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Five YearReview
| | | Restated | | | |
| 2005 | 2004 | 2003 | 2002 | 2001 |
| For the year ended | R'000 | R'000 | R'000 | R'000 | R'000 |
INCOME STATEMENTS
| | | | | |
| South African operations | 1 937 769 | 1 676 944 | 1 496 562 | 1 294 781 | 1 111 333 |
| International operations | 42 539 | 75 443 | 276 868 | 389 529 | 633 710 |
| Total revenue | 1 980 308 | 1 752 387 | 1 773 430 | 1 684 310 | 1 745 043 |
| Operating profit before depreciation | 418 929 | 324 700 | 277 327 | 224 870 | 246 160 |
| Depreciation | (62 680) | (59 662) | (78 796) | (75 839) | (84 540) |
| Operating profit before amortisation, | | | | | |
| foreign exchange and exceptional items | 356 249 | 265 038 | 198 531 | 149 031 | 161 620 |
| South African operations | 355 642 | 261 629 | 214 865 | 165 018 | 130 823 |
| International operations | 607 | 3 409 | (16 334) | (15 987) | 30 797 |
| Amortisation of intangibles | (4 701) | (8 620) | (4 393) | (5 316) | (10 723) |
| Foreign exchange (losses)/gains | (2 101) | 1 030 | (9 978) | 1 081 | 3 865 |
| Exceptional items | 16 915 | 23 308 | (13 357) | (343 567) | (31 682) |
| Operating profit/(loss) | 366 362 | 280 756 | 170 803 | (198 771) | 123 080 |
| Net finance costs | (47 265) | (16 462) | (14 659) | (21 237) | (21 528) |
| Debenture interest paid to shareholders | – | – | – | (35 730) | (69 661) |
| Profit/(loss) after interest | 319 097 | 264 294 | 156 144 | (255 738) | 31 891 |
| Associate companies' profits/(losses) | 457 | (331) | (46 464) | (83 434) | (67 453) |
| Profit/(loss) before tax | 319 554 | 263 963 | 109 680 | (339 172) | (35 562) |
| Taxation | (86 642) | (64 032) | (63 889) | (26 034) | (11 564) |
| Profit/(loss) after tax | 232 912 | 199 931 | 45 791 | (365 206) | (47 126) |
| Minority interests | (17 340) | (24 403) | (24 587) | 2 153 | 5 240 |
| Net profit/(loss) for the year | 215 572 | 175 528 | 21 204 | (363 053) | (41 886) |
BALANCE SHEETS
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| Property, plant and equipment | 279 718 | 248 919 | 284 381 | 298 056 | 290 393 |
| Goodwill and intangible assets | 456 326 | 115 787 | 6 161 | 20 745 | 18 114 |
| Investment in associate companies | 10 940 | 8 062 | 24 217 | 149 527 | 236 920 |
| Other investments | 12 603 | 5 524 | 12 122 | 3 231 | 47 404 |
| Deferred tax assets | 151 417 | 173 262 | 179 736 | 363 842 | 353 450 |
| Current assets | 459 556 | 372 901 | 394 302 | 385 226 | 406 117 |
| Bank balances and cash | 4 368 | 65 997 | 30 712 | 88 505 | 62 707 |
| Total assets | 1 374 928 | 990 452 | 931 631 | 1 309 132 | 1 415 105 |
| Shareholders' funds | 407 199 | 317 159 | 302 693 | 420 801 | 615 743 |
| Minority interests | 80 927 | 16 238 | 20 245 | 127 637 | 127 121 |
| Interest bearing debt | 214 129 | 78 959 | 87 862 | 67 059 | 62 536 |
| Long-term provisions | 22 699 | 24 928 | 76 477 | 100 036 | 26 264 |
| Deferred tax liability | 63 125 | 272 | – | – | – |
| Current liabilities | 466 920 | 419 217 | 395 456 | 372 927 | 408 296 |
| Amounts owed to vendors | 7 704 | 129 132 | 1 000 | 17 037 | 28 275 |
| Current portion of interest bearing debt | 101 446 | 4 547 | 4 538 | 19 343 | 12 883 |
| Bank overdraft | 10 779 | – | 43 360 | 184 292 | 133 987 |
| Total equity and liabilities | 1 374 928 | 990 452 | 931 631 | 1 309 132 | 1 415 105 |
