Reunert Annual Report 2004
   
  CASH FLOW STATEMENTS
  FOR THE YEAR ENDED 30 SEPTEMBER 2004  
 
 
         GROUP
           COMPANY
 
2004 
2003 
2004 
2003 
 
Notes 
Rm 
Rm 
 
Rm 
Rm 
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations before
   working capital changes
806,1 
709,5 
333,3 
256,1 
Reduction/(increase) in net working capital
804,5 
(59,3)
60,7 
143,5 
 
Movement in RC&C Finance Company
 
 
 
 
   accounts receivable
 
 
 
 
– Increase in RC&C Finance Company
 
 
 
 
   accounts receivable
(564,0)
(269,8)
 
 
– Sale of debtors book in December 2003
1 255,5 
 
 
 
Working capital changes
113,0 
210,5 
60,7 
143,5 
 
 
  
 
 
 
 
Cash generated from operations
1 610,6 
650,2 
394,0 
399,6 
 
Interest received
47,8 
95,1 
20,2 
26,1 
Interest paid
(10,1)
(50,1)
(1,6)
(11,4)
Dividends received
27,4 
0,2 
394,5 
253,1 
Taxation paid
(313,5)
(178,7)
(110,1)
(69,0)
Dividends paid (including outside shareholders)
(268,1)
(258,4)
 
(265,5)
(246,9)
Net cash inflow from operating activities
 
1 094,1 
258,3 
 
431,5 
351,5 
CASH FLOWS FROM INVESTING ACTIVITIES
Investments to maintain operating capacity
18,0 
(15,6)
524,3 
(385,0)
– Repayment of non-current loans
4,8 
0,9 
4,8 
0,9 
– Non-current loans granted
(0,5)
(3,3)
(0,4)
(3,3)
– Replacement of fixed assets
(20,1)
(17,5)
(12,9)
(12,0)
– Proceeds on disposal of fixed assets,
 
  
  
  
   investments and other capital items
33,8 
4,3 
0,3 
3,8 
– Net loans from/(to) subsidiaries
 
 
532,5 
(374,4)
Investments to increase operating capacity
(268,1)
(87,2)
(237,5)
(21,6)
– Expansion capital expenditure
(28,7)
(27,1)
(16,2)
(4,0)
– Increase in investments
(4,9)
– 
(47,8)
– 
– Disposal of businesses
– 
1,2 
– 
– 
– Acquisition of subsidiaries and businesses
(234,5)
(61,3)
(173,5)
(17,6)
 
 
 
 
 
 
 
Net cash (outflow)/inflow from
   investing activities
   
(250,1)
(102,8)
 
286,8 
(406,6)
   
CASH FLOWS FROM FINANCING ACTIVITIES  
Funds provided by shareholders  
–Ordinary shareholders in Reunert  
18,7 
11,0 
18,7 
11,0 
Funds repaid to shareholders  
– Share buy-back (capital and dividend    portion)  
(429,2)
– 
(429,2)
– 
– Reunert shares purchased by a    subsidiary  
(47,4)
– 
– Loan repaid to outside shareholder  
– 
(2,1)
Long-term liabilities – repaid  
– 
(26,4)
– 
– 
Net cash (outflow)/inflow from financing    activities  
(457,9)
(17,5)
 
(410,5)
11,0 
NET INCREASE/(DECREASE) IN CASH  
   AND CASH EQUIVALENTS  
386,1 
138,0 
307,8 
(44,1)
CASH AND CASH EQUIVALENTS AT  
   BEGINNING OF YEAR  
(419,3)
(557,3)
 
36,0 
80,1 
CASH AND CASH EQUIVALENTS AT  
 
   END OF YEAR*  
(33,2)
(419,3)
 
343,8 
36,0 
Net cash flows from operating activities  
 
   before dividends paid and excluding  
   movements in RC&C Finance            
Company accounts receivable  
670,7 
786,5 
Operating cash flow per share (cents)  
353,2
417,7 
 
 
 
* CASH AND CASH EQUIVALENTS ARE  
MADE UP OF:  
Cash and cash equivalents  
451,3 
484,8 
346,5 
37,7
Short-term loans and bank overdrafts  
(170,4)
(3,4)
 
(2,7)
(1,7)
Net cash resources of the group/company  
   excluding RC&C Finance Company  
280,9 
481,4 
343,8 
36,0 
RC&C Finance Company            
   short-term borrowings  
(314,1)
(900,7)
 
 
 
Net (borrowings)/cash and cash equivalents  
(33,2)
(419,3)
 
343,8 
36,0