Five-year review
Ten-year compound annual growth % 2004 to 2014 |
2014 Rm |
Restated 2013 Rm |
Restated 2012 Rm |
2011 Rm |
2010 Rm |
|
Consolidated income statement | ||||||
Revenue | 7 | 13 190.1 | 10 980.7 | 9 062.2 | 8 107.9 | 8 467.9 |
Operating profit | 6 | 1 886.9 | 1 887.0 | 1 342.3 | 1 029.3 | 1 498.6 |
Net financing costs | 336.4 | 295.4 | 244.1 | 95.5 | 139.0 | |
Profit before taxation and non-trading items | 1 555.6 | 1 593.9 | 1 107.7 | 935.9 | 1 363.5 | |
Profit attributable to ordinary shareholders | 916.3 | 859.9 | 443.1 | 546.2 | 662.0 | |
Headline earnings | 7 | 893.6 | 855.9 | 609.8 | 516.1 | 702.5 |
Reconciliation of headline earnings | ||||||
Profit attributable to ordinary shareholders | 916.3 | 859.9 | 443.1 | 546.2 | 662.0 | |
Adjusted for: | ||||||
Profit on disposal of property | (0.8) | (0.9) | (6.8) | (10.3) | (1.7) | |
(Profit)/loss on disposal of business | – | – | – | (19.8) | 27.9 | |
Impairment of investments | – | – | 173.5 | – | 14.3 | |
Profit on disposal of previously impaired assets | (0.1) | (3.1) | – | – | – | |
Disposal and deregistration of businesses | (1.3) | – | – | – | – | |
Gain on bargain purchase | (2.2) | – | – | – | – | |
Proceeds received from insurance claim | (18.3) | – | – | – | – | |
Headline earnings | 893.6 | 855.9 | 609.8 | 516.1 | 702.5 | |
Consolidated statement of financial position | ||||||
Property, plant and equipment | 6 783.3 | 6 209.5 | 5 312.5 | 4 984.5 | 4 262.7 | |
Intangibles assets | 288.0 | 266.1 | 218.1 | 174.0 | 179.1 | |
Cane roots | 1 531.0 | 1 260.0 | 1 216.3 | 1 087.9 | 1 100.2 | |
Investments and loans | 248.6 | 202.1 | 174.3 | 163.0 | 180.8 | |
Current assets | 4 327.7 | 4 093.1 | 3 067.5 | 2 678.5 | 2 579.7 | |
Cash and cash equivalents | 597.1 | 453.5 | 1 381.7 | 717.8 | 1 345.4 | |
Total assets | 13 775.7 | 12 484.3 | 11 370.4 | 9 805.7 | 9 647.9 | |
Equity attributable to shareholders of Illovo Sugar | 6 340.3 | 5 968.5 | 5 562.6 | 5 191.2 | 5 502.6 | |
Non-controlling interest | 1 128.3 | 1 006.2 | 902.7 | 784.1 | 812.1 | |
Total equity | 7 468.6 | 6 974.7 | 6 465.3 | 5 975.3 | 6 314.7 | |
Deferred taxation | 1 145.8 | 872.7 | 821.8 | 687.6 | 685.8 | |
Borrowings | 2 683.0 | 2 326.4 | 2 113.8 | 1 230.0 | 1 132.2 | |
Interest-free liabilities | 2 478.3 | 2 310.5 | 1 969.5 | 1 912.8 | 1 515.2 | |
Total equity and liabilities | 13 775.7 | 12 484.3 | 11 370.4 | 9 805.7 | 9 647.9 |
Notes | 2014 Rm |
Restated 2013 Rm |
Restated 2012 Rm |
2011 Rm |
2010 Rm |
||
Consolidated statement of cash flows | |||||||
Operating profit before working capital movements | 1 922.4 | 1 551.9 | 1 340.9 | 1 132.9 | 1 419.9 | ||
Working capital movements | 105.2 | (516.5) | (243.9) | 146.3 | (183.2) | ||
Cash generated from operations | 2 027.6 | 1 035.4 | 1 097.0 | 1 279.2 | 1 236.7 | ||
Net financing costs | (336.4) | (295.4) | (244.1) | (95.5) | (139.0) | ||
Taxation paid | (298.6) | (193.5) | (211.0) | (186.4) | (304.2) | ||
Dividend and deferred income | 5.1 | 2.3 | 113.5 | 42.1 | 3.9 | ||
Distributions/dividends paid | (556.9) | (458.0) | (370.3) | (455.9) | (490.2) | ||
Net cash inflows from operating activities | 840.8 | 90.8 | 385.1 | 583.5 | 307.2 | ||
Investment in future operations | (379.4) | (679.7) | (206.4) | (1 274.5) | (897.6) | ||
Replacement of property, plant and equipment | (342.6) | (291.0) | (237.0) | (199.8) | (181.1) | ||
