| Wed 23 Jun 2004, 17:13 | | CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 MARCH 2 |
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REMGRO LIMITED - AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 MARCH 2004
Remgro Limited
Registration number 1968/006415/06
ISIN: ZAE000026480
JSE Share Code: REM
AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 MARCH 2004
Decrease in headline earnings per share: - 0.3%
Increase in ordinary dividend per share: +14.9%
Special dividend per share: 200 cents
Intrinsic value per share: R101.23
Five year compound growth rates:
- Headline earnings per share 15.9% p.a.
- Ordinary dividend per share 22.3% p.a.
Negative currency impact of R520 million compared to R243 million gain the
previous year
Abridged consolidated balance sheet
2004 2003
R`m R`m
Assets
Property, plant and equipment 3 408 3 149
Biological agricultural assets 85 82
Investment properties 22 22
Goodwill and trade marks 3 246 3 361
Investments - Associated companies 19 545 19 844
- Other 1 861 109
Loans 49 49
Deferred taxation 105 88
Cash and cash equivalents 3 446 2 299
Other current assets 1 762 1 780
Total assets 33 529 30 783
Equity and liabilities
Interest of own members 29 766 27 443
Minority interest 1 700 1 538
Total shareholders` equity 31 466 28 981
Interest-bearing loans 277 213
Other non-current liabilities 541 332
Other current liabilities 1 245 1 257
Total equity and liabilities 33 529 30 783
Net asset value per share (Rand)
- At book value R59.38 R54.19
- At intrinsic value
- at year-end R101.23 R77.23
- at 22 June 2004 (23 June 2003) * R101.57 R87.42
* These figures were not subject to audit
Abridged consolidated cash flow statement
2004 2003
R`m R`m
Cash flow from operating activities 1 678 1 382
Taxation paid (363) (220)
Dividends received 1 718 2 215
Cash available from operating activities 3 033 3 377
Dividends paid (1 438) (1 765)
Net cash inflow from operating activities 1 595 1 612
Investing activities (528) (1 943)
Financing activities 62 (82)
Net increase/(decrease) in cash and cash equivalents 1 129 (413)
Cash and cash equivalents at the beginning of the year 2 264 2 677
Cash and cash equivalents at the end of the year 3 393 2 264
Cash and cash equivalents - per balance sheet 3 446 2 299
Bank overdraft (53) (35)
Abridged consolidated statement of changes in equity
2004 2003
R`m R`m
Balance at 1 April - as previously reported 27 809 24 062
Prior year adjustments (366) (39)
Adjusted balance at 1 April 27 443 24 023
Net fair value adjustment (AC 133) 1 240 -
Net profit for the year 3 637 8 686
Dividends paid (1 316) (1 666)
Exchange rate adjustments (694) (2 185)
Purchase of shares by wholly-owned subsidiary
(treasury shares) (295) (704)
Net shares purchased by The Remgro Share Trust * (17) (277)
Other (232) (434)
Balance at 31 March 29 766 27 443
* Also accounted for as treasury shares
Abridged consolidated income statement
2004 2003
R`m R`m
Revenue of the Company and its subsidiaries 11 902 11 212
Operating profit before depreciation 1 621 1 455
Depreciation (240) (201)
Finance costs (39) (45)
Profit from normal operations 1 342 1 209
Amortisation of goodwill (186) (166)
Net impairment of assets 4 (24)
Exceptional items 50 1 245
Profit before tax 1 210 2 264
Taxation (415) (394)
Profit after tax of the Company and its subsidiaries 795 1 870
Share of after-tax profit of associated companies 3 177 7 262
- Profit from normal operations 4 164 4 421
- Amortisation of goodwill (357) (308)
- Impairment of goodwill and assets (26) (63)
- Exceptional items (604) 3 212
Group profit after tax 3 972 9 132
Minority interest (335) (446)
Net profit for the year 3 637 8 686
Reconciliation of headline earnings:
Basic earnings - Net profit for the year 3 637 8 686
Plus/(minus) - portion attributable to own members:
- Amortisation of goodwill 542 473
- Impairment of goodwill and assets 25 72
- Exceptional items 523 (4 354)
- Net surplus, after taxation, on disposal of property,
plant and equipment (8) (21)
Headline earnings 4 719 4 856
Earnings and dividends per share
2004 2003
Cents Cents
Headline earnings 937.6 940.1
- Diluted 935.6 937.8
Basic earnings 722.7 1 681.6
- Diluted 721.1 1 677.5
Dividends
Ordinary 285.00 248.00
- Interim 101.00 88.00
- Final 184.00 160.00
Special 200.00
Additional information
2004 2003
Number of shares in issue
- Ordinary shares of 1 cent each 486 493 650 486 493 650
- Unlisted B ordinary shares of 10 cents each 35 506 352 35 506 352
Total number of shares in issue 522 000 002 522 000 002
Ordinary shares repurchased and held in
treasury (16 442 602) (11 616 128)
Ordinary shares held by The Remgro Share
Trust and accounted for as treasury shares (4 236 087) (3 950 000)
501 321 313 506 433 874
Weighted number of shares 503 280 054 516 517 429
In determining the headline and basic earnings per share the weighted
number of shares was taken into account.
