(R’million) 2020 2019 
Restatedº
2018 
2017 
2016 
Ordinary share performance          
Number of ordinary shares upon which headline earnings per share is based (000)2 165 687 165 623   164 714   162 896   162 480    
Headline earnings per ordinary share (cents) 940 1 322   1 589   2 161   2 127    
Dividends per ordinary share (cents)1 434 627   1 080   1 080   1 065    
Dividend cover (times)1 2,2 2,1   1,5   2,0   2,0    
Net worth per ordinary share (cents) 9 433 9 201   10 448   10 307   9 553    
Profitability and asset management          
Asset turnover (times) 2,6  2,4   2,3   2,5   2,5    
Working capital per R1 revenue 21,4 22,3   21,6   19,9   21,2    
Operating margin (%) 8,7 11,1   11,6   14,5   13,4    
Effective taxation rate (%) 32,7 18,1   24,7   28,9   27,0    
Return on equity (%) 10,5 13,9   16,7   22,1   23,4    
Return on average net assets (%) 21,6 26,1   26,6   35,3   30,4    
Financing          
Current ratio 2,1 2,0   2   1,8   1,7    
Net interest cover (times) 27 –   79   25   14    
Net (cash)/debt to net funding (%) (10) (8)  (3)  (3)  11    
Total liabilities to total shareholders’ funds (%) 34 37   31   34   47    
Cash flow to net liabilities (%) 66 65   77   88   50    
Employee statistics          
Number of employees at year end3 11 978 11 103   11 678   12 196   12 794    
– permanent 11 188 10 543   11 348   11 705   11 829    
– seasonal 790 560   330   491   965    
Revenue per employee (R’000) 2 488 2 633   2 438   2 566   2 391    
Value added per employee (R’000) 649 694   670   733   656    
Operating profit per employee (R’000) 217 236   277   371   321    
Economic indicators          
Consumer Price Index (September on September) 3,0% 4,1%   4,8%   4,9%   6,5%    
Key closing exchange rates at          
30 September vs ZAR          
– USD 16,81 15,15   14,17   13,51   13,80    
– GBP 21,61 18,66   18,44   18,06   17,92    
– EUR 19,66 16,52   16,41   15,95   15,47    
Stock exchange statistics          
Market price per share (cents)          
– year end 19 077 21 056   26 502   37 735   38 024    
– highest 23 579 26 942   47 450   42 900   40 152    
– lowest 15 141 20 505   26 502   35 945   26 958    
Number of transactions 913 673 993 320   914 360   952 691   854 893    
Number of shares traded (000) 205 890 179 529   197 471   171 231   179 123    
Value of shares traded (Rm) 38 299 44 278   72 584   67 133   60 448    
Number of shares traded as a percentage of total issued shares 124,3 108,4   104,0   89,2   93,3    
Dividend yield at year end (%) 2,3 5,0   4,1   2,9   2,8    
Earnings yield at year end (%) 5,0 6,3   5,9   5,9   5,6    
Price earnings ratio at year end 20 16   17   17   18    
Market capitalisation at year end (Rm) 36 212 39 968   50 306   72 478   73 033    
Market capitalisation to shareholders’ equity at year end (times) 2,3 2,6   2,9   4,3   4,7    
1 Based on the sum of the interim dividend paid in the current year and the final dividend declared post year end.
2 Net of treasury and empowerment shares.
3 Includes employees of international operations.
º Restated as required by IFRS 5 in relation to the treatment of Value Added Meat Products (VAMP), a division of Tiger Consumer Brands Limited (Domestic operations – Consumer Brands – Food) as a discontinued operation. Refer to note 33.