 |
|
|
|
|
| Group
income statement |
|
|
|
|
| |
|
2001 |
2000 |
% |
| |
Notes |
R
million |
R
million |
change |
| Revenue |
|
4
229,8 |
3
340,1 |
27 |
|
| Operating
profit |
1 |
381,5 |
275,5 |
38 |
| Net
interest and dividend income |
2 |
59,1 |
58,8 |
1 |
|
| Profit
before abnormal items |
|
440,6 |
334,3 |
32 |
| Abnormal
items |
|
– |
77,4 |
|
|
| Profit
before taxation |
|
440,6 |
411,7 |
|
| Taxation |
|
145,6 |
114,0 |
|
|
| Profit
after taxation |
|
295,0 |
297,7 |
|
| Share
of associate companies' profits |
2 |
81,8 |
73,8 |
11 |
|
| Profit
after tax including associate companies |
|
376,8 |
371,5 |
|
| Earnings
attributable to outside shareholders |
|
|
|
|
| in
subsidiaries |
|
42,4 |
4,3 |
|
|
| Earnings
attributable to ordinary shareholders |
|
|
|
|
| in
Reunert Limited |
|
334,4 |
367,2 |
|
|
| Basic
earnings per share (cents) |
4 |
174,4 |
180,3 |
|
| Diluted
earnings per share (cents) |
4 |
172,0 |
178,6 |
|
| Headline
earnings per share (cents) |
5 |
176,0 |
140,7 |
25 |
| Diluted
headline earnings per share (cents) |
5 |
173,6 |
139,4 |
25 |
| Dividends
per ordinary share (cents) |
|
91,0 |
76,0 |
20 |
| Taxation
rate excluding abnormal items (%) |
|
33,1 |
34,1 |
|
| Operating
profit as a % of turnover |
|
9,0 |
8,2 |
|
|
| Note
1 |
|
|
|
|
| Operating
profit |
|
|
|
|
| Operating
profit is stated after charging: |
|
|
|
|
| –
Cost of sales |
|
3
036,6 |
2
432,4 |
|
| –
Other income |
|
(9,6) |
(25,0) |
|
| –
Other expenses |
|
777,5 |
620,5 |
|
| –
Depreciation |
|
41,5 |
36,7 |
|
| –
Amortisation of goodwill |
|
2,3 |
– |
|
|
| Note
2 |
|
|
|
|
| Net
interest and dividend income |
|
|
|
|
| Interest
received |
|
64,5 |
77,0 |
|
|
from RC&C Finance Company |
|
32,1 |
56,9 |
|
|
external |
|
32,4 |
20,1 |
|
| Interest
paid |
|
(13,1) |
(33,4) |
|
| Dividend
income other than from associates |
|
7,7 |
15,2 |
|
|
| Total |
|
59,1 |
58,8 |
|
|
| Dividend
income from associates included in |
|
|
|
|
| share
of associate companies' profits |
|
70,9
|
47,6 |
|
|
| Note
3 |
|
|
|
|
| Accounting
policies |
|
|
|
|
| Reunert
has adopted South African Statements of Generally Accepted
Accounting Practice (SA GAAP) which have become effective
during the current financial year. This has resulted
in changes of accounting policies, requiring the restatement
of the comparative figures for 2000. The main change
involves the consolidation of RC&C Finance Company
(Pty) Limited which was previously equity accounted
as an associate company.
Had
the new policies been used in 2000 the group's
attributable earnings and retained income would not
have been affected.
The
group's accounting policies are in accordance with SA GAAP
and, except for the above changes, are consistent with
those of the prior year. |
|
|
|
|
| Note
4 |
|
|
|
|
| Basic
earnings per share and diluted earnings per share |
|
|
|
| The
earnings used to determine both basic earnings per |
|
|
|
| share
and diluted earnings per share are the earnings |
|
|
|
| attributable
to ordinary shareholders in Reunert |
|
|
|
| Limited
(Rm) |
334,4 |
367,2 |
|
| |
|
|
|
| The
weighted average number of shares in issue used |
|
|
|
| to
determine basic earnings per share and headline |
|
|
|
| earnings
per share (millions of shares) |
191,7 |
203,7 |
|
| |
|
|
|
| Adjusted
by the dilutive effect of unexercised share |
|
|
|
| options
available to executives employed in the group |
|
|
|
| (millions
of shares) |
2,7 |
1,9 |
|
|
| Weighted
average number of shares used to determine |
|
|
|
| diluted
earnings per share and diluted headline earnings |
|
|
|
| per
share (note 5) (millions of shares) |
194,4 |
205,6 |
|
|
| Note
5 |
|
|
|
|
Headline
earnings per share and diluted headline
earnings per share |
|
|
|
| Headline
earnings per share and diluted headline earnings per
share have been calculated using the weighted average
number of shares in issue as detailed in note 4.
Headline
earnings are determined by eliminating the effect of
capital items in attributable earnings as follows:
|
|
|
|
| Earnings
attributable to ordinary shareholders |
|
334,4 |
367,2 |
|
| Capital
profit on disposal of businesses |
|
– |
(89,0) |
|
| Other
(net) |
|
3,0 |
8,3 |
|
|
| Headline
earnings |
|
337,4 |
286,5 |
|
|
| Note
6 |
|
|
|
|
| RC&C
Finance Company accounts receivable |
|
|
|
|
| Collectable
within one year |
|
278,0 |
302,9 |
|
| Collectable
after one year |
|
467,1 |
448,7 |
|
|
| |
|
745,1 |
751,6 |
|
|
|
