Five-year review



               
US$’000 2020   2019 2018 2017 2016  
Revenue∆		 4 304 845   4 332 381 3 923 715 3 861 991 4 126 279  
   Continuing operations∆		 4 281 591   4 277 186 3 881 547 3 859 775 4 072 668  
   Revenue from acquisitions∆		 23 254   55 195 42 168 2 216 53 611  
Operating profit before interest, depreciation and amortisation ("EBITDA")∆ 		158 657   86 761 26 697 29 041 79 019  
Operating profit/(loss) before goodwill, investment and intangible asset adjustment/impairment∆		 82 537   48 423 (24 866) (23 289) 33 349  
Westcon International∆		 18 972   (4 226) (71 822) (61 102) (12 546)  
Logicalis‡∆		 72 287   65 949 59 483 52 017 53 931  
Corporate, Management Consulting‡ and Financial Services		 (8 722)   (13 300) (12 527) (14 204) (8 036)  
Profit/(loss) before taxation∆		 58 488   24 215 (99 352) (31 789) (16 398)  
Profit/(loss) for the year from continuing operations∆		 26 679   3 256 (117 817) (53 031) (37 964)  
Profit for the year from discontinued operations∆		 1 332   11 694 159 608 63 780 86 442  
Profit after taxation		 28 011   14 950 41 791 10 749 48 478  
Attributable profit∆		 14 237   13 134 44 359 3 038 39 949  
Headline profit/(loss)∆		 12 491   1 658 (41 337) 4 293 40 016  
Capital distribution and dividends to shareholders (cash component)		 (12 167)   – (244 193) (20 949) (22 200)  
Non-current assets		 512 598   437 786 417 370 786 361 766 142  
Current assets		 2 083 928   2 284 521 2 244 228 2 698 539 2 616 800  
Equity attributable to equity holders of the parent		 572 315   648 927 721 603 854 986 830 366  
Non-controlling interests		 70 778   63 303 69 217 51 889 39 054  
Non-current liabilities 		187 610   100 805 120 685 127 056 112 645  
Current liabilities 		1 765 823   1 909 272 1 750 093 2 450 969 2 400 877  
Net cash inflow/(outflow) from operating activities		 147 656   8 025 (50 605) (105 884) 68 018  
Net cash(outflow)/inflow from investing activities		 (30 966)   (59 286) 683 187 (69 673) (119 289)  
Net cash outflow from financing activities		 (76 781)   (54 584) (175 487) (3 527) (33 407)  
Cash net of overdraft		 83 389   40 381 161 342 (299 852) (132 685)  
Net debt		 (139 867)   (100 753) (6 380) (396 541) (205 398)  
IN US CENTS  
Headline earnings/(losses) per share		 6   1 (19) 2 19  
Underlying* earnings/(losses) per share 		10   7 (6) 11 32  
Basic earnings per share		 7   6 21 1 19  
Net asset value per share		 288   298 297 404 397  
Tangible net asset value per share		 142   167 186 125 115  
Distribution per share		 7   – 165 4 17  
IN ZA CENTS  
Distribution per share		 100   – 2 300 60 241  
RATIOS  
Return on capital employed		 10.6%   5.9% (2.7%) 6.6% 12.1%  
Return on invested capital		 5.2%   1.1% (1.1%) 0.8% 6.5%  
Return on average shareholders' equity		 3.4%   2.3% (1.5%) 2.7% 7.8%  
Net debt-to-equity ratio		 0.24:1   0.16:1 0.01:1 0.46:1 0.25:1  
Current ratio 		1.2:1   1.2:1 1.3:1 1.1:1 1.1:1  
EBITDA margin∆		 3.7%   2.0% 0.7% 0.8% 1.9%  
Operating profit/(loss) margin∆		 1.9%   1.1% (0.6%) (0.6%) 0.8%  
Interest cover∆		 3.9   2.7 1.0 1.7 5.2  
Percentage change in SA Consumer Price Index		 4.6   4.1 4.0 6.3 7.0  
STOCK EXCHANGE PERFORMANCE              
Total number of shares traded ('000)		 128 887   174 397 202 681 145 093 149 707  
Total number of shares traded on the JSE as a percentage of total shares traded		 60.4%   72.7% 91.7% 68.8% 72.3%  
Total value of shares traded (R million) 		4 405   4 132 10 340 6 953 8 901  
Prices (cents)              
Closing		 3 060   3 150 2 500 5 458 4 648  
High		 3 797   3 300 6 499 5 848 8 088  
Low		 2 800   1 715 2 301 4 006 3 820  
Market capitalisation (R million)		 6 164   6 905 6 074 11 569 9 735  
Adjusted for the special dividend of 2 300cps in January 2018              
Prices (cents)              
Closing		 3 060   3 150 2 500 3 158 2 348  
High		 3 797   3 300 4 199 3 548 5 788  
Low		 2 800   1 715 2 301 1 706 1 520  
P/E ratio (underlying* earnings) - adjusted prices		 21   35 (34) 20 5  
SHARES ISSUED              
Issued (million) – excluding deferred bonus plan shares and treasury shares		 198   218 243 212 209  
Weighted average (million)		 210   238 216 211 206  
EMPLOYEES              
Number of employees at the end of the year - continuing operations∆		 10 924   10 130 8 616 7 659 7 198  
Average number of employees∆		 10 527   9 373 8 138 7 429 7 017  
Operating profit/(loss) per average employee (US$'000)∆		 8   5 (3) (3) 5  
Gross assets per employee (US$'000)∆		 238   269 309 455 470  
EXCHANGE RATES              
Rand/US$ statement of comprehensive income translation rate		 14.7   13.6 13.0 14.2 13.7  
Rand/US$ statement of financial position translation rate		 15.6   13.9 11.8 13.0 16.2  
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 interest-bearing liabilities and short-term interest-bearing liabilities (excluding interest-bearing trade payables) 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 interest-bearing liabilities and includes short-term interest-bearing liabilities (excluding interest-bearing trade payables) 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 Group consolidated annual financial statements of the Group consolidated annual financial statements.
* Excluding impairments 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 Via have been included in Logicalis from FY17 and in the Corporate, Management Consulting and Financial Services segment in preceding periods.
∆ Re-presented. The statement of comprehensive income for FY16 - FY17 has been re-presented to show comparative results from continuing and discontinued operations. The re-presented information for 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.