Ten-year review

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Rm IFRS
2013
IFRS
2012
IFRS
2011
IFRS
2010
IFRS
2009
IFRS
2008
IFRS
2007
IFRS
2006
IFRS
2005
SA GAAP
2004
Condensed balance sheets
 

ASSETS

 
Property, plant and equipment and investment property
677,1
624,4 612,2 593,8 559,3 569,6 565,7 455,4 328,4 196,2
Intangible assets
81,9
82,4 89,8 41,5 28,6 21,7 13,0 11,9 7,9
Goodwill
803,0
707,0 654,9 492,1 460,6 415,3 372,8 326,8 329,0 324,8
Investments and loans
76,3
64,3 46,1 837,8 853,9 865,3 727,9 148,8 116,2 109,9
Non-current rental and finance lease receivables
1 378,2
1 066,5 965,9 846,0 993,6 1 274,8 985,3 302,2 391,5
Deferred taxation assets
55,3
33,3 32,2 40,4 29,1 32,0 37,9 59,1 37,5 56,2
Cash and cash equivalents
699,2
696,9 643,0 1 878,1 1 700,7 876,6 530,6 969,3 784,4 451,3
Other current assets1
3 672,0
3 313,2 3 062,2 3 223,1 3 071,6 3 620,3 2 631,2 2 703,2 2 296,9 1 559,9
Total assets
7 443,0
6 588,0 6 106,3 7 952,8 7 697,4 7 675,6 4 879,1 5 659,8 4 202,5 3 089,8

EQUITY AND LIABILITIES

 
Ordinary and preference equity holders of Reunert
4 877,9
4 442,4 3 880,4 4 433,1 4 034,4 3 675,4 2 469,0 1 680,9 1 561,7 983,1
Non-controllling interests
59,4
56,1 55,2 37,9 26,7 20,7 14,4 38,2 43,0 39,7
Total equity
4 937,3
4 498,5 3 935,6 4 471,0 4 061,1 3 696,1 2 483,4 1 719,1 1 604,7 1 022,8
Deferred taxation liabilities
139,7
127,4 99,6 122,0 140,3 208,2 115,8 141,6 81,7 44,3
Long-term borrowings
24,9
25,4 0,7 710,9 710,9 712,7 278,8 115,0 111,7
Current liabilities1
2 341,1
1 936,7 2 070,4 2 648,9 2 785,1 3 058,6 2 001,1 3 684,1 2 404,4 2 022,7
Total equity and liabilities
7 443,0
6 588,0 6 106,3 7 952,8 7 697,4 7 675,6 4 879,1 5 659,8 4 202,5 3 089,8
Condensed income statements
 
Revenue
11 350,6
11 662,2 10 922,7 10 675,1 10 270,8 10 921,1 9 574,4 8 236,4 7 012,0 6 247,3
Operating profit
1 329,5
1 524,6 1 391,4 1 262,8 1 210,2 1 594,8 1 362,2 1 329,9 947,4 719,1
Net interest and dividends income
15,7
41,8 40,9 59,2 38,4 39,6 11,3 7,7 20,0 46,5
Profit before abnormal items
1 345,2
1 566,4 1 432,3 1 322,0 1 248,6 1 634,4 1 373,5 1 337,6 967,4 765,6
Abnormal items
346,4 (34,0) 299,2 (447,6) 1,6 3,9 6,0
Profit before taxation
1 345,2
1 566,4 1 778,7 1 288,0 1 547,8 1 634,4 925,9 1 339,2 971,3 771,6
Taxation
(372,4)
(483,8) (425,9) (376,6) (374,3) (486,8) (427,4) (500,5) (326,5) (309,0)
Profit after taxation
972,8
1 082,6 1 352,8 911,4 1 173,5 1 147,6 498,5 838,7 644,8 462,6
Share of associate companies’ profits
16,1 148,4 95,2 79,2 66,8
Profit for the year
972,8
1 082,6 1 352,8 911,4 1 173,5 1 163,7 646,9 933,9 724,0 529,4
Profit for the year attributable to:
 
