Five-year review
| Ten-year compound annual growth % 2005 to 2015 |
2015 Rm |
2014 Rm |
2013 Rm |
2012 Rm |
2011 Rm |
|
| Consolidated income statement | ||||||
| Revenue | 10 | 13 266.5 | 13 190.1 | 10 980.7 | 9 062.2 | 8 107.9 |
| Operating profit | 15 | 1 655.1 | 1 886.9 | 1 887.0 | 1 342.3 | 1 029.3 |
| Net financing costs | 355.8 | 336.4 | 295.4 | 244.1 | 95.5 | |
| Profit before taxation and non-trading items | 1 302.1 | 1 555.6 | 1 593.9 | 1 107.7 | 935.9 | |
| Profit attributable to Illovo Sugar shareholders | 826.4 | 916.3 | 859.9 | 443.1 | 546.2 | |
| Headline earnings | 18 | 824.6 | 893.6 | 855.9 | 609.8 | 516.1 |
| Reconciliation of headline earnings | ||||||
| Profit attributable to Illovo Sugar shareholders | 826.4 | 916.3 | 859.9 | 443.1 | 546.2 | |
| Adjusted for: | ||||||
| Profit on disposal of property | (1.8) | (0.8) | (0.9) | (6.8) | (10.3) | |
| Profit on disposal of business | – | – | – | – | (19.8) | |
| Impairment of investments | – | – | – | 173.5 | – | |
| Profit on 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 | 824.6 | 893.6 | 855.9 | 609.8 | 516.1 | |
| Consolidated statement of financial position | ||||||
| Property, plant and equipment | 7 043.3 | 6 783.3 | 6 209.5 | 5 312.5 | 4 984.5 | |
| Cane roots | 1 776.4 | 1 531.0 | 1 260.0 | 1 216.3 | 1 087.9 | |
| Intangibles assets | 311.9 | 288.0 | 266.1 | 218.1 | 174.0 | |
| Investments and loans | 312.8 | 248.6 | 202.1 | 174.3 | 163.0 | |
| Current assets | 4 877.1 | 4 327.7 | 4 093.1 | 3 067.5 | 2 678.5 | |
| Cash and cash equivalents | 476.5 | 597.1 | 453.5 | 1 381.7 | 717.8 | |
| Total assets | 14 798.0 | 13 775.7 | 12 484.3 | 11 370.4 | 9 805.7 | |
| Equity holders’ interest | 6 472.4 | 6 340.3 | 5 968.5 | 5 562.6 | 5 191.2 | |
| Non-controlling interest | 1 203.3 | 1 128.3 | 1 006.2 | 902.7 | 784.1 | |
| Total equity | 7 675.7 | 7 468.6 | 6 974.7 | 6 465.3 | 5 975.3 | |
| Deferred taxation | 1 384.1 | 1 145.8 | 872.7 | 821.8 | 687.6 | |
| Borrowings | 3 207.5 | 2 683.0 | 2 326.4 | 2 113.8 | 1 230.0 | |
| Interest-free liabilities | 2 530.7 | 2 478.3 | 2 310.5 | 1 969.5 | 1 912.8 | |
| Total equity and liabilities | 14 798.0 | 13 775.7 | 12 484.3 | 11 370.4 | 9 805.7 |
| Notes | 2015 Rm |
2014 Rm |
2013 Rm |
2012 Rm |
2011 Rm |
|
| Consolidated statement of cash flows | ||||||
| Cash operating profit | 1 663.7 | 1 922.4 | 1 551.9 | 1 340.9 | 1 132.9 | |
| Working capital movements | (314.1) | 105.2 | (516.5) | (243.9) | 146.3 | |
| Cash generated from operations | 1 349.6 | 2 027.6 | 1 035.4 | 1 097.0 | 1 279.2 | |
| Net financing costs | (355.8) | (336.4) | (295.4) | (244.1) | (95.5) | |
| Taxation paid | (252.7) | (298.6) | (193.5) | (211.0) | (186.4) | |
| Dividend and deferred income | 2.8 | 5.1 | 2.3 | 113.5 | 42.1 | |
| Distributions/dividends paid | (575.9) | (556.9) | (458.0) | (370.3) | (455.9) | |
| Net cash inflows from operating activities | 168.0 | 840.8 | 90.8 | 385.1 | 583.5 | |
| Investment in future operations | (333.9) | (379.4) | (679.7) | (206.4) | (1 274.5) | |
| Replacement of property, plant and equipment | (365.6) | (342.6) | (291.0) | (237.0) | (199.8) | |
| Acquisition of business | – | 15.6 | – | – | – | |
| Proceeds on disposal of businesses | – | 9.5 | – | – | 130.9 | |
| Other movements | 31.1 | (8.4) | 51.0 | (122.5) | (78.6) | |
| Net cash outflows from investing activities | (668.4) | (705.3) | (919.7) | (565.9) | (1 422.0) | |
| Net cash (outflows)/inflows before financing activities | (500.4) | 135.5 | (828.9) | (180.8) | (838.5) | |
| Long-term borrowings (repaid)/raised | (79.6) | (175.3) | (245.7) | 1 356.7 | (366.9) | |
| Short-term borrowings raised/(repaid) | 276.2 | 226.9 | 215.6 | (541.5) | 629.9 | |
| Issue/(repurchase) of share capital | 0.8 | 1.3 | 3.1 | 1.9 | (26.7) | |
| Other financing activities | 183.4 | – | – | – | – | |
| Net cash inflows/(outflows) from financing activities | 380.8 | 52.9 | (27.0) | 817.1 | 236.3 | |
| Net (decrease)/increase in cash and cash equivalents | (119.6) | 188.4 | (855.9) | 636.3 | (602.2) | |
| Earnings and distribution per share | ||||||
| Earnings per share (cents) | 1 | 179.4 | 199.0 | 186.9 | 96.4 | 118.8 |
| Headline earnings per share(cents) | 2 | 179.0 | 194.0 | 186.0 | 132.6 | 112.2 |
| Distribution per share(cents) | 3 | 90.0 | 97.0 | 95.0 | 66.0 | 56.0 |
| Distribution cover(times) | 4 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
| Notes | 2015 | 2014 | 2013 | 2012 | 2011 | ||
