Our performance Six-year review

  2015   2014   2013   2012   2011   2010  
In US Dollars (US$’000)             
Revenue   6 443 536   5 688 054   5 246 667   5 033 394   4 302 972   3 738 026  
Continuing operations   6 421 646   5 464 474   5 063 855   4 940 164   4 293 955   3 698 134  
Acquisitions   21 890   223 580   182 812   93 230   9 017   39 892  
Operating profit before interest, depreciation and amortisation (“EBITDA”)  206 393   175 265   185 538   190 191   142 181   108 536  
Operating profit before goodwill and intangible adjustment/impairment   157 758   127 530   141 373   150 644   104 976   75 966  
Westcon*   100 207   67 447   98 200   120 360   91 277   66 040  
Logicalis   74 165   67 523   54 697   42 609   31 340   25 203  
Consulting Services*   2 362   1 041   2 081   3 331   (764)  790  
Corporate and other holdings   (19 590)  (13 210)  (14 314)  (17 502)  (15 886)  (11 555) 
Head office foreign exchange gain/(loss)  614   4 729   709   1 846   (991)  (4 512) 
Profit before taxation   140 162   101 796   127 247   137 971   78 178   54 104  
Profit after taxation   88 628   64 300   85 084   89 069   45 940   31 639  
Attributable profit   73 772   55 780   78 077   80 846   41 893   29 974  
Headline profit   73 674   62 083   78 071   80 188   44 020   29 978  
Capital distribution and dividends paid to shareholders   (23 459)  (31 594)  (32 394)  (36 383)  (21 713)  (21 982) 
Non-current assets   701 809   673 650   661 324   574 970   515 590   459 963  
Current assets   2 572 773   2 318 374   2 028 740   1 823 437   1 481 342   1 442 081  
Equity attributable to equity holders of the parent   870 850   871 617   865 433   823 369   727 702   667 879  
Non-controlling interest   41 599   52 868   51 578   56 059   42 677   50 900  
Non-current liabilities   103 710   94 131   84 324   66 083   91 102   68 194  
Current liabilities   2 258 423   1 973 408   1 688 729   1 452 896   1 135 451   1 115 071  
Net cash inflow/(outflow) from operating activities   115 400   (34 434)  241 664   32 942   (100 897)  196 079  
Net cash outflow from investing activities   (51 477)  (59 127)  (119 405)  (55 476)  (46 000)  (53 454) 
Net cash outflow from financing activities   (36 025)  (16 358)  (46 058)  (64 067)  (15 036)  (13 391) 
Cash net of short-term borrowings   (22 101)  (41 770)  73 316   1 813   83 219   239 834  
Cash net of short and long-term borrowings   (87 124)  (86 740)  47 621   (20 454)  48 120   185 998  
In US cents              
Headline earnings per share   37   32   41   43   24   17  
Underlying‡ earnings per share   42   36   43   48   38   30  
Basic earnings per share   37   28   41   43   23   17  
Net asset value per share   428   442   448   439   392   366  
Tangible net asset value per share   159   170   175   197   178   158  
Distribution per share (US cents)  17   17   17   16   13   12  
Ratios              
Return on capital employed   16.8%   13.6%   15.5%   17.6%   13.3%   10.4%  
Return on average shareholders’ equity   9.5%   8.1%   9.8%   11.5%   10.0%   8.6%  
Net debt/equity ratio   0.10:1   0.10:1   (0.06):1   0.02:1   (0.07):1   (0.28):1  
Current ratio   1.1:1   1.2:1   1.2:1   1.3:1   1.3:1   1.3:1  
EBITDA margin   3.2%   3.1%   3.5%   3.8%   3.3%   2.9%  
Operating profit margin   2.4%   2.2%   2.7%   3.0%   2.4%   2.0%  
Interest cover   9.4   7.0   6.9   8.7   8.8   8.1  
Percentage change in SA Consumer Price Index   3.9   5.9   5.9   6.1   3.7   5.7  
Stock exchange performance              
Total number of shares traded (’000)  79 850   54 038   79 044   60 176   104 059   113 195  
Total number of shares traded as a percentage of total shares   40.0%   27.5%   41.4%   32.4%   56.6%   64.2%  
Total value of shares traded (R’million)  4 335   2 888   3 832   2 337   3 494   2 422  
Prices (cents)             
Closing   6 005   4 701   4 871   4 500   3 576   3 074  
High   6 290   6 138   5 768   4 510   3 848   3 295  
Low   4 601   4 270   4 199   3 252   2 720   1 042  
Market capitalisation (R’million)  12 227   9 268   9 405   8 448   6 637   5 604  
P:E ratio (underlying earnings)  13   13   13   13   13   13  
Shares issued              
Issued (million)  204   197   193   188   186   182  
Weighted average (million)  199   197   191   186   184   177  
Employees              
Number of employees at the end of the year   8 248   7 627   6 586   5 611   4 836   4 126  
Average number of employees   7 938   7 107   6 099   5 224   4 481   4 116  
Operating profit per average employee (US$’000)  20   18   23   29   23   18  
Gross assets per employee (US$’000)  397   392   408   427   413   461  
Exchange rates              
Rand/US$ statement of comprehensive income translation rate   11.0   10.1   8.4   7.3   7.2   7.9  
Rand/US$ statement of financial position translation rate   11.7   10.7   8.8   7.5   7.0   7.6  
Notes:
– Net tangible asset value per share is calculated using net asset value exclusive of acquired intangible assets and software, goodwill and capitalised software development costs 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 adjustments/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 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/equity ratio, includes all long-term liabilities including the short-term portion of long-term debt but excluding deferred tax liabilities, amounts owing to vendors 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 adjustments/impairment.
– Interest cover is calculated using EBITDA over finance cost.
– The SA Consumer Price Index is sourced from The Standard Bank of South Africa Limited.
– Detailed segmental information is set out in Note 32 of the consolidated annual financial statements.
‡ Underlying earnings exclude 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 and the taxation effect on all of the aforementioned.
* The results of Intact have been included in Westcon in FY15 and in the Consulting Services division in preceding periods.