Ten-year review

 
 
 
    IFRS  
2010  
Rm  
IFRS  
2009  
Rm  
IFRS  
2008  
Rm  
IFRS  
2007  
Rm  
IFRS  
2006  
Rm  
IFRS  
2005  
Rm  
SA GAAP  
2004  
Rm  
SA GAAP  
2003  
Rm  
SA GAAP  
2002  
Rm  
SA GAAP  
2001  
Rm  
SHARES                        
Number of ordinary shares on which earnings per share are calculated   million   178,7   178,5   177,9   176,7   175,1   173,4   189,9   188,3   187,0   191,7  
Net worth per share   cents   2 502   2 258   2 060   1 390   953   896   572   612   572   470  
Headline earnings per share   cents   505,5   651,6   651,9   272,4   524,6   408,4   277,5   183,5   229,5   174,8  
Normalised headline earnings per share   cents   515,7   499,5   630,1   570,3   495,3   380,2   277,5   183,5   229,5   174,8  
Basic earnings per share   cents   503,3   652,4   650,1   361,7   527,0   411,4   251,9   156,9   198,1   173,3  
Dividends per share – normal   cents   287,0   253,0   319,0   314,0   273,0   222,0   160,0   120,0   118,0   91,0  
                                      – special   cents           200,0            
Dividend cover   times   1,8   2,0   2,0   1,8   1,8   1,7   1,7   1,5   1,9   1,9  
Cash flow per share   cents   635,3   797,8   629,5   345,0   486,7   374,6   353,2   417,7   187,7   187,9  
Ordinary shares in issue (net of treasury and BEE shares)  million   177,2   178,7   178,4   177,7   176,3   174,4   171,8   188,8   187,3   186,9  
Number of transactions – JSE     85 444   71 666   67 690   70 848   46 549   20 938   13 452   11 308   12 765   9 245  
Number of shares traded   million   134,4   107,7   129,8   176,3   138,2   92,7   94,9   76,4   76,4   67,0  
Value of shares traded   Rm   7 644,8   4 780,6   8 019,9   13 549,1   8 519,7   3 473,0   2 129,5   1 380,4   1 438,2   969,2  
Number of shares traded as a percentage of gross issued shares     67,9   54,6   65,9   89,9   70,7   47,9   49,7   37,1   37,4   32,9  
Market price per share                        
    – year-end   cents   6 201   5 600   5 749   6 700   6 814   4 230   2 790   1 710   1 860   1 615  
    – highest   cents   6 247   5 900   8 049   8 800   7 745   4 400   2 900   2 230   2 220   1 850  
    – lowest   cents   4 950   3 201   4 528   6 325   4 185   2 600   1 695   1 560   1 610   980  
Earnings yield   %   8,3   8,9   11,0   8,5   7,3   9,0   10,0   10,7   12,3   10,8  
Dividend yield   %   4,6   4,5   5,5   4,7   4,0   5,2   5,7   7,0   6,3   5,6  
Price : earnings ratio   times   12,0   11,2   9,1   11,7   13,8   11,1   10,1   9,3   8,1   9,2  
Market capitalisation (net of treasury and BEE shares)  Rm   10 988   10 006   10 257   11 904   12 012   7 376   4 792   3 228   3 482   3 018  
JSE actuaries’ electronics sector index at 30 September     10 462   9 866   10 705   13 886   11 644   7 851   5 328   3 852   3 887   3 727  
PROFITABILITY, ASSET MANAGEMENT, LIQUIDITY AND LEVERAGE                        
EBITDA as a percentage of revenue4   %   12,5   12,0   15,2   14,5   16,2   13,8   13,0   11,7   11,1   10,1  
Operating margin4   %   11,5   11,1   14,4   13,8   15,5   13,1   11,2   10,0   9,3   9,0  
Net asset turn (including Quince)  times   3,1   2,9   3,4   5,4   8,0   7,7   7,6   6,8   5,9   5,2  
Net asset turn (excluding Quince)  times   4,0   3,6   3,9   5,7   9,5   9,6   11,1   8,7   8,3   14,0  
Normalised return on ordinary shareholders’ funds   %   21,8   23,1   36,5   48,6   53,5   49,8   49,3   31,0   44,1   37,3  
Return on net operating assets   %   36,1   32,0   50,1   82,4   131,9   108,9   99,6   63,5   70,0   57,4  
Return on net operating assets excluding investments in associates   %   36,1   31,9   52,9   86,9   136,8   110,9   96,7   78,4   71,5   57,7  
Taxation as a percentage of profit before taxation5   %   28,5   27,0   29,8   32,2   34,2   33,8   36,4   34,4   34,9   33,2  
Total liabilities to total shareholders’ funds6   %   75,8   86,7   102,6   92,3   226,0   161,1   197,8   180,5   179,9   145,2  
Net borrowings to total shareholders’ funds7   %   —   0,6   27,6   —   21,5   13,8   3,2   32,8   47,4   3,4  
Current ratio (excluding Quince)6     2,7   2,3   2,0   1,7   1,1   1,4   1,1   1,3   1,3   1,4  
Current ratio (including Quince)6     2,2   1,7   1,5   1,7   1,0   1,1   1,1   1,0   1,0   1,5  
Interest cover   times   60,3   54,0   36,8   25,6   38,1   42,0   69,4   12,1   25,5   34,3  

4 The 2008 percentages have been increased by 1,3% each as a result of the NSN commission now disclosed in operating income, whereas income from NSN was previously disclosed as income from associates.
5 Abnormal items, the STC on a special dividend in 2006 and the share buyback in 2004 have been excluded in this calculation.
6 These ratios have been restated in 2003 to 2007 to take account of the reallocation of the advance payments from inventory and contracts in progress to trade and other payables.
7 There were no net borrowings in 2007 mainly due to Quince being equity accounted.