2004 2003
R`m R`m
Listed investments
Associated
- Book value 8 104 7 693
- Market value 14 413 10 911
Other
- Book value 1 795 44
- Market value 1 795 47
Unlisted investments
Associated
- Book value 11 441 12 151
- Directors` valuation 27 903 23 369
Other
- Book value 66 65
- Directors` valuation 66 74
Additions to and replacement of property,
plant and equipment 470 388
Capital commitments 490 579
(Including amounts authorised, but not yet
contracted for)
Dividends received
Dividends included in operating profit 28 10
Dividends from associated companies set off
against investments 2 156 2 095
Interest received
From unlisted investments and deposits 334 372
(Included in operating profit)
Exceptional items
Exceptional items of subsidiary companies:
Net capital surplus on the sale of
investments and businesses 50 1 244
Other - 1
Total before taxation 50 1 245
Taxation (3) (22)
Total after taxation 47 1 223
Share of exceptional items of associated
companies (604) 3 212
Grand total (557) 4 435
Attributable to minorities - (142)
Attributable to own members (557) 4 293
COMMENTS
1. Accounting Policies
The annual financial statements are prepared on the historical cost basis,
in accordance with South African Statements of Generally Accepted
Accounting Practice, the requirements of the South African Companies Act
and the Listing Requirements of the JSE Securities Exchange South Africa
and incorporate accounting policies which are consistent with those of the
previous financial year, with the exception of the consolidation of The
Remgro Share Trust and the implementation of the South African Statements
of Generally Accepted Accounting Practice, AC 133: Financial Instruments -
Recognition and Measurement and AC 137: Agriculture.
2. Prior Year Adjustments
Change in accounting policy
With effect from 1 April 2003 Remgro adopted AC 133: Financial Instruments
- Recognition and Measurement and AC 137: Agriculture.
AC 133
In accordance with the transitional provisions of AC 133, Remgro and its
subsidiaries recorded an after-tax cumulative adjustment surplus of R36
million as an opening balance adjustment to reserves to recognise the
difference between the carrying values and fair values of financial
instruments at 1 April 2003.
Due to the fact that the comparative figures are not restated under the
transitional provisions of AC 133, certain items are not directly
comparable on a line-for-line basis with that of prior financial years. The
impact of AC 133 being applied by Remgro and its subsidiaries was an
increase of R5 million in headline earnings (or 1.1 cents per share) for
the year under review.
AC 137
As the effect of this accounting standard on Remgro`s earnings for the year
under review and for the comparative year was immaterial, the comparative
income statement has not been restated. The comparative balance sheet has
been restated as set out below.
Other adjustments
Restatement of comparative figures in respect of deferred taxation
Rainbow Chicken Limited restated its 2003 comparative figures, in order to
comply with the accounting statement dealing with deferred taxation. The
effect of this on Remgro`s results for 2003 was a decrease in headline
earnings of R50 million.
