Notes
to the company annual financial statements |
|
|
|
2004 |
2003 |
||
| R million |
R million |
||
| 1. | INVESTMENTS – SUBSIDIARY COMPANIES AND OTHER | ||
| (Annexures A & B) | |||
| Unlisted subsidiary companies | |||
| Shares – at cost | 11 |
11 |
|
| Advances and loans | 4 941 |
5 444 |
|
| 4 952 |
5 455 |
||
| 2. | INVESTMENTS – ASSOCIATED COMPANIES | ||
| Unlisted shares at cost | 24 |
24 |
|
| Directors’ valuation | 24 |
24 |
|
| 3. | SHARE CAPITAL | |
|
| Authorised | |||
| 512 493 650 Ordinary shares of 1 cent each | 5.1 |
5.1 |
|
| 40 506 352 B ordinary shares of 10 cents each | 4.1 |
4.1 |
|
| 9.2 |
9.2 |
||
| Issued | |||
| 447 993 648 (2003: 486 493 650) Ordinary shares of 1 cent each | 4.5 |
4.9 |
|
| 35 506 352 (2003: 35 506 352) B ordinary shares of 10 cents each | 3.5 |
3.5 |
|
| 8.0 |
8.4 |
||
| Refer to note 7 in the consolidated annual financial report | |||
| 4. | REVENUE | |
|
| The revenue of the Company consists of fees, dividends and interest. | |||
| Fees | 2 |
2 |
|
| Dividends and interest | 402 |
21 |
|
| Revenue | 404 |
23 |
|
| 5. | DIVIDEND INCOME | |
|
| Included in operating profit | |||
| Unlisted | 402 |
4 |
|
| |
|||
| 6. | TAXATION | |
|
| 6.1 Taxation in income statement | |||
| Current | |||
| – current year – South African normal taxation | – |
5 |
|
| –
Taxation on capital gain |
– |
13 |
|
| – |
18 |
||
| 6.2 Reconciliation of effective tax rate with standard rate | % |
% |
|
| Taxation as a percentage of net operating profit before taxation: | |||
| Effective tax rate | – |
5 |
|
| Reduction/(increase) in standard rate as a result of: | |||
| Permanent differences | 30 |
21 |
|
| Exempt capital gain | – |
4 |
|
| Standard rate | 30 |
30 |
|
| |
|||
| 7. | CASH FLOW INFORMATION | |
|
| 7.1 Reconciliation of taxation paid with the amount | |||
| disclosed in the income statement | |||
| Paid in advance/(unpaid) at the beginning of the year | (17) |
* |
|
| Per income statement | – |
(18) |
|
| Unpaid/(paid in advance) at the end of the year | (2) |
17 |
|
| Cash paid | (19) |
(1) |
|
| 7.2 Net cash inflow from operating activities | |||
| Net operating profit before taxation | 399 |
379 |
|
| Surplus on disposal of investment | – |
(361) |
|
| Dividend paid | (131) |
– |
|
| Taxation paid | (19) |
(1) |
|
| Decrease in trade and other receivables | 1 |
* |
|
| Increase in trade and other payables | * |
1 |
|
|
250 |
18 |
||