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

VALUE ADDED STATEMENT
2003 2002 % change
2003
R m % R m % over 2002

Revenue 6 103,9 5 062,9 21
Paid to suppliers for materials and services 4 469,2 3 846,3 16

Value added 1 634,7 1 216,6 34
Income from investments and associates 12,7 130,1 (90)

TOTAL WEALTH CREATED 1 647,4 100 1 346,7 100 22

DISTRIBUTED AS FOLLOWS:
EMPLOYEES
Remuneration and service benefits 590,7 473,1
Add: PAYE collected on behalf of government 108,1 90,2

Gross remuneration and service benefits 698,8 42 563,3 42 24

PROVIDERS OF CAPITAL
Dividends to Reunert shareholders 226,2 14 181,4 14 25
Dividends to outside shareholders in subsidiaries 32,2 2 19,6 1 64
Interest paid on borrowings 50,1 3 22,7 2 121

308,5 19 223,7 17 38

PAYMENTS TO GOVERNMENT
Taxation on profits 224,4 177,3
RSC levies 11,1 8,9
VAT, customs duties and other taxes 258,7 126,1

494,2 30 312,3 23 58

RETAINED IN THE GROUP TO DEVELOP
FUTURE GROWTH
Depreciation 58,4 4 46,2 3 26
Accumulated profit 87,5 5 201,2 15 (57)

145,9 9 247,4 18 (41)

TOTAL WEALTH DISTRIBUTED 1 647,4 100 1 346,7 100 22


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Copyright - Reunert - 2002