Acquisition of business | 15.6 | – | – | – | (249.9) | ||
Proceeds on disposal of businesses | 9.5 | – | – | 130.9 | 118.7 | ||
Other movements | (8.4) | 51.0 | (122.5) | (78.6) | (82.6) | ||
Net cash outflows from investing activities | (705.3) | (919.7) | (565.9) | (1 422.0) | (1 292.5) | ||
Net cash inflows/(outflows) before financing activities | 135.5 | (828.9) | (180.8) | (838.5) | (985.3) | ||
Long-term borrowings (repaid)/raised | (175.3) | (245.7) | 1 356.7 | (366.9) | (200.0) | ||
Short-term borrowings raised/(repaid) | 226.9 | 215.6 | (541.5) | 629.9 | (1 226.6) | ||
Issue/(repurchase) of share capital net of associated costs | 1.3 | 3.1 | 1.9 | (26.7) | 2 956.7 | ||
Other financing activities | – | – | – | – | 255.8 | ||
Net cash inflows/(outflows) from financing activities | 52.9 | (27.0) | 817.1 | 236.3 | 1 785.9 | ||
Net increase/(decrease) in cash and cash equivalents | 188.4 | (855.9) | 636.3 | (602.2) | 800.6 | ||
Earnings and distribution per share | |||||||
Earnings | (cents) | 1 | 199.0 | 186.9 | 96.4 | 118.8 | 161.4 |
Headline earnings | (cents) | 2 | 194.0 | 186.0 | 132.6 | 112.2 | 171.2 |
Distribution (interim – paid; final – declared) | (cents) | 3 | 97.0 | 95.0 | 66.0 | 56.0 | 86.0 |
Distribution cover on headline earnings | (times) | 4 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
Notes | 2014 | Restated 2013 |
Restated 2012 |
2011 | 2010 | ||||
Profitability and asset management | |||||||||
Operating margin | % | 14.3 | 17.2 | 14.8 | 12.7 | 17.7 | |||
Return on average shareholders’ equity | % | 5 | 14.0 | 14.6 | 8.1 | 10.1 | 14.8 | ||
Return on net assets | % | 6 | 16.1 | 19.6 | 16.0 | 13.8 | 21.9 | ||
Return on total assets | % | 7 | 14.3 | 16.3 | 13.0 | 11.1 | 16.8 | ||
Working capital per rand of revenue | cents | 8 | 16.7 | 19.1 | 13.6 | 9.8 | 12.6 | ||
Liquidity and borrowings | |||||||||
Net debt:equity ratio | 9 | 27.9 | 26.9 | 11.3 | 8.6 | (3.4) | |||
Gearing | % | 10 | 21.8 | 21.2 | 10.2 | 7.9 | (3.5) | ||
Total liabilities to total equity | % | 11 | 85.0 | 79.8 | 76.4 | 64.6 | 53.2 | ||
Current ratio | times | 12 | 1.6 | 1.4 | 2.0 | 1.2 | 1.8 | ||
Interest cover | times | 13 | 5.6 | 6.4 | 5.5 | 10.8 | 10.8 | ||
Employee statistics | |||||||||
Total number of permanent employees at year-end | 14 | 12 972 | 12 645 | 12 456 | 12 159 | 12 031 | |||
Average number of permanent employees | 12 835 | 12 636 | 12 423 | 12 189 | 12 338 | ||||
Total number of peak seasonal employees | 18 965 | 18 021 | 17 055 | 17 000 | 24 000 | ||||
Revenue per average number of industrial employees | R000 | 1 977.4 | 1 623.2 | 1 407.9 | 1 275.0 | 1 251.8 | |||
Net assets per average number of employees | R000 | 581.9 | 552.0 | 520.4 | 490.2 | 511.8 | |||
Headline earnings per average number of employees | R000 | 69.6 | 67.7 | 49.1 | 42.3 | 56.9 | |||
JSE Limited statistics | |||||||||
Ordinary shares in issue | ‘000 | 460 623 | 460 447 | 460 011 | 459 763 | 460 160 | |||
Weighted average number of shares | ‘000 | 460 541 | 460 193 | 459 863 | 459 787 | 410 279 | |||
Net asset value per share | cents | 15 | 1 621.4 | 1 514.8 | 1 405.5 | 1 299.6 | 1 372.3 | ||
Total volume of shares traded | ‘000 | 93 641 | 63 791 | 53 961 | 86 462 | 119 117 | |||
Total value of shares traded | Rm | 2 903.7 | 1 843.8 | 1 389.1 | 2 347.2 | 3 650.4 | |||
