| |
2009 |
2008 |
2007 |
| |
Rm |
Rm |
Rm |
| A. |
Cash generated from operations is calculated as follows: |
|
|
|
| |
Profit before taxation – continuing operations |
1 026 |
1 860 |
2 031 |
| |
(Loss)/profit before taxation – discontinued operations |
(182) |
(335) |
1 932 |
| |
Adjustments for: |
|
|
|
| |
|
Depreciation |
2 145 |
2 121 |
1 961 |
| |
|
Amortisation of intangible assets |
65 |
57 |
70 |
| |
|
Profit on disposal of plant and equipment including rental assets and intangibles |
(258) |
(142) |
(44) |
| |
|
Profit on disposal of properties |
|
(30) |
(45) |
| |
|
Profit on disposal of subsidiaries and investments |
|
|
65 |
| |
|
Dividends received |
(14) |
(26) |
(2) |
| |
|
Interest received |
(146) |
(188) |
(338) |
| |
|
Finance costs |
994 |
980 |
902 |
| |
|
Fair value adjustments on financial instruments |
202 |
83 |
(300) |
| |
|
(Reversal of)/impairment losses |
(4) |
382 |
323 |
| |
|
Realisation of translation reserve on disposal of offshore subsidiaries |
|
|
(197) |
| |
|
BEE IFRS 2 charge |
6 |
337 |
|
| |
|
Non-cash movement in provisions |
(233) |
155 |
|
| |
|
Other non-cash flow items |
(14) |
27 |
12 |
| |
Operating cash flows before movements in working capital |
3 587 |
5 281 |
6 370 |
| |
Continuing operations |
3 403 |
4 914 |
3 970 |
| |
Discontinued operations |
184 |
367 |
2 400 |
| |
Decrease/(increase) |
882 |
(1 547) |
(531) |
| |
Decrease/(increase) in inventories |
522 |
(1 265) |
(1 113) |
| |
Decrease/(increase) in receivables |
2 195 |
(887) |
(860) |
| |
(Decrease)/increase in payables |
(1 835) |
605 |
1 442 |
| |
|
|
|
|
| |
Cash generated from operations |
4 469 |
3 734 |
5 839 |
| B. |
Taxation paid is reconciled to the amounts disclosed in the income statement as follows: |
|
|
|
| |
Amounts unpaid less overpaid at beginning of year |
(325) |
(430) |
(688) |
| |
Per the income statement (excluding deferred taxation) |
(362) |
(756) |
(1 376) |
| |
Adjustment in respect of subsidiaries acquired and sold including translation adjustments |
31 |
(3) |
7 |
| |
Effect of unbundlings |
|
34 |
215 |
| |
Amounts unpaid less overpaid at end of year |
53 |
325 |
430 |
| |
Cash amounts paid |
(603) |
(830) |
(1 412) |
| C. |
Acquisition of subsidiaries, investments and intangibles: |
|
|
|
| |
Inventories acquired |
|
335 |
|
| |
Receivables acquired |
|
327 |
|
| |
Payables, taxation and deferred taxation acquired |
|
(526) |
|
| |
Borrowings net of cash |
|
(256) |
|
| |
Property, plant and equipment, non-current assets, goodwill and minority shareholders |
|
532 |
|
| |
Total net assets acquired |
|
412 |
|
| |
Less: Existing share of net assets of
associates before acquisition |
|
(234) |
|
| |
Net assets acquired |
|
178 |
|
| |
Goodwill arising on acquisitions |
|
566 |
|
| |
Total purchase consideration |
|
744 |
|
| |
Less: Non-cash purchase consideration |
|
(33) |
|
| |
Net cash cost of subsidiaries acquired |
|
711 |
|
| |
Investment and intangible assets (repaid)/acquired* |
(219) |
285 |
349 |
| |
Cash amounts (received)/paid to acquire subsidiaries, investments and intangibles |
(219) |
996 |
349 |
| |
Bank balances and cash in subsidiaries acquired |
|
98 |
|
| D. |
Proceeds on disposal of subsidiaries, investments and intangibles: |
|
|
|
| |
Inventories disposed |
96 |
271 |
932 |
| |
Finance lease receivables disposed |
|
259 |
676 |
| |
Receivables disposed |
52 |
298 |
(670) |
| |
Payables, taxation and deferred taxation balances disposed |
(31) |
(209) |
50 |
| |
Borrowings net of cash |
(117) |
(189) |
|
| |
Property, plant and equipment, non-current assets, goodwill and intangibles |
4 |
322 |
501 |
| |
Net assets disposed |
4 |
752 |
1 489 |
| |
Less: Non-cash consideration on deconsolidation of subsidiary |
(2) |
(26) |
|
| |
Total net assets disposed |
2 |
726 |
1 489 |
| |
Profit/(loss) on disposal |
|
370 |
(69) |
| |
Net cash proceeds on disposal of subsidiaries |
2 |
1 096 |
1 420 |
| |
Proceeds on disposal of investments and intangibles |
5 |
2 |
12 |
| |
Cash proceeds on disposal of subsidiaries, investments and intangibles |
7 |
1 098 |
1 432 |
| |
* |
This movement includes the repayment of loans by joint ventures and associates.
|
|
|
|
| E. |
Net investment in fleet leasing and rental assets: |
|
|
|
| |
Net investment in fleet leasing and equipment rental assets |
(642) |
(1 155) |
(1 310) |
| |
Additions to fleet leasing and equipment rental assets |
(2 213) |
(2 983) |
(2 314) |
| |
Less: Proceeds on disposal of fleet leasing and equipment rental assets |
1 571 |
1 828 |
1 004 |
| |
Net investment in leasing receivables |
(139) |
(13) |
(46) |
| |
Net investment in car rental vehicles |
74 |
(736) |
(927) |
| |
Additions to vehicle rental fleet during the year |
(3 387) |
(4 515) |
(3 741) |
| |
Less: Proceeds on disposal of vehicle rental fleet |
3 461 |
3 779 |
2 814 |
| |
|
|
|
|
| |
Net investment in fleet leasing and rental assets |
(707) |
(1 904) |
(2 283) |
