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Financial results at a glance
| KEY FEATURES |
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year ended
30 June 2014 |
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year ended
30 June 2013 |
year ended
30 June 2012 |
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% change
2014/2013 |
% change
2013/2012 |
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| Revenue (R millions) |
1 958 260 |
|
1 770 330 |
1 448 261 |
|
10.6% |
22.2% |
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| Operating profit (R millions) |
356 357 |
|
333 657 |
259 301 |
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6.8% |
28.7% |
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| Headline earnings (R millions) |
183 945 |
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129 637 |
148 793 |
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41.9% |
(12.9%) |
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| Cash generated from operations (R millions) |
321 044 |
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340 413 |
255 152 |
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(5.7%) |
33.4% |
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| Normalised headline earnings per share (cents) |
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| - Attributable to ordinary shares (cents) |
50.63 |
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62.95 |
51.69 |
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(2.8%) |
21.8% |
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| - Diluted earnings per share (cents) |
50.63 |
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37.42 |
30.63 |
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63.5% |
22.2% |
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| Statutory earnings per share (cents) |
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| Basic |
40.00 |
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60.75 |
61.55 |
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(34.2%) |
(1.3%) |
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| Diluted |
40.00 |
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36.11 |
52.31 |
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10.8% |
(31.0%) |
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| Statutory headline earnings per share (cents) |
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| Basic |
47.83 |
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48.15 |
55.67 |
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3.1% |
(13.5%) |
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| Diluted |
47.83 |
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28.62 |
47.58 |
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73.5% |
(39.8%) |
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| Dividends paid per ordinary share (cents) |
18.00 |
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15.00 |
10.50 |
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| Share price as at 30 June (Rand) |
4.45 |
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3.90 |
3.05 |
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| Group membership |
1 417 970 |
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1 405 233 |
1 360 796 |
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| Open schemes |
368 411 |
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368 832 |
348 517 |
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| Closed schemes |
112 990 |
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119 854 |
118 246 |
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| GEMS |
683 712 |
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673 966 |
640 807 |
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| SADEC and other |
252 857 |
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242 581 |
253 226 |
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HEADLINE EARNINGS PER SHARE (COMPOUNDED 5 YEARS)
THREE-YEAR CONSOLIDATED PROFIT STATEMENT
| |
year ended
30 June 2014
R’000 |
|
year ended
30 June 2013
R’000 |
year ended
30 June 2012
R’000 |
|
% change
2014/2013
|
% change
2013/2012
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| Revenue |
1 958 260 |
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1 770 330 |
1 448 261 |
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10.6% |
22.2% |
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| Operating costs |
(1 601 903) |
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(1 436 673) |
(1 188 960) |
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| Operating profit |
356 357 |
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333 657 |
259 301 |
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6.8% |
28.7% |
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| Other income |
2 |
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2 307 |
14 894 |
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| Net finance income |
17 699 |
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8 168 |
3 371 |
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| Foreign exchange benefit |
83 |
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1 900 |
– |
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| Share of associate (losses)/profits – Jasco |
2 805 |
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(30 030) |
5 988 |
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| Share of associate profits – Healthcare |
1 536 |
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8 553 |
8 854 |
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| Profit before impairment and amortisation |
378 483 |
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324 555 |
292 408 |
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16.6% |
11.0% |
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| Reversal of impairment |
3 720 |
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7 253 |
13 162 |
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| Fair value gain of investment |
– |
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5 252 |
1 175 |
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| Impairment of intangible asset |
(40 620) |
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– |
– |
