| |
 |
|
2008 |
|
2007 |
2006 |
2005* |
2004** |
2003** |
2002** |
|
| |
|
|
Rm |
|
Rm |
Rm |
Rm |
Rm |
Rm |
Rm |
|
| CONDENSED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Property, plant and equipment |
|
|
569,6 |
|
565,7 |
455,4 |
328,4 |
196,2 |
213,7 |
157,1 |
|
| Intangible assets |
|
|
21,7 |
|
13,0 |
11,9 |
7,9 |
— |
— |
— |
|
| Goodwill |
|
|
415,3 |
|
372,8 |
326,8 |
329,0 |
324,8 |
306,9 |
360,0 |
|
| Investments and loans |
|
|
865,3 |
|
727,9 |
148,8 |
116,2 |
109,9 |
20,8 |
151,6 |
|
| RCCF accounts receivable |
|
|
1 957,0 |
|
— |
1 403,8 |
1 028,2 |
528,5† |
1 220,0 |
953,9 |
|
| Deferred taxation assets |
|
|
32,0 |
|
37,9 |
59,1 |
37,5 |
56,2 |
33,1 |
25,9 |
|
| Cash and cash equivalents |
|
|
794,6 |
|
530,6 |
969,3 |
784,4 |
451,3 |
484,8 |
283,5 |
|
| RCCF bank balances and cash |
|
|
82,0 |
|
— |
— |
— |
— |
— |
— |
|
| Other current assets# |
|
|
2 938,1 |
|
2 631,2 |
2 284,7 |
1 570,9 |
1 422,9 |
1 367,9 |
1 401,5 |
|
| Total assets |
|
|
7 675,6 |
|
4 879,1 |
5 659,8 |
4 202,5 |
3 089,8 |
3 647,2 |
3 333,5 |
|
| EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
| Ordinary and preference equity holders |
|
|
|
|
|
|
|
|
|
|
|
| of Reunert |
|
|
3 675,4 |
|
2 469,0 |
1 680,9 |
1 561,7 |
983,1 |
1 156,5 |
1 071,1 |
|
| Minority interest |
|
|
20,7 |
|
14,4 |
38,2 |
43,0 |
39,7 |
121,2 |
103,5 |
|
| Total equity |
|
|
3 696,1 |
|
2 483,4 |
1 719,1 |
1 604,7 |
1 022,8 |
1 277,7 |
1 174,6 |
|
| Deferred taxation liabilities |
|
|
208,2 |
|
115,8 |
141,6 |
81,7 |
44,3 |
63,8 |
45,9 |
|
| Long-term borrowings |
|
|
12,8 |
|
278,8 |
115,0 |
111,7 |
— |
— |
— |
|
| RCCF long-term borrowings |
|
|
699,9 |
|
— |
— |
— |
— |
— |
— |
|
| RCCF short-term borrowings |
|
|
1 164,4 |
|
— |
1 187,9 |
866,8 |
314,1† |
900,7 |
838,0 |
|
| Current liabilities# |
|
|
1 894,2 |
|
2 001,1 |
2 496,2 |
1 537,6 |
1 708,6 |
1 405,0 |
1 275,0 |
|
| Total equity and liabilities |
|
|
7 675,6 |
|
4 879,1 |
5 659,8 |
4 202,5 |
3 089,8 |
3 647,2 |
3 333,5 |
|
| CONDENSED INCOME STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
10 921,1 |
|
9 574,4 |
8 236,4 |
7 012,0 |
6 247,3 |
6 103,9 |
5 062,9 |
|
| Operating profit |
|
|
1 572,6 |
|
1 318,7 |
1 272,7 |
917,3 |
700,5 |
607,7 |
472,1 |
|
| Net interest and dividends received |
|
|
60,3 |
|
54,8 |
64,9 |
50,1 |
65,1 |
45,2 |
36,5 |
|
| Profit before abnormal items |
|
|
1 632,9 |
|
1 373,5 |
1 337,6 |
967,4 |
765,6 |
652,9 |
508,6 |
|
| Abnormal items |
|
|
1,5 |
|
(447,6) |
1,6 |
3,9 |
6,0 |
— |
(18,7) |
|
| Profit before taxation |
|
|
1 634,4 |
|
925,9 |
1 339,2 |
971,3 |
771,6 |
652,9 |
489,9 |
|
| Taxation |
|
|
(486,8) |
|
(427,4) |
(500,5) |
(326,5) |
(309,0) |
(224,4) |
(177,3) |
|
| Profit after taxation |
|
|
1 147,6 |
|
498,5 |
838,7 |
644,8 |
462,6 |
428,5 |
312,6 |
|
| Share of associate companies’ profits/(losses) |
|
|
16,1 |
|
148,4 |
