Six-year financial review

	2010	2009	2008	2007	2006	2005
	R m	R m	R m	R m	R m	R m
INCOME STATEMENT
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
Assets
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
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
RATIOS AND STATISTICS
Earnings
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
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
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
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
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.