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| : Historical reviews | : Analysis of ordinary shareholders |
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Historical reviewsJsE lIMItEd And sHArE PErForMAnCE
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2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
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ordInAry sHArE stAtIstICs |
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| Market price (cents per share) | ||||||
| High | 9 600 |
7 005 |
5 300 |
3 942 |
3 400 |
2 650 |
| Low | 6 300 |
5 041 |
3 801 |
2 900 |
2 114 |
1 720 |
| 31 December | 7 899 |
6 825 |
5 300 |
3 900 |
3 400 |
2 550 |
| Earnings yield (%) | 4.5 |
12.5 |
9.1 |
10.1 |
10.5 |
13.3 |
| Dividend yield (%)* | 2.7 |
3.0 |
3.3 |
3.5 |
3.5 |
4.4 |
| Dividend cover* | 1.7 |
4.2 |
2.8 |
2.8 |
3.0 |
3.0 |
| In issue (millions) | 120.7 |
120.7 |
120.7 |
119.7 |
118.5 |
104.2 |
| Value traded (R millions) | 5 898 |
3 072 |
2 555 |
1 476 |
995 |
1 136 |
| Volume traded (millions) | 73.3 |
51.0 |
55.9 |
44.2 |
38.2 |
51.1 |
| Volume traded (%) | 60.7 |
42.3 |
46.3 |
36.9 |
32.2 |
49.0 |
| Market capitalisation (R millions) | 9 537 |
8 241 |
6 399 |
4 669 |
4 029 |
2 657 |
ordInAry sHArE PErForMAnCE |
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| (cents per share) | ||||||
| Headline earnings | 355 |
853 |
482 |
392 |
356 |
340 |
| Dividends declared* | 213 |
205 |
175 |
138 |
120 |
112 |
| Net asset value | 3 430 |
3 255 |
2 587 |
2 381 |
2 305 |
2 222 |
| * The interim dividend in the current year and the final dividend declared after the balance sheet date have been used in the calculation. | ||||||
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ABrIdGEd FInAnCIAl stAtEMEnts
| R millions | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
InCoME stAtEMEnts(1) |
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| Revenue | 11 328 | 10 212 | 8 768 | 7 911 | 7 659 | 7 818 |
| Local | 8 702 | 7 906 | 6 951 | 6 405 | 6 176 | 5 943 |
| Foreign | 2 626 | 2 306 | 1 817 | 1 506 | 1 483 | 1 875 |
| Profit from operations | 807 | 1 102 | 887 | 743 | 691 | 698 |
| Net financing costs | 130 | 103 | 90 | 139 | 150 | 164 |
| Tax | 217 | 353 | 225 | 173 | 135 | 155 |
| Profit attributable to ordinary shareholders | 455 | 916 | 486 | 283 | 239 | 240 |
| Headline earnings | 392 | 942 | 530 | 427 | 337 | 318 |
BAlAnCE sHEEts |
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| Total shareholders’ interest | 3 929 | 3 727 | 2 940 | 2 646 | 2 521 | 2 315 |
| Deferred tax (net) | (165) | (111) | (291) | (327) | (353) | (346) |
| Net interest-bearing debt | 1 001 | 940 | 798 | 615 | 1 019 | 814 |
| Capital employed | 4 765 | 4 556 | 3 447 | 2 934 | 3 187 | 2 783 |
| Represented by: | ||||||
| Property, plant, equipment, investment property, pension fund surplus, goodwill, and investments | 3 314 | 3 332 | 2 734 | 2 557 | 2 711 | 2 283 |
| Current assets, excluding cash, less interest-free liabilities | 1 451 | 1 224 | 713 | 377 | 476 | 500 |
| Employment of capital | 4 765 | 4 556 | 3 447 | 2 934 | 3 187 | 2 783 |
CAsH Flow stAtEMEnts |
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| Cash generated by operations(2) | 795 | 1 076 | 950 | 712 | 634 | 649 |
