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Five-year review

In US Dollar (US$'000) FY24     FY23   FY22   FY21   FY20  
Revenue‡    5 457 947   5 143 125   4 546 398   4 036 269   4 246 109  
      Continuing operations‡    5 457 947   5 130 500   4 521 033   4 031 977   4 225 692  
      Revenue from acquisitions‡    —   12 625   25 365   4 292   20 417  
Operating profit before interest, depreciation and amortisation ("EBITDA")‡    177 589   98 246   143 457   108 409   149 730  
Operating profit/(loss) before goodwill, investment,property, plant and equipment, right-of-use assets and intangible asset adjustments/impairments‡    116 360   30 112   74 975   44 048   76 934  
      Westcon InternationalΔ    96 244   25 092   43 562   22 215   18 972  
      Logicalis International#    39 123   13 173   27 862   13 357   18 303  
      Logicalis Latin America#    2 703   13 802   21 016   26 908   53 984  
      Corporate and Consulting ServicesΔ‡    (21 710) (21 955) (17 465) (18 432) (14 325)
(Loss)/profit before taxation‡    76 465   (20 049) 44 037   19 524   53 152  
(Loss)/profit for the year from continuing operations‡    50 938   (33 424) 34 567   1 658   22 929  
Profit for the year from discontinued operations‡    —   116 967   5 766   4 046   5 082  
Profit after taxation    50 938   83 543   40 333   5 704   28 011  
Attributable profit    45 801   80 334   33 902   2 601   14 237  
Headline (loss)/profit    31 917   (20 335)   33 008   3 556   12 491  
Capital distribution and dividends to shareholders    (13 925) (154 399) (43 136) —   (12 167)
Non-current assets    741 075   610 565   613 155   554 690   512 598  
Current assets    2 892 261   3 015 700   2 399 078   2 242 568   2 083 928  
Equity attributable to equity holders of the parent    501 233   472 009   563 430   583 156   572 315  
Non-controlling interests    67 911   60 331   67 516   57 465   70 778  
Non-current liabilities    234 612   224 284   229 112   176 624   187 610  
Current liabilities    2 829 580   2 869 641   2 152 175   1 980 013   1 765 823  
Net cash inflow from operating activities    92 997   110 628   39 165   172 009   147 656  
Net cash inflow/(outflow) from investing activities    (56 474) 76 469   (41 591) (34 199) (30 966)
Net cash (outflow)/inflow from financing activities^    (28 529) (91 316) (63 677) 14 945   108 854  
Cash and cash equivalents^    515 539   512 786   415 973   478 772   332 304  
Net debt    (123 127) (106 582) (130 083) (60 861) (139 867)
In US cents   
Headline (losses)/earnings per share    14   (9) 16   2   6  
Underlying* earnings per share    20   8   19   14   10  
Basic earnings per share    20   37   17   1   7  
Net asset value per share    221   215   264   293   288  
Tangible net asset value per share    73   81   114   135   142  
Distribution per share    10   79   41   —   7  
In SA cents   
Distribution per share    195   1 361   612   —   100  
Ratios   
Return on capital employed    14.5% 4.0% 10.3% 6.4% 10.6%
Return on invested capital    23.3% 1.7% 10.0% 1.8% 5.2%
Return on average shareholders' equity    3.2% 3.3% 6.6% 4.7% 3.4%
Net debt-to-equity ratio    0.24:1   0.23:1   0.23:1   0.10:1   0.24:1  
Current ratio    1.0:1   1.1:1   1.1:1   1.1:1   1.2:1  
EBITDA margin‡    3.3% 1.9% 3.2% 2.7% 3.5%
Operating profit/(loss) margin‡    2.1% 0.6% 1.6% 1.1% 1.8%
Interest cover‡    2.6   2.1   4.3   4.0   3.7  
Percentage change in SA Consumer Price Index    5.6   7.0   5.7   2.9   4.6  
Stock exchange performance   
Total number of shares traded ('000) 36 906   60 811   51 590   71 719   128 887  
Total number of shares traded on the JSE as   a percentage of total shares in issue   
16.2% 27.8% 25.2% 35.6% 60.4%
Total value of shares traded (R million) 1 377   2 373   1 685   1 810   4 405  
Prices (SA cents)
Closing    4 025   3 403   3 660   2 577   3 060  
High    4 200   4 876   4 365   3 615   3 797  
Low    3 101   2 800   2 355   1 755   2 800  
Market capitalisation (R million) 9 237   7 654   7 941   5 191   6 164  
JSE Limited prices adjusted for special dividends:   
ZAR12.50 in December 2022 and ZAR5.12 in   
November 2021   
Prices (SA cents)
Closing    4 025   3 403   1 898   815   1 298  
High    4 200   3 626   2 603   1 853   2 035  
Low    3 101   1 550   593   ~   1 038  
P/E ratio (underlying* earnings) – adjusted prices    30   26   13   11   21  
Shares issued   
Issued (million) – excluding treasury shares and shares   
held by participants under deferred bonus plan    227   220   214   199   198  
Weighted average (million) 225   218   203   199   210  
Employees   
Number of employees at the end of the year – continuing operations‡    11 269   11 009   10 561   9 599   10 646  
Average number of employees‡    11 139   10 785   10 080   10 123   10 266  
Operating profit/(loss) per average employee (US$'000)‡    10   3   7   4   7  
Gross assets per employee (US$'000)‡    322   329   285   291   244  
Exchange rates   
Rand/US$ statement of comprehensive income   translation rate   
18.6   16.8   15.0   16.5   14.7  
Rand/US$ statement of financial position translation rate    19.2   18.4   15.4   15.1   15.6  

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 FY20 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 FY20 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 low in FY21 is less than zero, ie the share price of those lows was subsequently fully returned in cash.