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EQS
EQS
EQS - Eqstra Holdings - Unaudited interim results for the six months ended 31
December 2009
EQSTRA HOLDINGS LIMITED
Registration number 1998/011672/06
Share code: EQS ISIN: ZAE000117123
("Eqstra" or "the group")
UNAUDITED INTERIM RESULTS
for the six months ended 31 December 2009
SALIENT FEATURES
- Interest bearing debt reduced further by R186 million to R6 544 million
- Revenue decreased by 20.5% to R3 507 million (increased by 0.9% compared to
H2`09)
- EBITDA decreased by 27.6% to R1 096 million (increased by 13.7% compared to
H2`09)
- Operating margin decreased 16.7% to 8.7% (increase from 6.0% for H2`09)
- Leasing assets decreased by 1.6% to R7 027 million
- Cash generated from operations increased by 108.9% to R1 362 million
INTRODUCTION
The second half of the 2009 calendar year saw many companies still struggling
through the effects of the recession and global economic fallout. As a result,
Eqstra`s first half of its 2010 financial year proved to be extremely
challenging. We envisage South Africa`s economic growth to remain fragile in
2010 with its growth outlook depending critically on the developments in the
local economy. We do believe that Eqstra is well positioned to navigate through
this economic climate as we maintain our ability to move into new markets,
flexibly switch between capital intensive activities limiting capital
expenditure and protect revenue streams through our comprehensive after-market
services.
OVERVIEW OF RESULTS
Due to the decline in the economy and the effect that it has had on the group,
we have included comparative figures for the second half of the 2009 financial
year to facilitate more meaningful comparison between half year periods.
At the 30 June 2009 year end results announcement we indicated that we did not
expect a "V-shape" recovery given the effects of depressed commodities prices,
slowing economic growth, inclement weather and stricter criteria by banks for
financing capital equipment. Losses after taxation amounted to R58 million
compared to a profit after taxation of R224 million for the corresponding
period. Although Eqstra incurred a loss to December 2009, this is a significant
improvement from the loss after taxation of R179 million incurred in the second
half of the 2009 financial year.
- Basic losses and headline losses per share at 31 December 2009 were 22.4 cents
and 23.3 cents per share respectively, which is lower than the comparable basic
earnings of 86.4 cents per share and basic headline earnings of 85.9 cents per
share. This is an improvement from the second half of 2009 that showed a basic
loss and headline loss per share of 69.8 cents per share and 73.9 cents per
share respectively.
- Revenue for the period decreased by 20.5% from R4 412 million to R3 507
million mainly as a result of reduced revenue from the Construction and Mining
divisions. Revenue increased by 0.9% compared to the second half of 2009.
- Operating profit decreased by 58.4% from R735 million to R306 million due to
the reduced revenue and increased depreciation charges. This reduction was
offset by a reduction of 16.8% in operating expenses from R2 899 million to R2
411 million. This resulted in EBITDA to revenue decreasing from 34.3% to 31.3%.
Operating profit increased by 47.1% to R306 million from R208 million in the
second half of the 2009 financial year. This can be attributed to the reduction
in operating costs of 4.1% and the increase in revenue of 0.9% compared to the
second half of 2009.
- Total assets have reduced by R272 million to R9 961 million as expansion
capital expenditure has been curtailed and inventories reduced.
- Debt levels reduced by R186 million to R6 544 million. The decreased debt and
lower interest rates resulted in net finance costs decreasing by 18.2% from R407
million to R333 million. The group`s commercial paper issuance continues
successfully with R1 379 million in issue at 31 December 2009 supported by a
standby liquidity facility of R1 950 million that has an 18-month rolling
period. In November 2009 Eqstra successfully issued a five year inflation-linked
bond of R270 million that was used to repay existing funders.
- Cash generated by operations increased by 108.9% from R652 million to R1 362
million as a result of focused management of working capital throughout the
period. Net capital expenditure decreased by R669 million to R855 million.
- Interest cover for the period was 3.3 times which is an improvement from 3.2
times at the year end and 2.4 times cover for the second half of the 2009
financial year. Capital adequacy improved marginally to 18.0% from 17.8% at the
June 2009 year end. Eqstra has met all debt covenants.