Consolidation of The Remgro Share Trust (the `trust`)
In terms of the latest rules of the JSE Securities Exchange South Africa
companies are obliged to consolidate share incentive trusts under certain
circumstances. Comparative figures have been restated accordingly and the 4
236 087 (2003: 3 950 000) ordinary shares held in the trust for
participants are accounted for as if they were treasury shares and are now
also deducted from the issued number of shares in determining the weighted
average number of shares. The cost price of the shares has been deducted
from the Group`s equity.
Restatement of comparative figures as a result of above-mentioned prior
year adjustments:
Year ended
31 March 2003
R`m
Income statement
Headline earnings as previously reported 4 914
Consolidation of The Remgro Share Trust (8)
Restatement of comparative figures in respect of
deferred taxation (50)
Restated headline earnings per share 4 856
Weighted number of shares in issue as previously 519 565 424
reported
Restated weighted number of shares in issue 516 517 429
Headline earnings per share as previously reported 945.8
(cents)
Restated headline earnings per share (cents) 940.1
R`m
Balance sheet
Decrease in reserves (89)
Increase in treasury shares 277
Decrease in minority liabilities (45)
Decrease in property, plant and equipment (106)
Increase in biological agricultural assets - non-current
assets 82
Decrease in loans (277)
Increase in deferred tax assets 4
Increase in current assets 4
Increase in deferred tax liability 114
Increase in current liabilities 4
3. Results
Headline earnings
Headline earnings for the year to 31 March 2004 decreased by 2.8% from R4
856 million to R4 719 million.
Headline earnings per share decreased by only 0.3% from 940.1 cents to
937.6 cents due to the favourable impact of the share repurchase programme.
The currency impact on translation of BAT`s contribution to headline
earnings as set out in the table below, declined from a favourable R243
million during 2003 to an unfavourable R520 million for the year under
review.
Financial year: 2004 2003
Average exchange rate (GBP/R) 12.1025 15.0678
Closing exchange rate at year-end (GBP/R) 11.5950 12.4915
R&R/BAT`s contribution (GBPm) 174 161
R&R/BAT`s contribution (Rm) 2 100 2 423
Favourable/(unfavourable) currency impact (Rm) (520) 243
Gencor Limited (Gencor) and Impala Platinum Limited`s (Impala) contribution
to Remgro`s headline earnings decreased substantially as a result of the
unbundling of Gencor`s interest in Impala. Gencor was previously accounted
for as an associated company and Impala is classified among `other
investments` in 2004 and only dividend income is accounted for.
Analysis of comparable headline earnings (cents per share)
- (Excluding contributions by BAT, Gencor and Impala) 2004 2003
Headline earnings as reported 937.6 940.1
Elimination of R&R/BAT`s contribution (417.3) (469.1)
Elimination of Gencor and Impala`s contribution (17.7) (43.1)
Comparable headline earnings after elimination of
the above (+ 17.5%) 502.6 427.9
Basic earnings
Basic earnings per share decreased by 57.0% to 722.7 cents. Basic earnings
reflects earnings after goodwill amortisation and after exceptional items
of a capital nature. During the previous year exceptional items amounted to
a favourable R4 293 million, whilst in the current year it amounted to an
unfavourable R557 million.
4. Intrinsic Value
Remgro`s intrinsic value per share increased by 31.1% from R77.23 at 31
March 2003 to R101.23 at 31 March 2004. Refer to Annexure A for full
details.
5. Revenue
- of the Company and its subsidiaries 2004 2003
R`m R`m
Revenue, excluding dividends and interest 9 384 8 735
Dividends and interest 2 518 2 477
Total revenue 11 902 11 212
Due to the nature and composition of the Group, segmental analysis in
respect of revenue is not meaningful.
6. Source Of Headline Earnings
2004 2003
R`m % R`m %
Trade mark interests 2 181 46 2 498 51
Financial services 1 394 30 1 121 23
Industrial interests 715 15 647 13
Mining interests 171 4 322 7
Corporate finance and other interests 258 5 268 6
4 719 100 4 856 100
7. British American Tobacco Plc (BAT)
Remgro`s interest in BAT is represented by a one-third shareholding in R&R
Holdings S.A., Luxembourg (R&R). The other two-thirds are held by Compagnie
Financiere Richemont SA (Richemont).
