| |
 |
for the year ended 30 June
2002
All monetary amounts are expressed in millions
of rand |
|
|
| |
Notes |
2002 |
2001 |
| Cash flows from operating
activities |
|
789,9
|
557,5 |
| Cash generated by operations |
A |
726,7 |
582,5 |
| Net interest paid and currency gain |
|
70,7 |
(6,3) |
| Taxation paid |
B |
(4,4) |
(18,7) |
| Operating cash flow |
|
793,0 |
557,5 |
| Dividends paid to minority
shareholders |
|
(3,1) |
– |
| Cash flows from investing
activities |
|
(246,5) |
(58,2) |
| |
|
|
|
| Acquisition of businesses |
C |
(12,0) |
(96,4) |
| Acquisition of investments |
|
(48,6) |
10,2 |
| Acquisition of additional shares in associate |
|
(23,7) |
– |
| Dividends received |
|
20,8 |
– |
| Dividends received from associate |
|
17,4 |
24,4 |
| Purchase of property, plant and equipment |
|
(456,3) |
(248,4) |
| Replacement of property, plant and equipment |
|
(71,0) |
(36,3) |
| Additions to property, plant and equipment |
|
(385,3) |
(212,1) |
| Proceeds on disposal of investments |
|
9,3
|
– |
| Proceeds on disposal of property, plant and equipment |
|
87,0 |
74,5 |
| Proceeds on disposal of businesses |
D |
159,6
|
177,5 |
| Net cash generated |
|
543,4
|
499,3 |
| Cash flows from financing
activities |
|
(97,7) |
(191,7) |
| Net movement in long-term loans |
E |
(64,1) |
(74,7) |
| Repurchase of shares |
|
– |
(43,2) |
| Movement in Share Trust holding cost |
|
(8,6) |
(0,8) |
| Reduction in short-term loans |
|
(25,0) |
(73,0) |
| Net increase in bank balances and cash |
|
445,7 |
307,6 |
| Net bank balances and cash at beginning of year |
|
1 291,8 |
984,2 |
| Effect of foreign exchange
rate changes |
|
80,6
|
– |
| Net bank balances and
cash at end of year |
F |
1
818,1 |
1 291,8 |
|
 |
| |
|
for the year ended 30
June 2002
All monetary amounts are expressed
in millions of rand
|
| |
|
2002 |
2001 |
| A. |
CASH GENERATED BY OPERATIONS |
|
|
| |
Earnings before exceptional items and interest |
386,3
|
218,4 |
| |
Adjustment for: |
|
|
| |
Net cash (outflow) inflow from exceptional items |
(5,0) |
38,3 |
| |
Amortisation of goodwill |
5,8 |
4,0 |
| |
Depreciation |
226,7
|
232,2 |
| |
Dividends received |
(11,9) |
– |
| |
Profit on disposal of investments |
(1,7) |
– |
| |
Net profit on disposal of property, plant and
equipment |
(8,9) |
(12,9) |
| |
Change in working capital |
135,4
|
102,5 |
| |
Inventories |
76,1 |
71,9 |
| |
Contracts in progress and contract receivables |
154,9
|
(203,7) |
| |
Accounts receivable |
(193,3) |
103,5 |
| |
Accounts payable and provisions |
165,2 |
114,3 |
| |
Sub-contractors |
(67,5) |
16,5
|
| |
|
|
|
| |
|
726,7
|
582,5 |
| B. |
TAXATION PAID |
|
|
| |
Taxation unpaid at beginning of year |
(10,4) |
(8,3) |
| |
Taxation charged to the income statement, excluding
deferred taxation |
(40,0) |
(20,8) |
| |
Taxation unpaid at end of year |
46,0
|
10,4 |
| |
|
(4,4) |
(18,7) |
| C. |
ACQUISITION OF BUSINESSES |
|
|
| |
During the year the group acquired businesses
with a fair |
|
|
| |
value of assets acquired and liabilities assumed
of: |
|
|
| |
Property, plant and equipment and investments |
(5,3) |
(30,1) |
| |
Current assets |
(2,5) |
(48,0) |
| |
Non-interest bearing debt |
0,9 |
1,7 |
| |
Goodwill |
(5,1) |
(20,0) |
| |
|
(12,0) |
(96,4) |
| D. |
PROCEEDS ON DISPOSAL OF BUSINESSES |
|
|
| |
During the year the group disposed of businesses |
|
|
| |
with a fair value of assets sold and liabilities
released of: |
|
|
| |
Property, plant and equipment and investments |
121,2 |
78,2 |
| |
Current assets |
50,9 |
213,7 |
| |
Non-interest bearing debt |
(12,5) |
(96,4) |
| |
Cash balances in businesses |
2,7 |
17,8 |
| |
Loss on disposal of businesses |
– |
(18,0) |
| |
Total proceeds |
162,3 |
195,3 |
| |
Less: cash balances
in businesses disposed |
(2,7) |
(17,8) |
| |
|
159,6 |
177,5 |
| E. |
NET MOVEMENT IN LONG-TERM LOANS |
|
|
| |
Loans raised |
23,9 |
42,8 |
| |
Loans repaid and reclassified
as short-term |
(84,9) |
(104,0) |
| |
|
(61,0) |
(61,2) |
| |
Capitalised leases repaid |
(3,1) |
(13,5) |
| |
|
(64,1) |
(74,7) |
| F. |
NET BANK BALANCES AND CASH |
|
|
| |
Bank balances and cash |
1 979,0 |
1 422,4 |
| |
Bank overdrafts |
(160,9) |
(130,6) |
| |
|
1
818,1 |
1 291,8 |
|
|
| |
|
|
|
