Six-year financial review

	2009		2008	2007	2006	2005	2004*
	R m		R m	R m	R m	R m	R m
INCOME STATEMENT
Revenue	24 768		21 431	17 126	13 913	12 206	10 045
Operating profit	1 799		1 937	1 528	1 040	963	718
Financial income	184		182	132	112	100	145
Financial expense	(292)		(89)	(56)	(53)	(62)	(26)
Profit from associates	3		4	4	32	24	9
Capital items	(21)		(90)	(38)	(54)	(90)	(139)
Profit before taxation	1 673		1 944	1 570	1 077	935	707
Taxation	(524)		(625)	(481)	(326)	(339)	(255)
Profit after taxation	1 149		1 319	1 089	751	596	452
Attributable to minority interest	314		300	284	257	148	148
Attributable to Altron equity holders	835		1 019	805	494	448	304
Headline earnings	861		1 072	793	529	445	379
Dividends paid	490		331	216	176	143	117
BALANCE SHEET
Assets
Property, plant and equipment	2 221		1 264	954	905	848	671
Intangible assets	2 437		1 502	844	773	925	462
Associates and other investments	278		314	254	228	453	183
Rental finance advances	73		86	77	90	75	189
Deferred taxation	230		196	182	118	112	113
Cash and cash equivalents	2 108		2 116	1 613	2 152	1 520	2 004
Other current assets	6 234		5 501	4 526	3 271	3 022	2 447
Total assets	13 581		10 979	8 450	7 537	6 955	6 069
Equity and liabilities
Shareholders’ equity	4 873		4 469	3 528	2 931	2 679	2 489
Minority interest	1 427		877	1 218	1 103	964	1 082
Total equity	6 300		5 346	4 746	4 034	3 643	3 571
Non-current loans	1 157		940	321	297	716	277
Current loans	415		229	65	238	59	247
Loans	1 572		1 169	386	535	775	524
Non-current liabilities	189		107	68	46	83	41
Bank overdraft	928		33	24	–	–	–
Current liabilities	4 592		4 324	3 226	2 922	2 454	1 933
Total equity and liabilities	13 581		10 979	8 450	7 537	6 955	6 069

*Not restated for effect of IFRS due to practical constraints.

 

Definitions

Earnings – Attributable earnings as disclosed in the income statement.
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.

 

	2009		2008	2007	2006	2005	2004*
	R m		R m	R m	R m	R m	R m
RATIOS AND STATISTICS
Earnings
Basic earnings per share (cents)	266.0		356.7	287.0	176.4	162.0	111.5
Headline earnings per share (cents)	274.5		375.3	282.8	189.2	161.7	138.1
Dividend proposed per share (cents)	119.0		156.0	118.0	78.0	63.0	52.0
Headline dividend cover (times)	2.3		2.4	2.4	2.4	2.6	2.7
Ordinary shares in issue (millions)
– at year end	102		102	94	94	94	94
– weighted average	102		95	94	94	94	94
Participating preference shares in issue (millions)
– at year end	212		210	186	188	184	180
– weighted average	212		191	186	186	182	179
Profitability
Operating profit to revenue (%)	7.3		9.0	8.9	7.5	7.9	7.1
EBITDA	2 237		2 209	1 763	1 253	1 154	847
EBITDA to revenue (%)	9.0		10.3	10.3	9.0	9.5	8.4
Return on shareholders’ equity (%)	18.3		24.7	23.0	18.2	16.8	16.0
Return on capital employed (%)	22.9		29.7	29.8	22.8	21.8	17.5
Return on operating assets (%)	16.6		23.2	23.9	20.6	19.8	19.1
Return on net assets (%)	23.0		30.3	30.5	23.8	22.5	18.1
Financial
Borrowings ratio (%)	25.0		21.9	8.1	13.3	21.3	14.7
Current ratio	1.4:1		1.7:1	1.9:1	1.9:1	1.9:1	2.0:1
Acid test ratio	1.0:1		1.2:1	1.2:1	1.4:1	1.4:1	1.5:1
Net asset value per share	1 550.0		1 431.2	1 260.5	1 039.6	962.6	907.0
Shares
Number of shareholders
– ordinary shares	3 869		3 316	1 600	1 738	1 616	1 202
– participating preference shares	8 483		8 019	3 848	3 396	2 916	2 722
Price:earnings ratio (times)
– ordinary shares	7.0		13.1	15.8	13.5	9.6	8.0
– participating preference shares	7.0		12.7	14.9	11.9	9.5	8.1
Market value per share at year end (cents)
– ordinary shares	1 915		3 700	4 478	2 550	1 555	1 105
– participating preference shares	1 920		3 600	4 200	2 250	1 538	1 125
Other
Consumer price index (percentage increase)	8.6		9.8	5.7	3.9	2.6	0.7
Production price index
(percentage (decrease)/increase)	7.3		11.3	11.3	4.7	2.6	0.5
Number of permanent employees	13 407		12 909	11 871	11 874	11 800	10 712

 

Definitions

Acid test – The ratio of current assets excluding inventories to current liabilities.
Net asset value per share – Shareholders’ equity divided by the number of shares in issue at year end.
Borrowings ratio – The percentage of borrowings (including bank overdraft) to total equity.
EBITDA – Operating profit before interest, tax, depreciation and amortisation.
Current ratio – The ratio of current assets to current liabilities.
Return on capital employed – The percentage of operating profit to capital employed.
Headline dividend cover – Headline earnings per share divided by dividends proposed per share.
Return on operating assets – The percentage of operating profit to operating assets.
Market value per share – The sellers’ price quoted by the JSE Limited.
Return on shareholders’ equity – The percentage of attributable earnings to shareholders’ equity, adjusted for net capital items and translation gains/losses.
Price:earnings ratio – The market value per share divided by the headline earnings per share.
Return on net assets – The percentage of profit before tax, excluding finance costs and capital items to net assets.

 

Page updated: 21 December, 2009

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