IN THIS SECTION
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Six-year review
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IFRS* |
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SA GAAP* |
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2009 |
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2008** |
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2006 |
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2005 |
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2004 |
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2003 |
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INCOME STATEMENT |
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Revenue (R’000) |
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4 837 123 |
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4 430 105 |
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2 700 216 |
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2 359 652 |
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1 980 116 |
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1 667 235 |
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Operating profit before IFRS adjustments, depreciation and |
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amortisation (R’000) |
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326 048 |
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284 499 |
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149 603 |
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131 655 |
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99 323 |
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85 735 |
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Operating profit including discontinued operations (R’000) |
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226 602 |
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108 723 |
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125 165 |
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116 407 |
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85 493 |
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67 942 |
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Profit/(loss) before taxation (R’000) |
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194 155 |
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168 171 |
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136 460 |
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102 139 |
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78 465 |
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17 016 |
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Effective tax rate (%) |
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19,5 |
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18,3 |
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23,5 |
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30,5 |
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23,0 |
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39,2 |
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Profit/(loss) for the period (R’000) |
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144 073 |
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126 968 |
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105 620 |
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67 129 |
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59 333 |
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(9 089) |
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Core headline earnings (R’000) |
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206 390 |
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183 080 |
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108 077 |
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65 185 |
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56 917 |
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(8 802) |
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BALANCE SHEET |
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Fixed and other non-current assets (R’000) |
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845 422 |
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675 449 |
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138 372 |
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119 723 |
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141 541 |
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132 791 |
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Current assets (R’000) |
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868 178 |
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714 485 |
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511 496 |
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438 307 |
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349 035 |
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294 081 |
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Total assets (R’000) |
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1 713 600 |
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1 389 934 |
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649 868 |
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558 030 |
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490 576 |
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426 872 |
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Ordinary shareholders’ interest (R’000) |
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803 481 |
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667 750 |
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310 703 |
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249 706 |
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215 945 |
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186 707 |
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Minority and BEE shareholders’ interest (R’000) |
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421 |
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421 |
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82 |
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2 456 |
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3 070 |
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788 |
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Interest and non-interest-bearing non-current liabilities (R’000) |
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214 620 |
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156 694 |
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1 586 |
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5 541 |
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6 887 |
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– |
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Deferred taxation (R’000) |
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35 050 |
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38 540 |
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3 424 |
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1 777 |
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– |
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– |
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Current liabilities (R’000) |
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660 028 |
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526 529 |
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334 073 |
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298 550 |
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264 674 |
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239 377 |
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Total equity and liabilities (R’000) |
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1 713 600 |
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1 389 934 |
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649 868 |
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558 030 |
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490 576 |
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426 872 |
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PROFITABILITY |
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Return on assets managed (%) |
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43,9 |
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42,0 |
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32,0 |
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33,4 |
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30,7 |
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29,6 |
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Return on equity (%) |
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19,6 |
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22,2 |
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37,5 |
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28,5 |
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29,2 |
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(4,5) |
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Return on sales (operating margin) (%) |
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6,2 |
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5,8 |
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4,9 |
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4,9 |
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4,3 |
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4,3 |
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EBITDA/revenue (%) |
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6,7 |
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6,4 |
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5,5 |
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5,6 |
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5,0 |
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5,1 |
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Number of employees |
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2 440 |
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1 755 |
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1 810 |
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1 569 |
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1 658 |
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1 611 |
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LIQUIDITY |
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Cash generated by operations to operating profit (%) |
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80,6 |
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101,7 |
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74,9 |
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79,4 |
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102,9 |
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131,9 |
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Current ratio |
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1,3 |
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1,5 |
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1,5 |
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1,5 |
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1,3 |
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1,2 |
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Gearing (%) |
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37,8 |
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30,4 |
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6,0 |
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– |
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0,6 |
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11,9 |
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Debtors days |
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35 |
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30 |
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36 |
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33 |
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36 |
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38 |
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STATISTICS |
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Weighted average number of shares in issue (’000) |
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52 808 |
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49 122 |
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42 882 |
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41 730 |
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40 302 |
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40 031 |
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Core headline earnings per share (cents) |
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390,8 |
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372,7 |
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252,0 |
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195,1 |
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158,2 |
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96,4 |
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Earnings/(loss) per share (cents) |
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272,8 |
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258,5 |
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251,8 |
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156,2 |
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141,2 |
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(22,0) |
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Total capital distribution/annual dividend per share (cents) |
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222 |
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215 |
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168 |
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140 |
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105 |
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64 |
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Dividend/capital distribution cover (times) based on core HEPS |
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1,8 |
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1,7 |
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1,4 |
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1,4 |
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1,5 |
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1,5 |
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Net asset value per share (cents) |
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1 483 |
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1 315 |
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716 |
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592 |
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531 |
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466 |
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* |
The 2005 to 2009 year results have been prepared in accordance with International Financial Reporting Standards (IFRS). The transition date to IFRS was 1 January 2004 resulting in the 2004
figures being restated to reflect IFRS adjustments. The 2003 figures have been prepared in accordance with South African statements of General Accepted Accounting Practice (SA GAAP, which
was effective at 31 December 2004). |
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** |
The 2008 year represents 14 months and not 12 months due to the fact that Adcorp changed its year-end from December to February. |
Definitions
| CASH GENERATED BY OPERATING ACTIVITIES TO OPERATING PROFIT |
| Cash generated by operations as a percentage of operating profit. |
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| CORE HEADLINE EARNINGS |
| Headline earnings excluding non-cash flow IFRS adjustments and profit on disposal of continuing business. |
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| CURRENT RATIO |
| Total current assets divided by total current liabilities. |
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| DEBTORS DAYS |
| Debtors days are calculated using the peel back method, whereby the trade debtors balance is reduced by monthly sales (including VAT)
until the balance is exhausted. |
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| DIVIDEND/ CAPITAL DISTRIBUTION COVER |
| Headline earnings divided by the annual dividend/capital distribution. |
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| EBITDA/TURNOVER |
| Operating profit before IFRS adjustments, depreciation and amortisation as a percentage of revenue. |
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| EARNINGS PER SHARE |
| Profit attributable to ordinary shareholders, divided by the weighted average number of shares in issue. |
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| GEARING |
| Total interest-bearing debt divided by total ordinary shareholders’ interest. |
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| INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ADJUSTMENTS |
| IFRS adjustments include non-cash flow items such as share-based payments, amortisation of intangibles and lease smoothing. |
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| NET ASSET VALUE PER SHARE |
| Ordinary shareholders’ interest, divided by the number of shares in issue at the year-end. |
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| RETURN ON ASSETS MANAGED |
| Operating profit (before goodwill amortisation prior to 2004) divided by the total of property and equipment, trade and other receivables. |
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| RETURN ON EQUITY |
| Profit for the year after IFRS adjustments divided by average equity of shareholders. |
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| RETURN ON SALES (OPERATING MARGIN) |
| Operating profit (before goodwill amortisation prior to 2004) divided by revenue. |
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