|
GROUP |
COMPANY |
|
2003 |
2002 |
2003 |
2002 |
|
Rm |
Rm |
Rm |
Rm |
|
A. RECONCILIATION OF NET PROFIT BEFORE
TAXATION
TO OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES |
|
|
|
|
|
Profit before taxation |
652,9
|
489,9
|
504,3 |
359,1
|
|
Adjusted for:
|
|
|
|
|
| - Net interest received |
(45,0) |
(33,1)
|
(14,7)
|
(0,3)
|
| - Dividends received |
(0,2) |
(3,4)
|
(253,1) |
(151,1)
|
| - Depreciation |
58,4 |
46,2
|
16,3 |
19,0
|
| - Amortisation of goodwill |
46,2 |
41,4
|
5,1 |
4,7
|
| - Surplus on disposal of plant, vehicles
and equipment |
(0,2) |
(2,1)
|
(0,3) |
(0,1)
|
| - Provision against
investments in subsidiaries |
|
|
9,7 |
(10,1)
|
| - Net (reversal) / creation
of provisions |
(1,3) |
14,6
|
(10,2) |
4,8
|
| - Other movements |
(1,3) |
18,7
|
(1,0) |
– |
|
CASH GENERATED FROM OPERATIONS
BEFORE
WORKING CAPITAL CHANGES |
709,5
|
572,2
|
256,1 |
226,0
|
|
|
B. WORKING CAPITAL CHANGES
|
| - Inventory and contracts in
progress |
169,6 |
(161,5)
|
133,5 |
(121,5)
|
- Accounts receivable – after
increasing
opening balances due to first time
compliance with AC133 by:
group R72,4 million, company R51,2 million |
11,8 |
(118,0)
|
15,3 |
66,1
|
- Accounts payable and
provisions –
after increasing opening balances due to
first time compliance with AC133 by:
group R59,2 million, company R44,4 million |
29,1 |
122,3
|
(5,3) |
122,9
|
|
| WORKING CAPITAL CHANGES |
210,5 |
(157,2)
|
143,5 |
67,5
|
|
C. TAXATION PAID IS RECONCILED TO THE
AMOUNTS
DISCLOSED IN THE INCOME STATEMENT AS FOLLOWS:
|
|
|
|
|
| - Net amounts unpaid, at
beginning of year |
(65,4) |
(110,5)
|
(33,6) |
(49,3)
|
| - Current taxation per the
income statement |
(216,7) |
(163,9)
|
(60,4) |
(79,1)
|
- Taxation owing to
subsidiary acquired
at date of purchase |
8,0 |
|
|
|
| - Net amounts unpaid, at end
of year |
95,4 |
65,4
|
25,0 |
33,6
|
|
| CASH AMOUNTS PAID |
(178,7) |
(209,0)
|
(69,0) |
(94,8)
|
|
D. DIVIDENDS PAID ARE RECONCILED TO THE
AMOUNTS DISCLOSED IN THE STATEMENT
OF CHANGES IN EQUITY AS FOLLOWS: |
| - Charge per the statement of
changes in equity |
(226,2) |
(181,4)
|
(246,9) |
(198,1)
|
| - Dividends paid to outside
shareholders |
(32,2) |
(19,6)
|
|
|
|
| CASH AMOUNTS PAID |
(258,4) |
(201,0)
|
(246,9) |
(198,1)
|
|
|
E. ANALYSIS OF DISPOSAL OF BUSINESSES |
|
|
|
|
| Inventory |
0,4 |
0,5
|
– |
0,5
|
| Accounts receivable |
0,8 |
0,5
|
– |
0,5 |
| Accounts payable |
– |
(0,2)
|
– |
(0,2)
|
| Cash on hand at time of
disposal |
– |
0,2
|
– |
0,2
|
|
| Cash amounts received |
1,2 |
1,0
|
– |
1,0
|
| Less: Cash on hand at
time of disposal |
– |
(0,2)
|
– |
(0,2)
|
|
| NET CASH RECEIVED |
1,2 |
0,8
|
– |
0,8
|
|
|
F. ANALYSIS OF ACQUISITION OF
SUBSIDIARIES AND BUSINESSES |
|
|
|
|
| Inventory |
(42,0) |
(1,7)
|
(3,6) |
(1,7)
|
| Accounts receivable |
(52,9) |
– |
– |
– |
| Accounts payable |
34,5 |
(4,1)
|
6,0 |
– |
| Property, plant and equipment |
(72,3) |
(1,3)
|
(3,2) |
(1,3)
|
| Intercompany balances |
|
|
(15,3) |
– |
Taxation owing to subsidiary
acquired
at date of purchase |
(8,0) |
– |
|
|
| Long-term liabilities |
26,4 |
– |
– |
– |
| Loan taken over by purchaser |
21,8 |
– |
– |
– |
| Attributable share of net
assets at date of acquisition |
54,2 |
(60,4)
|
5,1 |
(56,6)
|
| Goodwill on acquisitions |
(6,4) |
(390,5)
|
(12,9) |
(383,6)
|
| Increased capital of
subsidiary |
– |
– |
– |
(5,0)
|
|
| COST OF
INVESTMENT |
(44,7) |
(458,0)
|
(23,9) |
(448,2)
|
| CASH PAID IN
CURRENT YEAR, OWING FROM PRIOR YEAR |
|
(3,2)
|
|
– |
| AMOUNTS STILL
OWING TO VENDORS |
5,2 |
21,2
|
6,3 |
21,2
|
| LOAN TAKEN
OVER BY PURCHASER STILL TO BE REPAID |
(21,8) |
– |
– |
– |
|
| NET CASH PAID |
(61,3) |
(440,0)
|
(17,6) |
(427,0)
|
|
|
