Five-year review

 

  2019  2018  2017  2016  2015    
IN US DOLLAR (US$'000)
Revenue  4 332 381   3 923 715  3 861 991  4 126 279  4 062 680    
   Continuing operations  4 277 186   3 881 547  3 859 775  4 072 668  4 040 790    
   Revenue from acquisitions  55 195   42 168  2 216  53 611  21 890    
Operating profit before interest, tax, depreciation, amortisation ("EBITDA")  86 761   26 697  29 041  79 019  103 213    
Operating (loss)/profit before goodwill, investment and intangible asset adjustment/impairment  48 423   (24 866) (23 289) 33 349  60 909    
   Westcon International  (4 226) (71 822) (61 102) (12 546) 6 180    
   Logicalis#△  65 949   59 483  52 017  53 931  71 343    
   Corporate, Consulting# and Financial Services  (13 300) (12 527) (14 204) (8 036) (16 614)   
Profit/(loss) before taxation  24 215   (99 352) (31 789) (16 398) 8 242    
Profit/(loss) for the year from continuing operations  3 256   (117 817) (53 031) (37 964) (26 207)   
Profit/(loss) for the year from discontinued operations  11 694   159 608  63 780  86 442  114 835    
Profit after taxation  14 950   41 791  10 749  48 478  88 628    
Attributable profit  13 134   44 359  3 038  39 949  73 772    
Headline profit/(loss)  1 658   (41 337) 4 293  40 016  73 674    
Capital distribution and dividends to shareholders  -   (244 193) (20 949) (22 200) (33 286)   
Non-current assets  437 786   417 370  786 361  766 142  701 809    
Current assets  2 284 521   2 244 228  2 698 539  2 616 800  2 572 773    
Equity attributable to equity holders of the parent  648 927   721 603  854 986  830 366  870 850    
Non-controlling interests  63 303   69 217  51 889  39 054  41 599    
Non-current liabilities  100 805   120 685  127 056  112 645  103 710    
Current liabilities  1 909 272   1 750 093  2 450 969  2 400 877  2 258 423    
Net cash inflow/(outflow) from operating activities  8 025   (50 605) (105 884) 68 018  115 400    
Net cash (outflow)/inflow from investing activities  (59 286) 683 187  (69 673) (119 289) (51 477)   
Net cash outflow from financing activities  (54 584) (175 487) (3 527) (33 407) (36 025)   
Cash net of overdraft  40 381   161 342  (299 852) (132 685) (22 101)   
Net debt  (100 753) (6 380) (396 541) (205 398) (87 124)   
IN US CENTS 
Headline earnings/(loss) per share  1   (19) 19  37    
Underlying* earnings/(loss) per share  7   (6) 11  32  42    
Basic earnings per share  6   21  19  37    
Net asset value per share  298  297  404  397  428    
Tangible net asset value per share  167  186  125  115  159    
Distribution per share  -   165  17  17    
IN ZAR CENTS 
Distribution per share  -   2 300  60  241  196    
RATIOS 
Return on capital employed (%) 5.9  (2.7) 6.6  12.1  16.8    
Return on invested capital (%) 1.1  (1.1) 0.8  6.5  10.8    
Return on average shareholders' equity (%) 2.3  (1.5) 2.7  7.8  9.5    
Net debt-to-equity ratio  0.16:1  0.01:1  0.46:1  0.25:1  0.10:1    
Current ratio  1.2:1  1.3:1  1.1:1  1.1:1  1.1:1    
EBITDA margin (%)  2.0  0.7  0.8  1.9  2.5    
Operating profit/(loss) margin (%)  1.1  (0.6) (0.6) 0.8  1.5    
Interest cover  2.7   1.0  1.7  5.2  9.0    
Percentage change in SA Consumer Price Index  4.1   4.0  6.3  7.0  3.9    

   2019  2018  2017  2016  2015    
STOCK EXCHANGE PERFORMANCE 
Total number of shares traded ('000) 174 397  202 681  145 093  149 707  79 850    
Total number of shares traded on the JSE as a percentage of issued shares (%) 72.7  91.7  68.8  72.3  40.0    
Total value of shares traded (R million) 4 132  10 340  6 953  8 901  4 335    
Price (cents)
   Closing  3 150  2 500  5 458  4 648  6 005    
   High  3 300  6 499  5 848  8 088  6 290    
   Low  1 715  2 301  4 006  3 820  4 601    
Market capitalisation (R million) 7 122  6 074  11 569  9 735  12 227    
Adjusted for the special dividend of 2 300 cents per share in January 2018 Prices (cents)
   Closing  3 150  2 500  3 158  2 348  3 705    
   High  3 300  4 199  3 548  5 788  3 990    
   Low  1 715  2 301  1 706  1 520  2 301    
P/E ratio (underlying* earnings) - adjusted prices  35  (34) 20    
SHARES ISSUED 
Issued (million) - excluding deferred bonus plan shares and treasury shares  218  243  212  209  204    
Weighted average (million) 238  216  211  206  199    
EMPLOYEES 
Number of employees at the end of the year - continuing operations  10 130  8 616  7 659  7 198  6 836    
Average number of employees  9 373  8 138  7 429  7 017  6 605    
Operating profit/(loss) per average employee (US$'000)  (3) (3)   
Gross assets per employee US$'000)  269  309  455  470  479    
EXCHANGE RATES 
Rand/US$ statement of comprehensive income translation rate  13.6  13.0  14.2  13.7  11.0    
Rand/US$ statement of financial position translation rate  13.9  11.8  13.0  16.2  11.7    
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 (excluding deferred bonus plan shares and treasury shares) at the end of the financial period.
- Return on capital employed is calculated using operating profit before goodwill, investment and intangible asset 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 owing 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 goodwill, investment and intangible asset 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 and includes short-term interest-bearing liabilities but excludes deferred tax liabilities, amounts owing to vendors and liability for share-based payments. Net debt includes cash and cash equivalents.
- The P/E ratio (price earnings ratio) is calculated using underlying* earnings per share and the closing share price.
- Ratios referring to operating profit use operating profit before goodwill, investment and intangible asset adjustment/impairment.
- Interest cover is calculated using EBITDA and finance costs.
- The SA Consumer Price Index is sourced from Statistics South Africa.
- Detailed segmental information is set out in Note 34 of the consolidated annual financial statements.
# The results of Via have been included in Logicalis from FY17 and in the Corporate, Consulting and Financial Services segment in proceeding periods.
* 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.
Re-presented. The statement of comprehensive income for FY15 to FY17 has been re-presented to show comparative results from continuing and discontinued operations. The re-presented information for FY15 and FY16 has not been audited. Certain ratios which are related to the statement of comprehensive income only have been re-presented. Ratios which are affected by both the statement of comprehensive income and the statement of financial position have not been re-presented.