Five-year review

   2018     2017     2016     2015     2014    
IN US DOLLAR (US$'000)                                
Revenue  3 923 715       3 861 991       4 126 279       4 062 680       4 017 809    
   Continuing operations  3 881 547     3 859 775     4 072 668     4 040 790     3 822 444    
   Revenue from acquisitions  42 168     2 216     53 611     21 890     195 365    
Operating profit before interest, depreciation, amortisation and impairment ("EBITDA")  26 697     29 041     79 019     103 213     115 075    
Operating (loss)/profit before goodwill, investment and intangible asset adjustment/impairment  (24 866)    (23 289)    33 349     60 909     74 531    
   Westcon International*  (71 822)    (61 102)    (12 546)    6 180     16 236    
   Logicalis*  59 483     52 017     53 931     71 343     65 735    
   Corporate, Consulting* and Financial Services  (12 527)    (14 204)    (8 036)    (16 614)    (7 440)   
(Loss)/profit before taxation  (99 352)    (31 789)    (16 398)    8 242     102 244    
(Loss)/profit for the year from continuing operations  (117 817)    (53 031)    (37 964)    (26 207)    68 224    
Profit/(loss) for the year from discontinued operations  159 608     63 780     86 442     114 835     (3 924)   
Profit after taxation  41 791     10 749     48 478     88 628     64 300    
Attributable profit  44 359     3 038     39 949     73 772     55 780    
Headline (loss)/profit  (41 337)    4 293     40 016     73 674     62 083    
Capital distribution and dividends to shareholders  (244 193)    (20 949)    (22 200)    (33 286)    (31 594)   
Non-current assets  417 370     786 361     766 142     701 809     673 650    
Current assets  2 244 228     2 698 539     2 616 800     2 572 773     2 318 374    
Equity attributable to equity holders of the parent  721 603     854 986     830 366     870 850     871 617    
Non-controlling interests  69 217     51 889     39 054     41 599     52 868    
Non-current liabilities  120 685     127 056     112 645     103 710     94 131    
Current liabilities  1 750 093     2 450 969     2 400 877     2 258 423     1 973 408    
Net cash (outflow)/inflow from operating activities  (50 605)    (105 884)    68 018     115 400     (34 434)   
Net cash inflow/(outflow) from investing activities  683 187     (69 673)    (119 289)    (51 477)    (59 127)   
Net cash outflow from financing activities  (175 487)    (3 527)    (33 407)    (36 025)    (16 358)   
Cash net of overdraft  161 342     (299 852)    (132 685)    (22 101)    (41 770)   
Cash net of short and long-term borrowings  (6 380)    (396 541)    (205 398)    (87 124)    (86 740)   
IN US CENTS                                
Headline (loss)/earnings per share    (19)      2       19       37       32    
Underlying (loss)/earnings per share  (6)    11     32     42     36    
Basic earnings per share  21        19     37     28    
Net asset value per share  297     404     397     428     442    
Tangible net asset value per share  186     125     115     159     170    
Distribution per share  165        17     17     17    
IN ZAR CENTS                       
Distribution per share    2 300      60       241       196       173    
RATIOS                       
Return on capital employed    (2.7%)      6.6%       12.1%       16.8%       13.6%    
Return on invested capital  (1.1%)    0.8%     6.5%     10.8%     9.4%    
Return on average shareholders' equity  (1.5%)    2.7%     7.8%     9.5%     8.1%    
Net debt-to-equity ratio  0.01:1     0.46:1     0.25:1     0.10:1     0.10:1    
Current ratio  1.3:1     1.1:1     1.1:1     1.1:1     1.2:1    
EBITDA margin  0.7%     0.8%     1.9%     2.5%     2.9%    
Operating (loss)/profit margin  (0.6%)    (0.6%)    0.8%     1.5%     1.9%    
Interest cover  1.0     1.7     5.2     9.0     7.5    
Percentage change in SA Consumer Price Index  4.0     6.3     7.0     3.9     5.9    
STOCK EXCHANGE PERFORMANCE                               
Total number of shares traded ('000) 202 681     145 093     149 707     79 850     54 038    
Total number of shares traded on the JSE as a percentage of total shares traded    91.7%       68.8%       72.3%       40.0%       27.5%    
Total value of shares traded (R million) 10 340     6 953     8 901     4 335     2 888    
Price (cents)                              
   Closing  2 500     5 458     4 648     6 005     4 701    
   High  6 499     5 848     8 088     6 290     6 138    
   Low  2 301     4 006     3 820     4 601     4 270    
Market capitalisation (R million) 6 074     11 569     9 735     12 227     9 268    
Adjusted for the special dividend of 2 300 cents per share in January 2018                               
Prices (cents)                              
Closing  2 500     3 158     2 348     3 705     2 401    
High  4 199     3 548     5 788     3 990     3 838    
Low  2 301     1 706     1 520     2 301     1 970    
P/E ratio (underlying earnings) – adjusted prices  (34)    20             
SHARES ISSUED                               
Issued (million) 243     212     209     204     197    
Weighted average (million) 216     211     206     199     197    
EMPLOYEES                               
Number of employees at the end of the year – continuing operations  8 616       7 659       7 198       6 836       6 374    
Average number of employees – continuing operations  8 138     7 429     7 017     6 605     6 480    
Operating (loss)/profit per average employee (US$'000)  (3)    (3)          12    
Gross assets per employee (US$'000)  309     455     470     479     469    
EXCHANGE RATES                               
Rand/US$ statement of comprehensive income translation rate    13.0       14.2       13.7       11.0       10.1    
Rand/US$ statement of financial position translation rate  11.8     13.0     16.2     11.7     10.7    
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 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 due to vendors of a long-term nature but excluding deferred tax liabilities 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 due to vendor 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 over 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 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 140 to 143.
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, SYNNEX deal-related expenses and the taxation effect on all of the aforementioned.
* The results of Intact have been included in Westcon International 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.
Δ Re-presented. The statement of comprehensive income has been re-presented to show comparative results from continuing and discontinued operations in accordance with IFRS 5. The re-presented information for FY14 to FY16 has not been audited. Only 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.