- The taxation charge to the income statement had a negative impact on the after
tax loss as deferred tax assets in the Construction and Mining: Distributorships
division have not been recognised for the current period.
DIVISIONAL REVIEW
Construction and Mining: Contract mining and plant rental
June
H1`10 H1`09 H2`09 2009
Rm Rm Rm Rm
Revenue 1 588 1 770 1 392 3 162
Operating profit 194 318 104 422
Net finance costs (130) (151) (146) (297)
Leasing assets 3 173 3 029 3 117 3 117
Revenue reduced by 10.3% to R1 588 million as a result of lower utilisation of
equipment, illegal industrial actions and delays in the commencement of awarded
contracts. This reduction in revenue led to a reduction of 64.4% in profit
before taxation to R64 million. This reduced profit was offset by a reduction in
operating costs and net finance costs of 7.5% and 13.9% respectively. Revenue
improved however by 14.1% compared to the second half of 2009. This contributed
to an improvement in operating profit by 86.5% from R104 million to R194
million.
Leasing assets increased by 1.8% to R3 173 million as a result of committed
expansion capital expenditure of R301 million for anticipated contracts.
The plant rental division continues to benefit from the current scarcity of
accessible funding, with many customers electing to rent rather than purchase
heavy equipment. The contract mining division faces the challenge improving
utilisation of equipment, improving production output from existing contracts
and containing costs. The prospects of this division will improve as coal
contracts previously secured, such as Coal of Africa`s Vele project, are
expected to commence in the next 6 to 12 months.
Construction and Mining: Distributorships
June
H1`10 H1`09 H2`09 2009
Rm Rm Rm Rm
Revenue 530 1 434 535 1 969
Operating (loss) profit (89) 123 (139) (16)
Net finance costs (76) (61) (82) (143)
Inventories 1 088 1 429 1 266 1 266
The division`s performance for the half year was severely affected by the
economic downturn as construction and mining equipment sales declined by 63.0%
from R1 434 million to R530 million. An operating loss of R89 million was
incurred as a result of the lower revenue. Revenue has decreased marginally by
0.9% from R535 million to R530 million compared to the second half of the 2009
financial year. Efforts to reduce operating costs have had a positive effect as
operating losses were R50 million lower compared to the second half of the 2009
financial year.
Through focused working capital management, inventory and debtors reduced by
R247 million to R1 281 million which was offset by creditors reducing by R32
million to R283 million.
The inability of clients to secure finance for their capital equipment and the
53% decline in the market for this division`s product will remain a risk. The
division will continue to concentrate on reducing discretionary costs, targeting
sales to reduce inventory and diversifying its markets to balance its exposure
to platinum and diamond mining.
Passenger and Commercial Vehicles
June
H1`10 H1`09 H2`09 2009
Rm Rm Rm Rm
Revenue 911 907 940 1 847
Operating profit 160 194 167 361
Net finance costs (81) (131) (102) (233)
Leasing assets 2 691 2 840 2 760 2 760
The financial performance of this division remained stable. Revenue increased
marginally from R907 million to R911 million. Operating profit however,
decreased by 17.5% to R160 million resulting from the conclusion of the
government contract in the previous period. This division has noticed a general
trend towards leasing as most companies remain cautious about capital
expenditure.
Leasing assets decreased by 2.5% from R2 760 million to R2 691 million despite
the addition of expansionary capital expenditure for major clients of R137
million.
The division has proved its robustness and sustainability in these tough trading
conditions.
Industrial Equipment
June
H1`10 H1`09 H2`09 2009
Rm Rm Rm Rm
Revenue 655 752 751 1 503
Operating profit 80 107 84 191
Net finance costs (52) (65) (64) (129)
Leasing assets 1 134 1 272 1 227 1 227
The division`s revenue decreased by 12.9% from R752 million to R655 million as
the market reduced by 47%. Operating profit decreased by 25.2% to R80 million as
a result of lower revenue offset by a decrease of 10.9% in operating costs to
R424 million. Efforts to reduce operating costs had the desired effect as
operating profit decreased marginally by R4 million compared to the second half
of the 2009 financial year.
In the United Kingdom, operating profit decreased by 52.9% from R17 million to
R8 million which is indicative of the tough economic environment in that country
and resulted in a break even before tax.
