Six-year financial review
2010 |
2009 | 2008 | 2007 | 2006 | 2005 | |
R millions |
R millions | R millions | R millions | R millions | R millions | |
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INCOME STATEMENT |
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| Revenue | 22 336 |
24 768 | 21 431 | 17 126 | 13 913 | 12 206 |
| Operating profit | 1 477 |
1 799 | 1 937 | 1 528 | 1 040 | 963 |
| Financial income | 87 |
184 | 182 | 132 | 112 | 100 |
| Financial expense | (163) |
(292) | (89) | (56) | (53) | (62) |
| Profit from associates | 2 |
3 | 4 | 4 | 32 | 24 |
| Capital items | (105) |
(21) | (90) | (38) | (54) | (90) |
| Profit before taxation | 1 298 |
1 673 | 1 944 | 1 570 | 1 077 | 935 |
| Taxation | (457) |
(524) | (625) | (481) | (326) | (339) |
| Profit after taxation | 841 |
1 149 | 1 319 | 1 089 | 751 | 596 |
| Attributable to minority interest | 298 |
314 | 300 | 284 | 257 | 148 |
| Attributable to Altron equity holders | 543 |
835 | 1 019 | 805 | 494 | 448 |
| Headline earnings | 625 |
861 | 1 072 | 793 | 529 | 445 |
| Dividends paid | 372 |
490 | 331 | 216 | 176 | 143 |
BALANCE SHEET |
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Assets |
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| Property, plant and equipment | 2 436 |
2 221 | 1 264 | 954 | 905 | 848 |
| Intangible assets | 2 754 |
2 437 | 1 502 | 844 | 773 | 925 |
| Associates and other investments | 275 |
278 | 314 | 254 | 228 | 453 |
| Loans receivable | 130 |
– | – | – | – | – |
| Rental finance advances | 44 |
73 | 86 | 77 | 90 | 75 |
| Deferred taxation | 200 |
230 | 196 | 182 | 118 | 112 |
| Other current assets | 5 433 |
6 234 | 5 501 | 4 526 | 3 271 | 3 022 |
| Cash and cash equivalents | 1 255 |
2 108 | 2 116 | 1 613 | 2 152 | 1 520 |
Total assets |
12 527 |
13 581 | 10 979 | 8 450 | 7 537 | 6 955 |
Equity and liabilities |
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| Shareholders’ equity | 4 745 |
4 873 | 4 469 | 3 528 | 2 931 | 2 679 |
| Minority interest | 1 610 |
1 427 | 877 | 1 218 | 1 103 | 964 |
| Total equity | 6 355 |
6 300 | 5 346 | 4 746 | 4 034 | 3 643 |
| Non-current loans | 689 |
1 157 | 940 | 321 | 297 | 716 |
| Current loans | 949 |
415 | 229 | 65 | 238 | 59 |
| Loans | 1 638 |
1 572 | 1 169 | 386 | 535 | 775 |
| Non-current liabilities | 305 |
189 | 107 | 68 | 46 | 83 |
| Bank overdraft | 81 |
928 | 33 | 24 | – | – |
| Current liabilities | 4 148 |
4 592 | 4 324 | 3 226 | 2 922 | 2 454 |
Total equity and liabilities |
12 527 |
13 581 | 10 979 | 8 450 | 7 537 | 6 955 |
Definitions
Earnings – Attributable earnings as disclosed in the income statement.Borrowings – All interest-bearing liabilities.
Capital employed – The total of total equity and borrowings.
Operating profit – is stated before capital items.
Total assets – Property, plant and equipment, investments and loans together with current assets.
Operating assets – Total assets less investments, loans, deferred tax and cash.
