Five year review

   2018
R’000		 2017
R’000 		 2016
R’000 		 2015
R’000 		 2014
R’000 
INCOME STATEMENT                
Revenue  11 533 818  10 303 531  10 099 349  8 394 986  8 038 918 
EBITDA1  742 181  714 800  807 514  444 141  659 988 
Operating (loss)/profit  (949 907) 498 426  621 514  295 480  585 133 
Net finance cost  (73 701) (77 625) (86 696) (66 492) (45 707)
(Loss)/profit before tax  (1 023 608) 420 801  534 818  228 988  539 426 
Taxation  250 197   (117 038) (149 885) (65 274) (154 498)
Net (loss)/profit attributable to equity holders of the company  (773 411) 303 763  384 933  163 714  384 928 
Headline earnings attributable to shareholders  292 200  304 570  379 737  119 261  358 355 
BALANCE SHEET                
Property, plant, equipment and intangibles  1 944 930   3 388 737  3 332 586  3 233 717  2 756 925 
Retirement benefit asset  133 860   127 054  117 397  142 292  138 854 
Deferred tax asset  17 060   21 152  25 463  20 260  25 450 
Current assets (including non-current assets held for sale) 4 415 609   3 688 256  3 480 992  3 260 271  3 348 149 
Total assets  6 511 459   7 225 199  6 956 438  6 656 540  6 269 378 
Equity holders’ interest  3 802 621   4 648 677  4 346 688  3 854 517  3 833 817 
Borrowings: Non-current and current  819 783   428 699  652 444  1 045 401  686 144 
Deferred tax liability  221 060   578 568  516 533  486 765  477 702 
Retirement benefit obligations  251 738   266 767  258 879  227 997  236 369 
Current liabilities (excluding current borrowings) 1 416 257   1 302 488  1 181 894  1 041 860  1 035 346 
Total equity and liabilities  6 511 459   7 225 199  6 956 438  6 656 540  6 269 378 
CASH FLOW                
Net cash inflow from operating activities  331 618   557 166  679 028  123 775  518 046 
Free cash flow6  89 874  296 132  415 349  (419 554) 132 688 
Free cash flow (adjusted)9  297 874  296 132  415 349  (419 554) 132 688 
Net cash outflow from investing activities  (241 744) (261 034) (263 679) (543 329) (335 358)
Net cash inflow/(outflow) from financing activities  333 352   (287 405) (405 393) 233 401  (124 724)
Net cash increase/(decrease) for the year  423 226   8 727  9 956  (186 153) 57 964 
   
1 Earnings before interest, taxation, depreciation, amortisation and impairment of property, plant and equipment and intangible assets.
2 Net operating profit after taxation (excluding impairment of property, plant and equipment and intangible assets) expressed as a percentage of average capital employed.
3 Headline earnings expressed as a percentage of average equity.
4 Current and non-current borrowings less cash, divided by equity.
5 Current assets divided by current liabilities (excluding borrowings).
6 Free cash flow is made up of cash flow generated from operations and cash flows from investing activities which equates to cash flows before financing activities.
7 Using Eskom emission factor.
8 Consumption of LPG and electricity.
9 Free cash flow (adjusted) is made up of cash flows before financing activities adjusted for the impact of the inclusion of a significant customer payment. For further information refer to Supplementary information: Free cash flows (adjusted) included in the financial capital section.