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Share Name | Share Symbol | Market | Type |
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Liberty One Lithium Corp | NEO:LBY | NEO | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS Number:0748I Liberty Group Ld 27 February 2003 LIBERTY GROUP LIMITED (Registration number 1957/002788/06) (Alpha code LGL) (Issuer code LIBU) (ISIN code ZAE00002453) (Incorporated in the Republic of South Africa) Audited preliminary results for the year ended 31 December 2002 COMMENTARY ON RESULTS 2002 was characterised by strong operational performance amidst poor investment markets and demanding economic conditions. All key indicators other than investment markets produced good results. Indexed new business sales increased by 23,5%, expenses were well controlled, net cash flows from insurance operations continued to increase and new business margins improved. INVESTMENT RETURNS Investment markets and the strengthened Rand have had a negative impact on the earnings of the group. Despite STANLIB Asset Management outperforming its investment return benchmarks, the weighted average investment return on the equity, managed and foreign assets portfolios was -9,5%. This compares with a positive return of 25,3% for 2001 and the actuarial expectation of 14,5% for 2002. Shareowners earn 10% of capital bonuses declared to policy-owners on certain classes of business and the negative return for 2002 has impacted adversely on the life fund operating surplus. Liberty's property portfolio benefited from increased tourism, major sporting events and summits, providing a before tax return of 15,5%. HEADLINE EARNINGS ON CONTINUING OPERATIONS Headline earnings decreased by 28,7% to R1 069 million or 391,5 cents per share, due to the lower investment returns resulting in a 33% decline in the life fund operating surplus, and the impact of a much higher secondary taxation on companies (STC) charge on ordinary dividends of R86,1 million for 2002 (2001: R28,6 million). Revenue earnings attributable to shareowners' funds increased by 39% from R251 million in 2001 to R348 million in 2002. Liberty Ermitage contributed R27,9 million to Group headline earnings for 2002 compared with R11,5 million in respect of 2001 while Liberty Group Properties' headline earnings for 2002 amounted to R24,0 million (28,3% higher than the R18,7 million recorded for 2001). Liberty Healthcare, bolstered by once off revenue as a result of the transfer of its administration to Medscheme, contributed R29,8 million to headline earnings for 2002 against a loss of R12,7 million in respect of 2001. NEW BUSINESS Recurring new business premiums increased by 27,7%, single premiums increased by 11,5% with the resulting indexed new business increasing by 23,5%. New bancassurance premiums increased by 90,5% to R3 164 million. Liberty Personal Benefits' results once again exceeded growth and profitability targets. Single premium new business rose by 21,2% while recurring premium new business rose by 27,9%. Liberty's market share of new individual single premiums increased from 14,8% at 30 June 2001 to 17,3% at 30 June 2002 while market share of new recurring individual premiums increased further from 17,2% at 30 June 2001 to 17,4% at 30 June 2002. Liberty Corporate Benefits' new recurring premiums increased by 23,2%, while new single premiums decreased by 3,4% thereby resulting in an overall 2,4% increase in new business premiums (16,2% increase on an indexed basis). More than a thousand new schemes were acquired by the group during the year. Charter Life's new recurring premiums increased by 30,7% to R495 million, while new single premiums rose by 40,4% to R1 378 million. The bancassurance channel produced 28% of total new sales for 2002, with the sale of simple products (mainly credit life and funeral policies) rising by 30,5% and the sale of complex (high advice) products by 98,1%. Productivity in the franchise distribution channel improved significantly with new business sales increasing by 23,1% notwithstanding the number of sales producers in the franchise division being managed down from 997 at 31 December 2001 to 646 at 31 December 2002. The strong support of 'non-group brokers' (i.e. non-Standard Bank Financial Consultants) is also most pleasing. PRODUCT INNOVATION Liberty Personal Benefits launched its Excelsior range of products in June 2002, following extensive market research that highlighted the need for a tax- efficient investment vehicle that is flexible, cost-effective, transparent and able to meet longer term wealth creation needs. Excelsior has been extremely well received by clients and intermediaries alike and is to be a core offering