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Results Announcements

 

AUDITED PRELIMINARY REPORT
  • for the year ended 30 November 2011
 
CLICK HERE TO DOWNLOAD THE COMPLETE REPORT IN PDF FORMAT
 
  • Headline earnings up 29%
  • Heps up 28%
  • Operating profit up 42%
  • Dividends up 26%
  • Turnover up 29%
  • Eps up 38%
 

Group statement of financial position
R million 2011 2010
ASSETS
Non-current assets 2 939 2 700
Property, plant and equipment
182 131
2 181 2 181
516 331
49 34
11 23
Investment in preference shares
Goodwill
Intangible assets
Deferred taxation
Current assets 1 598 1 348
Inventories
813 663
616 423
169 262
Trade and other receivables
Cash and cash equivalents
TOTAL ASSETS 4 537 4 048
EQUITY AND LIABILITIES
Equity 1 525 1 314
Interest of shareholders of the group
1 494 1 287
31 27
Non-controlling interest
Non-current liabilities 2 306 2 280
Subordinated debenture
2 181 2 181
2  
123 99
Finance leases
Amounts due to vendors of businesses acquired
Current liabilities 706 454
Trade and other payables
586 420
1  
111 28
8 6
Finance leases
Amounts due to vendors of businesses acquired
Taxation
TOTAL EQUITY AND LIABILITIES 4 537 4 048

 

Group statement of comprehensive income

      
Year ended
30 Nov		 %
change 		Year ended
30 Nov
R million 2011   2010
Turnover 3 182 29 2 458
– Ongoing operations
2 601 9 2 393
581   65
– Acquired in 2010 and 2011
Cost of sales 1 910   1 464
Gross profit 1 272 28 994
Operating expenses 846   694
Operating profit 426 42 300
– Ongoing operations
320 12 286
106   14
– Acquired in 2010 and 2011
Impairment of goodwill and intangible assets     22
Profit before dividends received, interest received and finance costs 426   278
Dividends received on preference shares 201   201
Interest received 4   17
Finance costs (247)   (235)
Profit before taxation 384   261
Taxation 46   24
PROFIT FOR THE YEAR 338   237
Other comprehensive income      
Movement on fair value of cash fl ow hedges (1)    
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 337 42 237
Profit attributable to:      
Shareholders of the group 325   234
Non-controlling shareholders 13   3
  338   237
Total comprehensive income attributable to:      
Shareholders of the group 324   234
Non-controlling shareholders 13   3
  337   237
Headline earnings per share (cents) 1 024 28 800
Basic earnings per share (cents) 1 026 38 745
Diluted headline earnings per share (cents) 1 010   784
Diluted basic earnings per share (cents) 1 012   730
Reconciliation to headline earnings      
Profit attributable to shareholders of the group 325   234
Adjusted for:      
– Impairment of goodwill and intangible assets     22
– Tax effect     (2)
– Non-controlling interest     (2)
– Profit on disposal of property, plant and equipment (1)    
Headline earnings 324 29 252
Dividends      
– Per share (cents) 440 26 350
– Amount (Rm) 139   110
Shares in issue 31 646   31 540
– Total (000)
34 154   34 048
(2 508)   (2 508)
– Held by subsidiary (000)
Weighted average shares in issue      
– Basic (000) 31 617   31 466
– Diluted (000) 32 058   32 109

 

Group statement of cash flows
R million 2011 2010
Cash generated from trading 458 327
(Increase) decrease in working capital (129) 12
Cash generated from operations 329 339
Taxation paid (46) (49)
Net cash from operating activities 283 290
Net investment in new operations (164) (184)
Net investment in property, plant and equipment (64) (50)
Dividends and interest received 205 218
Net cash from investing activities (23) (16)
Proceeds from issue of shares 2 7
Increase in finance leases 3

Finance costs (234) (234)
Dividends paid (124) (120)
Net cash from financing activities (353) (347)
Net decrease in cash and cash equivalents (93) (73)

 

Group statement of changes in equity
R million 2011 2010
Equity at beginning of the year 1 314 1 184
Comprehensive income for the year 337 237
(Decrease) increase in equity compensation reserve (3) 5
Issue of shares 2 7
Dividends (125) (119)
Equity at end of the year 1 525 1 314