Five year financial review
  2005 2004** 2003 2002 2001*
  Rm Rm Rm Rm Rm






           
ASSETS          
Property, plant and equipment 191,9 196,2 213,7 157,1 161,8
Goodwill 329,0 324,8 306,9 360,0 10,9
Investments and loans 116,2 109,9 20,8 151,6 188,4
RC&C Finance Company (RCCF) accounts receivable 1 028,2 528,5 1 220,0 953,9 745,1
Deferred taxation assets 42,4 56,2 33,1 25,9 42,0
Cash and cash equivalents 784,4 451,3 484,8 283,5 303,5
Other current assets 1 564,5 1 420,6 1 358,5 1 372,7 1 092,0






           
Total assets 4 056,6 3 087,5 3 637,8 3 304,7 2 543,7






           
EQUITY AND LIABILITIES          
Ordinary and preference shareholders 1 453,5 983,1 1 156,5 1 071,1 878,5
Outside shareholders 42,5 39,7 121,2 103,5 137,9






           
Interest of all shareholders 1 496,0 1 022,8 1 277,7 1 174,6 1 016,4
Deferred taxation liabilities 51,4 44,3 63,8 45,9 48,6
Long-term borrowings 111,4 2,7
RCCF short-term borrowings 866,8 314,1 900,7 838,0 324,0
Current liabilities 1 531,0 1 706,3 1 395,6 1 246,2 1 152,0






           
Total equity and liabilities 4 056,6 3 087,5 3 637,8 3 304,7 2 543,7






           
RESULTS          
Revenue 7 036,9 6 247,3 6 103,9 5 062,9 4 229,8






           
Operating profit 905,5 700,5 607,7 472,1 379,2
Net interest and dividends received 50,2 65,1 45,2 36,5 59,1






           
Profit before abnormal items 955,7 765,6 652,9 508,6 438,3
Abnormal items 3,9 6,0 (18,7)






           
Profit before taxation 959,6 771,6 652,9 489,9 438,3
Taxation (319,1) (309,0) (224,4) (177,3) (145,6)






           
Profit after taxation 640,5 462,6 428,5 312,6 292,7
Share of associate companies’ profits / (losses) 79,2 66,8 (82,6) 89,6 81,8






           
Profit after taxation including associate companies 719,7 529,4 345,9 402,2 374,5
Interest of outside shareholders (10,5) (51,0) (50,5) (31,6) (42,3)






           
Earnings attributable to Reunert Limited shareholders 709,2 478,4 295,4 370,6 332,2
Headline earnings attributable to          
Reunert Limited shareholders 704,0 526,9 345,6 429,3 335,2
Headline earnings per share (cents) 406,0 277,5 183,5 229,5 174,8
Basic earnings per share (cents) 409,0 251,9 156,9 198,1 173,3






           
           
30 Reunert Annual Report 2005          
  2005 2004** 2003 2002 2001*
  Rm Rm Rm Rm Rm






CONSOLIDATED CASH FLOW STATEMENTS          
EBITDA 961,8 811,9 712,3 559,7 425,3
Changes in working capital (101,0) 113,0 210,5 (157,2) (61,9)






           
Cash generated from operations 860,8 924,9 922,8 402,5 363,4
Interest and dividends received 119,4 65,1 45,2 144,9 130,0
Taxation paid (364,9) (313,5) (178,7) (209,0) (133,0)
Dividends paid and share buyback (307,1) (744,7) (258,4) (201,0) (386,9)
Acquisition of assets, businesses and investments          
and other 10,7 (237,2) (123,1) (451,6) (87,1)
Long-term borrowings raised 130,0






           
Net cash generated / (utilised) (before RCCF receivables) 448,9 (305,4) 407,8 (314,2) (113,6)
(Increase) / decrease in RCCF receivables (499,7) 691,5*** (269,8) (208,8) 6,5






           
Net cash (utilised) / generated (50,8) 386,1 138,0 (523,0) (107,1)
*
  
The 2001 information has been restated to take account of the effect of the accounting policies adopted on 1 October 2001 of depreciating all properties
and accounting for dividends in the period that the declaration takes place.
**
  
The 2004 information has been restated to take account of the effect of reversing the debtors recourse guarantee provision (refer to note 33 to the annual
financial statements) and the transfer of negative goodwill to accumulated profit (refer to note 12 to the annual financial statements).
***
  
In December 2003 R1 255,5 million was received on the sale of the RC&C Finance Company debtors book.