GROUP | ||||||||
R million | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
(including adjusted headline earnings adjustments) | ||||||||
Revenue | 10 825 | 10 267 | 9 494 | 8 651 | 7 797 | 7 915 | 7 618 | |
EBITDA | 3 052 | 2 920 | 2 642 | 2 555 | 2 533 | 2 746 | 2 836 | |
Depreciation and amortisation | (958) | (851) | (818) | (769) | (685) | (658) | (568) | |
Property and equipment rentals | (148) | (104) | (72) | (81) | (114) | (74) | (102) | |
Operating profit | 1 946 | 1 965 | 1 752 | 1 705 | 1 734 | 2 014 | 2 166 | |
Foreign exchange (losses)/profits | (1) | 18 | 35 | (54) | (14) | 34 | 58 | |
Interest income | 25 | 31 | 37 | 43 | 60 | 93 | 79 | |
Interest expense | (505) | (464) | (492) | (474) | (542) | (685) | (571) | |
Profit before tax | 1 465 | 1 550 | 1 332 | 1 220 | 1 238 | 1 456 | 1 732 | |
Tax | (479) | (475) | (496) | (519) | (514) | (619) | (714) | |
Profit after tax | 986 | 1 075 | 836 | 701 | 724 | 837 | 1 018 | |
Minorities’ interests | (303) | (345) | (220) | (189) | (218) | (237) | (298) | |
Adjusted headline earnings | 683 | 730 | 616 | 512 | 506 | 600 | 720 |
Notes:
The above figures have been restated where necessary to take account of changes in accounting policies and treatment to provide a meaningful comparison of performance over the seven years.
GROUP | ||||||||
R million | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||
Assets | ||||||||
NON CURRENT ASSETS | ||||||||
Property, plant and equipment | 11 380 | 10 594 | 9 595 | 8 868 | 8 909 | 7 878 | 6 229 | |
Intangible assets | 721 | 494 | 479 | 440 | 349 | 382 | 308 | |
Investments, loans and other | 352 | 304 | 257 | 244 | 218 | 213 | 173 | |
12 453 | 11 392 | 10 331 | 9 552 | 9 476 | 8 473 | 6 710 | ||
CURRENT ASSETS | ||||||||
Inventory | 97 | 81 | 70 | 57 | 61 | 47 | 41 | |
Accounts and loans receivable | 563 | 569 | 568 | 422 | 610 | 691 | 1 031 | |
Cash and cash equivalents | 958 | 1 024 | 753 | 739 | 729 | 794 | 850 | |
1 618 | 1 674 | 1 391 | 1 218 | 1 400 | 1 532 | 1 922 | ||
Non current assets held for sale | – | – | – | 79 | – | – | – | |
Total assets | 14 071 | 13 066 | 11 722 | 10 849 | 10 876 | 10 005 | 8 632 | |
EQUITY AND LIABILITIES | ||||||||
CAPITAL AND RESERVES | ||||||||
Ordinary shareholders’ equity | 1 497 | 2 033 | 1 309 | 1 330 | 923 | 249 | (127) | |
Minorities’ interests | 491 | 1 632 | 1 176 | 1 265 | 1 347 | 974 | 528 | |
1 988 | 3 665 | 2 485 | 2 595 | 2 270 | 1 223 | 401 | ||
NON CURRENT LIABILITIES | ||||||||
Deferred tax | 460 | 501 | 423 | 468 | 452 | 378 | 412 | |
Borrowings | 3 772 | 3 753 | 4 496 | 3 159 | 3 940 | 4 754 | 4 033 | |
Other non current liabilities | 2 316 | 440 | 506 | 420 | 316 | 334 | 162 | |
Tax | – | – | – | – | 41 | 43 | 48 | |
6 548 | 4 694 | 5 425 | 4 047 | 4 749 | 5 509 | 4 655 | ||
CURRENT LIABILITIES | ||||||||
Accounts payable, accruals and provisions | 1 646 | 1 472 | 1 289 | 1 086 | 1 211 | 1 166 | 1 142 | |
Borrowings | 3 810 | 3 166 | 2 422 | 2 972 | 2 584 | 2 033 | 2 323 | |
Tax | 79 | 69 | 101 | 114 | 62 | 74 | 111 | |
5 535 | 4 707 | 3 812 | 4 172 | 3 857 | 3 273 | 3 576 | ||
Non current liabilities held for sale | – | – | – | 35 | – | – | – | |
Total liabilities | 12 083 | 9 401 | 9 237 | 8 254 | 8 606 | 8 782 | 8 231 | |
Total equity and liabilities | 14 071 | 13 066 | 11 722 | 10 849 | 10 876 | 10 005 | 8 632 |
Notes:
The above figures have been restated where necessary to take account of changes in accounting policies to provide a meaningful comparison of performance over the seven years.