95,2 |
79,2 |
66,8 |
(82,6) |
89,6 |
|
| Profit for the year |
|
|
1 163,7 |
|
646,9 |
933,9 |
724,0 |
529,4 |
345,9 |
402,2 |
|
| Profit for the year attributable to: |
|
|
|
|
|
|
|
|
|
|
|
| Minority interest |
|
|
7,1 |
|
7,6 |
11,1 |
10,7 |
51,0 |
50,5 |
31,6 |
|
| Equity holders of Reunert |
|
|
1 156,6 |
|
639,3 |
922,8 |
713,3 |
478,4 |
295,4 |
370,6 |
|
| |
|
|
1 163,7 |
|
646,9 |
933,9 |
724,0 |
529,4 |
345,9 |
402,2 |
|
| Headline earnings attributable to equity |
|
|
|
|
|
|
|
|
|
|
|
| holders of Reunert |
|
|
1 159,8 |
|
481,3 |
918,6 |
708,1 |
526,9 |
345,6 |
429,3 |
|
| CONDENSED CASH FLOW STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
| EBITDA |
|
|
1 659,2 |
|
1 393,0 |
1 335,9 |
967,2 |
811,9 |
712,3 |
559,7 |
|
| Changes in working capital |
|
|
(295,2) |
|
(439,0) |
(252,8) |
(101,3) |
113,0 |
210,5 |
(157,2) |
|
| Cash generated from operations excluding |
|
|
|
|
|
|
|
|
|
|
|
| changes in RCCF receivables |
|
|
1 364,0 |
|
954,0 |
1 083,1 |
865,9 |
924,9 |
922,8 |
402,5 |
|
| Net interest and dividends received |
|
|
147,2 |
|
200,8 |
120,9 |
119,3 |
65,1 |
45,2 |
144,9 |
|
| Taxation paid |
|
|
(410,8) |
|
(568,6) |
(347,4) |
(364,9) |
(313,5) |
(178,7) |
(209,0) |
|
| Dividends paid |
|
|
(569,0) |
|
(879,3) |
(464,2) |
(308,3) |
(268,1) |
(258,4) |
(201,0) |
|
| Share buy back |
|
|
— |
|
— |
— |
— |
(476,6) |
— |
— |
|
| Other (net) |
|
|
19,4 |
|
23,7 |
(4,3) |
29,3 |
(5,8) |
(2,8) |
12,5 |
|
Net cash flows from operating activities excluding changes
in RCCF receivables |
|
|
550,8 |
|
(269,4) |
388,1 |
341,3 |
(74,0) |
528,1 |
149,9 |
|
| Net cash flows from investing activities |
|
|
(921,3) |
|
1 008,6 |
(185,7) |
(48,5) |
(250,1) |
(102,8) |
(466,3) |
|
| Net cash flows from financing activities |
|
|
(380,3) |
|
274,5 |
27,0 |
156,1 |
18,7 |
(17,5) |
2,2 |
|
| Net cash (utilised)/generated (before RCCF receivables) |
|
|
(750,8) |
|
1 013,7 |
229,4 |
448,9 |
(305,4) |
407,8 |
(314,2) |
|
| (Increase)/decrease in RCCF receivables |
|
|
(32,5)° |
|
(300,7)° |
(375,6) |
(499,7) |
691,5† |
(269,8) |
(208,8) |
|
| Net cash (utilised)/generated |
|
|
(783,3) |
|
713,0 |
(146,2) |
(50,8) |
386,1 |
138,0 |
(523,0) |
|
|
| * |
The 2005 information has been restated to take account of the effect of adopting SAICA Circular 9/2006 and IFRS on 1 October 2004. |
| ** |
The 2002 to 2004 information has not been restated to take account of the effect of adopting IFRS and is therefore still in terms of SA GAAP. |
| † |
In December 2003, R1 255,5 million was received on the sale of the RCCF debtors book. |
| ° |
Increase in RCCF receivables while it was a consolidated subsidiary (refer to note 34). |
| # |
In the prior years inventory items were shown net of advance payments received from customers. These utilised advanced payments are now disclosed
in current
liabilities. |
|
|
|
|