For the year under review, R&R`s share of the results of BAT consisted of
its 28.8% share of BAT`s results for the six months to 30 September 2003
and its 29.4% share of BAT`s results for the six months to 31 March 2004.
The movement in R&R`s percentage holding of BAT`s ordinary capital is due
to the share buy-back programme carried out by BAT during the year. The
results for the comparative period reflected R&R`s 31.5% effective interest
for the nine months to 31 December 2002 and a lower interest of 27.9% for
the three months to 31 March 2003.
The reduction in the effective interest resulted from the issue of warrants
over the BAT convertible redeemable preference shares by R&R in January
2003 and the resultant change in the accounting treatment of the preference
shares. As explained in the 2003 Annual Report, those BAT preference shares
were treated as debt instruments from January 2003 and no longer equity
accounted. This also resulted in those debt instruments being revalued to
fair value and consequently Remgro last year recorded an exceptional gain
of R3 204.4 million. The movement in the present value of the preference
shares has therefore been recognised and accounted for accordingly. The
deferred net warrant premium has been included in equity accounted income
during the period under review.
BAT`s attributable profit, excluding goodwill amortisation and exceptional
items, before the movement in present value of the preference shares and
dividends was 1.4% higher than the prior year. However, after taking the
movement in present value into account, the results for 2004 were 0.7%
below the prior year.
In its financial year to 31 December 2003, BAT had shipments of 792 billion
cigarettes, an increase of 2% over the prior year. BAT`s four global
`drive` brands, Kent, Dunhill, Lucky Strike and Pall Mall grew by 13% over
the prior year. Kent`s volume reached almost 30 billion, up 14%, while
Dunhill, already over the 30 billion mark, was up 8%. Lucky Strike had a
difficult time but performed more strongly as the year progressed. Pall
Mall broke the 30 billion barrier for the first time, up 32%, largely due
to an impressive performance in Italy.
During the year, BAT acquired Tabacalera Nacional S.A.A. in Peru and
Duvanska Industrija Vranje in Serbia. Effective 31 December 2003, it also
acquired Ente Tabacchi Italiani S.p.A. in Italy. The major transaction
announced by BAT during the year was the proposed creation of Reynolds
American, combining R.J. Reynolds (RJR) and the US businesses of BAT`s
American subsidiary, Brown and Williamson, to form Reynolds American, a
holding company to be 58% owned by RJR shareholders and 42% owned by BAT.
In addition, Lane Limited, BAT`s US smoking tobacco and cigar business,
will be sold by BAT to Reynolds American for $400 million in cash. Reynolds
American will have a combined share of approximately one third of the US
domestic market. Subject to regulatory approval, BAT anticipates that this
transaction will be completed later this year.
BAT`s operating profit, excluding goodwill and exceptional items, was 4%
higher at GBP2 781 million, with higher contributions from Asia-Pacific,
Latin America and Africa and Middle East regions. The profit growth at
comparable rates of exchange would have been 3% as the impact of a stronger
euro and South African rand more than offset the continued weakness of the
US dollar and currency devaluations in Latin America.
During the year to December 2003, BAT`s profit from the America-Pacific
region was GBP955 million, down GBP23 million from the previous year, as US
dollar exchange rate movements and the very difficult trading conditions in
the US cigarette business were only partly offset by a strong profit
increase from the rest of the region. Volumes were down 4% to 103 billion,
as the increases from South Korea and Japan were more than offset by the
impact of lower industry volumes in the US and Canada.
In Asia-Pacific, regional profit was up GBP10 million to GBP473 million
over the prior year with outstanding performances in Australia, Malaysia,
Vietnam and India, partially offset by reduced profit from Cambodia,
Indonesia and duty free. Regional volumes remained constant.
In Latin America, profits were up GBP47 million to GBP440 million due to
increases from many markets in the region and the first-time contribution
from the acquisition in Peru. The excellent regional results were achieved
despite the impact of currency devaluations compared to the previous year
and difficult economic conditions in many of the countries. Volumes in the
region declined by 2% mainly due to Brazil.
