- CORPORATE
REVIEW 
- OPERATIONAL
REVIEW - GOVERNANCE AND
SUSTAINABILITY - ANNUAL FINANCIAL
STATEMENTS- Independent auditor's report
- Company secretary's certificate
- Directors' report
- Balance sheets
- Income statements
- Statements of changes in equity
- Cash flow statements
- Notes to the annual financial
statements - Subsidiary and other information
- Annexure A - Segmental reporting
- Annexure B - Shareholders' diary 2007/8
- Notice of annual general meeting
- Corporate information
- Form of proxy
Corporate Review
- Highlights
- Directors and officers
- Shareholder profile
- Chairman's and CEO's report
- Value-added statement
- Six-year financial review
- Operational structure
- National locations
Six-year financial review
| 30 Jun | 31 Dec | 31 Dec | 31 Dec | 30 Apr | 30 Apr | |
| 2007 | 2005 | 2004 | 2003 | 2003 | 2002 | |
| (18 months) | Restated | Restated | (8 months) | |||
| IFRS | IFRS | SA GAAP | SA GAAP | SA GAAP | SA GAAP | |
| Group income statement (Rm) | ||||||
| Revenue | 5 242,2 | 2 975,1 | 1 911,9 | 616,6 | 1 158,4 | 1 168,1 |
| Operating profit/(loss) | 338,5 | 225,5 | 140,6 | 22,7 | (96,0) | 33,1 |
| Negative goodwill from acquisitions | – | – | 134,7 | – | – | – |
| Net pension fund surplus | – | 50,6 | – | – | – | – |
| Discontinued operation closure costs | – | (10,9) | – | – | – | – |
| Net finance costs | (51,1) | (19,4) | (10,6) | (12,6) | (25,4) | (26,3) |
| Share of results of joint ventures | 3,2 | 0,7 | 1,2 | (2,0) | (0,6) | 1,7 |
| Profit/(loss) before taxation | 290,6 | 246,5 | 265,9 | 8,1 | (122,0) | 8,5 |
| Taxation | (53,0) | (45,6) | (24,6) | – | – | (1,0) |
| Minorities’ interest | (11,6) | (6,2) | (2,2) | – | – | – |
| Net profit/(loss) attributable | ||||||
| to ordinary shareholders | 226,0 | 194,7 | 239,1 | 8,1 | (122,0) | 7,5 |
| Group balance sheet (Rm) | ||||||
| Shareholders’ funds | 1 166,1 | 1 041,2 | 854,2 | 203,7 | 56,2 | 179,7 |
| Minorities’ interest | 25,0 | 14,0 | 9,4 | – | – | 0,5 |
| Deferred taxation | 29,1 | 17,6 | 6,3 | – | – | – |
| Total borrowings | 537,0 | 245,0 | 249,4 | 70,1 | 155,7 | 164,1 |
| Retirement benefit obligation | 14,0 | 19,8 | 40,6 | 9,9 | 12,9 | 11,4 |
| Current liabilities | ||||||
| (excluding short-term borrowings) | 618,5 | 410,7 | 385,5 | 73,4 | 179,3 | 123,3 |
| Total equity and liabilities | 2 389,7 | 1 748,3 | 1 545,4 | 357,1 | 404,1 | 479,0 |
| Property, plant, equipment | ||||||
| and investment properties | 709,1 | 529,5 | 410,3 | 50,7 | 63,6 | 124,2 |
| Pension fund surplus | 54,3 | 50,6 | – | – | – | – |
| Deferred taxation | 67,9 | 95,1 | 121,9 | – | – | – |
| Total investments, loans receivable | ||||||
| and goodwill | 92,6 | 34,1 | 40,2 | 21,0 | 7,2 | 7,6 |
| Inventories and receivables | ||||||
| (excluding short-term loans | ||||||
| receivable) | 1 463,4 | 1 036,8 | 928,0 | 248,2 | 324,3 | 347,2 |
| Cash and cash equivalents | 2,4 | 2,2 | 45,0 | 37,2 | 9,0 | – |
| Total assets | 2 389,7 | 1 748,3 | 1 545,4 | 357,1 | 404,1 | 479,0 |
| Group cash flow (Rm) | ||||||
| Cash generated from operations | 397,2 | 218,5 | 164,8 | 24,1 | 7,1 | 59,2 |
| Net working capital changes | (177,9) | (85,5) | (44,4) | (5,8) | 28,0 | (7,5) |
| Net finance costs | (51,1) | (19,4) | (10,6) | (22,6) | (26,5) | (26,3) |
| Taxation paid | (14,0) | (3,1) | (13,5) | (0,2) | (0,9) | (1,2) |
| Net cash (outflow)/inflow | ||||||
| from investing activities | (219,5) | (139,1) | (474,1) | 20,0 | 9,7 | 19,9 |
