An overview > Five-year review

Five-year review

  2015 
R’000 
2014 
R’000 
2013 
R’000 
Restated 
2012 
R’000 
2011 
R’000 
INCOME STATEMENT
Revenue  8 394 986  8 038 918  7 560 007  6 541 997  6 905 444 
EBIDTA1  444 141  659 988  527 209  407 573  383 333 
Operating profit/(loss) 295 480  585 133  (1 805 371) 101 087  169 945 
Net finance costs  (66 492) (45 707) (63 357) (62 909) (61 910)
Share of profits of associates and joint ventures  –  –  –  181  1 187 
Profit/(loss) before tax  228 988  539 426  (1 868 728) 38 359  109 222 
Taxation  (65 274) (154 498) 523 769  (9 106) (29 546)
Net profit/(loss) attributable to equity holders of the company  163 714  384 928  (1 344 959) 29 253  79 676 
Headline earnings attributable to shareholders  119 261  358 355  183 005  78 921  80 121 
BALANCE SHEET 
Property, plant, equipment, intangibles and investments  3 233 717  2 756 925  2 553 218  4 737 134  5 003 167 
Retirement benefit asset  142 292  138 854  161 468  177 179  37 615 
Deferred tax asset  20 260  25 450  27 815  33 632  21 225 
Current assets  3 260 271  3 348 149  2 987 371  2 537 421  2 457 088 
Total assets  6 656 540  6 269 378  5 729 872  7 485 366  7 519 095 
Equity holders’ interest  3 854 517  3 833 817  3 402 810  4 747 597  4 669 625 
Borrowings: non-current and current  1 045 401  686 144  804 482  772 079  828 609 
Deferred tax liability  486 765  477 702  405 311  962 518  940 205 
Retirement benefit obligations  227 997  236 369  225 826  233 242  169 740 
Current liabilities (excluding current borrowings) 1 041 860  1 035 346  891 443  769 930  910 916 
Total equity and liabilities  6 656 540  6 269 378  5 729 872  7 485 366  7 519 095 
CASH FLOW 
Net cash inflow from operating activities  123 775  518 046  282 958  98 392  287 074 
Net cash outflow from investing activities  (543 329) (335 358) (147 666) (26 045) (135 090)
Net cash inflow/(outflow) from financing activities  233 401  (124 724) 27 912  (62 651) (156 523)
Net cash (decrease)/increase for the year  (186 153) 57 964  163 204  9 696  (4 539)

 

2015 
 R’000 
2014 
 R’000 
2013 
 R’000 
Restated 
2012 
 R’000 
2011 
 R’000 
RATIOS AND STATISTICS 
Earnings 
Earnings per share  (cents) 51  120  (422) 25 
Headline earnings per share  (cents) 37  112  57  25  25 
Dividend per share*  (cents) 25 
Dividend cover*  (times) 4,6  4,5 
Profitability 
Operating margin2  (%) 3,5  6,7  4,2  2,8  2,5 
Return on capital employed3  (%) 5,5  10,8  5,5  2,8  2,6 
Return on equity attributable to shareholders4 (%) 3,1  9,9  4,5  1,7  1,7 
Financial 
Net debt to equity5  (%) 25,3  11,4  18,0  15,6  17,3 
Current ratio6  3,1  3,2  3,4  3,3  2,7 
Liquidity ratio7  1,4  1,3  1,3  1,3  1,3 

1 Earnings before interest, taxation, depreciation, amortisation and impairment of property, plant and equipment and intangible assets. 
2 Operating profit (excluding impairment of property, plant and equipment and intangible assets) expressed as a percentage of revenue. 
3 Operating profit (excluding impairment of property, plant and equipment and intangible assets) expressed as a percentage of average capital employed. 
4 Headline earnings expressed as a percentage of average equity. 
5 Current and non-current borrowings less cash divided by total equity. 
6 Current assets divided by current liabilities. 
7 Current assets (excluding inventories) divided by current liabilities. 
* No dividends were declared in financial years 2011 to 2013. Dividend cover is calculated based on headline earnings. 


Note: 2012 was restated to reflect the effects of the change in accounting policy regarding employee benefits. Prior years were not adjusted as it was impracticable to do so.