in the future. The new medical insurance product (Medical Lifestyle Plus) is considered to be the leading product of its kind. The product was launched in January 2003 and early indications are positive. MANAGEMENT EXPENSES The average renewal cost per policy and the acquisition cost per policy decreased by 1,6% and 1,3% respectively which substantially outperformed the actuarial expense inflation assumptions. Management action taken early in 2002 to control costs was successful and the resultant positive effect on earnings partially offset the negative effect of poor investment markets. Direct expenses increased by 7,4% while the number of individual policies in-force increased by 50 595 (2001: 1 697). NET CASH FLOW FROM INSURANCE OPERATIONS Net cash inflows from insurance operations increased by 53,6% to R4 501 million, reflecting the underlying operational strength and success of the customer value management (CVM) programme. Net premium income increased by 16,2% from R14 122,2 million for 2001 to R16 415,1 million for 2002, while total claims and policy-owner benefits increased by only 6,5% from R11 191,6 million to R11 913,8 million. VALUE OF NEW BUSINESS AND NEW BUSINESS MARGIN The value of new business increased by 32,9% to R604,6 million. The new business margin improved to 20,3% (from 18,5%), as a result of reduced maintenance and acquisition costs per policy, increased sales of products with higher margins and the successful launch of the Excelsior range of products. CORPORATE ACTIVITY Corporate activity has focused on the strategic positioning of Liberty in the international market to best serve a South African client base, while at the same time consolidating our local portfolio in order to focus on our strengths. The acquisition of Liberty Ermitage in 2000 is a prime example. This acquisition provides a cost effective conduit to international markets for clients. Liberty Ermitage's assets under management increased from US$2 152 million at 31 December 2001 to US$2 266 million at 31 December 2002, with good sales volumes and solid performance of the hedge funds having offset declines in market value. Headline earnings increased by 142% to R27,9 million, a pleasing performance especially in the light of world market conditions. Similarly, the acquisition of Hightree Financial Services, a small boutique brokerage company based in London, was another strategic offshore investment. The acquisition not only enhances the pursuit of the group's internationalisation strategy, but also provides an avenue for the distribution of Liberty Ermitage products into the United Kingdom retail market. On the corporate restructuring front, the decision was taken in September 2002 to close the Freestyle customer loyalty programme. The Freestyle programme was launched in February 2002. Sales and fee income were however not at the levels expected. The loss attributable to Freestyle and the remaining operations of MyLife amounted to R39,7 million in 2002 compared with a loss of R50,8 million in respect of MyLife for 2001. No further operational expenditure on these discontinued operations will be incurred. On 23 April 2002 Liberty announced that administration of the two established Liberty Healthcare medical schemes, ProCure and ProVia, was to be transferred to Medscheme. The Group has thereby exited the highly competitive, low-margin business of being a medical scheme administrator, but has retained the client base and reinsurance arrangements. Liberty Healthcare has been restructured and repositioned comprehensively during 2002 to become a specialist health insurance company marketing and supporting the Medical Lifestyle Plus product. The Liberty Midlands Mall development, in Chase Valley, Pietermaritzburg, is a project that will boost the group's existing portfolio of properties. The project has progressed well and is on schedule and within budget to open at the end of September 2003. Property backed products are extremely attractive in the current market environment with sales reaching R1 058 million in 2002. STANLIB One of the most important strategic events of Liberty's recent history is the creation of STANLIB, the merger of Standard Bank Group Limited (Stanbank) and Liberty's asset management and wealth management operations. Highlights of the year's activities include: The development of the strategy for the merged entity; Human resource and corporate culture integration; Reviewing the product range and commencing with rationalisation; IT upgrades and a start on systems integration; The consolidation of five different locations into one at Melrose Arch; and Financial integration and systems implementations. Normalised headline earnings (eliminating the effect of merger costs) of the STANLIB group amounted to R131,6 million for 2002 with STANLIB Asset Management contributing R49,3 million and STANLIB Wealth Management contributing R82,3 million. STANLIB is benefiting from the Stanbank, Liberty and its own distribution channels. STANLIB Asset Management experienced a net inflow in assets under management of R2 billion and maintained its total assets under management at R128 billion despite weakening markets. STANLIB Wealth Management sales for the year reached R34 billion while net cash inflows amounted to R8 billion. Now that the merger has been fully implemented from a human resource and corporate culture integration perspective, the necessary economies of scale have to be realised into 2003 and 2004 as IT platforms, processes and products are rationalised further. Merger and integration costs amounted to R34,1 million for 2002 and are within budget. Integration costs will continue into 2003 as systems and processes are rationalised. EMBEDDED VALUE The audited embedded value at 31 December 2002 amounted to R55,28 per share, 2% up on the R54,21 for 2001. The effect of the poor investment markets has been offset by the strong operational performance of life insurance operations. DEPLOYMENT OF CAPITAL AND CAPITAL ADEQUACY In line with its strategy to deploy capital in areas aligned with its core business and to access growth markets, Liberty disposed of certain non-core shareowner assets during the year. Investments sold included 2,5 million Gold Fields shares, 2,2 million SABMiller shares and various low yield properties. Capital adequacy cover has become of increasing importance in the global life insurance industry. Liberty's capital adequacy multiple, which is amongst the highest in the industry, was 3,0 at the end of December 2002. This compares with 3,5 at 31 December 2001 and 3,4 at 30 June 2002 and provides a comfortable level of cover given the current uncertainty in investment markets. On the revised more stringent basis which has been proposed by the Financial Services Board, the capital adequacy cover multiple reduces to 2,9 and is expected to remain amongst the highest in the industry. HIV/AIDS The impact of AIDS on the life insurance operations of the group has been assessed and current experience reveals no major increase in AIDS deaths or HIV prevalence at new business testing stage. Reserves have been set aside in accordance with guidance notes issued by the Actuarial Society of South Africa. A large number (2 486) of employees (excluding agents) participated in a group-wide, voluntary, anonymous testing initiative to assess the HIV prevalence level in the group. The results indicated a prevalence level of approximately 3%, which is lower than anticipated. Consequently the projected financial risk to the company is currently assessed as relatively low. Many initiatives to support employees were implemented in 2002 guided by a newly appointed, full-time AIDS co-ordinator, with visible involvement of the executive team. PROSPECTS The Liberty Group has a cohesive management team, clearly defined strategies, a strong reputation and access to a formidable sales force. Demanding goals and targets have been set for 2003, which are expected to achieve significant further operational improvements and market share gains. Future earnings will continue to be influenced by world investment markets. DIVIDEND A final dividend of 116 cents per share has been declared. This final dividend maintains the total dividend for the year at 278 cents. The dividend cover for 2002 on this basis is 1,4 times headline earnings on continuing operations. The level of cover is considered appropriate to distribute excess capital to shareowners while maintaining a healthy capital adequacy cover required to sustain the business in volatile investment market conditions. Notice is hereby given that the final ordinary dividend No. 74 of 116 cents per share has been declared in respect of the year ended 31 December 2002, thus maintaining the total dividends for 2002 at the same level as for 2001. The important dates pertaining to this dividend are: Last day to trade cum dividend on the JSE and LSE Thursday, 20 March 2003 First trading day ex dividend on the JSE and LSE Monday, 24 March 2003 Record date Friday, 28 March 2003 Payment date Monday, 31 March 2003 Share certificates may not be dematerialised or rematerialised between Monday, 24 March 2003 and Friday, 28 March 2003 both days inclusive. Payment in respect of dividends for shares listed on the London Stock Exchange will be converted from rand to sterling equivalent on Monday, 31 March 2003. Where applicable, dividends in respect