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Five-year review


 
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  Year ended 31 March   Notes   2009   2008   2007   2006   2005   Compound  
                              growth %  
  Summarised income statement                              
  Revenue Rm     55 187   48 178   41 146   34 043   27 315   19.2  
  Operating profit Rm 1   12 005   12 491   10 860   8 866   6 478   16.7  
  Net finance costs Rm 2   (1 749)   (424)   (463)   (639)   23      
  Profit before taxation Rm     10 237   12 067   10 396   8 227   6 502   12.0  
  Income tax expense Rm 3   (4 045)   (4 109)   (3 836)   (3 084)   (2 613)   11.5  
  Minority interest Rm     103   146   218   117   31   35.0  
  Attributable profit after tax Rm     6 089   7 811   6 342   5 026   3 857   12.1  
  EBITDA Rm 4   18 196   16 463   14 227   11 809   9 590   17.4  
  Summarised balance sheet                              
  Non-current assets Rm     35 224   24 468   20 844   16 079   13 888   26.2  
  Current assets Rm     12 135   9 707   7 626   8 689   8 706   8.7  
  Total assets Rm     47 359   34 175   28 470   24 768   22 595   20.3  
  Total equity Rm     15 098   11 805   9 647   8 672   7 888   17.6  
  Non-current liabilities Rm     10 430   4 788   3 812   2 237   3 233   34.0  
  Current libilities Rm     21 831   17 582   15 011   13 859   11 474   17.4  
  Net debt Rm 5   17 537   8 663   6 027   3 859   2 451   63.6  
  Capital expenditure Rm     6 906   5 916   6 748   5 138   3 494   18.6  
  Summarised cashflow statement                              
  Cash generated from operations Rm     16 351   16 334   13 866   11 090   10 012   13.0  
  Net finance costs paid Rm     (1 841)   (746)   (324)   (108)   (12)      
  Taxation paid Rm     (4 123)   (4 722)   (3 303)   (2 980)   (2 744)   10.7  
  Dividends paid Rm     (6 204)   (5 741)   (5 381)   (3 501)   (3 105)   18.9  
  Net cashflows from operating activities Rm 6   4 183   5 125   4 858   4 501   4 150   0.2  
  Net cashflows from/(utilised) investing activities Rm 7   (12 750)   (7 502)   (6 584)   (4 791)   (3 374)   39.4  
  Net cashflows from/(utilised) financing activities Rm     8 873   3 234   (200)   (108)   (195)      
  Net increase/(decrease) in cash and cash equivalents Rm     307   857   (1 926)   (397)   581   (14.7)  
  Cash and cash equivalents (bank borrowings) at the end of the year Rm     1 084   837   (108)   1 760   2 173   (16.0)  
  Performance per ordinary share
8                          
  Basic earnings per share
cents
    409   525   426   338   259   12.1  
  Headline earnings per share
cents
9   417   528   426   331   277   10.8  
  Diluted headline earnings per share
cents
    417   528   426   331   277   10.8  
  Net asset value per share
cents
    1 015   793   648   583   530   17.6  
  Dividends per share
cents
    349   399   363   302   229   11.1  
  Profitability and returns                              
  EBITDA margin % 4   33.0   34.2   34.6   34.7   35.1      
  Operating profit margin % 1   21.8   25.9   26.4   26.0   23.7      
  Effective taxation rate % 3   39.5   34.1   36.9   37.5   40.2      
  Net profit margin %     11.2   16.5   15.9   15.1   14.2      
  Return on shareholders’ equity % 10   47.9   75.0   71.2   62.2   50.5      
  Return on capital employed % 11   70.7   85.5   77.6   65.7   52.8      
  Liquidity and debt leverage                              
  Interest cover times 12   8.0   18.7   29.2   34.0   29.3      
  Net debt to EBITDA times 13   1.0   0.5   0.4   0.3   0.3      
  Current ratio times 14   0.6   0.6   0.5   0.6   0.8      
  Quick ratio times 15   0.5   0.5   0.5   0.6   0.7      
  Operating information                              
  South Africa                              
  Customers thousands     27 625   24 821   23 004   19 162   12 838   21.1  
  EBITDA margin %     34.2   34.5   34.8   35.6   35.9      
  Capital expenditure as a % of revenue %     9.7   9.9   13.5   14.1   11.1      
  Employees       4 930   4 504   4 388   4 148   3 954   5.7  
  International                              
  Customers thousands     11 989   9 173   7 146   4 358   2 645   45.9  
  EBITDA margin %     26.2   28.7   29.9   26.1   23.5      
  Capital expenditure as a % of revenue %     34.4   28.2   38.0   24.8   30.5      
  Employees       1 636   1 540   1 347   1 154   1 039   12.0  

Notes

  1. Operating profit and the operating profit margin in 2009 were impacted by the BBBEE charge of R1 382 million
  2. Net finance costs in 2009 increased substantially during the year due to increased borrowings to restructure the balance sheet more efficiently
  3. The income tax expense in 2009 was 1.6% lower, however the effective tax rate increased to 39.5% largely due to the disallowable BBBEE charge and nondeductible interest charges
  4. EBITDA and the EBITDA margin in 2009 were impacted by the BBBEE transaction expenses of R95 million, costs relating to the establishment of Vodacom Business and the weaker performance of the DRC operation. EBITDA is earnings before interest, depreciation, amortisation, profit/loss on disposal of investments and property plant and equipment, investment properties and intangible assets and the BBBEE charge
  5. Net debt rose substantially in 2009 due to the refinancing of existing debt, higher capital expenditure and the acquisition of Gateway
  6. Net cash flows from operating activities were impacted by the once-off negative movements in working capital of R1 831 million, higher finance costs and higher dividends paid
  7. Net cash flows from investing activities in 2009 were impacted by the acquisition of Gateway
  8. Proforma calculations based on 1 487 954 000 shares in issue at 18 May 2009
  9. Headline ernings per share declined as a result of the BBBEE charge and the increased finance costs incurred as a result of the balance sheet restructure
  10. Return on shareholders’ equity is calculated by dividing net profit (excluding minority interests) by average shareholders’ equity
  11. Return on capital employed is calculated by dividing net profit after tax (excluding minority interests) by average net assets less average goodwill
  12. Interest cover ratio is equal to earnings before interest and tax for the year divided by interest expenses for the year
  13. Net debt/EBITDA is calculated by dividing the net debt by EBITDA. Net debt includes all interest bearing and non-interest bearing debt less the cash and cash equivalents plus the dividend and related STC
  14. The current ratio is calculated by dividing current assets by current liabilities
  15. The quick ratio is calculated by dividing the current assets less inventory by current liabilities

 
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