| (Investment)/reduction in working capital | (601) | (259) | (295) | 77 | 109 | (99) |
| Expenditure relating to restructuring and non-current provisions | (68) | (143) | (42) | (21) | (64) | (48) |
| Net investments to maintain operations(3) | (272) | (177) | (104) | (112) | (22) | (18) |
| (146) | 497 | 509 | 656 | 657 | 484 | |
| Dividends paid | (237) | (206) | (167) | (135) | (123) | (103) |
| (383) | 291 | 342 | 521 | 534 | 381 | |
| Investment in expansion of assets(3) | (432) | (444) | (453) | (179) | (1 042) | (130) |
| Proceeds from disposal of investments and businesses | 778 | 3 | 27 | 58 | 1 | 167 |
| Net cash (utilised)/generated(4) | (37) | (150) | (84) | 400 | (507) | 418 |
| Depreciation charges | 233 | 223 | 212 | 224 | 223 | 221 |
| Commitments | ||||||
| Capital expenditure authorised | 1 251 | 650 | 97 | 188 | 189 | 243 |
| Future rentals on property, plant and equipment leased | 253 | 290 | 235 | 196 | 158 | 147 |
| 1 504 | 940 | 332 | 384 | 347 | 390 | |
| (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. | ||||||
| (4) Excludes expenditure on repurchasing own shares in 2002. | ||||||
rAtIos And EMPloyEE dEtAIls
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
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ProFItABIlIty And AssEt MAnAGEMEnt |
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| Profit from operations to revenue (%) | 7.1 |
10.8 |
10.1 |
9.4 |
9.0 |
8.9 |
| Trading cash flow to revenue (%) | 9.2 |
13.0 |
12.5 |
12.2 |
11.9 |
11.8 |
| Return on average net assets (%)(1) | 16.5 |
24.8 |
23.4 |
20.4 |
19.3 |
19.7 |
| Return on invested capital (ROIC) (%)(2) | 13.2 |
19.9 |
19.3 |
16.8 |
16.0 |
16.4 |
| Return on average ordinary shareholders’ interest (%)(3) | 10.6 |
29.2 |
19.4 |
16.7 |
14.7 |
14.6 |
| Net working capital to revenue (%)(4) | 17.8 |
16.8 |
15.7 |
12.0 |
14.2 |
14.4 |
| Stock cover (days)(5) | 79 |
81 |
74 |
68 |
67 |
70 |
| Average credit extended to customers (days)(5) | 70 |
70 |
66 |
59 |
55 |
52 |
lIQUIdIty |
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| Cash interest cover(6) | 8.1 |
12.9 |
12.3 |
7.0 |
6.1 |
5.7 |
| Interest-bearing debt to cash generated by operations | 0.9 |
0.7 |
0.7 |
0.6 |
1.1 |
0.9 |
| Gearing (%)(7) | 25.5 |
25.2 |
27.1 |
23.2 |
40.4 |
35.2 |
| Current assets to current liabilities | 1.4 |
1.4 |
1.4 |
1.6 |
1.1 |
1.8 |
EMPloyEEs |
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| Number of employees at year-end(8) | 7 123 |
7 705 |
7 251 |
7 260 |
8 167 |
8 001 |
| Employee remuneration (R millions) | 1 640 |
1 538 |
1 375 |
1 395 |
1 324 |
1 210 |
| Value added per rand of employee remuneration (rand) | 1.59 |
1.90 |
1.81 |
1.71 |
1.72 |
1.80 |
| (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 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 depreciation plus dividends received to net finance costs. | ||||||
| (7) Interest-bearing debt less liquid funds as a percentage of total shareholders’ interest. | ||||||
| (8) Includes proportional share of joint venture employees and all employees at SANS Fibres prior to plant closures. | ||||||
| : Historical reviews | : Analysis of ordinary shareholders |
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