 |
|
|
|
| |
|
2004
|
2003
|
| |
|
Rm
|
Rm
|
| 1 |
Advances and other debtors |
|
|
| |
Sundry debtors and accrued interest |
4
|
6
|
| |
Maturity structure |
|
|
| |
These assets are repayable on demand or at
short notice and are all |
|
|
| |
owed within South
Africa. |
|
|
| 2 |
Current taxation |
|
|
| |
Normal South African taxation |
|
|
| |
Current taxation prepaid |
2
|
|
| |
Current taxation liability |
|
(1)
|
| |
|
2
|
(1)
|
| 3 |
Taxation rate reconciliation (excluding non-trading
and capital items) |
%
|
%
|
| |
Standard rate of South African normal taxation |
30
|
30
|
| |
Non-taxable income |
>(100)
|
(30)
|
| |
S23 application |
105
|
|
| |
Non-deductible capital items |
>100
|
|
| |
Prior year adjustments and underprovisions |
125
|
|
| |
STC |
49
|
|
| |
Other – deferred tax |
|
|
| |
Total taxation on income as percentage of
profit before taxation |
|
|
| |
(excluding transaction taxes and non-trading and capital
items) |
208
|
–
|
| 4 |
Other investments |
Rm
|
Rm
|
| |
Carrying amount |
|
|
| |
Unlisted investments |
32
|
32
|
| |
Valuation |
|
|
| |
Unlisted investments at directors’ valuation |
32
|
32
|
| 5 |
Share capital |
|
|
| |
Ordinary share capital |
|
|
| |
Authorised |
|
|
| |
600 000 000 (2003: 350 000 000) ordinary
shares of R1 each |
600
|
350
|
| |
Issued |
|
|
| |
394 211 390 (2003:
274 754 425) fully paid ordinary shares of R1 each |
394
|
275
|
| |
Subject to the restrictions imposed
by the Companies Act of 1973, the unissued shares are under
the control of the directors until the forthcoming annual
general meeting. In terms of special resolutions passed
in general meeting, the directors were granted the general
authority to buy back up to 10% of the issued share capital
of the company until the forthcoming annual general meeting. |
|
|
| 6 |
Sundry creditors |
|
|
| |
Creditors and other accounts |
12
|
3
|
| 7 |
Impairment of advances |
|
|
| |
Specific impairment of intergroup advances made to subsidiary
companies. |
218
|
|
| |
Nedcor Limited has also guaranteed
these intergroup advances for which the impairment has
been raised.
Where the net asset values of subsidiaries of Nedcor
are negative and advances have been made by Nedbank Limited,
Nedcor has guaranteed the repayment of these advances
to Nedbank Limited.
|
|
|
| 8 |
Cash flow from operating activities |
|
|
| |
Reconciliation of profit from operating to cash flow
from operating activities |
|
|
| |
Profit from operations |
4
|
4 850
|
| |
Adjusted for: |
|
|
| |
Foreign exchange translation gain |
(1)
|
(382)
|
| |
Impairment of advances |
218
|
60
|
| |
Impairment of investments
|
70
|
|
| |
Loss on sale of subsidiary companies
|
|
345
|
| |
Cash flows from operating activities |
291
|
4 873
|
| 9 |
Operating expenses |
|
|
| |
Audit fees – current year |
6
|
4
|
| |
– prior
year |
3
|
|
| |
Directors' fees |
4
|
2
|
| |
Other |
2
|
1
|
| 10 |
Restatement of 2003 dividends received |
|
|
| |
Dividends received from subsidiaries during
2003, to the amount of R1 207 million, were adjusted against
the carrying value of these investments as it was paid
out of pre-acquisition reserves. |
