ANNUAL FINANCIAL STATEMENTS 2023
For the year ended 30 September 2023
For the year ended 30 September 2023
| (R’million) | 2023 | 2022 Restated# |
2021 Restated# |
2020 | 2019 | |
|---|---|---|---|---|---|---|
| Ordinary share performance | ||||||
| Number of ordinary shares upon which headline earnings per share is based (000)2 | 156 390 | 162 552 | 165 735 | 165 687 | 165 623 | |
| Headline earnings per ordinary share (cents) | 1 735 | 1 702 | 1 127 | 940 | 1 322 | |
| Dividends per ordinary share (cents)1 | 991 | 973 | 320 | 434 | 627 | |
| Dividend cover (times)1 | 1,8 | 1,7 | 3,5 | 2,2 | 2,1 | |
| Net worth per ordinary share (cents) | 10 321 | 9 384 | 9 383 | 9 433 | 9 201 | |
| Profitability and asset management | ||||||
| Asset turnover (times) | 2,6 | 2,7 | 2,6 | 2,6 | 2,4 | |
| Working capital per R1 revenue | 22,6 | 20,6 | 20,3 | 21,4 | 22,3 | |
| Operating margin (%) | 8,3 | 10,1 | 7,2 | 8,3 | 11,1 | |
| Effective taxation rate (%) | 23,0 | 26,0 | 24,9 | 32,7 | 18,1 | |
| Return on equity (%) | 15,7 | 18,4 | 12,7 | 9,0 | 13,9 | |
| Return on average net assets (%) | 21,7 | 27,5 | 19,3 | 21,1 | 26,1 | |
| Return on invested capital (%)4 | 14,7 | 16,4 | – | – | – | |
| Financing | ||||||
| Current ratio | 1,9 | 1,6 | 2 | 2,2 | 2,0 | |
| Net interest cover (times) | 13 | 46 | 42 | 27 | – | |
| Net debt/(cash) to net funding (%) | 7 | 2 | (11) | (10) | (8) | |
| Total liabilities to total shareholders’ funds (%) | 46 | 49 | 41 | 31 | 37 | |
| Cash flow to net liabilities (%) | 45 | 49 | 72 | 73 | 65 | |
| Employee statistics | ||||||
| Number of employees at year end3 | 10 323 | 10 439 | 11 093 | 11 978 | 11 103 | |
| – Permanent | 9 296 | 9 670 | 10 158 | 11 188 | 10 543 | |
| – Seasonal | 1 027 | 769 | 935 | 790 | 560 | |
| Revenue per employee (R’000) | 3 622 | 3 260 | 2 790 | 2 488 | 2 633 | |
| Value added per employee (R’000) | 669 | 683 | 653 | 649 | 694 | |
| Operating profit per employee (R’000) | 302 | 329 | 202 | 217 | 236 | |
| Economic indicators | ||||||
| Consumer Price Index (September on September) | 5,4% | 7,5% | 5,0% | 3,0% | 4,1% | |
| Key closing exchange rates at 30 September vs. ZAR | ||||||
| – USD | 18,83 | 17,98 | 15,10 | 16,81 | 15,15 | |
| – GBP | 23,01 | 20,01 | 20,35 | 21,61 | 18,66 | |
| – EUR | 19,93 | 17,57 | 17,49 | 19,66 | 16,52 | |
| STOCK EXCHANGE STATISTICS | ||||||
| Market price per share (cents) | ||||||
| – Year end | 15 345 | 16 944 | 18 727 | 19 077 | 21 056 | |
| – Highest | 22 501 | 19 806 | 22 634 | 23 579 | 26 942 | |
| – Lowest | 15 034 | 13 594 | 17 800 | 15 141 | 20 505 | |
| Number of transactions | 554 271 | 597 229 | 573 280 | 913 673 | 993 320 | |
| Number of shares traded (000) | 114 473 | 208 339 | 109 634 | 205 890 | 179 529 | |
| Value of shares traded (R’million) | 21 096 | 32 848 | 22 359 | 38 299 | 44 278 | |
| Number of shares traded as a percentage of total issued shares | 63,5 | 128,2 | 66,2 | 124,3 | 108,4 | |
| Dividend yield at year end (%) | 6,5 | 5,7 | 1,7 | 2,3 | 5,0 | |
| Earnings yield at year end (%) | 11,1 | 10,0 | 5,9 | 5,0 | 6,3 | |
| Price earnings ratio at year end | 9 | 10 | 17 | 20 | 16 | |
| Market capitalisation at year end (R’million) | 27 671 | 32 163 | 35 547 | 36 212 | 39 968 | |
| Market capitalisation to shareholders’ equity at year end (times) | 1,7 | 2,1 | 2,3 | 2,3 | 2,6 |
| 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 |
| 4 | Return on invested capital (ROIC) is a calculation used to assess the company’s performance on invested capital. Refer to definitions |
| # | Refer to note 36 for details on restatements |