Leasing assets decreased by 7.6% to R1 134 million due to an increase in
outright sales during the period.
The benefits of restructuring and the consolidation of back-office functions in
the previous financial year, while maintaining the front-line skills required
for sustainable growth, continue to have the desired impact on financial
performance.
DIVIDEND DECLARATION
Because of the results, Eqstra is not proposing to declare an interim dividend.
RIGHTS ISSUE
In view of the current trading conditions, the Board is considering a rights
issue of probably not more than R450 million. This will strengthen the balance
sheet in preparation of refinancing long term debt and ensure sufficient
headroom to meet future debt covenants. The final decision and amount is
dependent on the outcomes of management initiatives underway.
OUTLOOK
The year to June 2010 will remain a challenge for Eqstra as the economy is seen
to be sluggish and it is anticipated that the company will not achieve growth in
earnings as announced in August 2009. Eqstra will continue to concentrate on
working capital management, costs and cash flow.
By order of the Board
D C Cronje W S Hill
Chairman Chief executive officer
22 February 2010
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
as at
Audited
31 December 31 December 30 June
2009 2008 2009
Rm Rm Rm
ASSETS
Non-current assets 7 614 7 722 7 734
Intangible assets 7 8 9
Property, plant and equipment 345 361 348
Leasing assets 7 027 7 188 7 138
Deferred tax assets 99 35 89
Other investments and loans 136 130 150
(3)
Current assets 2 347 3 245 2 499
Inventories 1 440 1 844 1 612
Trade and other receivables 813 1 228 785
Taxation in advance 51 55 51
Cash and cash equivalents 43 118 51
Total assets 9 961 10 967 10 233
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 1 475 1 475 1 475
Other reserves 22 (7) (2)
Retained income 276 515 334
Equity attributable to owners
of the parent 1 773 1 983 1 807
Non-controlling interests 19 17 19
Total equity 1 792 2 000 1 826
Non-current liabilities 4 926 5 019 4 772
Interest-bearing borrowings 4 358 4 444 4 256
Deferred tax liabilities 568 575 516
Current liabilities 3 243 3 948 3 635
Trade and other payables 999 1 302 1 031
Provisions for liabilities
and other charges 20 49 17
Derivative financial 27 41 54
liabilities
Current tax liabilities 11 42 59
Current portion of interest-
bearing borrowings (4) 2 186 2 514 2 474
Total liabilities 8 169 8 967 8 407
Total equity and liabilities 9 961 10 967 10 233
CONSOLIDATED INCOME STATEMENTS
Audited
For the six months ended Year
ended
31 31 30 30 June
December December June
2009 2008 2009 2009
Rm Rm Rm Rm
Revenue 3 507 4 412 3 477 7 889
Profit from operations
before depreciation and 1 096 1 513 964 2 477
recoupments
Depreciation and (790) (778) (756) (1 534)
recoupments
Operating profit 306 735 208 943
Foreign exchange
(losses) gains (20) (12) 8 (4)
Fair value gains
(losses) on foreign 11 9 (51) (42)
exchange derivatives
Reversal of impairment
(impairment) of share
scheme loan 16 (3) (6) (9)
Profit before net
finance costs 313 729 159 888
Net finance costs (333) (407) (388) (795)
Finance costs including
fair value adjustments (341) (429) (404) (833)
(9)
Finance income 8 22 16 38
(Loss) profit before (20) 322 (229) 93
taxation
Income tax expense 38 98 (50) 48
(Loss) profit for the (58) 224 (179) 45
period
Attributable to:
Owners of the parent (58) 224 (181) 43
Non-controlling interest 2 2
(Loss) profit for the (58) 224 (179) 45
period
(Loss) earnings per
share (cents) (6)
Ordinary shares
-?Basic (22.4) 86.4 (69.8) 16.6
-?Diluted (20.4) 77.5 (62.6) 14.9
CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME
(Loss) profit for the (58) 224 (179) 45
period
Other comprehensive
income
Net losses arising on
translation of foreign
subsidiaries (2) (14) (3) (17)
Movement in hedge
accounting reserve 11 (52) 2 (50)
Revaluation of Lereko
call option 8 1 (2) (1)
Share based payments 7 5 8 13
expense
Acquisition of option
share call option (27) (27)
Taxation effect 8 8
Other comprehensive
income (loss) for the