Non-controlling interests
13,8
15,9 15,7 12,0 9,0 7,1 7,6 11,1 10,7 51,0
Equity holders of Reunert
959,0
1 066,7 1 337,1 899,4 1 164,5 1 156,6 639,3 922,8 713,3 478,4
Headline earnings attributable to equity holders of Reunert
951,5
1 066,8 988,9 903,4 1 163,1 1 159,8 481,3 918,6 708,1 526,9
Condensed cash flow statements
 

EBITDA

1 461,2
1 660,7 1 513,2 1 375,5 1 306,6 1 681,4 1 436,5 1 393,1 997,3 830,5
Changes in net working capital
(144,5)
(191,6)2 47,7 318,3 757,4 (327,7) (739,7) (628,4) (601,0) 804,5
Cash generated from operations
1 316,7
1 469,1 1 560,9 1 693,8 2 064,0 1 353,7 696,8 764,7 396,3 1 635,0
Net interest and dividends received
15,7
41,8 40,9 59,2 38,4 126,5 157,3 63,7 89,2 46,5
Taxation paid
(372,8)
(447,2) (438,8) (407,9) (477,5) (410,8) (568,6) (347,4) (364,9) (313,5)
Dividends paid
(612,8)
(577,4) (498,5) (456,8) (550,3) (569,0) (879,3) (464,2) (308,3) (268,1)
Share buy back
(1 127,9) (125,7) (476,6)
Other (net)
13,7
26,2 (1,6) 26,3 42,6 17,9 23,7 (4,3) 29,3 (5,8)
Net cash flows from operating activities
360,5
512,5 (465,0) 788,9 1 117,2 518,3 (570,1) 12,5 (158,4) 617,5
Net cash flows from investing activities
(696,3)
(498,5)2 484,7 (313,3) (130,8) (921,3) 1 008,6 (185,7) (48,5) (250,1)
Net cash flows from financing activities
44,9
42,1 (641,0) 21,9 2,5 (380,3) 274,5 27,0 156,1 18,7
Net cash (utilised)/generated
(290,9)
56,1 (621,3) 497,5 988,9 (783,3) 713,0 (146,2) (50,8) 386,1
1 In years prior to 2008, inventory items were shown net of advance payments received from customers. These advance payments are now disclosed in current liabilities.
2 The 2012 cash flow statement was restated to include the movement in total rental and finance lease receivables as part of investing activities instead of operating activities as this represents the group’s investment in resources intended to generate future income. The cash flow movements for the years up to and including 2011 have not been restated.
 
    IFRS
2013
IFRS
2012
IFRS
2011
IFRS
2010
IFRS
2009
IFRS
2008
IFRS
2007
IFRS
2006
IFRS
2005
SA GAAP
2004
Shares
 
Number of ordinary shares on which earnings per share is calculated millions
163,1
162,0 165,3 178,7 178,5 177,9 176,7 175,1 173,4 189,9
Net worth per share cents
2 980
2 732 2 401 2 502 2 258 2 060 1 390 953 896 572
Basic earnings per share cents
587,8
658,2 809,0 503,3 652,4 650,1 361,7 527,0 411,4 251,9
Headline earnings per share cents
583,2
658,3 598,3 505,5 651,6 651,9 272,4 524,6 408,4 277,5
Normalised headline earnings per share cents
569,1
644,4 590,0 515,7 499,5 630,1 570,3 495,3 380,2 277,5
Dividends per share – normal cents
370,0
370,0 330,0 287,0 253,0 319,0 314,0 273,0 222,0 160,0
– special cents
 
200,0
Dividend cover times
1,5
1,7 1,8 1,8 2,0 2,0 0,9 1,9 1,7 1,7
Cash flow per share cents
596,8
672,81 702,5 767,4 797,8 629,5 345,0 486,7 374,6 353,2
Cash flow per share (excluding rental book) cents
596,8
672,81 638,7 635,6 797,0 647,7 515,2 701,2 662,8 (11,0)
Ordinary shares in issue (net of treasury shares) millions
163,7
162,6 161,6 177,2 178,7 178,4 177,7 176,3 174,4 171,8
Number of transactions – JSE
147 988
109 185 99 875 85 444 71 666 67 690 70 848 46 549 20 938 13 452
Number of shares traded millions
102,4
89,6 106,5 134,4 107,7 129,8 176,3 138,2 92,7 94,9
Value of shares traded Rm
7 493,6
6 107,5 6 579,4 7 644,8 4 780,6 8 019,9 13 549,1 8 519,7 3 473,0 2 129,5
Number of shares traded as a percentage of gross issued shares
50,8
44,7 53,4 67,9 54,6 65,9 89,9 70,7 47,9 49,7
Market price per share
 