of certificated shareowners will be transferred electronically to shareowners' bank accounts on payment date. In the absence of specific mandates, dividend cheques will be posted to shareowners. Shareowners who have dematerialised their shares will have their accounts with their CSDP or broker credited on Monday, 31 March 2003. AUDIT OPINION The auditors, PricewaterhouseCoopers Inc., have issued their opinions on the Group financial statements and embedded value statement for the year ended 31 December 2002. A copy of the auditors' unqualified reports are available for inspection at the Company's registered office. Derek Cooper Roy Andersen Chairman Group Chief Executive 27 February 2003 TRANSFER SECRETARIES: Computershare Investor Services Limited (Registration number 1958/003546/06) 70 Marshall Street, Johannesburg, 2001. PO Box 1053, Johannesburg, 2000. Telephone +27 11 370-5000 ACCOUNTING POLICIES AND PRESENTATION The accounting policies adopted, comply with South African Statements of Generally Accepted Accounting Practice, as well as the South African Companies Act of 1973 and the Long-term Insurance Act of 1998. These accounting policies are consistent with those applied at 31 December 2001. The income statement reflects earnings from continuing operations separately from proforma earnings attributable to the capital reduction in the previous year in order to make comparison of results more meaningful. The proforma earnings attributable to the capital reduction for the twelve months ended 31 December 2001 represent the earnings that were attributed to shareowners' assets that were utilised to fund the capital reduction on 4 April 2001. The results for the twelve months ended 31 December 2002 include 50% of STANLIB Limited's consolidated results. Liberty's investment in STANLIB has been equity accounted both at company level and at group level from 1 January 2002, the effective date of the implementation of the merger. The Liberty entities that now form part of STANLIB were previously consolidated. All related party transactions are conducted at arms length. Full details will be provided in the annual report. Summarised Group income statement Continuing Capital Total Operations Reduction(1) Operations 31 December 31 December 31 December 2002 2001 % 2002 2001 2002 2001 Rm Rm Change Rm Rm Rm Rm Life fund operating surplus 889,1 1 319,7 (32,6%) 889,1 1 319,7 Revenue earnings attributable to shareowners' funds 347,7 250,7 38,7% 47,0 347,7 297,7 Secondary tax on companies attributable to shareowners' funds on ordinary dividends (86,1) (28,6) 201,0% (86,1) (28,6) Preference dividend in subsidiary (81,9) (42,9) 90,9% (81,9) (42,9) Headline earnings 1 068,8 1 498,9 (28,7%) 47,0 1 068,8 1 545,9 Goodwill amortisation (13,6) (15,8) (13,9%) (13,6) (15,8) Investment surpluses attributable to shareowners' funds 52,4 1 089,4 (95,2%) 12,9 52,4 1 102,3 Secondary tax on companies relating to capital reduction (232,8) (232,8) Capital gains tax attributable to shareowners' investment surpluses (8,8) (143,0) (93,8%) (8,8) (143,0) Total earnings 1 098,8 2 429,5 (54,8%) (172,9) 1 098,8 2 256,6 Headline return on equity 13,5% 24,9% Per share details cents cents cents cents cents Headline earnings per share (2) Basic 391,5 551,0 (28,9%) 17,3 391,5 568,3 Fully diluted 389,6 537,2 (27,5%) 15,8 389,6 553,0 Total earnings per share Basic 402,5 893,1 (54,9%) (63,5) 402,5 829,6 Fully diluted 400,5 849,7 (52,9%) (58,1) 400,5 791,7 Dividends per share 278,0 278,0 278,0 278,0 Interim 162,0 128,0 26,6% 162,0 128,0 Final (2002 declared; 2001 paid) 116,0 150,0 (22,7%) 116,0 150,0 Weighted average number of shares in issue (million) 273,0 272,0 0,4% 273,0 272,0 273,0 272,0 Fully diluted weighted average number of shares (millions) 274,3 297,8 (7,9%) 274,3 297,8 274,3 297,8 (1) The proforma earnings attributable to the capital reduction for the year ended 31 December 2001 represent the earnings on shareowners' assets that were utilised to fund the capital reduction on 4 April 2001. (2) Certain amendments to the calculation of headline earnings were introduced in Circular 07/02 issued by the South African Institute of Chartered Accountants to accommodate the changes arising from the implementation of AC133 on financial instruments. The Group will be adopting AC133 in 2003 and have accordingly excluded investment surpluses attributable to shareowners' funds, which are of a capital nature, from headline earnings. Summarised Group balance sheet 31 December 31 December 2002 2001 Rm Rm Assets Investments 81 369,3 84 984,1 Owner-occupied properties 625,1 633,4 Goodwill 158,2 112,9 Other intangible assets 35,6 69,9 Tangible assets 321,7 371,9 Current assets 3 750,2 3 229,2 