period (net of tax) 24 (79) 5 (74)
Total comprehensive
(loss) income for the (34) 145 (174) (29)
period
Attributable to:
Owners of the parent (34) 145 (176) (31)
Non-controlling interest 2 2
Total comprehensive
(loss) income for the (34) 145 (174) (29)
period
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows from
operating activities
Cash generated by
operations before
changes in working 1 085 1 533 875 2 408
capital
Net working capital 277 (881) 569 (312)
movements
Cash generated by 1 362 652 1 444 2 096
operations
Net finance costs,
excluding fair value (336) (397) (382) (779)
adjustments
Taxation (paid) received (47) 9 24 33
Net cash flows generated
from operating 979 264 1 086 1 350
activities
Cash flows from
investing activities
Gross capital (905) (1 852) (1 (3 214)
expenditure 362)
Proceeds on disposal of
assets 50 328 440 768
Decrease (increase) in
other investments and 30 44 (63) (19)
loans
Net cash flows utilised
in investing activities (825) (1 480) (985) (2 465)
Cash flows from
financing activities
Acquisition of share
call option (27) (27)
(Decrease) increase in
interest-bearing (160) 1 206 (132) 1 074
borrowings
Net cash flows (utilised
in) generated from
financing activities (160) 1 206 (159) 1 047
Net decrease in cash and
cash equivalents (6) (10) (58) (68)
Foreign exchange
movement on cash and (2) (9) (9)
cash equivalents
Cash and cash
equivalents at beginning 51 128 118 128
of period
Cash and cash
equivalents at end of 43 118 51 51
period
STATEMENT OF CHANGES IN EQUITY
for the six months ended Share Non-
capital
and Other Retained controlling
premium reserves income interests Total
Rm Rm Rm Rm Rm
Balance at 30 June 2008 1 475 72 291 17 1
855
Profit for the period 224 224
Other comprehensive
loss (net of taxation) (79) (79)
Total comprehensive
(loss) income for the (79) 224 145
period
Balance at 31 December 1 475 (7) 515 17 2
2008 000
Loss for the period (181) 2
(179)
Other comprehensive
income (net of taxation) 5 5
Total comprehensive
income (loss) for the 5 (181) 2 (174)
period
Balance at 30 June 2009 1 475 (2) 334 19 1 826
Loss for the period (58) (58)
Other comprehensive
income (net of taxation) 24 24
Total comprehensive
income (loss) for the 24 (58) (34)
period
Balance at 31 December 1 475 22 276 19 1
2009 792
NOTES
(1) Basis of preparation
This unaudited financial information has been prepared in accordance with IAS 34
- Interim Financial Reporting.
The external auditors have not reviewed the financial results for the six months
ended 31 December 2009.
(2) Accounting policies
The accounting policies and methods of computation adopted in preparation of the
unaudited financial statements are consistent with those of the annual financial
statements for the year ended 30 June 2009.
The group adopted the following new standards, amendments and circulars for the
six months ended 31 December 2009:
- The revised IAS 1 - Presentation of Financial Statements was issued, requiring
certain changes to existing disclosures as well as the introduction of the
Statement of Comprehensive Income. These changes had no effect on the financial
position or results of the group.
- IFRS 8 - Operating Segments replaced IAS 14 - Segment Reporting. All segments
are now presented on the same basis as for internal management reporting
purposes.
- The amendment to IAS 16 - Property, Plant and Equipment which states that an
entity that, in the course of its ordinary activities, routinely sells items of
property, plant and equipment that it has held for rental to others shall
transfer such assets to inventories at their carrying amount when they cease to
be rented and become held for sale. The proceeds from the sale of such assets
shall be recognised as revenue in the accordance with IAS 18 - Revenue.
- Circular 3/2009 - Headline Earnings was issued by the South African Institute
of Chartered Accountants. The circular was changed to incorporate the latest
amendments and revisions to IFRS. The circular is effective for the periods
under review but had no material effect on the group.
