Five-year review

for the year ended 31 May 2017

Notes 2017
R'000
2016
R'000
2015
R'000
2014
R'000
2013
R'000
Extracts from statement of comprehensive income
Revenue 1 995 888 1 778 605 1 367 980 1 272 071 1 010 113
Earnings before interest, taxation,
depreciation and amortisation ("EBITDA")
1 294 149 264 240 199 906 170 831 131 247
Trading profit* 2 165 718 151 026 125 115 109 039 80 491
Trading profit 2 161 274 151 026 125 115 109 039 80 491
Operating profit 148 146 135 842 48 654 118 611 80 197
Net finance costs (57 625) (48 124) (23 638) (20 112) (13 390)
Share of profits from associate 14 213 6 313 3 811 4 190 4 814
Profit before taxation 104 734 94 730 28 827 102 689 71 621
Taxation (20 958) (18 863) (26 772) (26 451) (18 674)
Net profit attributable to shareholders 72 968 65 214 140 116 76 089 65 488
Headline earnings 74 617 64 434 (3 874) 67 926 56 577
Core headline earnings 3 92 998 86 604 76 073 72 369 57 786
Extracts from statement of financial position
Total assets 1 850 952 1 731 133 1 448 918 926 223 774 680
Ordinary shareholders' funds 799 775 722 075 643 988 334 978 292 272
Non-controlling Interests 45 295 36 509 44 430 36 599 17 184
Total liabilities 1 005 882 972 549 760 500 554 646 465 224
Net working capital 4 58 133 67 456 45 528 6 892 2 996
Net interest-bearing debt 365 859 531 106 300 491 224 366 175 960
Extracts from statement of cash flows
Net cash generated from operations (before net financing costs, taxation and dividends) 303 863 262 914 192 135 168 513 146 125
Net cash generated from operations 205 099 173 195 104 933 133 434 97 431
Net cash flows from investing activities (36 068) (102 207) 8 254 1 265 (88 544)
Net cash flows from financing activities (174 752) (130 912) 12 200 (148 680) (63 592)
Unfunded net capex 5 (54 584) (26 745) (82 523) 16 721 (17 513)
Ratios
Profitability
Trading margin* (%) 8,3 8,5 9,1 8,6 8,0
Operating margin* (%) 7,6 7,6 3,6 9,3 7,9
Return on invested capital (%) 6 11,3 11,2 11,9 15,5 15,2
Return on ordinary shareholders' funds (%) 7 12,6 12,7 15,5 23,1 20,8
Solvency
Interest covered by trading profit* (times) 2,9 3,1 5,3 5,4 6,0
Net interest-bearing debt to EBITDA (times) 1,2 2,0 1,5 1,3 1,3
Total equity to total assets (%) 45,7 43,8 47,5 40,1 39,9
Net interest-bearing debt to total equity (%) 43,3 70,0 43,6 60,4 56,9
Liquidity
Free cash 8 150 515 146 450 22 410 150 155 79 918
Free cash to core headline earnings (times) 1,62 1,69 0,29 2,07 1,38
Cash conversion ratio (times) 9 1,03 0,99 0,96 0,99 1,11
Share performance
Headline earnings per share (cents) 29,6 25,7 (1,7) 31,2 25,1
Core headline earnings per share (cents) 36,9 34,6 33,9 33,3 25,6
Net asset value per share (cents) 10 317,4 286,6 261,6 161,5 129,5
Net tangible asset value per share (cents) 11 255,6 221,6 207,9 124,3 100,1
Price earnings ratio on headline earnings per share (times) 10,1 12,1 (375,9) 13,4 13,3
Price earnings ratio on core headline earnings per share (times) 8,1 9,0 18,8 12,6 13,1
Market prices (cents)
– Closing 300 310 639 419 335
– High 360 529 650 556 360
– Low 250 260 385 250 150
Total market capitalisation at closing prices 12 755 839 781 033 1 572 873 869 014 755 954
Value of shares traded 50 190 101 683 171 219 91 528 62 834
Volume of shares traded ('000) 16 331 24 751 33 935 27 964 26 882
Average share price for the year (cents) 307 411 505 327 234
Value traded to average capitalisation (%) 7 9 14 11 11
* Excluding once-off retrenchment costs.

 

Notes

  1. Trading profit excluding depreciation and amortisation.
  2. Operating profit excluding the loss or profit on sale of capital assets and share-based payment charges.
  3. Headline earnings (as calculated based on SAICA Circular 2/2015) adjusted for the amortisation charge of intangibles assets recognised on business combinations and charges relating to share-based payments.
  4. Consist of inventories, trade and other receivables and trade and other payables.
  5. Cash flows from purchase and disposal of property, plant and equipment and intangible assets.
  6. Return as a percentage of invested capital. Return is calculated by reducing the trading profit excluding once-off retrenchment costs by the effective income tax rate plus income from associate. The invested capital Is an average of ordinary shareholders' funds plus non-controlling interests plus net interest bearing debt for the year.
  7. Core headline earnings excluding once-off retrenchment costs as a percentage of average ordinary shareholders' fund for the year.
  8. Cash flows generated from operations less unfunded net capex.
  9. Net cash generated from operations (before net financing costs, taxation and dividends) divided by EBITDA.
  10. Ordinary shareholders' funds divided by the total ordinary shares in issue net of treasury shares.
  11. Ordinary shareholders' funds net of intangible assets divided by the total ordinary shares in issue net of treasury shares.
  12. Total ordinary shares in issue net of treasury shares multiplied by the closing share price.