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GROUP |
COMPANY |
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2004 |
2003 |
2004 |
2003 |
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|
Rm |
Rm |
Rm |
Rm |
|
| A. RECONCILIATION OF NET PROFIT | ||||
| BEFORE TAXATION TO CASH GENERATED | ||||
| FROM OPERATIONS BEFORE WORKING | ||||
| CAPITAL CHANGES | ||||
| Profit before taxation | 771,6 |
652,9 |
704,1 |
504,3 |
| Adjusted for: | ||||
| – Net interest received | (37,7) |
(45,0) |
(18,6) |
(14,7) |
| – Dividends received | (27,4) |
(0,2) |
(394,5) |
(253,1) |
| – Depreciation | 57,9 |
58,4 |
17,6 |
16,3 |
| – Amortisation of goodwill | 53,5 |
46,2 |
6,7 |
5,1 |
| – Surplus on disposal of plant, vehicles | ||||
| and equipment | (0,6) |
(0,2) |
(0,4) |
(0,3) |
| – Abnormal items | (6,0) |
– |
19,1 |
9,7 |
| – Other non-cash movements | (5,2) |
(2,6) |
(0,7) |
(11,2) |
| CASH GENERATED FROM OPERATIONS | ||||
| BEFORE WORKING CAPITAL CHANGES | 806,1 |
709,5 |
333,3 |
256,1 |
| B. WORKING CAPITAL CHANGES | ||||
| – Inventory and contracts in progress | 50,0 |
169,6 |
43,0 |
133,5 |
| – Accounts receivable | (85,4) |
11,8 |
(12,7) |
15,3 |
| – Trade and other payables and provisions | 148,4 |
29,1 |
30,4 |
(5,3) |
| WORKING CAPITAL CHANGES | 113,0 |
210,5 |
60,7 |
143,5 |
| C. TAXATION PAID IS RECONCILED TO THE | ||||
| AMOUNTS DISCLOSED IN THE INCOME | ||||
| STATEMENT AS FOLLOWS: | ||||
| – Net amounts unpaid, at beginning of year | (95,4) |
(65,4) |
(25,0) |
(33,6) |
| – Current taxation per the income statement | (351,7) |
(216,7) |
(156,7) |
(60,4) |
| – Taxation owing to subsidiary acquired at | ||||
| date of purchase | – |
8,0 |
||
| – Net amounts unpaid, at end of year | 133,6 |
95,4 |
71,6 |
25,0 |
| CASH AMOUNTS PAID | (313,5) |
(178,7) |
(110,1) |
(69,0) |
| D. DIVIDENDS PAID ARE RECONCILED | ||||
| TO THE AMOUNTS DISCLOSED IN THE | ||||
| STATEMENT OF CHANGES IN EQUITY | ||||
| AS FOLLOWS: | ||||
| – Normal dividends per the statement | ||||
| of changes in equity | (243,5) |
(226,2) |
(265,5) |
(246,9) |
| – Dividends paid to outside shareholders | (24,6) |
(32,2) |
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| CASH AMOUNTS PAID | (268,1) |
(258,4) |
(265,5) |
(246,9) |
| E. ANALYSIS OF ACQUISITION OF | ||||
| SUBSIDIARIES AND BUSINESSES | ||||
| Inventory and contracts in progress | (11,1) |
(42,0) |
– |
(3,6) |
| Accounts receivable | (16,6) |
(52,9) |
– |
– |
| Trade and other payables and provisions | 7,1 |
34,5 |
– |
6,0 |
| Property, plant and equipment | (3,5) |
(72,3) |
– |
(3,2) |
| 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 |
– |
– |
| Net overdraft at time of the acquisition | 0,3 |
– |
||
| Attributable share of net assets at | ||||
| date of acquisition | (21,7) |
54,2 |
– |
5,1 |
| Outside shareholders’ interest | (107,9) |
– |
||
| Goodwill on acquisitions | (80,8) |
(6,4) |
– |
(12,9) |
| Shares bought in existing subsidiaries | (71,0) |
– |
||
| Purchase of shareholder loan | (99,9) |
– |
||
| COST OF INVESTMENT | (234,2) |
(44,7) |
(170,9) |
(23,9) |
| NET OVERDRAFT ON HAND AT TIME | ||||
| OF THE ACQUISITION | (0,3) |
– |
||
| AMOUNTS STILL OWING TO VENDORS | – |
5,2 |
– |
6,3 |
| ADJUSTMENT TO AMOUNT STILL OWING | ||||
| TO VENDORS | – |
– |
(2,6) |
– |
| LOAN TAKEN OVER BY PURCHASER STILL | ||||
| TO BE REPAID | – |
(21,8) |
– |
– |
| NET CASH PAID | (234,5) |
(61,3) |
(173,5) |
(17,6) |