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INTEGRATED REPORT 2017

Passionate people building great brands

FIVE-YEAR REVIEW

  Note 2017
R’000
  2016
R’000
2015
R’000
2014
R’000
2013
R’000
               
Statement of comprehensive income              
Revenue   648 016   737 371 760 059 732 636 671 552
Operating profit before finance income 1 178 253   183 094 180 805 194 620 190 630
Adjusted operating profit 2 180 587   218 900 195 440 194 656 199 288
Net finance income   36 522   35 626 24 616 7 251 5 909
Profit before income tax   214 775   218 720 205 421 201 871 196 539
Headline earnings 3 133 863   163 977 141 511 135 203 135 187
               
Statement of financial position              
Property, plant and equipment   100 319   95 480 86 481 77 289 79 775
Cash and cash equivalents   265 953   286 582 304 851 91 966 114 284
Bank overdraft   4 491   1 155 3 557 539 1 605
               
Statement of cash flows              
Net cash flow from operating activities   32 719   32 619 28 717 43 355 61 024
               
Share statistics              
Weighted average number of shares (’000s) 3 95 828   95 955 92 636 85 633 86 090
Earnings per share (cents) 3 139.98   141.34 137.69 159.20 154.05
Headline earnings per share (cents) 3 139.69   170.89 152.76 157.89 157.03
Cash flow earnings per share (cents) 4 183.71   180.80 168.34 161.23 172.09
Operating cash flow per share (cents) 5 34.14   33.99 31.00 52.96 70.88
Net asset value per share (cents) 6 875.08   902.25 888.57 606.80 551.80
Distribution per share (cents) 7 132   140.00 132.00 121.00 111.00
Distribution cover (times) 8 1.1   1.2 1.2 1.3 1.4
               
Stock exchange performance              
Number of shares in issue (’000s)   108 481   108 481 108 481 97 633 97 633
Number of shares traded (’000s)   20 177   12 363 18 135 24 231 30 007
Value of shares traded (R’000)   645 942   403 723 623 894 742 544 725 956
Percentage of issued shares traded (%)   18.60   11.40 16.72 24.82 30.73
Market price per share (cents)              
– close   2810   3090 3667 3227 2739
– high   3508   3825 4178 3383 3250
– low   2800   2750 2720 2629 1700
Headline earnings yield (%) 9 4.97   5.53 4.17 4.89 5.73
Distribution yield (%) 10 4.70   4.53 3.60 3.75 4.05
Price earnings ratio   20.12   18.08 24.00 20.44 17.44
Market capitalisation (R’000)   3 048 316   3 352 063 3 977 998 3 150 617 2 674 168
               
Business performance              
Operating profit margin (%) 11 27.87   29.69 25.71 26.57 29.68
Return on equity (%) 12 16.60   19.73 17.35 26.38 29.75
Return on total assets (%) 13 14.02   16.00 13.39 18.57 20.19
Liquidity ratio 14 4.56   3.78 3.30 1.66 1.83

Notes

1. Includes share of profit/loss of equity-accounted investee (net of income tax).
2. Operating profit (see note 1) adjusted for headline earnings adjustments and foreign exchange gain/loss.
3. Refer to note 12 of the consolidated financial statements on page 113.
4. Operating profit before working capital changes plus net interest received/(paid) less tax paid divided by the weighted average number of shares in issue.
5. Net cash flow from operating activities divided by the weighted average number of shares in issue.
6. Net asset value divided by the number of shares in issue (net of treasury shares).
7. Interim and final distribution for the financial year to which it relates.
8. Headline earnings per share divided by distribution per share (see note 7).
9. Headline earnings per share divided by the closing share price.
10. Distribution per share divided by the closing share price.
11. Adjusted operating profit (see note 2) divided by revenue.
12. Profit for the year adjusted for headline earnings adjustments and foreign exchange gain/loss divided by equity.
13. Profit for the year adjusted for headline earnings adjustments and foreign exchange gain/loss divided by assets.
14. Current assets divided by current liabilities.