0)

COST OF INVESTMENT (44,7) (458,0) (23,9) (448,2)
CASH PAID IN CURRENT YEAR, OWING FROM PRIOR YEAR (3,2)
AMOUNTS STILL OWING TO VENDORS 5,2 21,2 6,3 21,2
LOAN TAKEN OVER BY PURCHASER STILL TO BE REPAID (21,8)

NET CASH PAID (61,3) (440,0) (17,6) (427,0)


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