As at As at As at
31 31 30
December December June
2009 2008 2009
(3) Other investments and loans Rm Rm Rm
- Listed, at market value 45 33 35
- Unlisted, at fair value or
directors` valuation 75 60 63
- Loans receivable 16 37 52
136 130 150
(4) Current portion of interest-
bearing borrowings
The current portion of interest-
bearing borrowings includes R1 379
million (2008: R1 616 million)
commercial paper that is supported
by a R1 950 million standby
liquidity facility that has an 18-
month rolling notice period.
(5) Capital commitments 1 098 537 2
342
- Contracted 172
- Authorised by directors, not 1 098 537 2
contracted 170
- Contingent liabilities 31 418 30
Audited
For the six months ended Year
ended
31 31 30 30 June
December December June
2009 2008 2009 2009
(6) (Loss) earnings per
share (cents)
Ordinary shares
- Basic (22.4) 86.4 (69.8) 16.6
- Diluted (20.4) 77.5 (62.6) 14.9
Headline (loss) earnings per
share
- Basic (23.3) 85.9 (73.9) 12.0
- Diluted (21.1) 77.1 (66.4) 10.7
(Loss) earnings per share
reconciliation (cents)
Basic (loss) earnings per (22.4) 86.4 (69.8) 16.6
share
Profit on sale of property,
plant and equipment (0.1) (0.7) (0.8)
Profit on sale of leasing (1.2) (0.6) (5.2) (5.8)
assets
Taxation effect 0.3 0.2 1.8 2.0
Headline (loss) earnings per (23.3) 85.9 (73.9) 12.0
share
(7) Weighted average number
of shares in issue for the
period
Number of ordinary shares
(million)
- in issue 258.4 258.4 258.4 258.4
- weighted average 258.4 258.4 258.4 258.4
- dilutionary shares 26.2 29.5 30.4 30.4
- diluted weighted average 284.6 287.9 288.8 288.8
(8) Net asset value per
share (cents) 693.5 774.0 706.7 706.7
(9) Finance costs including Rm Rm Rm Rm
fair value adjustments
Interest expense 344 419 398 817
Fair value (gains) losses on
borrowings and interest (3) 10 6 16
swaps
341 429 404 833
SEGMENT INFORMATION - INCOME STATEMENTS
for the six months ended
Group
31 31
December December
2009 2008
Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods 808 1 449
- Rendering of services 2 693 2 961
- Other 6 2
3 507 4 412
Inter segment revenue
3 507 4 412
Operating expenses (2 411) (2 899)
Depreciation (793) (780)
Recoupments 3 2
Operating profit (loss) 306 735
Foreign exchange (losses) gains (20) (12)
Fair value gains (losses) on foreign
exchange derivatives 11 9
Reversal of impairment (impairment) of
share scheme loan 16 (3)
Profit (loss) before net finance costs 313 729
Net finance costs (333) (407)
(Loss) profit before taxation (20) 322
Income tax expense 38 98
(Loss) profit for the period (58) 224
GEOGRAPHIC SEGMENTATION
Revenue 3 507 4 412
- South Africa 3 138 3 984
- Rest of world 369 428
Operating profit 306 735
- South Africa 268 660
- Rest of world 38 75
Net finance costs 333 407
- South Africa 315 369
- Rest of world 18 38
Construction and Mining
Contract mining Distributorships
and plant rental
31 31 31 31
Decembe Decembe Decembe December
r r r
2009 2008 2009 2008
Rm Rm Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods 382 1 017
- Rendering of services 1 457 1 609 96 125
- Other
1 457 1 609 478 1 142
Inter segment revenue 131 161 52 292
1 588 1 770 530 1 434
Operating expenses (1 064) (1 150) (610) (1 306)
Depreciation (332) (305) (9) (5)
Recoupments 2 3
Operating profit (loss) 194 318 (89) 123
Foreign exchange (losses) 13 (22) (9)
gains
Fair value gains (losses)
on foreign exchange 12 (6)
derivatives
Reversal of impairment
(impairment) of share
scheme loan
Profit (loss) before net
finance costs 194 331 (99) 108
Net finance costs (130) (151) (76) (61)
(Loss) profit before 64 180 (175) 47
taxation
Income tax expense 18 51 (2) 13
(Loss) profit for the 46 129 (173) 34