2010 |
2009 | 2008 | 2007 | 2006 | 2005 | |
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RATIOS AND STATISTICS |
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Earnings |
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| Basic earnings per share (cents) | 172.2 |
266.0 | 356.7 | 287.0 | 176.4 | 162.0 |
| Headline earnings per share (cents) | 198.4 |
274.5 | 375.3 | 282.8 | 189.2 | 161.7 |
| Dividend proposed per share (cents) | 90.0 |
119.0 | 156.0 | 118.0 | 78.0 | 63.0 |
| Headline dividend cover (times) | 2.2 |
2.3 | 2.4 | 2.4 | 2.4 | 2.6 |
| Ordinary shares in issue (millions) | ||||||
| – at year end | 102 |
102 | 102 | 94 | 94 | 94 |
| – weighted average | 102 |
102 | 95 | 94 | 94 | 94 |
| Participating preference shares in issue (millions) | ||||||
| – at year end | 213 |
212 | 210 | 186 | 188 | 184 |
| – weighted average | 213 |
212 | 191 | 186 | 186 | 182 |
Profitability |
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| Operating profit to revenue (%) | 6.6 |
7.3 | 9.0 | 8.9 | 7.5 | 7.9 |
| EBITDA | 1 987 |
2 237 | 2 209 | 1 763 | 1 253 | 1 154 |
| EBITDA to revenue (%) | 8.9 |
9.0 | 10.3 | 10.3 | 9.0 | 9.5 |
| Return on shareholders’ equity (%) | 13.0 |
18.3 | 24.7 | 23.0 | 18.2 | 16.8 |
| Return on capital employed (%) | 18.5 |
22.9 | 29.7 | 29.8 | 22.8 | 21.8 |
| Return on operating assets (%) | 13.8 |
16.6 | 23.2 | 23.9 | 20.6 | 19.8 |
| Return on net assets (%) | 18.3 |
23.0 | 30.3 | 30.5 | 23.8 | 22.5 |
Financial |
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| Borrowings ratio (%) | 25.8 |
25.0 | 21.9 | 8.1 | 13.3 | 21.3 |
| Current ratio | 1.3:1 |
1.4:1 | 1.7:1 | 1.9:1 | 1.9:1 | 1.9:1 |
| Acid test ratio | 0.9:1 |
1.0:1 | 1.2:1 | 1.2:1 | 1.4:1 | 1.4:1 |
| Net asset value per share (cents) | 1 504 |
1 550 | 1 431 | 1 260 | 1 040 | 963 |
Shares |
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| Number of shareholders | ||||||
| – ordinary shares | 3 647 |
3 869 | 3 316 | 1 600 | 1 738 | 1 616 |
| – participating preference shares | 7 081 |
8 483 | 8 019 | 3 848 | 3 396 | 2 916 |
| Price:earnings ratio (times) | ||||||
| – ordinary shares | 13.1 |
7.0 | 13.1 | 15.8 | 13.5 | 9.6 |
| – participating preference shares | 11.8 |
7.0 | 12.7 | 14.9 | 11.9 | 9.5 |
| Market value per share at year end (cents) | ||||||
| – ordinary shares | 2 600 |
1 915 | 3 700 | 4 478 | 2 550 | 1 555 |
| – participating preference shares | 2 350 |
1 920 | 3 600 | 4 200 | 2 250 | 1 538 |
Other |
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| Consumer price index (percentage increase) | 5.7 |
8.6 | 9.8 | 5.7 | 3.9 | 2.6 |
| Production price index (percentage | ||||||
| (decrease)/increase) | 3.5 |
7.3 | 11.3 | 11.3 | 4.7 | 2.6 |
| Number of permanent employees | 12 311 |
13 407 | 12 909 | 11 871 | 11 874 | 11 800 |
Definitions
Acid test – The ratio of current assets excluding inventories to current liabilities.Borrowings ratio – The percentage of borrowings (including bank overdraft) to total equity.
Current ratio – The ratio of current assets to current liabilities.
Headline dividend cover – Headline earnings per share divided by dividends proposed per share.
Market value per share – The sellers’ price quoted by the JSE Limited.
Price:earnings ratio – The market value per share divided by the headline earnings per share.
Net asset value per share – Shareholders’ equity divided by the number of shares in issue at year end.
EBITDA – Operating profit before interest, tax, depreciation and amortisation.
Return on capital employed – The percentage of operating profit to capital employed.
Return on operating assets – The percentage of operating profit to operating assets.
Return on shareholders’ equity – The percentage of attributable earnings to shareholders’ equity, adjusted for net capital items and translation gains/losses.
Return on net assets – The percentage of profit before tax, excluding finance costs and capital items to net assets.