Total profit in Europe was down GBP11 million to GBP536 million despite the
strengthening of the euro. While there were good performances in Eastern
and Central Europe, led by Russia and Romania, these were insufficient to
cover the lower profit generated in Western Europe. Volumes were up 7% with
strong growth from Russia, Romania and Italy, partially offset by decreases
in France and Germany.
In the Africa and Middle East region, profit at GBP337 million was up by
GBP77 million. This very good performance was achieved despite the cost of
continuing investments in this region and reflected generally good
performances, as well as the favourable impact of the stronger South
African rand. Volumes were up 7% and net turnover at comparable rates of
exchange was 14% higher.
In the year to 31 December 2003, BAT carried out a detailed review of its
manufacturing operations and organisational structure, including an
initiative to reduce overheads and indirect costs, resulting in the
consolidation of its manufacturing operations in the UK, a major
restructuring of its business in Canada and an agreed closure plan for a
factory in Belgium. The operating results for the year included an
exceptional charge of GBP437 million for these restructuring activities. In
addition, BAT also included in its exceptional items for the year a write
down of a loan to a joint venture of GBP87 million and the loss on the
disposal of a subsidiary of its Canadian operation of GBP76 million.
Using BAT`s adjusted diluted earnings per share as an indicator of its
underlying performance, in the year to December 2003 earnings grew by 4% to
69.21 pence per share, benefiting from the higher operating profit and the
impact of its share buy-back programme. This trend continued in the quarter
to March 2004 with adjusted earnings per share up 6% on the comparative
period.
R&R`s contribution to Remgro`s headline earnings is made up as follows:
2004 2003
GBP`m GBP`m
Attributable profit of BAT before goodwill and
exceptional items 1 559 1 538
Movement in present value of BAT preference shares and
dividends (42) (10)
Adjusted attributable profit of BAT for the twelve
months ended 31 March 1 517 1 528
R&R`s share of the adjusted attributable profit of BAT:
- 28.8% for 1 April 2003 to 30 September 2003 232 -
- 29.4% for 1 October 2003 to 31 March 2004 208 -
- 31.5% for 1 April 2002 to 31 December 2002 - 380
- 27.9% for 1 January 2003 to 31 March 2003 - 89
Movement in present value of BAT preference shares and
dividends 42 10
R&R`s other income 8 3
R&R`s headline earnings for the year ended 31 March 490 482
Net warrant premium no longer deferred 30 -
R&R`s adjusted headline earnings for the year ended
31 March 520 482
Remgro`s 331/3% share thereof 174 161
R`m R`m
Translated at an average GBP/R rate of 12.1025
(2003: 15.0678) 2 100 2 423
8. Other Investments
The most important changes during the year under review were as follows:
Repurchase of Remgro shares
Remgro Investments (Proprietary) Limited (Remgro Investments)
During the first six months of the year under review, Remgro`s wholly-owned
subsidiary, Remgro Investments, acquired a further 4 826 474 ordinary
Remgro shares (1.0% of the ordinary shares) at an average price of R61.22
for a total amount of R295.5 million. No shares were purchased during the
second six months to 31 March 2004. Together with those acquired in the
previous financial year, a total of 16 442 602 shares (3.4%) of the
ordinary shares are held as treasury shares.
The Remgro Share Trust (the `trust`)
During the year under review the trust bought 711 000 (2003: 3 950 000)
ordinary Remgro shares at an average price of R65.43 (2003: R70.03) for a
total amount of R46.5 million (2003: R276.6 million). During the period
under review 424 913 shares were delivered to participants against payment
thereof.
Total South Africa (Proprietary) Limited
On 30 April 2003 the shareholders of Total South Africa, namely Total
France, Remgro and Old Mutual, restructured their shareholding and Total
South Africa issued 25% of its voting capital to Tosaco (Proprietary)
Limited (Tosaco), a black economic empowerment group, in exchange for cash.
Total France now holds 50.1%, Remgro 24.9% and Tosaco 25.0% of Total South
Africa on a fully diluted basis.
