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SUMMARISED CONSOLIDATED INCOME STATEMENT

	Audited	Audited
(R millions)	30 June 2003	30 June 2002

Revenue	10 111	9 027

Earnings before interest, exceptional items, depreciation and amortisation (EBITDA)	844	619
Depreciation	(218)	(227)
Amortisation of goodwill	(5)	(6)
Earnings before interest and exceptional items (EBIT)	621	386
Exceptional items	(5)	(2)
Headlease and other discontinued property activities	(54)	(58)
Other	49	56

Earnings before interest and taxation	616	384
Interest	(66)	71
Net interest paid	(17)	(10)
Unrealised currency (loss) gain on offshore treasury funds	(49)	81

Earnings before taxation	550	455
Taxation	(74)	(36)
Earnings after taxation	476	419
Income from associate	97	90
Minority shareholders' interest	(9)	(4)
Earnings attributable to ordinary shareholders	564	505
Reconciliation of headline earnings
Attributable earnings	564	505
Exceptional items as above	5	2
Amortisation of goodwill	5	6
Non-headline portion of income from associate	8	(2)
Headline earnings	582	511
Headline earnings	582	511
Currency movement on offshore treasury funds	49	(81)
Headline earnings excluding currency movement on
offshore treasury funds	631	430
Average number of ordinary shares in issue (’000)	331 893	331 893

Earnings per share
– attributable (cent)	170	152
– headline (cent)	175	154
– headline excluding currency movement on offshore treasury funds (cent)	190	129
Total dividend per ordinary share (cent)	52,5	35,0

Operating cash flow per ordinary share (cent)	107	215

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SUMMARISED CONSOLIDATED BALANCE SHEET

	Audited	Audited
(R millions)	30 June 2003	30 June 2002

ASSETS
Non-current assets	1 909	2 007

Property, plant and equipment	1 179	1 339
Associate company – Unitrans Limited	571	503
Other investments	159	165

Current assets	4 232	4 504

Accounts receivable and other	2 688	2 525
Bank balances and cash	1 544	1 979

Total tangible assets	6 141	6 511
Goodwill	10	15
TOTAL ASSETS	6 151	6 526

EQUITY AND LIABILITIES
Permanent capital	2 572	2 657

Ordinary shareholders' funds	2 559	2 648
Minority shareholders' interest	13	9

Non-current liabilities	515	733

Long-term provision	243	293
Long-term loans	218	387
Deferred taxation	54	53

Current liabilities	3 064	3 136

Bank overdrafts and short-term loans	258	268
Accounts payable and other	2 806	2 868

TOTAL EQUITY AND LIABILITIES	6 151	6 526


Net asset value per share (cent)	771	798

SUPPLEMENTARY INFORMATION (Rm)
Commitments
Capital expenditure
– spent	238	456
– authorised but unspent	405	384
Operating lease commitments	176	107
Contingent liabilities	16	11

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SUMMARISED CONSOLIDATED CASH FLOW STATEMENT

	Audited	Audited
(R millions)	30 June 2003	30 June 2002

Cash generated by operations before working capital changes	824	592
(Increase) decrease in working capital	(369)	135

Cash generated by operations	455	727
Interest and taxation	(99)	(15)

Operating cash flow	356	712
Dividends paid	(166)	–
Dividends paid to minority shareholders	(4)	(3)

Cash retained in operations	186	709
Net investment activities	(142)	(247)

Net funds flow	44	462
Unrealised currency (loss) gain on offshore treasury funds	(49)	81

Net funds flow, including unrealised currency (loss) gain on offshore treasury funds	(5)	543

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	Summarised consolidated income statement
	Summarised consolidated balance sheet
	Summarised consolidated cash flow statement


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