Five-year review

					Restated
	2016	2015	2014	2013	2012
	R’000	R’000	R’000	R’000	R’000
INCOME STATEMENT
Revenue	10 099 349	8 394 986	8 038 918	7 560 007	6 541 997
EBIDTA1	807 514	444 141	659 988	527 209	407 573
Operating profit/(loss)	621 514	295 480	585 133	(1 805 371)	101 087
Net finance costs	(86 696)	(66 492)	(45 707)	(63 357)	(62 909)
Share of profits of associates and joint ventures	–	–	–	–	181
Profit/(loss) before tax	534 818	228 988	539 426	(1 868 728)	38 359
Taxation	(149 885)	(65 274)	(154 498)	523 769	(9 106)
Net profit/(loss) attributable to equity holdersof the company	384 933	163 714	384 928	(1 344 959)	29 253
Headline earnings attributable to shareholders	379 737	119 261	358 355	183 005	78 921
BALANCE SHEET
Property, plant, equipment, intangibles and investments	3 332 586	3 233 717	2 756 925	2 553 218	4 737 134
Retirement benefit asset	117 397	142 292	138 854	161 468	177 179
Deferred tax asset	25 463	20 260	25 450	27 815	33 632
Current assets	3 480 992	3 260 271	3 348 149	2 987 371	2 537 421
Total assets	6 956 438	6 656 540	6 269 378	5 729 872	7 485 366
Equity holders’ interest	4 346 688	3 854 517	3 833 817	3 402 810	4 747 597
Borrowings: non-current and current	652 444	1 045 401	686 144	804 482	772 079
Deferred tax liability	516 533	486 765	477 702	405 311	962 518
Retirement benefit obligations	258 879	227 997	236 369	225 826	233 242
Current liabilities (excluding current borrowings)	1 181 894	1 041 860	1 035 346	891 443	769 930
Total equity and liabilities	6 956 438	6 656 540	6 269 378	5 729 872	7 485 366
CASH FLOW
Net cash inflow/(outflow) from operating activities	679 028	123 775	518 046	282 958	98 392
Net cash outflow from investing activities	(263 679)	(543 329)	(335 358)	(147 666)	(26 045)
Net cash (outflow)/inflow from financing activities	(405 393)	233 401	(124 724)	27 912	(62 651)
Net cash increase/(decrease) for the year	9 956	(186 153)	57 964	163 204	9 696

 

 

						Restated
		2016	2015	2014	2013	2012
		R’000	R’000	R’000	R’000	R’000
RATIOS AND STATISTICS
Earnings
Earnings per share	(cents)	120	51	120	(422)	9
Headline earnings per share	(cents)	119	37	112	57	25
Dividend per share*	(cents)	15	8	25	–	–
Dividend cover*	(times)	7,9	4,6	4,5	–	–
Profitability
Operating margin2	(%)	6,2	3,5	6,7	4,2	2,8
Return on capital employed3	(%)	9,2	4,7	9,4	4,8	2,4
Return on equity attributable to shareholders4	(%)	9,3	3,1	9,9	4,5	1,7
Financial
Net debt to equity5	(%)	13,3	25,3	11,4	18,0	15,6
Current ratio6		2,9	3,1	3,2	3,4	3,3
Liquidity ratio7		1,4	1,4	1,3	1,3	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	Net operating profit after taxation (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 (excluding borrowings).
7	Current assets (excluding inventories) divided by current liabilities (excluding borrowings).
*	No dividends were declared in financial years 2012 and 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.