Five Year Review

Five Year Financial Review for the year ended 31 December 2012

2012  2011 2010 2009 2008
 R’m R’m R’m R’m R’m

Summarised statements of comprehensive income
Revenue 1 687.2  1 605.6 1 407.1 1 376.0 1 197.8
Earnings before Interest, Taxation, Depreciation and
Amortisation (EBITDA)		 267.6  292.3 269.3 277.7 246.3
Depreciation and amortisation 67.6  62.3 66.4 58.8 45.6
Operating profit before interest and impairment 200.0  230.0 202.9 218.9 200.7
Impairment of intangible asset (1.5)  (5.3) - - -
Net interest received 4.0  10.8 9.2 10.9 21.8
Profit before taxation 202.5  235.5 212.1 229.8 222.5
Taxation 64.1  79.2 63.3 69.6 67.1
Total comprehensive income for the year 138.4  156.3  148.8 160.2 155.4

Headline earnings		 139.1  161.8 148.6 160.3 155.5

Summarised statements of financial position
Shareholders’ equity 793.1  751.2 677.8 610.6 508.9
Interest bearing debt - - – – 3.9
Vendor claims - - – – 12.0
Current liabilities  542.6 403.8 306.8 318.1 274.2
 1 335.7 1 155.0 984.6 928.7 799.0
Non-current assets  1 131.8 975.7 852.6 787.9 665.3
Current assets  203.9 179.3 132.0 140.8 133.7
 1 335.7 1 155.0 984.6 928.7 799.0
Summarised Cash Flows
Cash generated by operating activities 336.2  333.7 271.8 314.3 250.5
Net cash inflow from operating activities 190.3  134.4 118.7 169.6 154.0
Net cash outflow from investing activities (228.6)  (187.2) (122.3) (155.3) (234.9)
Net cash (outflow)/inflow from financing activities 120.0  (8.6) 1.5 (18.5) 6.6
Net (decrease)/increase in cash and cash equivalents 81.7  (61.4) (2.1) (4.2) (74.3)

Ratios and statistics for the year ended 31 December 2012

Ratios and statistics for the year ended 31 December 2011
 2012 2011 2010 2009 2008

Earnings and distribution
Earnings per share (cents) 34.4  39.0 37.2 40.1 40.2
Headline earnings per share (cents) 34.6  40.4 37.2 40.1 40.2
Diluted headline earnings per share (cents) 34.6  40.4 37.1 40.1 40.0
Distributions to shareholders per share (cents) 24.0  26.0 21.5 21.0 20.0

Profitability
EBITDA on revenue (%) 15.9  18.2 18.3 20.2 20.6
EBIT on revenue (%) 11.9  14.3 13.8 15.9 16.8
Operating profit on average shareholders’ funds (%) 25.9  32.2 31.5 39.1 43.5
Headline earnings on average shareholders’ funds (%) 18.0  22.6 23.1 28.6 33.7

Productivity
Per R1 000 of revenue:
  Payroll costs (Rand) 506.4  498.2 501.3 493.5 495.8
Revenue per average fixed assets (Rand) 1.9  2.1 2.2 2.3 2.4
Revenue per employee (R’000) 417.9  403.0 384.1 364.1 328.8
Revenue per square metre (R’000) 7 143.1  7 126.5 6 931.2 6 669.99 5 944.4

Finance
Interest bearing debt as a percentage of shareholders’ equity -  -  – – 0.8
Current assets to current liabilities 0.4  0.4 0.4 0.4 0.5
Operating cash flow per share (cents) 45.2  31.9 29.6 42.3 39.1
Free operating cash flow before capex per share (cents) 68.4  66.0 54.1 63.8 52.9
Net asset value per share (cents) 188.3  178.5 169.1 152.3 129.3
Debtors days as at 31 December 24.0  24.0 19.6 22.5 22.1

Other
Total shares in issue (millions) 421.3  420.8 400.8 400.8 393.7
Weighted average number of shares in issue (millions) 402.3  400.8 399.9 399.4 386.5
Diluted weighted average number of shares in issue (millions) 402.5  400.8 400.2 399.7 389.1
Employee headcount at year end 4 037  3 984 3 827 3 779 3 643
Total capacity occupied (’000 m2) 236.2  225.3 212.1 206.3 201.5