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| Share-based payment expense |
(10 765) |
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(39 868) |
(9 357) |
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| Profit on sale of investment |
– |
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51 014 |
– |
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| Depreciation |
(40 475) |
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(37 251) |
(38 128) |
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| Amortisation of intangible assets |
(43 907) |
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(40 098) |
(36 356) |
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| Profit before income tax |
246 436 |
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270 857 |
222 904 |
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(9.0%) |
21.5% |
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NORMALISED INCOME STATEMENT
| |
year ended
30 June 2014
R’000 |
|
year ended
30 June 2013
R’000 |
year ended
30 June 2012
R’000 |
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% change
2014/2013
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% change
2013/2012
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| Profit before impairment and amortisation |
378 483 |
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324 555 |
292 408 |
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16.6% |
11.0% |
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| Impairment of intangible asset (Note 1) |
40 620 |
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– |
– |
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| Share of associate losses - Jasco (Note 2) |
– |
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30 030 |
– |
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| Cash profits from core operations |
419 103 |
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354 585 |
292 408 |
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| Depreciation |
(40 475) |
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(37 251) |
(38 128) |
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| Amortisation of intangible assets |
(43 907) |
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(40 098) |
(36 356) |
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| Share-based payment expense |
(10 765) |
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(39 868) |
(9 357) |
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| Net profit before tax from core operations |
323 955 |
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237 368 |
208 567 |
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36.5% |
13.8% |
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| Normalised effective tax charge @28% |
90 707 |
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66 463 |
58 399 |
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| Net profit after tax from core operations |
233 248 |
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170 905 |
150 168 |
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| Note 1: The impairment of intangible asset for the 2014 year represents a once-off impairment which is not in
the normal course of business. |
| Note 2: The significant losses from Jasco for the 2013 year represents a once-off investment impairment which
is not in the normal course of business. |
| Note: The summarised report on pages 26 to 29 is extracted from audited information but is not itself audited. The annual financial
statements were audited by PricewaterhouseCoopers Inc. and SizweNtsalubaGobodo Inc. who expressed an unmodified opinion thereon.
The audited annual financial statements and the auditors report thereon are available for inspection on pages 110 to 188 of the integrated
annual report. The Directors take full responsibility for the preparation of the summarised report and that the financial information has
been correctly extracted from the underlying annual financial statements. |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| |
year ended
30 June 2014
R’000 |
|
year ended
30 June 2013
R’000 |
year ended
30 June 2012
R’000 |
|
% change
2014/2013
|
% change
2013/2012
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| Cash generated from operations |
321 044 |
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340 413 |
255 152 |
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| Net finance income |
17 699 |
|
8 168 |
3 371 |
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| Distribution to shareholders |
(70 178) |
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(33 196) |
(28 268) |
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| Tax and other payments |
(112 301) |
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(88 305) |
(114 050) |
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| Net cash inflow from operating activities |
156 264 |
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227 080 |
116 205 |
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| Net cash outflow from investing activities |
(62 940) |
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(114 459) |
(55 321) |
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| Net cash inflow from financing activities |
(64 169) |
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3 780 |
8 315 |
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| Effect of foreign exchange benefit |
83 |
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1 900 |
– |
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| Net increase in cash and cash equivalents |
29 238 |
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118 301 |
69 199 |
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| Cash and cash equivalents at beginning of the period |
360 211 |
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241 910 |
172 711 |
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| Cash and cash equivalents at end of the period |
389 449 |
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360 211 |
241 910 |
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8.1% |
48.9% |
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As capital expenditure is fairly low in this industry a high value is attached the cash generating abilities
of the Group which is clearly above market averages compared to other industries.
EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS
| |
year ended
30 June 2014
R’000 |
|
year ended
30 June 2013
R’000 |
year ended
30 June 2012
R’000 |
|
% change
2014/2013
|
% change
2013/2012
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| Number of ordinary shares in issue |
467 855 101 |
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270 010 639 |
268 231 817 |
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| Number of preference shares in issue |
– |
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16 638 000 |
16 638 000 |
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| Weighted average number of ordinary shares |
384 574 258 |
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269 256 170 |
267 276 657 |
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| Weighted average number of shares for diluted EPS which include shares on conversion of preference shares share-based awards and second tranche shares issued |
384 574 258 |
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452 953 162 |
332 384 302 |
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| Basic earnings |
153 823 |
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163 570 |
164 506 |
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| Adjusted by: |
30 122 |
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(33 933) |
(15 713) |
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| – Impairment of intangible asset |
40 620 |
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– |
– |
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| – Adjustment of impairments recognised by associate |
– |
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30 030 |
– |
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| – Fair value gain on investment |
– |
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(5 252) |
(1 175) |
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| – Reversal of impairment |
(3 720) |
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(7 253) |
(13 162) |
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| – Loss/(profit) on disposal of assets |
235 |
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(440) |
(566) |
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| – Loss/(profit) on disposal of assets |
– |
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(51 014) |
– |
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| – Fair value adjustments (other) |
– |
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(4) |
(810) |
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| Total tax effects of adjustments |
(4 906) |
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– |
– |
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| Total NCI effects of adjustments |
(2 107) |
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– |
– |
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| Headline earnings |
183 945 |
|
129 637 |
148 793 |
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41.9% |
(12.9%) |
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| Earnings per share (cents) |
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| – Attributable to ordinary shares (cents) |
40.00 |
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60.75 |
61.55 |
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(34.2%) |
(1.3%) |
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| – Diluted earnings per share (cents) |
40.00 |
|
36.11 |
52.31 |
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10.8% |
(31.0%) |
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| Headline earnings per share (cents) |
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| – Attributable to ordinary shares (cents) |
47.83 |
|
48.15 |
55.67 |
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3.1% |
(13.5%) |
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| – Diluted earnings per share (cents) |
47.83 |
|
28.62 |
47.58 |
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73.5% |
(39.8%) |
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| Cash earnings per share |
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| – Attributable to ordinary shares (cents) |
83.48 |
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126.43 |
95.48 |
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(34.0%) |
32.4% |
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| – Diluted earnings per share (cents) |
83.48 |
|
75.15 |
76.77 |
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11.1% |
(2.1%) |
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DETERMINATION OF NORMALISED EARNINGS PER SHARE
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2014 |
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2013 |
2012 |
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Growth in
shares from
2013-2014 |
| Basic earnings |
153 823 |
|
163 570 |
164 506 |
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| Share-based payment expense |
10 765 |
|
39 868 |
9 357 |
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| Normalised tax adjustment in 2012 (at 28%) |
– |
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– |
(20 000) |
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| Normalised basic earnings |
164 588 |
|
203 438 |
153 863 |
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| Adjusted by: |
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| – Impairment of intangible assets |
40 620 |
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– |
– |
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| – Adjustment of impairments recognised by |
– |
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30 030 |
– |
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| – Fair value gain on investment |
– |
|
(5 252) |
(1 175) |
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| – Reversal of impairment |
(3 720) |
|
(7 253) |
(13 162) |
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| – Loss/(profit) on disposal of assets |
235 |
|
(440) |
(566) |
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| – Loss/(profit) on disposal of assets |
– |
|
(51 014) |
– |
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| – Fair value adjustments (other) |
– |
|
(4) |
(810) |
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| – Total tax effects of adjustments |
(4 906) |
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– |
– |
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| – Total NCI effects of adjustments |
(2 107) |
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– |
– |
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| Normalised headline earnings |
194 710 |
|
169 505 |
138 150 |
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| Growth per annum |
15% |
|
23% |
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| Weighted average number of ordinary shares |
384 574 258 |
|
269 256 170 |
267 276 657 |
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43% |
| Weighted average number of shares for diluted EPS which include shares on conversion of preference shares share-based awards and second |
384 574 258 |
|
452 953 162 |
450 978 885 |
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(15%) |
NORMALISED HEADLINE EARNINGS PER SHARE (CENTS)
| |
2014 |
|
2013 |
2012 |
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| Attributable to ordinary shares (cents) |
72.31 |
|
62.95 |
51.69 |
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| – Actual |
50.63 |
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| – 43% dilutionary effect of additional shares |
21.68 |
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| Growth per annum |
15% |
|
22% |
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| Diluted earnings per share (cents) |
42.99 |
|
37.42 |
30.63 |
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| – Actual |
50.63 |
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| – 15% dilutionary effect of shares due to weighted periods used |
(7.64) |
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| Growth per annum |
15% |
|
22% |
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