period
GEOGRAPHIC SEGMENTATION
Revenue 1 588 1 770 530 1 434
- South Africa 1 518 1 703 494 1 390
- Rest of world 70 67 36 44
Operating profit 194 318 (89) 123
- South Africa 174 297 (89) 109
- Rest of world 20 21 14
Net finance costs 130 151 76 61
- South Africa 127 145 76 57
- Rest of world 3 6 4
Passenger and Industrial
Commercial Equipment
Vehicles
31 31 31 31
December December December December
2009 2008 2009 2008
Rm Rm Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods 186 106 240 326
- Rendering of 725 801 415 426
services
- Other
911 907 655 752
Inter segment revenue
911 907 655 752
Operating expenses (450) (408) (424) (476)
Depreciation (302) (303) (151) (170)
Recoupments 1 (2) 1
Operating profit (loss) 160 194 80 107
Foreign exchange
(losses) gains 2 (17)
Fair value gains
(losses) on foreign (1) 15
exchange derivatives
Reversal of impairment
(impairment) of share
scheme loan
Profit (loss) before
net finance costs 160 194 81 105
Net finance costs (81) (131) (52) (65)
(Loss) profit before 79 63 29 40
taxation
Income tax expense 20 18 9 2
(Loss) profit for the 59 45 20 38
period
GEOGRAPHIC SEGMENTATION
Revenue 911 907 655 752
- South Africa 820 821 483 521
- Rest of world 91 86 172 231
Operating profit 160 194 80 107
- South Africa 150 171 72 90
- Rest of world 10 23 8 17
Net finance costs 81 131 52 65
- South Africa 74 118 44 50
- Rest of world 7 13 8 15
Corporate
office and
eliminations
31 31
Decembe Decemb
r er
2009 2008
Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods
- Rendering of services
- Other 6 2
6 2
Inter segment revenue (183) (453)
(177) (451)
Operating expenses 137 441
Depreciation 1 3
Recoupments
Operating profit (loss) (39) (7)
Foreign exchange (losses) gains 1
Fair value gains (losses) on foreign exchange
derivatives
Reversal of impairment (impairment) of share 16 (3)
scheme loan
Profit (loss) before net finance costs (23) (9)
Net finance costs 6 1
(Loss) profit before taxation (17) (8)
Income tax expense (7) 14
(Loss) profit for the period (10) (22)
GEOGRAPHIC SEGMENTATION
Revenue (177) (451)
- South Africa (177) (451)
- Rest of world
Operating profit (39) (7)
- South Africa (39) (7)
- Rest of world
Net finance costs (6) (1)
- South Africa (6) (1)
- Rest of world
SEGMENT INFORMATION - STATEMENTS OF FINANCIAL POSITION
as at
Group
31 December 31 December
2009 2008
Rm Rm
BUSINESS SEGMENTATION
ASSETS
Intangible assets 7 8
Property, plant and equipment 345 361
Leasing assets 7 027 7 188
Other investments and loans 136 130
Inventories 1 440 1 844
Trade and other receivables 813 1 228
Operating assets 9 768 10 759
Deferred tax assets 99 35
Taxation in advance 51 55
Cash and cash equivalents 43 118
Total assets per balance sheet 9 961 10 967
LIABILITIES
Accounts payable and provisions 1 046 1 392
Non-interest-bearing liabilities 1 046 1 392
Interest-bearing borrowings 6 544 6 958
Deferred tax liabilities 568 575
Current tax liabilities 11 42
Total liabilities per balance sheet 8 169 8 967
GEOGRAPHIC SEGMENTATION
Operating assets 9 768 10 759
- South Africa 9 010 9 746
- Rest of world 758 1 013
Non-interest bearing liabilities 1 046 1 392
- South Africa 901 1 255
- Rest of world 145 137
Interest-bearing borrowings 6 544 6 958
- South Africa 6 082 6 239
- Rest of world 462 719
Gross capital expenditure 905 1 852
- South Africa 871 1 675
- Rest of world 34 177
Gross capital expenditure 905 1 852
Less: Proceeds on disposal (50) (328)
Less: Transfer to inventories (175)
Net capital expenditure 680 1 524
Construction and Mining
Contract mining Distributorship
and plant rental s
31 31 31 31
Decembe December Decembe Decemb
r r er
2009 2008 2009 2008
Rm Rm Rm Rm
