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HISTORICAL REVIEWS

JSE LIMITED AND SHARE PERFORMANCE

    2009   2008   2007   2006   2005   2004  
  Ordinary share statistics
  Market price (cents per share)                        
  High 6 698   7 999   9 600   7 005   5 300   3 942  
  Low 4 005   4 250   6 300   5 041   3 801   2 900  
  31 December 6 200   5 099   7 899   6 825   5 300   3 900  
  Earnings yield (%) 5,6   8,1   4,5   12,5   9,1   10,1  
  Dividend yield (%) * 1,5   4,5   2,7   3,0   3,3   3,5  
  Dividend cover * 3,8   1,8   1,7   4,2   2,8   2,8  
  In issue (millions) 119,1   118,8   120,7   120,7   120,7   119,7  
  Value traded (R millions) 1 992   3 665   5 898   3 072   2 555   1 476  
  Volume traded (millions) 37,9   58,7   73,3   51,0   55,9   44,2  
  Volume traded (%) 31,8   49,4   60,7   42,3   46,3   36,9  
  Market capitalisation (R millions) 7 386   6 060   9 537   8 241   6 399   4 669  
                           
  Ordinary share performance (cents per share)
  Headline earnings 346   412   355   853   482   392  
  Dividends declared * 90   231   213   205   175   138  
  Net asset value 3 671   3 601   3 430   3 255   2 587   2 381  

* The interim dividend in the current year and the final dividend declared after the reporting date have been used in the calculation.

AECI share price (rand)  
AECI share price (rand) key

ABRIDGED FINANCIAL STATEMENTS

  R millions 2009   2008   2007   2006   2005   2004  
  Income statements 1                        
  Revenue 11 178   14 340   11 328   10 212   8 768   7 911  
  Local 8 449   10 347   8 702   7 906   6 951   6 405  
  Foreign 2 729   3 993   2 626   2 306   1 817   1 506  
  Profit from operations 833   986   807   1 102   887   743  
  Net financing costs 218   222   130   103   90   139  
  Tax 188   226   217   353   225   173  
  Profit attributable to ordinary shareholders 421   385   455   916   486   283  
  Headline earnings 370   443   392   942   530   427  
  Statements of financial position                        
  Total shareholders’ interest 4 058   3 969   3 929   3 727   2 940   2 646  
  Deferred tax (net) (259)   (272)   (165)   (111)   (291)   (327)  
  Net interest-bearing debt 2 143   2 359   1 001   940   798   615  
  Capital employed 5 942   6 056   4 765   4 556   3 447   2 934  
  Represented by:                        
  Property, plant, equipment, investment                        
  property, goodwill, Pension Fund employer                        
  surplus accounts and investments 5 016   4 177   3 314   3 332   2 734   2 557  
  Current assets, excluding cash and cash                        
  equivalents, less interest-free liabilities 926   1 879   1 451   1 224   713   377  
  Employment of capital 5 942   6 056   4 765   4 556   3 447   2 934  
  Statements of cash flows                        
  Cash generated by operations 2 489   1 224   821   1 076   950   712  
  Changes in working capital 1 161   (978)   (627)   (259)   (295)   77  
  Expenditure relating to non-current                        
  provisions and restructuring (198)   (217)   (68)   (143)   (42)   (21)  
  Net investments to maintain operations 3 (20)   (279)   (272)   (177)   (104)   (112)  
    1 432   (250)   (146)   497   509   656  
  Dividends paid (167)   (250)   (237)   (206)   (167)   (135)  
    1 265   (500)   (383)   291   342   521  
  Investment to expand operations 3 (1 055)   (747)   (432)   (444)   (453)   (179)  
  Proceeds from disposal of investments                        
  and businesses 94   24   778   3   27   58  
  Net cash generated/(utilised) 304   (1 223)   (37)   (150)   (84)   400  
  Depreciation charges 267   216   233   223   212   224  
  Commitments                        
  Capital expenditure authorised 737   978   1 251   650   97   188  
  Future rentals on property, plant and                        
  equipment leased 185   317   253   290   235   196  
    922   1 295   1 504   940   332   384  

1 Includes the results of discontinued operations.
2 Profit from operations plus depreciation of property, plant and equipment and other non-cash flow items and after investment income, net financing costs and taxes paid.
3 Excludes property, plant and equipment of companies acquired.

RATIOS AND EMPLOYEE DETAILS

    2009   2008   2007   2006   2005   2004  
  Profitability and asset management
  Profit from operations to revenue (%) 7,5   6,9   7,1   10,8   10,1   9,4  
  Trading cash flow to revenue (%) 9,8   8,4   9,2   13,0   12,5   12,2  
  Return on average net assets (%) 1 12,6   16,9   16,5   24,8   23,4   20,4  
  Return on invested capital (%) 2 10,0   13,6   13,2   19,9   19,3   16,8  
  Return on average ordinary shareholders’ interest (%) 3 9,5   11,6   10,6   29,2   19,4   16,7  
  Net working capital to revenue (%) 4 15,9   19,2   17,8   16,8   15,7   12,0  
  Inventory cover (days) 5 67   85   79   81   74   68  
  Average credit extended to customers (days) 5 55   73   70   70   66   59  
                           
  Liquidity
  Cash interest cover 6 3,5   4,7   7,0   14,6   12,3   7,7  
  Interest-bearing debt to cash generated by operations 1,9   1,4   0,9   0,7   0,7   0,6  
  Gearing (%) 7 52,8   59,4   25,5   25,2   27,1   23,2  
  Current assets to current liabilities 1,4   1,4   1,4   1,4   1,4   1,6  
                           
  Employees
  Number of employees at year-end 8 6 459   6 474   7 123   7 705   7 251   7 260  
  Employee remuneration (R millions) 1 923   1 804   1 640   1 538   1 375   1 395  
  Value added per rand of employee remuneration (rand) 1,59   1,68   1,59   1,90   1,81   1,71  

1 Profit from operations plus investment income related to average property, plant, equipment, investment property, goodwill, investments, inventories, accounts receivable and assets classified as held for sale less accounts payable and liabilities classified as held for sale.
2 Profit from operations less tax at the standard rate plus investment income related to average property (excluding land revaluation), plant, equipment, investment property, goodwill, investments, inventories, accounts receivable and assets classified as held for sale less accounts payable, liabilities classified as held for sale and tax payable.
3 Headline earnings related to average ordinary shareholders' interest.
4 Excluding businesses sold and equity accounted and including working capital classified as held for sale.
5 Includes assets classified as held for sale.
6 Ratio of profit from operations plus return on Pension Fund employer surplus account and return on plan assets from post-retirement medical aid liabilities less closure costs plus depreciation and dividends received to net finance costs paid.
7 Interest-bearing debt less liquid funds as a percentage of total shareholders' interest.
8 Includes proportional share of joint venture employees.

 
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