| Profitability and asset management | |||||||
| Operating margin | (%) | 12.5 | 14.3 | 17.2 | 14.8 | 12.7 | |
| Return on average shareholders’ equity | (%) | 5 | 12.3 | 14.0 | 14.6 | 8.1 | 10.1 |
| Return on net assets | (%) | 6 | 13.1 | 16.1 | 19.6 | 16.0 | 13.8 |
| Return on total assets | (%) | 7 | 11.8 | 14.3 | 16.3 | 13.0 | 11.1 |
| Working capital to revenue | (%) | 8 | 18.7 | 16.7 | 19.1 | 13.6 | 9.8 |
| Liquidity and borrowings | |||||||
| Net debt: equity ratio | 9 | 35.6 | 27.9 | 26.9 | 11.3 | 8.6 | |
| Gearing | (%) | 10 | 26.2 | 21.8 | 21.2 | 10.2 | 7.9 |
| Total liabilities to total equity | (%) | 11 | 93.2 | 85.0 | 79.8 | 76.4 | 64.6 |
| Current ratio | (times) | 12 | 1.6 | 1.6 | 1.4 | 2.0 | 1.2 |
| Interest cover | (times) | 13 | 4.7 | 5.6 | 6.4 | 5.5 | 10.8 |
| Employee statistics | |||||||
| Permanent employees (year-end) | 14 | 12 838 | 12 972 | 12 645 | 12 456 | 12 159 | |
| Seasonal employees (peak) | 20 176 | 18 965 | 18 021 | 17 055 | 17 000 | ||
| Revenue per permanent employee | (R'000) | 1 033.4 | 1 016.8 | 868.4 | 727.5 | 666.8 | |
| Net assets per permanent employee | (R'000) | 597.9 | 575.7 | 551.6 | 519.1 | 491.4 | |
| Headline earnings per permanent employee | (R'000) | 64.2 | 68.9 | 67.7 | 49.0 | 42.4 | |
| JSE Limited statistics | |||||||
| Ordinary shares in issue | ('000) | 460 731 | 460 623 | 460 447 | 460 011 | 459 763 | |
| Weighted average number of shares | ('000) | 460 723 | 460 541 | 460 193 | 459 863 | 459 787 | |
| Net asset value per share | (cents) | 15 | 1 666.1 | 1 621.4 | 1 514.8 | 1 405.5 | 1 299.6 |
| Total volume of shares traded | ('000) | 83 135 | 93 641 | 63 791 | 53 961 | 86 462 | |
| Total value of shares traded | (Rm) | 2 238.0 | 2 903.7 | 1 843.8 | 1 389.1 | 2 347.2 | |
| Ratio of shares traded to issued shares | (times) | 18.0 | 20.3 | 13.9 | 11.7 | 18.8 | |
| Headline earnings yield | (%) | 16 | 7.5 | 6.9 | 5.8 | 5.2 | 4.2 |
| Distribution yield | (%) | 17 | 3.8 | 3.5 | 3.0 | 2.6 | 2.1 |
| Price: headline earnings ratio | (times) | 18 | 13.3 | 14.4 | 17.1 | 19.1 | 23.9 |
| Market price per share | |||||||
| – year-end | (cents) | 2 378 | 2 801 | 3 180 | 2 533 | 2 685 | |
| – highest | (cents) | 3 100 | 3 952 | 3 260 | 2 902 | 3 270 | |
| – lowest | (cents) | 2 126 | 2 500 | 2 476 | 2 221 | 2 420 |
Notes:
- Earnings per share
Profit attributable to Illovo Sugar Limited shareholders divided by the weighted average number of ordinary shares in issue. - Headline earnings per share
Headline earnings divided by the weighted average number of ordinary shares in issue. - Distribution per share
Distribution per share reflects both the interim distribution (paid) and the final distribution (declared). Distribution per share includes any capital distributions out of share premium. - Distribution cover
Headline earnings per share divided by distribution per share. - Return on average shareholders’ equity
Profit attributable to Illovo Sugar Limited shareholders expressed as a percentage of average shareholders’ equity. - Return on net assets
Operating profit expressed as a percentage of average net operating assets. - Return on total assets
Operating profit expressed as a percentage of total average assets, excluding cash and cash equivalents. - Working capital to revenue
Average levels of inventories, receivables and payables, expressed as a percentage of revenue. - 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. - 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. - Total liabilities to total equity
Interest-bearing liabilities and other liabilities expressed as a percentage of total equity. - Current ratio
Current assets divided by current liabilities. - Interest cover
Operating profit divided by net financing costs. - Permanent employees
The total number of permanent employees at year-end, excluding those employed by associate companies. - Net asset value per share
Total assets less total liabilities divided by the number of shares in issue. - Headline earnings yield
Headline earnings per share as a percentage of year-end market price. - Distribution yield
Distribution per share as a percentage of year-end market price. - Price: headline earnings ratio
Year-end market price divided by headline earnings per share. - Change in accounting policy
Where a change of accounting policy is implemented with retrospective application the relevant previous years are restated where required.