Five-year review

 

  2017    2016    2015    2014    2013   
In US Dollar (US$’000)
                   
Revenue  6 083 383     6 454 782     6 443 536     5 688 054     5 246 667    
   Continued operations  6 081 167     6 401 171     6 421 646     5 464 474     5 063 855    
   Revenue from acquisitions  2 216     53 611     21 890     223 580     182 812    
Operating profit before interest, tax, depreciation and amortisation ("EBITDA") 118 870     162 110     206 393     175 265     185 538    
Operating profit before goodwill and intangible adjustment/impairment  60 541     110 606     157 758     127 530     141 373    
   Westcon-Comstor*  20 323     62 212     100 207     67 447     98 200    
   Logicalis*  54 422     56 430     74 165     67 523     54 697    
   Corporate, Consulting* and Financial Services  (14 204)    (8 036)    (16 614)    (7 440)    (11 524)   
Profit before taxation  41 659     88 434     140 162     101 796     127 247    
Profit after taxation  10 749     48 478     88 628     64 300     85 084    
Attributable profit  3 038     39 949     73 772     55 780     78 077    
Headline profit  4 293     40 016     73 674     62 083     78 071    
Capital distribution and dividends to shareholders  (20 949)    (22 200)    (33 286)    (31 594)    (32 394)   
Non-current assets  786 361     766 142     701 809     673 650     661 324    
Current assets  2 698 539     2 616 800     2 572 773     2 318 374     2 028 740    
Equity attributable to equity holders of the parent  854 986     830 366     870 850     871 617     865 433    
Non-controlling interests  51 889     39 054     41 599     52 868     51 578    
Non-current liabilities  127 056     112 645     103 710     94 131     84 324    
Current liabilities  2 450 969     2 400 877     2 258 423     1 973 408     1 688 729    
Net cash (outflow)/inflow from operating activities  (105 884)    68 018     115 400     (34 434)    241 664    
Net cash outflow from investing activities  (69 673)    (119 289)    (51 477)    (59 127)    (119 405)   
Net cash outflow from financing activities  (3 527)    (33 407)    (36 025)    (16 358)    (46 058)   
Cash net of short-term borrowings  (299 852)    (132 685)    (22 101)    (41 770)    73 316    
Cash net of short and long-term borrowings  (396 541)    (205 398)    (87 124)    (86 740)    47 621    
IN US CENTS
                             
Headline earnings per share  2     19     37     32     41    
Underlying earnings per share  11     32     42     36     43    
Basic earnings per share  1     19     37     28     41    
Net asset value per share  404     397     428     442     448    
Tangible net asset value per share  125     115     159     170     175    
Distribution per share  4     17     17     17     17    
RATIOS
                             
Return on capital employed  6.6%     12.1%     16.8%     13.6%     15.5%    
Return on invested capital  0.8%     6.5%     10.8%     9.4%     11.5%    
Return on average shareholders' equity  2.7%     7.8%     9.5%     8.1%     9.8%    
Net debt-to-equity ratio  0.46:1     0.25:1     0.10:1     0.10:1     (0.06):1    
Current ratio  1.1:1     1.1:1     1.1:1     1.2:1     1.2:1    
EBITDA margin  2.0%     2.5%     3.2%     3.1%     3.5%    
Operating profit margin  1.0%     1.7%     2.4%     2.2%     2.7%    
Interest cover  4.2     5.9     9.4     7.0     6.9    
Percentage change in SA Consumer Price Index                              
Price Index  6.3     7.0     3.9     5.9     5.9    
STOCK EXCHANGE PERFORMANCE
                             
Total number of shares traded ('000) 145 093     149 707     79 850     54 038     79 044    
Total number of shares traded as a percentage of total shares  68.8%     72.3%     40.0%     27.5%     41.4%    
Total value of shares traded (R'million) 6 953     8 901     4 335     2 888     3 832    
Prices (cents)                              
   Closing  5 458     4 648     6 005     4 701     4 871    
   High  5 848     8 088     6 290     6 138     5 768    
   Low  4 006     3 820     4 601     4 270     4 199    
Market capitalisation (R'million) 11 569     9 735     12 227     9 268     9 405    
P/E ratio (underlying earnings) 35     11     13     13     13    
SHARES ISSUED
                             
Issued (million) 212     209     204     197     193    
Weighted average (million) 211     206     199     197     191    
EMPLOYEES
                             
Number of employees at the end of the year  9 203     8 681     8 248     7 627     6 586    
Average number of employees  8 942     8 465     7 938     7 107     6 099    
Operating profit per average employee (US$'000) 7     13     20     18     23    
Gross assets per employee (US$'000) 379     390     397     392     408    
EXCHANGE RATES
                             
Rand/US$ statement of comprehensive income translation rate  14.2     13.7     11.0     10.1     8.4    
Rand/US$ statement of financial position translation rate  13.0     16.2     11.7     10.7     8.8   
Notes:
Tangible net asset value per share is calculated using net asset value exclusive of intangible assets, goodwill and capitalised development expenditure and the number of shares in issue at the end of the financial period.
Return on capital employed is calculated using operating profit before intangible and goodwill adjustment/impairment and the average of opening and closing capital employed. Capital employed is calculated using total shareholder funds plus all long-term liabilities including amounts due to vendors of a long-term nature but excluding deferred tax liabilities, provisions and liability for share-based payments.
Return on invested capital is calculated using net operating profit after tax and average invested capital. Net operating profit after tax is calculated using operating profit before intangible and goodwill adjustment/impairment to which amortisation of acquired intangible assets is added back, and is tax effected at the normalised effective tax rate. Invested capital is calculated using total shareholder funds plus long-term liabilities and short-term interest-bearing liabilities less cash and cash equivalents.
Return on average shareholders’ equity is calculated using underlying earnings and the average of opening and closing equity attributable to the equity holders of the parent.
Debt, for the purposes of the debt-to-equity ratio, includes all long-term liabilities including short-term interest-bearing debt but excluding deferred tax liabilities, amounts due to vendor and liability for share-based payments. Net debt includes cash and cash equivalents.
Ratios referring to operating profit use operating profit before goodwill and intangible adjustment/impairment.
Interest cover is calculated using EBITDA over finance cost.
The SA Consumer Price Index is sourced from Statistics South Africa.
Detailed segmental information is set out in Note 32 of the consolidated annual financial statements on pages 136 to 139.
Excluding impairment of goodwill and intangible assets, profit or loss on sale of investments and assets, amortisation of acquired intangible assets, unrealised foreign exchange movements, acquisition-related adjustments, fair value movements on acquisition-related financial instruments, restructuring costs relating to fundamental reorganisations and the taxation effect on all of the aforementioned.
* The results of Intact have been included in Westcon-Comstor from FY15 and in the Corporate, Consulting and Financial Services segment in preceding periods. The results of via have been included in Logicalis from FY17 and in the Corporate, Consulting and Financial Services segment in preceding periods.