Total assets 86 260,1 89 401,4 Capital, reserves and liabilities Shareowners' funds 8 588,1 8 345,8 Minority interests 1,0 1,0 Life funds 73 700,3 75 918,4 Convertible bonds 1 946,8 2 874,2 Retirement benefit obligation 143,0 135,4 Deferred tax 120,8 118,5 Current liabilities 1 760,1 2 008,1 Total capital, reserves and liabilities 86 260,1 89 401,4 Capital adequacy requirement 2 856,6 2 391,3 Capital adequacy requirement: times covered 3,0 3,5 Group embedded value and value of new business 31 December 31 December 2002 2001 % Rm Rm Change Risk discount rate 12,75% 13,75% Shareowners' net assets 8 588,1 8 345,8 2,9% Net value of life business in force 5 700,4 5 111,9 11,5% Value of life business in force 5 837,0 5 235,1 11,5% Cost of solvency capital + (136,6) (123,2) 10,9% Financial services entities fair value adjustment 838,1 1 309,7 (36,0%) Embedded value 15 126,6 14 767,4 2,4% + The cost of solvency capital arises from the difference between the net after-tax expected return on shareowners' assets backing the capital adequacy requirement and the risk discount rate. Bases and assumptions 31 December 31 December 2002 2001 The principal bases and assumptions used are: (i) Future investment returns on the major classes were set with reference to the market yield on medium-term South African government stock. The investment returns used are: Government stock 10,8% 11,8% Equities 12,8% 13,8% Property 11,8% 12,8% (ii) The risk discount rate has been set equal to the investment return on equity assets 12,8% 13,8% (iii) Maintenance expense inflation rate 6,8% 7,9% (iv) The expected return on value of life business is obtained by applying the previous year's discount rate to the value of life business in force at the beginning of the year and the current year's discount rate for half a year to the value of new business. (v) Tax has been allowed for on the Four Fund Tax basis with tax rates of 30%. Full tax relief on expenses to the extent permitted was assumed. Capital Gains Tax (CGT) introduced with effect from October 2001 has been taken into account in the embedded value. At 31 December 2001 the effect of the introduction of CGT was a reduction in value of R152,7 million. (vi) Other bases, bonus rates and assumptions: In general, parameters reflect best estimates of future experience, consistent with the Financial Soundness Valuation basis used by the Statutory Actuary, excluding any first- or second-tier margins. However, in contrast to the valuation basis assumption, the embedded value does make allowance for automatic premium and benefit increases. (vii) Basis of calculation of financial services entities fair value adjustment: The financial services entities fair value adjustment reflects the excess of the fair value over the value of the tangible net assets of entities as included in the shareowners' funds. This adjustment consisted of the following: 31 December 31 December 2002 2001 Rm Rm Liberty Group Properties (Proprietary) Limited 240,0 224,4 Liberty Ermitage Jersey Limited 190,4 228,8 STANLIB Limited 407,7 STANLIB components in 2001 856,5 ----- ------- 838,1 1 309,7 These items were calculated as follows: In the case of Liberty Group Properties (Proprietary) Limited and Liberty Ermitage Jersey Limited a price earnings ratio multiplier was applied to the net after tax recurring earnings of the subsidiaries. The multipliers used were 10 and 15 (2001: 12 and 20) respectively. In the case of STANLIB Limited the R407,7m represents 50% of the internally generated goodwill on the sale of the Liberty entities to STANLIB. This has the effect of showing the fair value of Liberty's portion of STANLIB at the value used for purposes of the joint venture transaction effective 1 January 2002. (viii)The amount of R488,2m shown for changes in assumptions in 20002 arises mainly from: the effect of the reduction of the risk discount rate partially offset by the effect of the corresponding reduction in the future investment returns; the corresponding reduction in the future rate of expense inflation; and the reduction in expenses arising from reduced costs per policy experienced in the 2002 base year. Value of new business and new business margins 31 December 31 December 2002 2001 % Rm Rm Change Value of new business written in the year 604,6 454,8 32,9% New single premiums 8 518,2 7 639,4 11,5% New recurring premiums net of natural increases 2 131,4 1 700,6 25,3% New business index net of natural increases 2 983,2 2 464,5 21,0% Value of new business as a percentage of indexed new business (new business margin) 20,3% 18,5% 1,8% Embedded value profits 31 December 31 December 2002 2001 Rm Rm Embedded value at the end of the year 15 126,6 14 767,4 