This transaction realised an after-tax capital surplus of R51 million which
was accounted for as an exceptional item.
Gencor Limited (Gencor)
The unbundling of Gencor`s interest in Impala Platinum Holdings Limited
(Impala) by way of a dividend in specie was approved by Gencor`s
shareholders on 25 April 2003. Gencor shareholders received Impala shares
on 18 June 2003. On 31 March 2004 Remgro`s interest in Impala was 5.0%.
Sage Group Limited (Sage)
In June 2003 Sage raised additional capital in the amount of R350 million
by way of an issue of shares to a consortium of investors, represented by,
and including, AVASA Holdings Limited as well as a rights issue to all
shareholders of Sage.
In terms of the rights issue and underwriting agreement, Remgro subscribed
for 54 177 337 Sage shares for a total consideration of R87.5 million. On
31 March 2004 Remgro`s effective interest in Sage was 21.8%.
Rainbow Chicken Limited (Rainbow)
During August 2003 Remgro acquired a further 11.1% in Rainbow at a cost of
R119.3 million. Remgro`s interest in Rainbow is now 64.2%.
Trans Hex Group Limited (Trans Hex)
In terms of a purchase option, 5 million Trans Hex shares were sold to
Mvelaphanda Resources Limited during February 2004 for an amount of R54.0
million. The transaction realised an after-tax capital loss of R4 million
which was accounted for as an exceptional item. Remgro`s interest in Trans
Hex decreased from 41.1% on 31 March 2003 to the current level of 34.2%.
Subsequent to the year-end:
BAT preference shares
The warrants issued by R&R in January 2003 over the BAT preference shares
were exercised by the warrant holders in May of this year, resulting in the
preference shares being converted into BAT ordinary shares. On 4 June 2004,
R&R received GBP816 million in respect thereof. Given the increase in the
number of ordinary shares as a consequence of the conversion, R&R`s
effective interest in the ordinary capital of BAT decreased to 27.9%.
Remgro`s effective interest in BAT is 9.3%.
9. Cash Flow And Dividends
The Company`s cash at the centre amounted to R2 150 million at 31 March
2004.
Remgro`s share of the proceeds received by R&R on 4 June 2004 in respect of
the BAT preference shares amounts to approximately R3 300 million.
In view of this strong cash position, and notwithstanding the small decline
in headline earnings for the year, the Board is of the opinion that
dividend payments to shareholders should be as follows:
* Ordinary dividend:
The ordinary dividend per share be increased by 14.9% from 248 cents
to 285 cents for the 2004 financial year.
* Special dividend:
An additional special dividend of 200 cents per share be paid to
shareholders.
The total distribution to shareholders in respect of the 2004 financial
year is therefore R2 532 million and is made up as follows:
R`m
Ordinary
- Interim 527
- Final 961
- Total 1 488
Special 1 044
2 532
The remaining cash resources are reserved for:
* Possible investment opportunities; and
* The repurchase of Remgro ordinary shares in the open market from time
to time.
Directorate
Mr D Prins was appointed as an independent non-executive director on 23 June
2004.
Audit report
The annual financial statements have been audited by Pricewaterhouse-Coopers
Inc. and their unqualified audit reports on the comprehensive annual financial
statements and the summarised financial statements are available for inspection
at the registered office of the Company.
Dividends
Declaration of Dividend No 8
Notice is hereby given that a final dividend of 184 cents (2003: 160 cents) per
share has been declared in respect of both the ordinary shares of one cent each
and the unlisted B ordinary shares of ten cents each, for the financial year
ended 31 March 2004.
Together with the interim dividend of 101 cents per share paid during January
2004, total dividends for the financial year amounted to 285 cents per share.
Declaration of Special Dividend
Notice is hereby given that a special dividend of 200 cents per share has been
declared in respect of both the ordinary shares of one cent each and the
unlisted B ordinary shares of ten cents each.
Dates of importance:
Last day to trade in order to participate in Friday, 13 August 2004
the final and special dividend
Trading on or after this date will be ex the Monday, 16 August 2004
final and special dividend
Record date Friday, 20 August 2004
Payment date Monday, 23 August 2004
Shareholders may not dematerialise or rematerialise their holdings of ordinary
shares between Monday, 16 August 2004, and Friday, 20 August 2004, both days
inclusive.
