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2008
Actual* |
2007
Actual** |
2006
Restated** |
2005†
Restated** |
2004
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 |
1,1 |
1,5 |
| Acid test ratio |
|
Current assets less inventories divided by current liabilities |
|
0,9 |
0,9 |
0,9 |
0,9 |
1,1 |
| Cash realisation rate |
|
The percentage of cash earnings realised, derived by dividing cash flow per share by cash equivalent earnings per share |
|
1,9 |
3,8 |
1,9 |
1,5 |
1,4 |
| Solvency |
|
Measures the Group’s ability to meet capital interest payments |
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|
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| Total liabilities to shareholders’ equity |
|
Non-current liabilities and current liabilities divided by shareholders’ equity |
|
3,6 |
2,9 |
2,6 |
3,1 |
2,0 |
| Borrowing cost cover |
|
Operating profit divided by interest paid |
|
1,5 |
2,1 |
1,6 |
1,9 |
3,0 |
| Profitability |
|
Measures the financial performance of the Group |
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| Return on shareholders’ equity (%) |
|
Earnings attributable to shareholders as a percentage of average shareholders’ equity |
|
16,9 |
15,8 |
11,6 |
12,5 |
21,7 |
| Return of total assets (%) |
|
Net income before borrowing costs and tax divided by average non-current assets and average current assets |
|
11,9 |
9,9 |
7,4 |
10,6 |
14,3 |
| Return of net assets (%) |
|
Net income before borrowing costs and tax divided by (average total assets — average total liabilities) |
|
51,0 |
37,1 |
28,3 |
39,0 |
39,0 |
| Gross margin (%) |
|
Gross profit divided by turnover |
|
23,3 |
25,9 |
25,8 |
23,6 |
17,4 |
| Operating margin (%) |
|
Operating profit as a percentage of turnover |
|
9,7 |
9,3 |
7,8 |
5,9 |
8,7 |
| Efficiency |
|
Measures the effectiveness of the Group’s management of its resources |
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|
|
|
|
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| Net asset revenue (times) |
|
Revenue divided by closing net assets |
|
5,3 |
3,6 |
3,4 |
4,0 |
6,2 |
| Net assets per employee (R’000) |
|
Net assets divided by the number of permanent employees in service at year-end |
|
527,9 |
381,5 |
388,1 |
339,6 |
188,3 |
| Revenue per employee (R’000) |
|
Revenue divided by the number of permanent employees in service |
|
2 804,1 |
1 369,0 |
1 307,3 |
1 361,9 |
1 163,9 |
| Value added (Rm) |
|
|
|
1 939,2 |
1 370,3 |
1 089,0 |
979,9 |
1 059,0 |
| Shareholders’ returns |
|
Measures key financial performance |
|
|
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|
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| Earnings per share (cents) |
|
Earnings attributable to shareholders’ divided by the weighted average number of shares in issue during the year |
|
69,5 |
59,9 |
41,2 |
48,7 |
62,9 |
| Headline earnings per share (cents) |
|
Headline earnings divided by weighted average number of shares in issue less treasury shares |
|
73,7 |
65,1 |
39,3 |
50,4 |
73,3 |
| Cash flow per share (cents) |
|
The attributable cash flow from operations divided by the weighted average number of shares in issue during the year |
|
130,8 |
282,9 |
111,0 |
121,6 |
120,3 |
| Shareholders’ returns |
|
Measures key financial performance |
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| Dividend and capital distribution (cents per share) |
|
|
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41,35 |
30,00 |
30,23 |
140,20 |
41,30 |
| – First interim |
|
|
|
11,65 |
10,15 |
9,05 |
18,30 |
15,20 |
| – Second interim |
|
|
|
21,70 |
– |
– |
– |
– |
| – Final proposed |
|
|
|
– |
19,85 |
10,45 |
8,00 |
26,10 |
| – Special dividend |
|
|
|
8,00 |
– |
10,73 |
113,90 |
– |
| Dividend cover compared to applicable year (times) |
|
Earnings per share divided by dividend per share |
|
1,7 |
2,0 |
2,1 |
1,9 |
1,5 |
| Net asset value (cents per share) |
|
Capital and reserves less intangible assets divided by the number of shares with voting rights at year-end |
|
436,5 |
389,7 |
370,6 |
336,3 |
268,0 |
| Employee cost to turnover (%) |
|
Total employee cost divided by turnover |
|
8,7 |
9,9 |
10,3 |
9,1 |
8,7 |
| Effective tax rate (%) |
|
Income tax as a percentage of net income before tax |
|
4,1 |
26,5 |
10,1 |
31,6 |
31,8 |
| Economic indicators |
|
|
|
|
|
|
|
|
| Average maize price/Rton |
|
– white |
|
1 830 |
1 290 |
783 |
890 |
960 |
| |
|
– yellow |
|
1 850 |
1 270 |
739 |
932 |
987 |
| Rand/US Dollar exchange rate |
|
– closing |
|
7,96 |
7,20 |
6,16 |
5,84 |
6,64 |
| |
|
– average |
|
7,28 |
6,94 |
6,40 |
6,32 |
7,30 |
| Shareholders |
|
|
|
|
|
|
|
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| Number of shareholders |
|
|
|
4 786 |
4 805 |
5 409 |
6 032 |
5 308 |
| Share information |
|
|
|
|
|
|
|
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| Number of shares in issue at year-end (m) |
|
|
|
341,2 |
341,2 |
341,2 |
326,9 |
333,1 |
| Market capitalisation (Rm) |
|
|
|
2 098,3 |
2 217,7 |
2 183,6 |
1 569,2 |
2 098,5 |
| JSE Limited statistics |
|
|
|
|
|
|
|
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| Volume of shares traded (m) |
|
|
|
206,4 |
138,8 |
103,5 |
119,9 |
151,1 |
| Volume traded as % of number in issue |
|
|
|
60,5 |
40,7 |
30,3 |
36,7 |
42,1 |
| Number of transactions |
|
|
|
13 598 |
6 670 |
6 536 |
8 870 |
4 883 |
| Value of shares traded (Rm) |
|
|
|
1 378,6 |
941,6 |
545,9 |
782,1 |
710,6 |
| Traded prices (cents per share) |
|
|
|
|
|
|
|
|
| – last sale in year |
|
|
|
615 |
650 |
640 |
480 |
630 |
| – high |
|
|
|
784 |
780 |
700 |
780 |
630 |
| – low |
|
|
|
609 |
490 |
450 |
480 |
410 |
– average price per
share traded |
|
|
|
668 |
678 |
533 |
652 |
470 |
| Key market performance ratios |
|
Measures the market performance of the Group’s shares |
|
|
|
|
|
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| Earnings yield (%) |
|
Earnings per share divided by the closing price on the JSE at 30 June 2008 |
|
11,3 |
9,2 |
6,4 |
10,1 |
10,0 |
| Dividend yield (%) |
|
Dividend per share divided by the closing price of AFGRI on the JSE at 30 June 2008 |
|
6,7 |
4,6 |
3,0 |
5,5 |
6,6 |
| Price earnings ratio |
|
The closing share price of AFGRI on the JSE at 30 June 2008 divided by earnings per share |
|
8,5 |
10,9 |
15,5 |
9,9 |
10,0 |
| Price earnings ratio (based on headline earnings) |
|
The closing share price of AFGRI on the JSE at 30 June 2008 divided by headline earnings per share |
|
8,3 |
10,0 |
16,3 |
9,5 |
8,6 |
|
