Five Year Review
Five Year Financial Review for the year ended 31 December 2010
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| R’m | R’m | R’m | R’m | R’m | |
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Summarised statements of comprehensive income |
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| Revenue | 1 407.1 | 1 376.0 | 1 197.8 | 960.4 | 830.1 |
| Earnings before Interest, Taxation, Depreciation and Amortisation (EBITDA) |
269.3 | 277.7 | 246.3 | 191.2 | 146.1 |
| Depreciation and amortisation | 66.4 | 58.8 | 45.6 | 33.5 | 26.8 |
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| Operating profit before interest | 202.9 | 218.9 | 200.7 | 157.7 | 119.3 |
| Net interest received | 9.2 | 10.9 | 21.8 | 14.4 | 5.5 |
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| Profit before taxation | 212.1 | 229.8 | 222.5 | 172.1 | 124.8 |
| Taxation | 63.3 | 69.6 | 67.1 | 52.9 | 38.5 |
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| Profit for the year | 148.8 | 160.2 | 155.4 | 119.2 | 86.3 |
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Headline earnings |
148.6 | 160.3 | 155.5 | 118.8 | 83.5 |
Summarised statements of financial position |
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| Shareholders’ equity | 677.8 | 610.6 | 508.9 | 414.9 | 327.2 |
| Interest bearing debt | – | – | 3.9 | 10.9 | 18.1 |
| Vendor claims | – | – | 12.0 | – | – |
| Current liabilities | 306.8 | 318.1 | 274.2 | 233.2 | 183.7 |
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| 984.6 | 928.7 | 799.0 | 659.0 | 529.0 | |
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| Non-current assets | 852.6 | 787.9 | 665.3 | 478.8 | 438.7 |
| Current assets | 132.0 | 140.8 | 133.7 | 180.2 | 90.3 |
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| 984.6 | 928.7 | 799.0 | 659.0 | 529.0 | |
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| Summarised Cash Flows |
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| Cash generated by operating activities | 271.8 | 314.3 | 250.5 | 190.4 | 177.3 |
| Net cash inflow from operating activities | 118.7 | 169.6 | 154.0 | 135.8 | 98.5 |
| Net cash outflow from investing activities | (122.3) | (155.3) | (234.9) | (71.8) | (70.0) |
| Net cash (outflow)/inflow from financing activities | 1.5 | (18.5) | 6.6 | (5.4) | (5.1) |
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| Net (decrease)/increase in cash and cash equivalents | (2.1) | (4.2) | (74.3) | 58.6 | 23.4 |
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Ratios and statistics for the year ended 31 December 2010
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Ratios and statistics for the year ended 31 December 2010 |
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| 2010 | 2009 | 2008 | 2007 | 2006 | |
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Earnings and distribution |
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| Earnings per share (cents) | 37.2 | 40.1 | 40.2 | 32.1 | 23.5 |
| Headline earnings per share (cents) | 37.2 | 40.1 | 40.2 | 32.0 | 22.7 |
| Diluted headline earnings per share (cents) | 37.1 | 40.1 | 40.0 | 31.0 | 21.8 |
| Distributions to shareholders per share (cents) | 21.5 | 21.0 | 20.0 | 16.0 | 11.0 |
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Profitability |
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| EBITDA on revenue (%) | 18.3 | 20.2 | 20.6 | 19.9 | 17.6 |
| EBIT on revenue (%) | 13.8 | 15.9 | 16.8 | 16.4 | 14.4 |
| Operating profit on average shareholders’ funds (%) | 31.5 | 39.1 | 43.5 | 42.5 | 39.0 |
| Headline earnings on average shareholders’ funds (%) | 23.1 | 28.6 | 33.7 | 32.0 | 27.2 |
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Productivity |
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| Per R1 000 of revenue: | |||||
| Payroll costs (Rand) | 501.3 | 493.5 | 495.8 | 488.8 | 498.3 |
| Revenue per average fixed assets (Rand) | 2.2 | 2.3 | 2.4 | 2.3 | 2.2 |
| Revenue per employee (R’000) | 384.1 | 364.1 | 328.8 | 309.3 | 287.4 |
| Revenue per square metre (R’000) | 6 931.2 | 6 669.99 | 5 944.4 | 5 413.9 | 5 383.3 |
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Finance |
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Interest bearing debt as a percentage of shareholders’ equity |
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– | 0.8 | 2.6 | 5.5 |
| Current assets to current liabilities | 0.4 | 0.4 | 0.5 | 0.8 | 0.5 |
| Operating cash flow per share (cents) | 29.6 | 42.3 | 39.1 | 34.5 | 25.0 |
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Free operating cash flow before capex per share (cents) |
54.1 | 63.8 | 52.9 | 40.8 | 40.1 |
| Net asset value per share (cents) | 169.1 | 152.3 | 129.3 | 105.4 | 83.1 |
| Debtors days as at 31 December | 19.6 | 22.5 | 22.1 | 18.5 | 10.1 |
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Other |
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| Total shares in issue (millions) | 400.8 | 400.8 | 393.7 | 393.7 | 393.7 |
| Weighted average number of shares in issue (millions) | 399.9 | 399.4 | 386.5 | 372.0 | 368.0 |
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Diluted weighted average number of shares in issue (millions) |
400.2 | 399.7 | 389.1 | 383.0 | 382.9 |
| Employee headcount at year end | 3 827 | 3 779 | 3 643 | 3 105 | 2 888 |
| Total capacity occupied (’000 m2) | 212.1 | 206.3 | 201.5 | 177.4 | 154.2 |
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