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803
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Six year financial review

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  2015*
R millions 
2014*
R millions 
2013* 
R millions 
2012 
R millions 
2011 
R millions 
2010 
R millions 
INCOME STATEMENT
           
Revenue  27 623  27 772  24 744  23 563  22 810  22 336 
Operating profit  827  1 342  1 034  1 384  1 524  1 477 
Financial income  114  103  58  71  64  87 
Financial expense  (512) (363) (226) (156) (163) (163)
Profit from equity accounted investees 15  14  15  (1)
Capital items  (400) (1 449) (900) (291) (105)
Profit before taxation  44  1 101  (568) 398  1 136  1 298 
Taxation  (104) (326) (374) (477) (437) (457)
Profit /(loss) after taxation  (60) 775  (942) (79) 699  841 
Attributable to non-controlling interest  (51) 160  (630) (253) 157  298 
Attributable to Altron equity holders  (9) 615  (312) 174  542  543 
Headline earnings  312  603  417  603  719  625 
Dividends paid  263  190  291  341  284  372 
             
BALANCE SHEET 
           
Assets             
Property, plant and equipment  1 888  2 028  1 765  2 238  2 413  2 436 
Intangible assets, including goodwill 1 405  1 725  1 597  1 716  2 274  2 754 
Equity-accounted investments other investments 412  424  923  481  245  275 
Non-current receivables and other assets  303  921  414  150  134  130 
Rental finance advances  93  68  45  67  61  44 
Defined benefit asset  190  180  –  –  –  – 
Deferred taxation  205  150  119  148  202  200 
Other current assets  9 291  9 135  6 848  6 410  5 709  5 433 
Taxation receivable  54  74  –  –  –  – 
Cash and cash equivalents  1 341  1 411  1 225  1 036  1 381  1 255 
Total assets  15 182  16 116  12 936  12 246  12 419  12 527 
Equity and liabilities             
Shareholders' equity  3 639  4 256  4 740  5 011  5 075  4 745 
Non-controlling interest  123  258  489  810  1 239  1 610 
Total equity  3 762  4 514  5 229  5 821  6 314  6 355 
Non-current loans  3 191  283  626  754  830  689 
Current loans  634  2 666  1 337  637  498  949 
Loans  3 825  2 949  1 963  1 391  1 328  1 638 
Other non-current liabilities  69  212  166  182  190  305 
Bank overdraft  1 050  1 777  385  550  128  81 
Other current liabilities  6 476  6 664  5 193  4 302  4 459  4 148 
Total equity and liabilities 15 182  16 116  12 936  12 246  12 419  12 527 

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.
*
  2015*  2014* 2013*  2012  2011  2010 
RATIOS AND STATISTICS
           
Earnings            
Basic (loss)/earnings per share (cents) (2.7)   191.8 (99.0) 55.1  171.8  172.2 
Headline earnings per share (cents) 93.8   188.1 132.0 190.8  227.7 198.4 
Dividend proposed per share (cents) 31.0   80.0 60.0 92.0 108.0 90.0
Headline dividend cover (times) 3.0   2.4 2.2 2.1 2.1 2.2
Ordinary shares in issue (millions)            
– at year-end  102   102  102  102  102  102 
– weighted average  102   102  102  102  102  102 
N ordinary shares in issue (millions)            
– at year-end  235   222  214  214  214  213 
– weighted average  231   219  214  214  214  213 
Profitability            
Operating profit to revenue (%) 3.0   4.8 4.2 5.9  6.7 6.6
EBITDA  1 383   1 788 1 539 1 946  2 099 1 987
EBITDA to revenue (%) 5.0   6.4 6.2 8.3 9.2 8.9
Return on shareholders' equity (%) 9.3   15.2 9.1 11.6 13.6  13.0
Return on capital employed (%) 10.9   17.1 14.4 19.1 19.9 18.5
Return on operating assets (%) 6.4   9.8 9.7 13.2 14.6 13.8
Return on net assets (%) 9.9   17.2 14.5 19.1 20.0 18.3
Financial            
Current ratio  1.3:1 1.0:1 1.2:1  1.4:1  1.4:1  1.3:1 
Acid test ratio  1.0:1 0.7:1 0.8:1  0.9:1  0.9:1  0.9:1 
Net asset value per share 1 080 1 311  1 497  1 585  1 607  1 504 
Shares            
Number of shareholders            
– A ordinary shares 1 851  1 951  2 185  2 729  3 085  3 647 
– N ordinary shares 4 576  4 836  5 228  5 791  6 286  7 081 
Price:earnings ratio (times)            
– A ordinary shares  19.6   12.8 16.1 12.5 11.5 13.1
– N ordinary shares  19.6   13.0 15.5 12.2 11.4 11.8
Market value per share at year-end (cents)            
– A ordinary shares  1 840   2 402  2 199  2 383  2 620  2 600
– N ordinary shares  1 840   2 450  2 110  2 320  2 590  2 350
Other             
Consumer price index (percentage increase) 3.9   5.9 5.9 6.1 3.7 5.7 
Production price index (percentage increase) 2.6   7.7 5.4 8.3 6.7 3.5
Number of permanent employees  12 049   12 904 12 852 13 232 12 812 12 311

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.