BUSINESS SEGMENTATION
ASSETS
Intangible assets 1 2 2
Property, plant and 125 113 76 75
equipment
Leasing assets 3 173 3 029 70 56
Other investments and loans 61 34
Inventories 47 89 1 088 1 429
Trade and other receivables 410 379 193 536
Operating assets 3 817 3 646 1 429 2 096
Deferred tax assets
Taxation in advance
Cash and cash equivalents
Total assets per balance
sheet
LIABILITIES
Accounts payable and 242 135 283 672
provisions
Non-interest-bearing 242 135 283 672
liabilities
Interest-bearing borrowings
Deferred tax liabilities
Current tax liabilities
Total liabilities per
balance sheet
GEOGRAPHIC SEGMENTATION
Operating assets 3 817 3 646 1 429 2 096
- South Africa 3 741 3 554 1 350 1 999
- Rest of world 67 92 79 97
Non-interest bearing 242 135 283 672
liabilities
- South Africa 236 130 247 649
- Rest of world 6 5 36 23
Interest-bearing borrowings 2 452 2 435 1 377 1 232
- South Africa 2 425 2 362 1 377 1 161
- Rest of world 27 73 71
Gross capital expenditure 430 857 6 37
- South Africa 430 854 6 36
- Rest of world 3 1
Gross capital expenditure 430 857 6 37
Less: Proceeds on disposal (33) (5) (5)
Less: Transfer to
inventories
Net capital expenditure 397 852 1 37
Passenger and Industrial
Commercial Equipment
Vehicles
31 31 31 31
Decembe Decembe December Decemb
r r er
2009 2008 2009 2008
Rm Rm Rm Rm
BUSINESS SEGMENTATION
ASSETS
Intangible assets 4 5
Property, plant and 45 66 74 83
equipment
Leasing assets 2 691 2 840 1 134 1 272
Other investments and
loans
Inventories 23 56 282 261
Trade and other 151 177 131 192
receivables
Operating assets 2 914 3 144 1 621 1 808
Deferred tax assets
Taxation in advance
Cash and cash equivalents
Total assets per balance
sheet
LIABILITIES
Accounts payable and 292 332 130 123
provisions
Non-interest-bearing 292 332 130 123
liabilities
Interest-bearing
borrowings
Deferred tax liabilities
Current tax liabilities
Total liabilities per
balance sheet
GEOGRAPHIC SEGMENTATION
Operating assets 2 914 3 144 1 621 1 808
- South Africa 2 695 2 881 1 237 1 247
- Rest of world 219 263 384 561
Non-interest bearing 292 332 130 123
liabilities
- South Africa 228 283 91 63
- Rest of world 64 49 39 60
Interest-bearing 1 498 1 826 1 157 1 395
borrowings
- South Africa 1 366 1 670 854 976
- Rest of world 132 156 303 419
Gross capital expenditure 384 598 85 359
- South Africa 350 536 85 248
- Rest of world 34 62 111
Gross capital expenditure 384 598 85 359
Less: Proceeds on disposal (12) (184) (139)
Less: Transfer to (149) (26)
inventories
Net capital expenditure 223 414 59 220
Corporate office and
eliminations
31 December 31 December
2009 2008
Rm Rm
BUSINESS SEGMENTATION
ASSETS
Intangible assets 1
Property, plant and equipment 25 24
Leasing assets (41) (9)
Other investments and loans 75 96
Inventories 9
Trade and other receivables (72) (56)
Operating assets (13) 65
Deferred tax assets
Taxation in advance
Cash and cash equivalents
Total assets per balance sheet
LIABILITIES
Accounts payable and provisions 99 130
Non-interest-bearing liabilities 99 130
Interest-bearing borrowings
Deferred tax liabilities
Current tax liabilities
Total liabilities per balance sheet
GEOGRAPHIC SEGMENTATION
Operating assets (13) 65
- South Africa (13) 65
- Rest of world
Non-interest bearing liabilities 99 130
- South Africa 99 130
- Rest of world
Interest-bearing borrowings 60 70
- South Africa 60 70
- Rest of world
Gross capital expenditure 1
- South Africa 1
- Rest of world
Gross capital expenditure 1
Less: Proceeds on disposal
Less: Transfer to inventories
Net capital expenditure 1
Date: 22/02/2010 08:30:04 Produced by the JSE SENS Department.
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