| |
|
|
|
2007
Actual |
2006
Restated |
2005
Restated |
2004
Actual |
2003
Actual |
| Liquidity |
|
Measures
the Group’s ability to meet its obligations and
short term cash needs |
|
|
|
|
|
|
| Current ratio |
|
Current assets divided
by current liabilities |
|
1,1 |
1,1 |
1,1 |
1,5 |
1,3 |
| Acid test ratio |
|
Current assets less
inventories divided by current liabilities |
|
0,9 |
0,9 |
0,9 |
1,1 |
1,0 |
| Cash realisation rate |
|
The percentage of
cash earnings realised, derived by dividing cash flow
per share by cash equivalent earnings per share |
|
3,8 |
1,9 |
1,5 |
1,4 |
1,8 |
| Solvency |
|
Measures
the Group’s ability to meet capital interest payments |
|
|
|
|
|
|
| Total liabilities to
shareholders’ equity |
|
Non-current liabilities
and current liabilities divided by shareholders’
equity |
|
2,9 |
2,6 |
3,1 |
2,0 |
1,8 |
| Borrowing cost cover |
|
Operating profit
divided by interest paid |
|
2,1 |
1,6 |
1,9 |
3,0 |
4,1 |
| Profitability |
|
Measures
the financial performance of the Group |
|
|
|
|
|
|
| Return on equity (%) |
|
Earnings attributable
to shareholders as a percentage of average shareholders’
equity |
|
15,8 |
11,6 |
12,5 |
21,7 |
17,0 |
| Return of total assets
(%) |
|
Net income before
borrowing costs and tax divided by average non-current
assets and average current assets |
|
9,9 |
7,4 |
10,6 |
14,3 |
9,7 |
| Return of net assets
(%) |
|
Net income before
borrowing costs and tax divided by (average total assets
– average total liabilities) |
|
37,1 |
28,3 |
39,0 |
39,0 |
21,9 |
| Gross margin (%) |
|
Gross profit divided
by turnover |
|
25,9 |
25,8 |
23,6 |
17,4 |
15,5 |
| Operating margin (%) |
|
Operating profit
as a percentage of turnover |
|
9,3 |
7,8 |
5,9 |
8,7 |
4,6 |
| Efficiency |
|
Measures
the effectiveness of the Group’s management of
its resources |
|
|
|
|
|
|
| Net asset revenue (times) |
|
Revenue divided by
closing net assets |
|
3,6 |
3,4 |
4,0 |
6,2 |
5,1 |
| Net assets per employee
(R’000) |
|
Net assets divided
by the number of permanent employees in service at year-end
|
|
381,5 |
388,1 |
339,6 |
188,3 |
244,8 |
| Revenue per employee
(R’000) |
|
Revenue divided by
the number of permanent employees in service |
|
1
369,0 |
1 307,3 |
1 361,9 |
1 163,9 |
1 239,4 |
| Value added (Rm) |
|
|
|
1
370,3 |
1
089,0 |
979,9 |
1
059,0 |
966,8 |
| Shareholders’
returns |
|
Measures
key financial performance |
|
|
|
|
|
|
| Earnings per share (cents) |
|
Earnings attributable
to shareholders’divided by the weighted average
number of shares in issue during the year |
|
59,9 |
41,2 |
48,7 |
62,9 |
65,8 |
| Headline earnings per
share (cents) |
|
Headline earnings
divided by weighted average number of shares in issue
less treasury shares |
|
65,1 |
39,3 |
50,4 |
73,3 |
66,1 |
| Cash flow per share
(cents) |
|
The attributable
cash flow from operations divided by the weighted average
number of shares in issue during the year |
|
282,9 |