CASH FLOW STATEMENTS
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| Cash generated from operations | 389 850 | 353 629 | 195 386 | 226 537 | 149 812 |
| Net finance costs paid | (30 845) | (14 550) | (13 092) | (21 237) | (21 528) |
| Dividends paid to minorities | – | (1 916) | (863) | – | – |
| Tax (paid)/refund received | (69 365) | (63 805) | 11 014 | (17 847) | (18 903) |
| Net cash flow from operating activities | 289 640 | 273 358 | 192 445 | 187 453 | 109 381 |
| Net investments | (398 181) | (27 335) | (15 029) | (120 816) | (59 557) |
| Net capital expenditure | (86 604) | (43 227) | (44 753) | (53 992) | (79 333) |
| Net cash flow from investing activities | (484 785) | (70 562) | (59 782) | (174 808) | (138 890) |
| Distribution and debenture interest paid to |
| shareholders | (103 289) | (63 729) | (28 336) | (71 474) | (69 082) |
| Net proceeds from issue of shares | 29 060 | – | (34) | 50 372 | 22 430 |
| Share buy-backs and share trust acquisitions | (29 106) | (7 540) | (20 148) | (9 129) | – |
| Long-term and vendor borrowings raised/(repaid) | 225 008 | (52 595) | (2 970) | (1 726) | 23 401 |
| Net cash flow from financing activities | 121 673 | (123 864) | (51 488) | (31 957) | (23 251) |
| Net cash (out)/in flow | (73 472) | 78 932 | 81 175 | (19 312) | (52 760) |
| JSE STATISTICS |
| Traded price – Ordinary shares (cents) |
| – close | 1 150 | 940 | 440 | 440 | 415 |
| – high | 1 235 | 950 | 580 | 480 | 730 |
| – low | 855 | 400 | 390 | 300 | 355 |
| Traded price – "N" shares (cents) |
| – close | 1 180 | 865 | 400 | 374 | 390 |
| – high | 1 200 | 1 000 | 460 | 460 | 696 |
| – low | 830 | 400 | 320 | 300 | 335 |
| Number of shares in issue ('000) | 221 747 | 216 764 | 216 364 | 220 763 | 204 734 |
| Weighted average number of shares ('000) | 223 032 | 216 520 | 218 229 | 212 446 | 201 918 |
| Market capitalisation (including treasury shares) (R'000) | 2 682 183 | 1 975 609 | 916 269 | 877 223 | 841 886 |
KEY SHAREHOLDERS' RATIOS
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| Headline earnings (R'000) | 211 662 | 147 375 | 50 126 | (103 103) | (106 007) |
| Headline earnings per share (cents) | 95 | 68 | 23 | (49) | (53) |
| Shareholder distributions declared per share (cents) | 56 | 40 | 26 | 34 | 34 |
| Earnings yield (%) | 8,3 | 9,2 | 2,4 | (42,4) | (5,1) |
| PE ratio (times) | 12,1 | 10,9 | 41,7 | (2,4) | (19,6) |
PROFITABILITY RATIOS
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| Return on assets (%) | 36,5 | 35,6 | 26,1 | 17,5 | 17,4 |
| Return on shareholders' equity (%) | | | | | |
| – Attributable earnings | 59,5 | 56,6 | 5,9 | (70,1) | (6,5) |
| – Headline earnings | 58,4 | 47,6 | 13,9 | (19,9) | (16,5) |
| Return on capital employed (%) | 59,2 | 70,5 | 37,9 | (33,2) | 17,4 |
| Operating margin (%) | 18,0 | 15,1 | 11,2 | 8,8 | 9,3 |
SOLVENCY AND LIQUIDITY RATIOS
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| Interest cover (times) | 9,0 | 16,0 | 14,3 | 2,8 | 1,9 |
| Current ratio (times) | 0,8 | 0,8 | 1,0 | 0,8 | 0,8 |
| Gearing ratio (%) | 80,1 | 24,9 | 29,0 | 15,9 | 10,2 |
| Debt to EBITD ratio (times) | 0,8 | 0,2 | 0,3 | 0,3 | 0,3 |
| The previously reported results for 2004 have been restated in accordance with the accounting policy changes disclosed in note
31 and 32. |
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