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  13 190.1  10 980.7  9 062.2  8 107.9  8 467.9 
Operating profit  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  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 
Note: Agricultural employees are excluded from the calculation of revenue per average number of employees

 

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.