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	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.