– year-end cents
7 266
6 895 5 885 6 201 5 600 5 749 6 700 6 814 4 230 2 790
– highest cents
8 791
8 170 6 970 6 247 5 900 8 049 8 800 7 745 4 400 2 900
– lowest cents
6 200
5 700 5 101 4 950 3 201 4 528 6 325 4 185 2 600 1 695
Earnings yield %
7,8
9,3 10,0 8,3 11,6 11,3 4,1 7,7 9,7 10,0
Dividend yield %
5,1
5,4 5,6 4,6 4,5 5,5 4,7 4,0 5,2 5,7
Price: Earnings ratio times
12,8
10,7 10,0 12,0 11,2 9,1 11,7 13,0 11,1 10,1
Market capitalisation (net of treasury shares) Rm
11 897
11 215 9 512 10 988 10 006 10 257 11 904 12 012 7 376 4 792
JSE actuaries’ electronics sector index at 30 September  
11 399
10 710 9 780 10 462 9 866 10 705 13 886 11 644 7 851 5 328
Other
 
Number of employees
6 645
6 654 6 324 6 422 6 321 7 196 6 523 6 276 5 320 5 169
Revenue per employee R’000
1 708
1 753 1 727 1 662 1 625 1 518 1 468 1 312 1 318 1 209
Operating profit per employee R’000
200
229 220 197 180 219 202 203 172 136
Wealth created per employee R’000
582
594 636 527 530 477 383 439 405 409
Employment cost per employee R’000
275
253 248 229 194 172 166 153 161 149
Profitability, asset management, liquidity and leverage
 
EBITDA as a percentage of revenue2 %
12,9
14,2 13,9 12,9 12,0 15,2 14,5 16,2 13,8 13,0
Operating margin (%)2 %
11,7
13,1 12,7 11,8 11,1 14,4 13,8 15,5 13,1 11,2
Net asset turn times
2,6
3,1 2,9 2,9 2,9 3,4 5,4 8,0 7,7 7,6
Normalised return on ordinary shareholders’ funds %
19,9
25,1 23,5 21,8 23,1 36,5 48,6 56,7 49,8 49,3
Return on net operating assets %
30,0
40,6 36,6 34,1 32,0 50,1 82,4 131,9 108,9 99,6
Taxation as a percentage of profit before taxation3 %
27,7
30,9 29,7 28,5 27,0 29,8 32,2 34,2 33,8 36,4
Total liabilities to total shareholders’ funds4 %
47,9
43,6 52,6 75,1 86,7 102,6 92,3 226,0 161,1 197,8
Net borrowings to total shareholders’ funds5 %
0,6 27,6 21,5 13,8 3,2
Current ratio
2,2
2,1 1,8 2,2 1,7 1,5 1,7 1,0 1,1 1,1
Quick ratio
1,6
1,6 1,4 1,9 1,5 1,2 1,3 0,8 0,9 0,8
Interest cover times
119,8
142,5 210,8 175,4 54,0 36,8 25,6 38,1 42,0 69,4
1 The 2012 information was recalculated. Refer to 2 on the ten-year review.
2 The 2008 percentages have been increased by 1,3% each as a result of the NSN commission now disclosed in operating income, whereas income from NSN was previously disclosed as income from associates.
3 Abnormal items, the STC on a special dividend in 2006 and the share buy-back in 2004 have been excluded in this calculation.
4 These ratios have been restated in 2003 to 2007 to take account of the reallocation of the advance payments from inventory and contracts in progress to trade and other payables.
5 There were no net borrowings in 2007 mainly due to Quince being equity accounted.