| Total cash flows from operating and | ||||||
| investing activities | (65,3) | (28,6) | (377,8) | 15,5 | 17,4 | 44,1 |
| Ratios and statistics | ||||||
| Profitability | ||||||
| Operating profit as percentage of | ||||||
| revenue (%) | 6,46 | 7,58 | 7,35 | 3,68 | (8,28) | 2,84 |
| Net profit as percentage of | ||||||
| revenue (%) | 4,31 | 6,54 | 12,51 | 1,31 | (10,52) | 0,65 |
| Return on equity (%)1 | 21,70 | 22,40 | 117,33 | 14,36 | (67,84) | 4,46 |
| Leverage | ||||||
| Interest-bearing debt to equity (%)2 | 43,4 | 22,1 | 20,7 | 34,3 | 277,2 | 91,4 |
| Debt to equity (%)3 | 100,4 | 65,5 | 63,7 | 52,2 | 580,4 | 156,0 |
| Liquidity | ||||||
| Current ratio4 | 1,4 | 1,8 | 1,8 | 2,0 | 1,0 | 1,2 |
| Interest cover (times)5 | 6,6 | 11,6 | 13,3 | (1,4) | 3,6 | (1,3) |
| Productivity | ||||||
| Total assets turn | 2,2 | 1,7 | 1,2 | 1,7 | 2,9 | 2,4 |
| Number of employees | 6 228 | 4 681 | 5 272 | 1 689 | 1 921 | 2 153 |
| Assets per employee (R) | 383 702 | 373 489 | 293 160 | 211 485 | 210 332 | 222 447 |
| Annualised revenue per employee (R) | 707 612 | 635 570 | 362 647 | 365 023 | 603 002 | 542 556 |
| Share statistics | ||||||
| Number of shares in issue (000) | 424 473 | 423 266 | 418 720 | 168 120 | 28 020 | 28 020 |
| Weighted average number of | ||||||
| shares in issue (000) | 424 063 | 421 477 | 293 412 | 34 882 | 28 020 | 28 020 |
| Headline earnings/(loss) | ||||||
| per share (cents)6 | 52,5 | 45,7 | 33,8 | 24,9 | (311,6) | 43,2 |
| Earnings/(loss) per share (cents)7 | 53,3 | 46,2 | 81,5 | 23,13 | (434,93) | 26,87 |
| Distribution per share (cents) | 17 | 12 | 5 | – | – | – |
| Net asset value per share (cents)8 | 274,7 | 246,0 | 204,0 | 121,2 | 200,5 | 641,2 |
| Total number of shares | ||||||
| traded (million) | 204,9 | 208,4 | 40,7 | 10,84 | 0,25 | 0,27 |
| Total value of shares traded (Rm) | 820,7 | 719,7 | 83,7 | 1,85 | 0,54 | 0,79 |
| Market price at period-end (cents) | 356 | 375 | 300 | 100 | 220 | 220 |
| – highest closing price (cents) | 494 | 415 | 305 | 300 | 380 | 500 |
| – lowest closing price (cents) | 343 | 293 | 50 | 100 | 100 | 140 |
| Market capitalisation at | ||||||
| period-end (Rm) | 1 511 | 1 587 | 1 256 | 168 | 62 | 62 |
| Price/earnings ratio9 | 9,93 | 8,13 | 8,87 | 4,02 | (0,71) | 5,09 |
| During 2003, the company consolidated its share capital on a 1-for-20 basis. All the comparative financial statistics for prior periods have been restated to take account of the share consolidation. | ||||||
Definitions |
|||
| 1 |
Return on equity Net profit/(loss) divided by opening equity. |
6 | Headline earnings/(loss) per share Headline earnings/(loss) divided by the weighted average number of shares in issue. |
| 2 |
Interest-bearing debt to equity Net interest-bearing borrowings divided by closing equity. |
7 | Earnings/(loss) per share Profit/(loss) after taxation divided by the weighted average number of shares in issue. |
| 3 |
Ratio of debt to equity The ratio of total liabilities net of cash resources to equity. |
8 | Net asset value per share Shareholders’ interest, including intangible assets, divided by the number of shares in issue. |
| 4 |
Current ratio The ratio of current assets to current liabilities. |
9 | Price/earnings ratio Market price per share at period-end divided by annualised headline earnings per share. |
| 5 |
Interest cover The number of times that net finance costs are covered by operating income. |
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