Five-year review

US$'000	FY25	FY24	FY23	FY22	FY21

Revenue^{‡^}	3 639 673	3 992 413	5 143 125	4 546 398	4 036 269
Continuing operations^{‡^}	3 637 422	3 981 707	5 130 500	4 521 033	4 031 977
Revenue from acquisitions^‡	2 251	10 706	12 625	25 365	4 292
EBITDA	221 309	177 589	98 246	143 457	108 409
Adjusted EBITDA	246 229	192 085	180 182	158 922	138 203
Operating profit/(loss) before goodwill, investment, property, plant and equipment, right-of-use assets and intangible asset adjustments/impairments^‡	159 890	116 360	30 112	74 975	44 048
Westcon International^Δ	110 296	96 244	25 092	43 562	22 215
Logicalis International^#	66 578	39 123	13 173	27 862	13 357
Logicalis Latin America^#	10 830	2 703	13 802	21 016	26 908
Corporate and Management Consulting^Δ‡	(27 814)	(21 710)	(21 955)	(17 465)	(18 432)
Profit/(loss) before taxation^‡	104 002	76 465	(20 049)	44 037	19 524
Profit/(loss) for the year from continuing operations^‡	69 282	50 938	(33 424)	34 567	1 658
Profit for the year from discontinued operations^‡	–	–	116 967	5 766	4 046
Profit after taxation	69 282	50 938	83 543	40 333	5 704
Attributable profit	59 179	45 801	80 334	33 902	2 601
Headline profit/(loss)	58 694	31 917	(20 235)	33 008	3 556
Capital distribution and dividends to shareholders	12 421	13 925	154 399	43 136	–
Non-current assets⁺	926 418	748 153	621 117	613 155	554 690
Current assets⁺	3 046 870	2 885 183	3 005 148	2 399 078	2 242 568
Equity attributable to equity holders of the parent	520 938	501 233	472 009	563 430	583 156
Non-controlling interests	73 669	67 911	60 331	67 516	57 465
Non-current liabilities⁺	438 136	268 586	255 033	229 112	176 624
Current liabilities⁺	2 940 545	2 795 606	2 838 892	2 152 175	1 980 013
Net cash inflow from operating activities	189 705	92 997	110 628	39 165	172 009
Net cash (outflow)/inflow from investing activities	(25 681)	(56 474)	76 469	(41 591)	(34 199)
Net cash (outflow)/inflow from financing activities	(183 858)	(28 529)	(91 316)	(63 677)	14 945
Cash and cash equivalents	496 768	515 539	512 786	415 973	478 772
Net debt	52 118	123 127	106 582	130 083	60 861
In US cents
Headline earnings/(losses) per share	26	14	(9)	16	2
Underlying* earnings per share	30	17	8	19	14
Basic earnings per share	26	20	37	17	1
Net asset value per share	225	221	215	264	293
Tangible net asset value per share	81	73	81	114	135
Distribution per share°	16	7	82	42	7
In SA cents
Distribution per share°	275	130	1 445	623	100
Ratios
Return on capital employed	17.9%	15.0%	3.9%	10.3%	6.4%
Return on invested capital	16.5%	10.6%	1.7%	10.0%	1.8%
Return on average shareholders' equity	13.7%	7.9%	3.3%	6.6%	4.7%
Net debt-to-equity ratio	0.10:1	0.25:1	0.23:1	0.23:1	0.10:1
Current ratio	1.0:1	1.0:1	1.1:1	1.1:1	1.1:1
EBITDA margin^‡	6.1%	4.4%	1.9%	3.2%	2.7%
Operating profit margin^‡	4.4%	2.9%	0.6%	1.6%	1.1%
Interest cover^‡	3.0	2.6	2.1	4.3	4.0
Percentage change in SA Consumer Price Index	3.2	5.6	7.0	5.7	2.9

	FY25	FY24	FY23	FY22	FY21

Stock exchange performance
Total number of shares traded (‘000)	55 433	39 906	60 811	51 590	71 719
Total number of shares traded on the JSE as a percentage of total shares traded	23.9%	16.2%	27.8%	25.2%	35.6%
Total value of shares traded (ZAR million)	2 235	1 377	2 373	1 685	1 810
Prices (SA cents)
Closing	4 768	4 025	3 403	3 660	2 577
High	5 306	4 200	4 876	4 365	3 615
Low	3 324	3 101	2 800	2 355	1 755
Market capitalisation (ZAR million)	11 261	9 238	7 654	7 941	5 191
JSE Limited prices adjusted for special dividends: R12.50 in December 2022 and R5.12 in November 2021
Prices (SA cents)
Closing	4 768	4 025	3 403	1 898	815
High	5 306	4 200	3 626	2 603	1 853
Low	3 324	3 101	1 550	593	–
P/E ratio (underlying* earnings) – adjusted prices	9	13	26	13	12
Shares issued
Issued (million) – excluding treasury shares and shares held by participants under deferred bonus plan	231	227	220	214	199
Weighted average (million)	230	225	218	203	199
Employees
Number of employees at the end of the year - continuing operations^‡	11 219	11 269	11 009	10 561	9 599
Average number of employees^‡	11 244	11 139	10 785	10 080	10 123
Operating profit per average employee (US$'000)^‡	14	10	3	7	4
Gross assets per employee (US$'000)^‡	354	322	329	285	291
Exchange rates
Rand/$ statement of comprehensive income translation rate	18	19	17	15	16
Rand/$ statement of financial position translation rate	19	19	18	15	15

Notes
•	To determine adjusted EBITDA, share-based payments, restructuring costs, one-off tax items impacting EBITDA, and acquisition, integration and corporate actions costs have been excluded from EBITDA.
•	Tangible net asset value per share is calculated using net asset value attributable to the equity holders of the parent, exclusive of intangible assets and goodwill, and the number of shares in issue (excluding shares purchased as part of the share repurchase programme, shares held by participants under the deferred bonus plan and DBW, 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 long-term liabilities 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 net debt.
•	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.
•	Interest cover is calculated using EBITDA and finance costs.
•	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.
•	Debt, for the purposes of the debt-to-equity ratio, includes all long-term interest-bearing liabilities and short-term interest-bearing liabilities (excluding interest-bearing trade payables). Net debt includes bank overdrafts and cash resources.
•	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, 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. Following a review of peer reporting and to more closely align the definition of underlying* earnings per share to the Group's adjusted EBITDA metric, the Group decided not to exclude unrealised foreign exchange gains or losses from underlying* earnings from FY25 onward. The comparative figure for underlying* earnings per share for FY24 has been recalculated in accordance with the revised definition, while preceding years remain unchanged.
^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 FY22 and FY21statements of comprehensive income have been re-presented to show comparative results from continuing and discontinued operations in accordance with IFRS 5. The re-presented information for FY21 has not been audited. Only certain ratios which are related solely to the statement of comprehensive income 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 is now being reported as two management segments, Logicalis Latin America and Logicalis International (representing the Logicalis business outside of Latin America) from FY23. 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 dividend-adjusted low in FY21 is less than zero, ie the share price of those lows was subsequently fully returned in cash.
^º	Dividend declared related to the financial year. Previously, dividends paid in the financial year was disclosed.
^{^}	FY24 revenue has been restated. Refer to Note 1 of the Group consolidated annual financial statements the annual report.
⁺	FY24 and FY23 non-current assets, non-current, current assets and current liabilities have been restated. Refer to Note 19.3 of the Group consolidated annual financial statements the annual report.