|
|
|
2008 |
2007 |
2006 |
| |
|
|
Rm |
Rm |
Rm |
| A. |
Cash generated from operations is calculated as follows: |
|
|
|
|
| |
Profit before taxation – continuing operations |
|
1 860 |
2 031 |
1 851 |
| |
Profit before taxation – discontinued operations |
|
(335) |
1 932 |
2 365 |
| |
Adjustments for: |
|
|
|
|
| |
Depreciation |
|
2 121 |
1 961 |
1 930 |
| |
Amortisation of intangible assets |
|
57 |
70 |
65 |
| |
Profit on disposal of plant and equipment including rental assets and intangibles |
|
(142) |
(44) |
(108) |
| |
Profit on disposal of properties |
|
(30) |
(45) |
(129) |
| |
Loss/(profit) on disposal of subsidiaries and investments |
|
|
65 |
(11) |
| |
Dividends received |
|
(26) |
(2) |
(62) |
| |
Interest received |
|
(188) |
(338) |
(261) |
| |
Finance costs |
|
980 |
902 |
630 |
| |
Fair value adjustments on financial instruments |
|
83 |
(300) |
(228) |
| |
Impairment losses |
|
382 |
323 |
28 |
| |
Realisation of translation reserve on disposal of offshore subsidiaries |
|
|
(197) |
|
| |
BEE IFRS2 charge |
|
337 |
|
|
| |
Non-cash movement in provisions |
|
155 |
|
|
| |
Other non-cash flow items |
|
27 |
12 |
7 |
| |
Operating cash flows before movements in working capital |
|
5 281 |
6 370 |
6 077 |
| |
Continuing operations |
|
4 914 |
3 970 |
3 213 |
| |
Discontinued operations |
|
367 |
2 400 |
2 864 |
| |
Increase in working capital |
|
(1 547) |
(531) |
(10) |
| |
Increase in inventories |
|
(1 265) |
(1 113) |
(688) |
| |
Increase in receivables |
|
(887) |
(860) |
(396) |
| |
Increase in payables |
|
605 |
1 442 |
1 074 |
| |
|
|
|
|
|
| |
Cash generated from operations |
|
3 734 |
5 839 |
6 067 |
| B. |
Taxation paid is reconciled to the amounts disclosed in the income statement as follows: |
|
|
|
|
| |
Amounts unpaid less overpaid at beginning of year |
|
(430) |
(688) |
(419) |
| |
Per the income statement (excluding deferred taxation) |
|
(756) |
(1 376) |
(1 315) |
| |
Adjustment in respect of subsidiaries acquired and sold including translation adjustments |
|
(3) |
7 |
39 |
| |
Effect of unbundlings |
|
34 |
215 |
|
| |
Amounts unpaid less overpaid at end of year |
|
325 |
430 |
688 |
| |
Cash amounts paid |
|
(830) |
(1 412) |
(1 007) |
| C. |
Acquisition of subsidiaries, investments and intangibles: |
|
|
|
|
| |
Inventories acquired |
|
335 |
|
57 |
| |
Receivables acquired |
|
327 |
|
226 |
| |
Payables, taxation and deferred taxation acquired |
|
(526) |
|
(230) |
| |
Borrowings net of cash |
|
(256) |
|
(512) |
| |
Property, plant and equipment, non-current assets, goodwill and minority shareholders |
|
532 |
|
744 |
| |
Total net assets acquired |
|
412 |
|
285 |
| |
Less: Existing share of net assets of associates before acquisition |
|
(234) |
|
|
| |
Net assets acquired |
|
178 |
|
285 |
| |
Goodwill arising on acquisitions |
|
566 |
|
238 |
| |
Total purchase consideration |
|
744 |
|
523 |
| |
Less: Non-cash purchase consideration |
|
(33) |
|
|
| |
Net cash cost of subsidiaries acquired |
|
711 |
|
523 |
| |
Investments and intangible assets acquired |
|
285 |
349 |
291 |
| |
Cash amounts paid to acquire subsidiaries, investments and intangibles |
|
996 |
349 |
814 |
| |
Bank balances and cash in subsidiaries acquired |
|
98 |
|
12 |
| D. |
Proceeds on disposal of subsidiaries, investments and intangibles: |
|
|
|
|
| |
Inventories disposed |
|
271 |
932 |
17 |
| |
Finance lease receivables disposed |
|
259 |
|
|
| |
Receivables disposed |
|
298 |
676 |
|
| |
Payables, taxation and deferred taxation balances disposed |
|
(209) |
(670) |
|
| |
Borrowings net of cash |
|
(189) |
50 |
|
| |
Property, plant and equipment, non-current assets, goodwill and intangibles |
|
322 |
501 |
4 |
| |
Net assets disposed |
|
752 |
1 489 |
21 |
| |
Less: Non-cash consideration of deconsolidation of subsidiary |
|
(26) |
|
|
| |
Total net assets disposed |
|
726 |
1 489 |
21 |
| |
Profit on disposal |
|
370 |
(69) |
13 |
| |
Net cash proceeds on disposal of subsidiaries |
|
1 096 |
1 420 |
34 |
| |
Proceeds on disposal of investments and intangibles |
|
2 |
12 |
10 |
| |
Cash proceeds on disposal of subsidiaries, investments and intangibles |
|
1 098 |
1 432 |
44 |
| E. |
Net investment in fleet leasing and rental assets: |
|
|
|
|
| |
Net investment in fleet leasing and equipment rental assets |
|
(1 155) |
(1 310) |
(832) |
| |
Additions to fleet leasing and equipment rental assets |
|
(2 983) |
(2 314) |
(1 821) |
| |
Less: Proceeds on disposal of fleet leasing and equipment rental assets |
|
1 828 |
1 004 |
989 |
| |
Net investment in leasing receivables |
|
(13) |
(46) |
(16) |
| |
Net investment in car rental vehicles |
|
(736) |
(927) |
(1 260) |
| |
Additions to vehicle rental fleet during the year |
|
(4 515) |
(3 741) |
(3 663) |
| |
Less: Proceeds on disposal of vehicle rental fleet |
|
3 779 |
2 814 |
2 403 |
| |
|
|
|
|
|
| |
Net investment in fleet leasing and rental assets |
|
(1 904) |
(2 283) |
(2 108) |
Review of operations 