Less capital raised (44,1) (27,4) Plus dividends paid 851,0 348,1 ess embedded value at the beginning of the year (14 767,4) (11 941,1) Embedded value profits 1 166,1 3 147,0 Return on shareowners' net assets 14,0% 51,4% Return on embedded value 7,9% 26,4% Analysis of embedded value profits 31 December 31 December 2002 2001 Rm Rm Investment return on shareowners' net assets and financial services entities' fair value adjustment (311,5) 1 537,4 Expected return on value of life business 756,9 751,6 Investment experience variation on life business (696,8) 681,3 Other experience variations 155,2 27,2 Changes in assumptions 488,2 (78,7) Variation in tax 50,8 (152,7) Value of new business 604,6 454,8 Allowance for current and future STC (133,9) Changes in modelling methodology 118,7 60,0 Embedded value profits 1 166,1 3 147,0 Net cash flows from insurance operations Individual Corporate business business Total 31 December 31 December 31 December 2002 2001 2002 2001 2002 2001 % Rm Rm Rm Rm Rm Rm Change Total premiums 13 376,4 11 435,8 3 038,7 2 686,4 16 415,1 14 122,2 16,2% Total single premiums 7 376,7 6 416,8 1 182,5 1 224,7 8 559,2 7 641,5 12,0% Total recurring premiums 5 999,7 5 019,0 1 856,2 1 461,7 7 855,9 6 480,7 21,2% Total claims and policy- owners' benefits (9 665,6) (8 737,2)(2 248,2) (2 454,4) (11913,8)(11 191,6) 6,5% Net cash inflow 3 710,8 2 698,6 790,5 232,0 4 501,3 2 930,6 53,6% Statement of changes in Group shareowners' funds 31 December 31 December 2002 2001 Rm Rm Shareowners' funds at beginning of year as previously published 8 345,8 6 152,4 Changes in accounting policies: Capital reduction of 1 200 cents - LDR 30 March 2001 3 260,0 Secondary tax on companies relating to capital reduction 232,8 Provision for leave pay net of deferred tax (29,6) Shareowners' funds restated at beginning of year 8 345,8 9 615,6 Total earnings 1 098,8 2 256,6 Ordinary dividends (851,0) (348,1) 2001 Interim ordinary dividend No. 71 of 128 cents - LDR 24 August 2001 (348,1) 2001 Final dividend No. 72 of 150 cents - LDR 20 March 2002 (408,6) 2002 Interim dividend No. 73 of 162 cents - LDR 23 August 2002 (442,4) Capital reduction of 1 200 cents - LDR 30 March 2001 (3 260,0) Translation difference relating to equity component of the convertible bonds (49,6) 54,3 Subscriptions for shares 44,1 27,4 Shareowners' funds at end of year 8 588,1 8 345,8 Analysis of shareowners' funds Group Group investment Group net revenue surpluses/ funds invested earned (deficits) 31 December 31 December 31 December 2002 2001 2002 2001 2002 2001 Rm Rm Rm Rm Rm Rm Charter Life (excluding life fund operating surplus) 698,2 645,1 47,5 39,5 3,6 53,0 Financial services operations 1 232,1 947,6 112,1 78,5 298,7 156,0 Listed investments 1 250,6 1 526,3 39,9 67,4 62,8 875,2 Edcon 117,4 58,1 4,7 2,3 59,3 (0,9) Gold Fields 315,1 292,9 10,4 7,4 193,0 162,0 Metro Cash and Carry 210,7 194,7 15,7 112,3 SABMiller 585,7 934,8 23,9 55,3 (166,4) 616,4 Other 21,7 45,8 0,9 2,4 (38,8) (14,6) Other investments 5 407,2 5 226,8 233,7 170,9 (312,7) 18,1 Cash and preference shares 1 177,5 1 066,8 100,8 86,9 (2,1) (2,7) Jersey assets 2 037,6 2 993,0 151,2 150,4 (954,4) 1 171,0 Convertible bonds (2 032,1) (2 874,2) (189,4) (161,5) 980,5 (1 130,0) Unlisted investments 338,7 379,2 41,8 12,3 (59,1) 8,3 Fixed assets and working capital 1 931,9 1 510,5 Share of pooled portfolios 1 953,6 2 151,5 129,3 82,8 (277,6) (28,5) Management expenses (57,3) (53,6) Normal taxation (28,2) (5,0) Secondary tax on companies on ordinary dividends (86,1) (28,6) Total 8 588,1 8 345,8 261,6 269,1 52,4 1 102,3 Summarised Group cash flow statement 31 December 31 December 2002 2001 Rm Rm Cash flows from operating activities 3 096,1 (779,9) Cash flows from investing activities (3 712,2) (28,2) Cash flows from financing activities 32,0 26,3 Net decrease in cash and cash equivalents (584,1) (781,8) Cash and cash equivalents at beginning of year 912,1 1 424,3 Foreign exchange movements on cash balances (54,5) 269,6 Cash and cash equivalents at end of year 273,5 912,1 Commitments 31 December 31 December 2002 2001 Rm Rm Capital commitments 450,8 41,0 Under contracts 297,2 24,7 Authorised by the directors but not contracted 153,6 16,3 Operating lease commitments 156,4 32,2 Less than 5 years 114,7 32,2 5 to 10 years 41,7 Total commitments 607,2 73,2 Group figures above include the Group's share of commitments of joint ventures amounting to R85,3 million. The expenditure will be financed by available bank facilities, existing cash resources and funds internally generated. This information is provided by RNS The company news service from the London Stock Exchange END FR EADAXASKDEFE
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