111,0 |
121,6 |
120,3 |
150,3 |
| Shareholders’
returns |
|
Measures
key financial performance |
|
|
|
|
|
|
| Dividend and capital
distribution |
|
|
|
30,00 |
30,23 |
140,20 |
41,30 |
37,80 |
| – Interim |
|
|
|
10,15 |
9,05 |
18,30 |
15,20 |
15,20 |
| – Final
proposed |
|
|
|
19,85 |
10,45 |
8,00 |
26,10 |
22,60 |
| – Special
distribution |
|
|
|
– |
10,73 |
113,90 |
– |
– |
| Dividend cover compared
to applicable year (times) |
|
Earnings per share
divided by dividend per share |
|
2,0 |
2,1 |
1,9 |
1,5 |
1,7 |
| Net asset value |
|
Capital and reserves
less intangible assets divided by the number of shares
with voting rights at year-end |
|
389,7 |
370,6 |
336,3 |
268,0 |
354,6 |
| Employee cost to turnover |
|
Total employee cost
divided by turnover |
|
9,9 |
10,3 |
9,1 |
8,7 |
7,7 |
| Effective tax rate
(%) |
|
Income tax as a
percentage of net income before tax |
|
26,5 |
10,1 |
31,6 |
31,8 |
22,5 |
| Economic indicators |
|
|
|
|
|
|
|
|
| Average maize price |
|
– white |
|
1
290 |
783 |
890 |
960 |
1 672 |
| |
|
– yellow |
|
1
270 |
739 |
932 |
987 |
1 350 |
| Rand/US Dollar exchange
rate |
|
– closing |
|
7,20 |
6,16 |
5,84 |
6,64 |
8,03 |
| |
|
– average |
|
6,94 |
6,40 |
6,32 |
7,30 |
10,04 |
| Shareholders |
|
|
|
|
|
|
|
|
| Number of shareholders |
|
|
|
4
805 |
5
409 |
6
032 |
5
308 |
5
213 |
| Share information |
|
|
|
|
|
|
|
|
| Number of shares in issue
at year-end (m) |
|
|
|
341,2 |
341,2 |
326,9 |
333,1 |
327,8 |
| Market capitalisation
(Rm) |
|
|
|
2
217,7 |
2
183,6 |
1
569,2 |
2
098,5 |
1
376,6 |
| JSE Limited
statistics |
|
|
|
|
|
|
|
|
| Volume of shares traded
(m) |
|
|
|
138,8 |
103,5 |
119,9 |
151,1 |
69,5 |
| Volume traded as % of
number in issue |
|
|
|
40,7 |
30,3 |
36,7 |
42,1 |
19,7 |
| Number of transactions |
|
|
|
6
670 |
6 536 |
8 870 |
4 883 |
3 413 |
| Value of shares traded
(Rm) |
|
|
|
941,6 |
545,9 |
782,1 |
710,6 |
369,0 |
| Traded prices (cents
per share) |
|
|
|
|
|
|
|
|
| – last sale in
year |
|
|
|
650 |
640 |
480 |
630 |
420 |
| – high |
|
|
|
780 |
700 |
780 |
630 |
620 |
| – low |
|
|
|
490 |
450 |
480 |
410 |
420 |
– weighted average
price per share traded |
|
|
|
678 |
533 |
652 |
470 |
530 |
| Key market
performance ratios |
|
Measures
the market performance of the Group’s shares |
|
|
|
|
|
|
| Earnings yield (%) |
|
Earnings per share
divided by the closing price on the JSE at 28 February
2007 |
|
9,2 |
6,4 |
10,1 |
10,0 |
15,7 |
| Dividend yield (%) |
|
Dividend per share
divided by the closing price of AFGRI on the JSE at
28 February 2007 |
|
4,6 |
3,0 |
5,5 |
6,6 |
9,0 |
| Price earnings ratio |
|
The closing share
price on the JSE at 28 February 2007 divided by
earnings per share |
|
10,9 |
15,5 |
9,9 |
10,0 |
6,4 |
| Price earnings ratio
(based on headline earnings) |
|
The closing share
price on the JSE at 28 February 2007 divided by
headline earnings per share |
|
10,0 |
16,3 |
9,5 |
8,6 |
6,4 |
|
|
