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Five-year review

FY23  FY22  FY21  FY20  FY19 
In US Dollar (US$'000)
Revenue‡  5 143 125  4 546 398  4 036 269  4 246 109  4 286 698 
Continuing operations‡  5 130 500  4 521 033  4 031 977  4 225 692  4 232 459 
Revenue from acquisitions‡  12 625  25 365  4 292  20 417  54 239 
EBITDA‡  98 246  143 457  108 409  149 730  84 418 
Operating profit/(loss) before goodwill, investment, property, plant and equipment, right-of-use assets and intangible asset adjustments/impairments‡  30 112  74 975  44 048  76 934  47 144 
Westcon InternationalΔ  25 092  43 562  22 215  18 972  (4 226)
Logicalis International#  13 173  27 862  13 357  18 303  15 269 
Logicalis Latin America#  13 802  21 016  26 908  53 984  50 680 
CorporateΔ‡  (21 955) (17 465) (18 432) (14 325) (14 579)
(Loss)/profit before taxation‡  (20 049) 44 037  19 524  53 152  22 707 
(Loss)/profit for the year from continuing operations‡  (33 424) 34 567  1 658  22 929  2 520 
Profit for the year from discontinued operations‡  116 967  5 766  4 046  5 082  12 430 
Profit after taxation  83 543  40 333  5 704  28 011  14 950 
Attributable profit  80 334  33 902  2 601  14 237  13 134 
Headline (loss)/profit  (20 335) 33 008  3 556  12 491  1 658 
Capital distribution and dividends to shareholders  (154 399) (43 136) –  (12 167) – 
Non-current assets  610 565  613 155  554 690  512 598  437 786 
Current assets  3 015 700  2 399 078  2 242 568  2 083 928  2 284 521 
Equity attributable to equity holders of the parent  472 009  563 430  583 156  572 315  648 927 
Non-controlling interests  60 331  67 516  57 465  70 778  63 303 
Non-current liabilities  224 284  229 112  176 624  187 610  100 805 
Current liabilities  2 869 641  2 152 175  1 980 013  1 765 823  1 909 272 
Net cash inflow from operating activities  110 628  39 165  172 009  147 656  8 025 
Net cash inflow/(outflow) from investing activities  76 469  (41 591) (34 199) (30 966) (59 286)
Net cash (outflow)/inflow from financing activities^  (91 316) (63 677) 14 945  108 854  (54 584)
Cash and cash equivalents^  512 786  415 973  478 772  332 304  40 381 
Net debt  (106 582) (130 083) (60 861) (139 867) (100 753)
In US cents 
Headline (losses)/earnings per share  (9) 16  2  6  1 
Underlying* earnings per share  8  19  14  10  7 
Basic earnings per share  37  17  1  7  6 
Net asset value per share  215  264  293  288  298 
Tangible net asset value per share  81  114  135  142  167 
Distribution per share  79  41  –  7  – 
In SA cents 
Distribution per share  1 361  612  –  100  – 
Ratios 
Return on capital employed  4.0%  10.3%  6.4%  10.6%  5.9% 
Return on invested capital  1.7%  10.0%  1.8%  5.2%  1.1% 
Return on average shareholders' equity  3.3%  6.6%  4.7%  3.4%  2.3% 
Net debt-to-equity ratio  0.23:1  0.23:1  0.10:1  0.24:1  0.16:1 
Current ratio  1.1:1  1.1:1  1.1:1  1.2:1  1.2:1 
EBITDA margin‡  1.9%  3.2%  2.7%  3.5%  2.0% 
Operating profit/(loss) margin‡  0.6%  1.6%  1.1%  1.8%  1.1% 
Interest cover‡  2.1  4.3  4.0  3.7  2.6 
Percentage change in SA Consumer Price Index  7.0  5.7  2.9  4.6  4.1 
FY23  FY22  FY21  FY20  FY19 
Stock exchange performance 
Total number of shares traded ('000) 60 811  51 590  71 719  128 887  174 397 
Total number of shares traded on the JSE as a percentage of total shares traded  27.8%  25.2%  35.6%  60.4%  72.7% 
Total value of shares traded (ZAR million) 2 373  1 685  1 810  4 405  4 132 
Prices (SA cents)
Closing  3 403  3 660  2 577  3 060  3 150 
High  4 876  4 365  3 615  3 797  3 300 
Low  2 800  2 355  1 755  2 800  1 715 
Market capitalisation (ZAR million) 7 654  7 941  5 191  6 164  6 346 
JSE Limited prices adjusted for special dividends: ZAR12.50 in December 2022 and ZAR5.12 in November 2021 
Prices (SA cents)
Closing  3 403  1 898  815  1 298  1 388 
High  3 626  2 603  1 853  2 035  1 538 
Low  1 550  593  ~  1 038  ~ 
P/E ratio (underlying* earnings) – adjusted prices  26  13  11  21  35 
Shares issued 
Issued (million) – excluding treasury shares and shares held by participants under deferred bonus plan  220  214  199  198  218 
Weighted average (million) 218  203  199  210  238 
Employees 
Number of employees at the end of the year – continuing operations‡  11 009  10 561  9 599  10 646  9 885 
Average number of employees‡  10 785  10 080  10 123  10 266  9 143 
Operating profit/(loss) per average employee (US$'000)‡  3  7  4  7  5 
Gross assets per employee (US$'000)‡  329  285  291  244  275 
Exchange rates 
Rand/$ statement of comprehensive income translation rate  16.8  15.0  16.5  14.7  13.6 
Rand/$ statement of financial position translation rate  18.4  15.4  15.1  15.6  13.9 

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 shares held by participants under the deferred bonus plan 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 acquisition-related liabilities 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, short-term interest-bearing liabilities (excluding interest-bearing trade payables) and bank overdrafts less cash resources.
– 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, acquisition-related liabilities and liability for share-based payments. Net debt includes bank overdrafts and cash resources.
– 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, property, plant and equipment, right-of-use assets and intangible asset adjustments/impairments.
– 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 37 of the Group consolidated annual financial statements in the Annual Report.
* Underlying earnings exclude the following: 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, one-off tax items impacting EBITDA, costs relating to acquisitions, integration and corporate actions, and the taxation effect on all of the aforementioned.
Δ Datatec Financial Services has been included in the Westcon International segment in FY22, and in the Corporate segment in preceding years.
‡ 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 FY19 to FY21 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.
# The Logicalis segment previously reported in the prior period is now being reported as two management segments, Logicalis Latin America and Logicalis International (representing the Logicalis business outside of Latin America). The ultimate Logicalis holding company, Logicalis Group Limited, and its associated costs, is now included in the "Corporate" segment. Comparative results have been re-presented. The re-presented information for FY19 to FY21 has not been audited.
^ The Group restated its statement of cash flows for FY20 to exclude certain bank overdrafts from cash and cash equivalents. Bank overdrafts that are repayable on demand under certain circumstances, but not unconditionally repayable on demand have now been excluded from cash and cash equivalents and cash flows associated with these bank overdrafts are now shown as cash flows from financing activities. The restatement relates to banking arrangements that form an integral part of the Group's cash management.
~ The dividend-adjusted lows in FY21 and FY19 are less than zero, ie the share price of those lows was subsequently fully returned in cash.