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   CASH FLOW STATEMENTS For the year ended 30 September 2003 GROUP COMPANY 2003 2002 2003 2002 Notes Rm Rm Rm Rm CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations before working capital changes A 709,5 572,2 256,1 226,0 (Increase)/reduction in net working capital (59,3) (366,0) 143,5 67,5 Increase in RC&C Finance Company accounts receivable – after increasing opening balance due to first time compliance with AC133 by R3,7 million (269,8) (208,8) Working capital changes B 210,5 (157,2) 143,5 67,5 Cash generated from operations 650,2 206,2 399,6 293,5 Interest received 95,1 55,8 26,1 14,0 Interest paid (50,1) (22,7) (11,4) (13,7) Dividends received 0,2 111,8 253,1 151,1 Taxation paid C (178,7) (209,0) (69,0) (94,8) Dividends paid (including outside shareholders) D (258,4) (201,0) (246,9) (198,1) Net cash inflow / (outflow) from operating activities 258,3 (58,9) 351,5 152,0 CASH FLOWS FROM INVESTING ACTIVITIES Investments to maintain operating capacity (15,6) 1,9 (385,0) 285,8 – Repayment of non-current loans 0,9 14,0 0,9 13,9 – Non-current loans granted (3,3) - (3,3) - – Replacement of fixed assets (17,5) (15,9) (12,0) (6,9) – Proceeds on disposal of fixed assets, investments and other capital items 4,3 3,8 3,8 0,3 – Net loans (to) / from subsidiaries (374,4) 278,5 Investments to increase operating capacity (87,2) (468,2) (21,6) (429,9) – Expansion capital expenditure (27,1) (26,1) (4,0) (3,7) – Increase in investments – (2,9) – – – Proceeds on disposal of subsidiaries and businesses E 1,2 0,8 – 0,8 – Acquisition of subsidiaries and businesses F (61,3) (440,0) (17,6) (427,0) Net cash outflow from investing activities (102,8) (466,3) (406,6) (144,1) GROUP COMPANY 2003 2002 2003 2002 Rm Rm Rm Rm CASH FLOWS FROM FINANCING ACTIVITIES Funds provided by shareholders – Ordinary shareholders in Reunert 11,0 2,8 11,0 2,8 – Loan advanced by outside shareholder 2,1   – Loan repaid to outside shareholder (2,1) Long-term liabilities – repaid (26,4) (2,7) – – Net cash (outflow)/inflow from financing activities (17,5) 2,2 11,0 2,8 NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 138,0 (523,0) (44,1) 10,7 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR (557,3) (34,3) 80,1 69,4 CASH AND CASH EQUIVALENTS AT END OF YEAR* (419,3) (557,3) 36,0 80,1 Net cash flows from operating activities before dividends paid and excluding movements in RC&C Finance Company accounts receivable 786,5 350,9 Operating cash flow per share (cents) 417,7 187,7 * CASH AND CASH EQUIVALENTS ARE MADE UP OF: Cash and cash equivalents 484,8 283,5 37,7 80,1 Short-term loans and bank overdrafts (3,4) (2,8) (1,7) – Net cash resources of the group/company excluding RC&C Finance Company 481,4 280,7 36,0 80,1 RC&C Finance Company short-term borrowings (900,7) (838,0) Net (borrowings)/cash and cash equivalents of the group/company (419,3) (557,3) 36,0 80,1 < Prev Next > © Copyright - Reunert - 2003