GROUP STATISTICS | |||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||
ORDINARY SHARE INFORMATION AND RATIOS | |||||||||
Shares in issue (net of treasury shares) |
000’s | 103 980 | 103 580 | 102 938 | 100 546 | 100 546 | 99 281 | 94 945 | |
Diluted adjusted weighted average number of shares in issue | 000’s | 104 329 | 103 512 | 101 711 | 101 669 | 101 055 | 97 111 | 97 470 | |
Diluted adjusted headline earnings per share | cents | 655 | 705 | 606 | 504 | 501 | 618 | 739 | |
Dividends per share* | cents | 245 | 265 | 240 | 200 | 100 | – | 480 | |
Dividend cover | times | 2.7 | 2.7 | 2.5 | 2.5 | 5.0 | – | 1.5 | |
Dividend payout | % | 37 | 38 | 40 | 40 | 20 | – | 65 | |
Net asset value per share | Rand | 16.09 | 21.81 | 15.60 | 16.16 | 11.92 | 5.25 | 1.35 | |
Market capitalisation at 30 June | Rm | 11 438 | 9 903 | 9 197 | 9 210 | 8 295 | 7 579 | 8 355 | |
Price earnings ratio | times | 16.8 | 13.6 | 14.8 | 18.2 | 16.5 | 12.4 | 11.9 | |
Earnings yield | % | 6.0 | 7.4 | 6.8 | 5.5 | 6.1 | 8.1 | 8.4 | |
PROFITABILITY AND ASSET MANAGEMENT | |||||||||
EBITDA margin | % | 28 | 28 | 28 | 30 | 32 | 35 | 37 | |
Effective tax rate | % | 33 | 31 | 37 | 43 | 42 | 43 | 41 | |
Refurbishment and maintenance capex | Rm | 1 212 | 711 | 514 | 695 | 677 | 492 | 607 | |
Expansionary capex | Rm | 672 | 557 | 586 | 201 | 354 | 984 | 254 | |
LIQUIDITY AND LEVERAGE | |||||||||
Cash generated by operations | Rm | 3 089 | 3 080 | 2 734 | 2 713 | 2 221 | 2 645 | 2 880 | |
Total shareholders’ funds to total assets | % | 14 | 28 | 21 | 24 | 21 | 12 | 5 | |
Current assets/current liabilities | 0.3 | 0.4 | 0.4 | 0.3 | 0.4 | 0.5 | 0.5 | ||
LOAN COVENANTS | |||||||||
EBITDA to interest | times | 6.1 | 6.4 | 5.4 | 5.5 | 4.7 | 4.2 | 4.9 | |
Borrowings to EBITDA | times | 2.3 | 2.2 | 2.5 | 2.2 | 2.4 | 2.4 | 2.2 | |
STOCK EXCHANGE PERFORMANCE | |||||||||
Market price | Rand | ||||||||
– at 30 June | 110.00 | 95.61 | 89.35 | 91.60 | 82.50 | 76.34 | 88.00 | ||
– highest | 110.50 | 112.00 | 96.89 | 110.63 | 98.55 | 100.00 | 165.00 | ||
– lowest | 86.50 | 78.10 | 77.00 | 80.02 | 75.15 | 58.22 | 85.00 | ||
– weighted average | 110.00 | 95.32 | 85.73 | 96.51 | 83.99 | 81.81 | 138.67 | ||
Sun International share price index | # | 379 | 329 | 308 | 315 | 284 | 262 | 302 | |
JSE consumer services index | # | 193 | 150 | 128 | 121 | 99 | 83 | 100 | |
Closing dividend yield | % | 2.2 | 2.8 | 2.7 | 2.2 | 1.2 | – | 5.5 | |
Volume of shares traded | 000’s | 32 259 | 37 936 | 29 946 | 39 257 | 39 301 | 47 451 | 52 026 | |
Volume of shares traded as a percentage of shares in issue | % | 31 | 37 | 29 | 39 | 39 | 48 | 55 | |
Value of shares traded | Rm | 3 548 | 3 616 | 2 567 | 3 789 | 3 490 | 3 882 | 7 214 | |
Number of transactions | 58 347 | 71 160 | 33 583 | 42 170 | 31 786 | 27 599 | 37 586 | ||
GROWTH | |||||||||
Reported growth per share | % | ||||||||
– diluted adjusted headline earnings | (7) | 16 | 20 | 1 | (19) | (16) | 3 | ||
– dividends | (8) | 10 | 20 | 100 | – | – | 20 | ||
Real growth per share | % | ||||||||
– diluted adjusted headline earnings | (13) | 10 | 14 | (4) | (22) | (16) | (8) | ||
– dividends | (13) | 5 | 14 | 90 | – | – | 8 | ||
Consumer price index | # | 138 | 129 | 122 | 116 | 111 | 106 | 100 | |
EMPLOYEES | |||||||||
Number of permanent employees at 30 June | 10 417 | 11 049 | 10 866 | 10 897 | 10 738 | 10 005 | 8 678 | ||
Average number of employees | 10 733 | 10 958 | 10 882 | 10 818 | 10 372 | 9 342 | 8 546 | ||
Revenue per employee | R’000 | 1 009 | 937 | 872 | 800 | 752 | 847 | 891 | |
Wealth created per employee | R’000 | 709 | 661 | 608 | 565 | 503 | 594 | 651 | |
CURRENCIES | |||||||||
1 Chilean Peso: Rand | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 | ||
1 US Dollar: Rand | 10.58 | 9.96 | 8.31 | 6.78 | 7.61 | 7.74 | 7.85 | ||
1 Botswana Pula: Rand | 1.20 | 1.16 | 1.08 | 1.03 | 1.06 | 1.13 | 1.20 | ||
# Base for indices: 2008 = 100 |
* Includes interim dividends paid and final dividends declared for the year.
Note: All ratios have been calculated, including adjusted headline earnings adjustments.