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arow Group results at a glance
arow Historical reviews
arow Distribution of value added
arow Analysis of ordinary shareholders
arow Non-executive directors
arow Executive committee
arow Senior managers
arow Financial calendar
arow Chairman’s letter to shareholders


 

Historical reviews

JSE Limited and share performance

    2008   2007   2006   2005   2004   2003  
  ORDINARY SHARE STATISTICS                        
  Market price (cents per share)                        
  High 7 999   9 600   7 005   5 300   3 942   3 400  
  Low 4 250   6 300   5 041   3 801   2 900   2 114  
  31 December 5 099   7 899   6 825   5 300   3 900   3 400  
  Earnings yield (%) 8,1   4,5   12,5   9,1   10,1   10,5  
  Dividend yield (%)* 4,5   2,7   3,0   3,3   3,5   3,5  
  Dividend cover* 1,8   1,7   4,2   2,8   2,8   3,0  
  In issue (millions) 118,8   120,7   120,7   120,7   119,7   118,5  
  Value traded (R millions) 3 665   5 898   3 072   2 555   1 476   995  
  Volume traded (millions) 58,7   73,3   51,0   55,9   44,2   38,2  
  Volume traded (%) 49,4   60,7   42,3   46,3   36,9   32,2  
  Market capitalisation (R millions) 6 060   9 537   8 241   6 399   4 669   4 029  
                           
                           
  ORDINARY SHARE PERFORMANCE                        
  (cents per share)                        
  Headline earnings 412   355   853   482   392   356  
  Dividends declared* 231   213   205   175   138   120  
  Net asset value 3 601   3 430   3 255   2 587   2 381   2 305  

* The interim dividend in the current year and the final dividend declared after the balance sheet date have been used in the calculation.

 
AECI share price (rand)

Abridged financial statements

  R millions 2008   2007   2006   2005   2004   2003  
  INCOME STATEMENTS 1                        
  Revenue 14 340   11 328   10 212   8 768   7 911   7 659  
  Local 10 347   8 702   7 906   6 951   6 405   6 176  
  Foreign 3 993   2 626   2 306   1 817   1 506   1 483  
  Profit from operations 1 190   807   1 102   887   743   691  
  Net financing costs 222   130   103   90   139   150  
  Tax 226   217   353   225   173   135  
  Profit attributable to ordinary shareholders 385   455   916   486   283   239  
  Headline earnings 443   392   942   530   427   337  
                           
  BALANCE SHEETS                        
  Total shareholders’ interest 3 969   3 929   3 727   2 940   2 646   2 521  
  Deferred tax (net) (272)   (165)   (111)   (291)   (327)   (353)  
  Net interest-bearing debt 2 359   1 001   940   798   615   1 019  
  Capital employed 6 056   4 765   4 556   3 447   2 934   3 187  
  Represented by:                        
  Property, plant, equipment, investment                        
  property, goodwill, Pension Fund surplus                        
  and investments 4 177   3 314   3 332   2 734   2 557   2 711  
  Current assets, excluding cash, less                        
  interest-free liabilities 1 879   1 451   1 224   713   377   476  
  Employment of capital 6 056   4 765   4 556   3 447   2 934   3 187  
                           
  CASH FLOW STATEMENTS                        
  Cash generated by operations 2 1 124   821   1 076   950   712   634  
  (Investment)/reduction in working capital (921)   (627)   (259)   (295)   77   109  
  Expenditure relating to non-current provisions and restructuring (174)   (68)   (143)   (42)   (21)   (64)  
  Net investments to maintain operations 3 (279)   (272)   (177)   (104)   (112)   (22)  
    (250)   (146)   497   509   656   657  
  Dividends paid (250)   (237)   (206)   (167)   (135)   (123)  
    (500)   (383)   291   342   521   534  
  Investment in expansion of assets 3 (747)   (432)   (444)   (453)   (179)   (1 042)  
  Proceeds from disposal of investments and                        
  businesses 24   778   3   27   58   1  
  Net cash (utilised)/generated (1 223)   (37)   (150)   (84)   400   (507)  
  Depreciation charges 216   233   223   212   224   223  
  Commitments                        
  Capital expenditure authorised 978   1 251   650   97   188   189  
  Future rentals on property, plant and                        
  equipment leased 317   253   290   235   196   158  
    1 295   1 504   940   332   384   347  

1   Includes the results of discontinued operations.
2   Profit from operations plus depreciation of property, plant and equipment and other non-cash flow items and after investment income, net financing costs and taxes paid.
3   Excludes property, plant and equipment of companies acquired.

Ratios and employee details

  R millions 2008   2007   2006   2005   2004   2003  
  PROFITABILITY AND ASSET MANGEMENT                        
  Profit from operations to revenue (%) 8,3   7,1   10,8   10,1   9,4   9,0  
  Trading cash flow to revenue (%) 9,8   9,2   13,0   12,5   12,2   11,9  
  Return on average net assets (%) 1 20,3   16,5   24,8   23,4   20,4   19,3  
  Return on invested capital (ROIC) (%) 2 16,4   13,2   19,9   19,3   16,8   16,0  
  Return on average ordinary shareholders’ interest (%) 3 11,6   10,6   29,2   19,4   16,7   14,7  
  Net working capital to revenue (%) 4 19,2   17,8   16,8   15,7   12,0   14,2  
  Stock cover (days)5 85   79   81   74   68   67  
  Average credit extended to customers (days) 5 73   70   70   66   59   55  
                           
  LIQUIDITY                        
  Cash interest cover 6 4,6   7,0   14,6   12,3   7,7   6,2  
  Interest-bearing debt to cash generated by operations 1,5   0,9   0,7   0,7   0,6   1,1  
  Gearing (%) 7 59,4   25,5   25,2   27,1   23,2   40,4  
  Current assets to current liabilities 1,4   1,4   1,4   1,4   1,6   1,1  
                           
  EMPLOYEES                        
  Number of employees at year-end 8 6 474   7 123   7 705   7 251   7 260   8 167  
  Employee remuneration (R millions) 1 804   1 640   1 538   1 375   1 395   1 324  
  Value added per rand of employee remuneration (rand) 1,68   1,59   1,90   1,81   1,71   1,72  

1   Profit from operations plus investment income related to average property, plant, equipment, investment property, goodwill, investments, inventories, accounts receivable and assets classified as held for sale less accounts payable and liabilities classified as held for sale.
2   Profit from operations less tax at standard rate plus investment income related to average property (excluding land revaluation), plant, equipment, investment property, goodwill, investments, inventories, accounts receivable and assets classified as held for sale less accounts payable, liabilities classified as held for sale and tax payable.
3   Headline earnings related to average ordinary shareholders’ interest.
4   Excluding businesses sold and equity accounted and including working capital classified as held for sale.
5   Includes assets classified as held for sale.
6   Ratio of profit from operations after returns on the Pension Fund employer surplus and plan assets for post-retirement medical aid liabilities, less closure costs plus depreciation plus dividends received to net finance costs paid.
7   Interest-bearing debt less liquid funds as a percentage of total shareholders’ interest.
8   Includes proportional share of joint venture employees.