On payment date, if so mandated, dividends due to holders of certificated
securities will either be transferred electronically to bank accounts, or
alternatively, cheques will be posted to their registered addresses.
Dividends in respect of dematerialised shareholdings will be credited to
shareholders` accounts with their Central Securities Depository Participant
(CSDP) or broker.
The Annual Report will be posted to members during July 2004.
Signed on behalf of the Board of Directors.
Johann Rupert Thys Visser
Chairman Chief Executive Officer/Deputy Chairman
Stellenbosch
23 June 2004
Annexure A - Intrinsic net asset value
Stock
Shares exchange 31 March 31 March
Held closing Exchange 2004 2003
Notes Million price GBP`m rate R`m R`m
Trade mark
interests
R&R
Holdings 2 028.2 11.5950 23 517 19 502
- BAT
ordinary
shares 201.4 818.5 1 648.8
- BAT
preference
shares 1 40.3 695.8 280.3
- BAT
dividends
received/
accrued 2 82.9
- Other net
assets 16.2
Distell
Group 58.7 1 550 909 704
Financial
services
Absa Group 61.4 4 664 2 863 1 805
FirstRand 520.7 982 5 113 3 385
RMB
Holdings 274.1 1 491 4 087 2 549
Sage Group 65.0 170 111 17
Sagecor 11 9
Industrial
interests
Rainbow
Chicken 172.8 545 942 465
Transvaal
Sugar 1 073 1 009
Unilever
Bestfoods
Robertsons 1 754 1 442
Wispeco 268 186
Air
Products
South
Africa 605 423
Dorbyl 14.1 1 850 260 228
Henkel
South
Africa 75 13
Nampak 86.8 1 325 1 150 998
Total South
Africa 933 1 198
Mining
interests
Gencor 38.0 12 5 1 330
Impala 3.3 51 565 1 720 -
Trans Hex
Group 30.2 2 725 823 599
Other
interests
Caxton 7.8 880 69 43
Medi-Clinic
Corporation 178.6 1 200 2 143 1 339
Sundry
investments
and loans 72 78
Other net
assets 98 139
Cash at the
centre 3 2 150 1 652
Intrinsic
value 50 751 39 113
Issued shares after deduction of shares repurchased and
the shares in The Remgro Share Trust (million) 501.3 506.4
Intrinsic value per share R101.23 R77.23
Notes
1. The BAT preference shares and dividend have been valued on the discounted
present value method.
2. Remgro`s share of the BAT dividends is repatriated to South Africa annually
after year-end.
3. Cash at the centre excludes cash held by subsidiaries and associates that
are separately valued above.
4. The listed investments are valued at stock exchange prices and unlisted
investments at directors` valuation.
Directorate and corporate information
Non-executive directors
Johann Rupert (Chairman),
P E Beyers, G D de Jager*, J W Dreyer, P K Harris*, E de la H Hertzog,
E Molobi*, J F Mouton*, D Prins*, F Robertson*, P G Steyn*
(*Independent)
Executive directors
M H Visser (Chief Executive Officer/Deputy Chairman), W E Buhrmann, D M Falck, J
A Preller (Mrs), T van Wyk
Secretary
M Lubbe (Mrs)
Listing
JSE Securities Exchange South Africa
Sector: Financial - Investment Companies
American depositary receipt (ADR) program
Cusip number 75956M107
ADR to ordinary share 1:1
Depositary
The Bank of New York,
620 Avenue of the Americas,
New York NY 10011
Business address and registered office
Carpe Diem Office Park,
Quantum Street,
Techno Park,
Stellenbosch 7600
(PO Box 456, Stellenbosch 7599)
Transfer office
Computershare Investor Services 2004 (Proprietary) Limited,
70 Marshall Street,
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
Auditors
PricewaterhouseCoopers Inc.
Stellenbosch
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Corporate Finance
Website
www.remgro.com
Date: 23/06/2004 05:01:22 PM Produced by the JSE SENS Department
