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FIVE-YEAR REVIEW

  2013
  R’000 
Restated
  2012
  R’000 
2011
  R’000 
2010
  R’000 
2009
  R’000 
INCOME STATEMENT           
Revenue  7 560 007  6 541 997  6 905 444  5 808 667  4 499 582 
EBIDTA(1) 527 209  407 573  383 333  411 132  441 707 
Operating (loss)/profit  (1 805 371) 101 087  169 945  218 233  243 974 
Net finance costs  (63 357) (62 909) (61 910) (116 923) (113 813)
Share of profits of associates and joint ventures  –  181  1 187  2 654  383 
Loss/(profit) before tax  (1 868 728) 38 359  109 222  103 964  130 544 
Taxation  523 769  (9 106) (29 546) (30 716) (40 911)
Net (loss)/profit attributable to shareholders  (1 344 959) 29 253  79 676  73 248  89 633 
Headline earnings attributable to shareholders  183 005  78 921  80 121  74 813  91 599 
BALANCE SHEET           
Property, plant, equipment, intangibles and investments  2 553 218  4 737 134  5 003 167  5 074 879  5 019 615 
Retirement benefit asset  161 468  177 179  37 615  73 819  – 
Deferred tax asset  27 815  33 632  21 225  22 102  13 899 
Current assets  2 987 371  2 537 421  2 457 088  2 186 972  1 880 688 
Total assets  5 729 872  7 485 366  7 519 095  7 357 772  6 914 202 
Equity holders’ interest  3 402 810  4 747 597  4 669 625  4 609 534  3 744 279 
Borrowings: non-current and current  804 482  772 079  828 609  982 836  1 473 318 
Deferred tax liability  405 311  962 518  940 205  941 260  912 876 
Retirement benefit obligations  225 826  233 242  169 740  147 909  132 946 
Current liabilities (excluding current borrowings) 891 443  769 930  910 916  676 233  650 783 
Total equity and liabilities  5 729 872  7 485 366  7 519 095  7 357 772  6 914 202 
CASH FLOW           
Net cash inflow/(outflow) from operating activities  282 958  98 392  287 074  (53 732) 724 257 
Net cash outflow from investing activities  (147 666) (26 045) (135 090) (228 010) (351 831)
Net cash inflow/(outflow) from financing activities  27 912  (62 651) (156 523) 241 768  (374 187)
Net cash increase/(decrease) for the year  163 204  9 696  (4 539) (39 974) (1 761)

 

    2013 Restated
  2012  
2011   2010 2009
             
RATIOS AND STATISTICS             
Earnings             
Earnings per share*  (cents) (422) 25  26  37 
Headline earnings per share*  (cents) 57  25  25  27  37 
Dividend per share**  (cents)          
Dividend cover**  (times)          
Profitability             
Operating margin(2) (%) 4,2  2,8  2,5  3,8  5,4 
Return on capital employed(3) (%) 5,5  2,8  2,6  3,4  3,8 
Return on equity attributable to shareholders(4) (%) 4,5  1,7  1,7  1,8  2,4 
Financial             
Net debt to equity(5) (%) 18,0  15,6  17,3  20,8  37,6 
Current ratio (6)   3,4  3,3  2,7  3,2  2,9 
Liquidity ratio(7)   1,3  1,3  1,3  1,5  1,3 
             

DEFINITIONS 

           
(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. 
* EPS and HEPS prior to 2010 have been adjusted for the effects of the rights issue concluded in June 2010. 
** No dividends were declared in financial years 2009 to 2013. 
   
Note: 2012 has been restated to reflect the effects of the change in accounting policy regarding employee benefits (see note 1.35 of the group financial statements). Prior years were not adjusted as it was impracticable to do so.