Ratio of shares traded to issued shares | times | 20.3 | 13.9 | 11.7 | 18.8 | 25.9 | |||
Headline earnings yield at year-end | % | 16 | 6.9 | 5.8 | 5.2 | 4.2 | 5.8 | ||
Distribution yield at year-end | % | 17 | 3.5 | 3.0 | 2.6 | 2.1 | 2.9 | ||
Price:headline earnings ratio at year-end | times | 18 | 14.4 | 17.1 | 19.1 | 23.9 | 17.3 | ||
Market price per share | |||||||||
– Year-end | cents | 2 801 | 3 180 | 2 533 | 2 685 | 2 970 | |||
– Highest | cents | 3 952 | 3 260 | 2 902 | 3 270 | 3 700 | |||
– Lowest | cents | 2 500 | 2 476 | 2 221 | 2 420 | 2 499 | |||
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Notes
1. | Earnings per share |
Profit attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue. | |
2. | Headline earnings per share |
Headline earnings divided by the weighted average number of ordinary shares in issue. | |
3. | Distribution/dividend per share |
The distribution per share includes capital distributions out of share premium. | |
4. | Distribution cover on headline earnings |
Headline earnings per share divided by distribution per share (interim – paid; final – declared). | |
5. | Return on average shareholders’ equity |
Profit attributable to ordinary shareholders expressed as a percentage of average shareholders’ equity. | |
6. | Return on net assets |
Operating profit expressed as a percentage of average net operating assets. | |
7. | Return on total assets |
Operating profit expressed as a percentage of total average assets excluding cash and cash equivalents. | |
8. | Working capital per rand of revenue |
Average of inventories and trade and other receivables less trade and other payables, divided by revenue. | |
9. | Net debt:equity ratio |
Interest-bearing liabilities (net of cash and cash equivalents) divided by total equity. A negative net debt:equity ratio indicates that the group is in a net cash position. | |
10. | Gearing |
Interest-bearing liabilities (net of cash and cash equivalents) expressed as a percentage of total equity and interest-bearing liabilities (net of cash and cash equivalents). A negative gearing ratio indicates that the group is in a net cash position. | |
11. | Total liabilities to total equity |
Interest-bearing liabilities and other liabilities expressed as a percentage of total equity. | |
12. | Current ratio |
Current assets divided by current liabilities. | |
13. | Interest cover |
Operating profit divided by net financing costs. | |
14. | Total number of permanent employees at year-end |
The total number of permanent employees excludes those employed by associate companies and joint ventures. | |
15. | Net asset value per share |
Total assets less total liabilities divided by the number of shares in issue. | |
16. | Headline earnings yield at year-end |
Headline earnings per share as a percentage of year-end market price. | |
17. | Distribution yield at year-end |
Distribution per share (interim – paid; final – declared) as a percentage of year-end market price. | |
18. | Price:headline earnings ratio at year-end |
Year-end market price divided by headline earnings per share. | |
19. | Change in accounting policy |
Where a change of accounting policy is implemented with retrospective application the relevant previous years are restated where required. |