Six-year financial review
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
| R millions | R millions | R millions | R millions | R millions | R millions | |
| STATEMENT OF COMPREHENSIVE INCOME | ||||||
| Revenue | 22 810 | 22 336 | 24 768 | 21 431 | 17 126 | 13 913 |
| Operating profit | 1 524 | 1 477 | 1 799 | 1 937 | 1 528 | 1 040 |
| Financial income | 64 | 87 | 184 | 182 | 132 | 112 |
| Financial expense | (163) | (163) | (292) | (89) | (56) | (53) |
| Profit from associates | 2 | 2 | 3 | 4 | 4 | 32 |
| Capital items | (291) | (105) | (21) | (90) | (38) | (54) |
| Profit before taxation | 1 136 | 1 298 | 1 673 | 1 944 | 1 570 | 1 077 |
| Taxation | (437) | (457) | (524) | (625) | (481) | (326) |
| Profit after taxation | 699 | 841 | 1 149 | 1 319 | 1 089 | 751 |
| Attributable to non-controlling interests | 157 | 298 | 314 | 300 | 284 | 257 |
| Attributable to Altron equity holders | 542 | 543 | 835 | 1 019 | 805 | 494 |
| Headline earnings | 719 | 625 | 861 | 1 072 | 793 | 529 |
| Dividends paid | 284 | 372 | 490 | 331 | 216 | 176 |
| BALANCE SHEET | ||||||
| Assets | ||||||
| Property, plant and equipment | 2 413 | 2 436 | 2 221 | 1 264 | 954 | 905 |
| Intangible assets | 2 274 | 2 754 | 2 437 | 1 502 | 844 | 773 |
| Associates and other investments | 245 | 275 | 278 | 314 | 254 | 228 |
| Loans receivable | 134 | 130 | — | — | — | — |
| Rental finance advances | 61 | 44 | 73 | 86 | 77 | 90 |
| Deferred taxation | 202 | 200 | 230 | 196 | 182 | 118 |
| Other current assets | 5 709 | 5 433 | 6 234 | 5 501 | 4 526 | 3 271 |
| Cash and cash equivalents | 1 381 | 1 255 | 2 108 | 2 116 | 1 613 | 2 152 |
| Total assets | 12 419 | 12 527 | 13 581 | 10 979 | 8 450 | 7 537 |
| Equity and liabilities | ||||||
| Shareholders’ equity | 5 075 | 4 745 | 4 873 | 4 469 | 3 528 | 2 931 |
| Non-controlling interests | 1 239 | 1 610 | 1 427 | 877 | 1 218 | 1 103 |
| Total equity | 6 314 | 6 355 | 6 300 | 5 346 | 4 746 | 4 034 |
| Non-current loans | 830 | 689 | 1 157 | 940 | 321 | 297 |
| Current loans | 498 | 949 | 415 | 229 | 65 | 238 |
| Loans | 1 328 | 1 638 | 1 572 | 1 169 | 386 | 535 |
| Non-current liabilities | 190 | 305 | 189 | 107 | 68 | 46 |
| Bank overdraft | 128 | 81 | 928 | 33 | 24 | — |
| Current liabilities | 4 459 | 4 148 | 4 592 | 4 324 | 3 226 | 2 922 |
| Total equity and liabilities | 12 419 | 12 527 | 13 581 | 10 979 | 8 450 | 7 537 |
Definitions
Earnings – Attributable earnings as
disclosed in the statement of comprehensive income. Total assets – Property, plant and equipment, investments and loans together with current assets.
Borrowings – All interest-bearing liabilities.
Operating assets – Total assets less investments, loans, deferred tax and cash.
Capital employed – The total of total equity and borrowings.
Operating profit – is stated before capital items.
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
| R millions | R millions | R millions | R millions | R millions | R millions | |
| RATIOS AND STATISTICS | ||||||
| Earnings | ||||||
| Basic earnings per share (cents) | 171.8 | 172.2 | 266.0 | 356.7 | 287.0 | 176.4 |
| Headline earnings per share (cents) | 227.7 | 198.4 | 274.5 | 375.3 | 282.8 | 189.2 |
| Dividend proposed per share (cents) | 108.0 | 90.0 | 119.0 | 156.0 | 118.0 | 78.0 |
| Headline dividend cover (times) | 2.1 | 2.2 | 2.3 | 2.4 | 2.4 | 2.4 |
| Ordinary shares in issue (millions) | ||||||
| – at year end | 102 | 102 | 102 | 102 | 94 | 94 |
| – weighted average | 102 | 102 | 102 | 95 | 94 | 94 |
| Participating preference shares in issue (millions) | ||||||
| – at year end | 214 | 213 | 212 | 210 | 186 | 188 |
| – weighted average | 214 | 213 | 212 | 191 | 186 | 186 |
| Profitability | ||||||
| Operating profit to revenue (%) | 6.7 | 6.6 | 7.3 | 9.0 | 8.9 | 7.5 |
| EBITDA | 2 099 | 1 987 | 2 237 | 2 209 | 1 763 | 1 253 |
| EBITDA to revenue (%) | 9.2 | 8.9 | 9.0 | 10.3 | 10.3 | 9.0 |
| Return on shareholders’ equity (%) | 13.6 | 13.0 | 18.3 | 24.7 | 23.0 | 18.2 |
| Return on capital employed (%) | 19.9 | 18.5 | 22.9 | 29.7 | 29.8 | 22.8 |
| Return on operating assets (%) | 14.6 | 13.8 | 16.6 | 23.2 | 23.9 | 20.6 |
| Return on net assets (%) | 20.0 | 18.3 | 23.0 | 30.3 | 30.5 | 23.8 |
| Financial | ||||||
| Borrowings ratio (%) | 21.0 | 25.8 | 25.0 | 21.9 | 8.1 | 13.3 |
| Current ratio | 1.4:1 | 1.3:1 | 1.4:1 | 1.7:1 | 1.9:1 | 1.9:1 |
| Acid test ratio | 0.9:1 | 0.9:1 | 1.0:1 | 1.2:1 | 1.2:1 | 1.4:1 |
| Net asset value per share | 1 607 | 1 504 | 1 550 | 1 431 | 1 260 | 1 040 |
| Shares | ||||||
| Number of shareholders | ||||||
| – ordinary shares | 3 085 | 3 647 | 3 869 | 3 316 | 1 600 | 1 738 |
| – participating preference shares | 6 286 | 7 081 | 8 483 | 8 019 | 3 848 | 3 396 |
| Price:earnings ratio (times) | ||||||
| – ordinary shares | 11.5 | 13.1 | 7.0 | 13.1 | 15.8 | 13.5 |
| – participating preference shares | 11.4 | 11.8 | 7.0 | 12.7 | 14.9 | 11.9 |
| Market value per share at year end (cents) | 2 620 | |||||
| – ordinary shares | 2 600 | 1 915 | 3 700 | 4 478 | 2 550 | |
| – participating preference shares | 2 590 | 2 350 | 1 920 | 3 600 | 4 200 | 2 550 |
| Other | ||||||
| Consumer price index (percentage increase) | 3.7 | 5.7 | 8.6 | 9.8 | 5.7 | 3.9 |
| Production price index (percentage increase) | 6.7 | 3.5 | 7.3 | 11.3 | 11.3 | 4.7 |
| Number of permanent employees | 12 037 | 12 311 | 13 407 | 12 909 | 11 871 | 11 874 |
Definitions
Acid test – The ratio of current assets
excluding inventories to current liabilities. Borrowings ratio – The percentage of borrowings 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 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.
