Two-year
|
Years ended 30 June |
Unaudited
|
||
CAGR1
|
2003
|
2002
|
pro forma
|
|
| ABRIDGED FINANCIAL STATEMENTS | rate %
|
Rm
|
Rm
|
2001
|
| INCOME STATEMENTS | ||||
| REVENUE | 17,6
|
7 469
|
7 182
|
5 404
|
| NET OPERATING PROFIT | 44,1
|
1 212
|
1 683
|
584
|
| Financing costs | (244)
|
(242)
|
(271)
|
|
| Investment and equity income | 2
|
83
|
137
|
|
| Exceptional items | 72
|
|||
| Impairment charges | (2)
|
(101)
|
||
| Goodwill amortisation | (21)
|
26
|
(27)
|
|
| Taxation | (229)
|
(465)
|
(107)
|
|
| Minority interest | (8)
|
|||
| Add back items for headline earnings | 66
|
122
|
123
|
|
| HEADLINE EARNINGS | 23,9
|
784
|
1 098
|
511
|
| HEADLINE EARNINGS PER SHARE (CENTS) | 16,3
|
264,0
|
385,3
|
195,0
|
| DIVIDENDS PER SHARE (CENTS) | ||||
| PAID IN RESPECT OF THE 2002 YEAR | 85
|
|||
| CASH FLOW STATEMENTS | ||||
| Cash flow from normal operations | 780
|
2 184
|
||
| Proceeds on sale of assets | 44
|
25
|
||
| Capital expenditure | (1 386)
|
(1 085)
|
||
| Increase in cash resources on acquisition of a controlling | ||||
| interest in subsidiaries | 366
|
|||
| Acquisition of joint ventures and associates | (34)
|
|||
| Investments | (36)
|
(50)
|
||
| Foreign currency translations | 28
|
(9)
|
||
| Shares issued | 393
|
|||
| Unbundling costs | (44)
|
|||
| Cash flows included above relating to | ||||
| non-interesting-bearing debt | 2
|
|||
| Non-cash flow movements in net debt of the group arising | ||||
| from currency | ||||
| translation differences | (199)
|
(16)
|
||
| Increase in net debt on acquisition of a controlling interest | ||||
| in subsidiaries | (891)
|
|||
| Loans from minority shareholders | 95
|
|||
| (INCREASE)/DECREASE IN NET DEBT | (1 231)
|
1 398
|
||
| BALANCE SHEETS | ||||
| ASSETS | ||||
| Non-current assets | ||||
| Property, plant and equipment | 28,3
|
8 205
|
5 710
|
4 987
|
| Intangible asset | 98
|
|||
| Goodwill | (80)
|
23
|
47
|
|
| Investments in associates and joint ventures | 118
|
1 184
|
810
|
|
| Deferred taxation | 485
|
423
|
||
| Financial assets | 272
|
212
|
294
|
|
| Current assets | ||||
| Cash and cash equivalents | 964
|
679
|
||
| Inventories, trade- and other receivables | 2 724
|
1 977
|
1 577
|
|
| TOTAL ASSETS | 28,7
|
12 786
|
10 208
|
7 715
|
| EQUITY AND LIABILITIES | ||||
| CAPITAL AND RESERVES | ||||
| Shareholders’ funds | 22,7
|
4 921
|
4 816
|
3 270
|
| Minority interest | 1 191
|
487
|
349
|
|
| TOTAL SHAREHOLDERS’ INTEREST | 30,0
|
6 112
|
5 303
|
3 619
|
| Non-current liabilities | ||||
| Interest-bearing borrowings | 2 801
|
882
|
1 242
|
|
| Other long-term payables | 388
|
178
|
||
| Non-current provisions | 501
|
389
|
398
|
|
| Deferred taxation | 1 384
|
1 204
|
727
|
|
| Current liabilities | ||||
| Interest-bearing borrowings | 537
|
940
|
1 299
|
|
| Other | 1 063
|
1 312
|
430
|
|
| TOTAL EQUITY AND LIABILITIES | 28,7
|
12 786
|
10 208
|
7 715
|
| NET DEBT | (3,3)
|
2 374
|
1 143
|
2 541
|
| ANALYSIS PER SHARE | ||||
| Number of shares in issue (million) | 297
|
297
|
272
|
|
| Weighted average number shares in issue (million) | 297
|
285
|
262
|
|
| Earnings per ordinary share | ||||
| – Attributable earnings (cents) | 241,8
|
342,5
|
148,1
|
|
| – Headline earnings (cents) | 264,0
|
385,3
|
195,0
|
|
| Dividend per ordinary share (cents)2 | 85
|
|||
| Dividend cover (times)3 | 3,9
|
|||
| Net asset value per ordinary share (cents) | 1 657
|
1 622
|
1 202
|
|
| Attributable cash flow per ordinary share (cents) | 266,2
|
761,5
|
||
| 1. | Compound annual growth rate. |
| 2. | Declared in August and paid in September 2003 in respect of the year ended 30 June 2002. |
| 3. | Previous year’s earnings divided by the dividend paid in the reporting year. The dividend of 60 cents per share declared in August and paid in September 2003 in respect of the year ended 30 June 2003 is covered 4,0 times by the earnings of that year. |
Two-year
|
Years
ended
|
Unaudited
|
||
CAGR
**
|
30
June
|
pro
forma
|
||
rate
%
|
2003
|
2002
|
2001
|
|
| RATIOS | ||||
| Profitability and asset management | ||||
| Return on net assets (%) | 3,5
|
15
|
27
|
14
|
| Return on ordinary shareholders’ equity | ||||
| – Attributable earnings (%) | 11,8
|
15
|
20
|
12
|
| – Headline earnings (%) | 16
|
23
|
16
|
|
| Return on invested capital (%) | 8,0
|
14
|
24
|
12
|
| Return on capital employed (%) | 11,8
|
15
|
27
|
12
|
| Operating margin (%) | 20,6
|
16
|
23
|
11
|
| Solvency and liquidity | ||||
| Net financing cost cover (times) – EBITDA | 44,5
|
7,1
|
8,8
|
3,4
|
| Current ratio (times) | 59,9
|
2,3
|
1,2
|
0,9
|
| Net debt-to-equity (%) | (25,4)
|
39
|
22
|
70
|
| Net debt to earnings before interest, tax, | ||||
| depreciation and amortisation (times) | (29,7)
|
1,36
|
0,53
|
2,75
|
| Number of years to repay interest-bearing debt | 3,13
|
0,83
|
||
| Productivity | ||||
| Average number of employees | (9,1)
|
9 674
|
9
636
|
11
694
|
| Revenue per employee excluding Ticor Limited (R’000) | 26,9
|
744
|
745
|
462
|
| Cash value added (Rm) | 2 954
|
3
883
|
||
| ** Compound annual growth rate. | ||||
