 |
|
|
|
|
|
|
| |
Five-year compound |
2005 |
2004 |
2003 |
2002 |
2001 |
| |
growth
rate |
Rm |
Rm |
Rm |
Rm |
Rm |
| SUMMARISED GROUP |
|
|
|
|
|
|
| INCOME STATEMENT |
|
|
|
|
|
|
| Total revenue |
15% |
4
625 |
4 449 |
4 893 |
4 257 |
3 098 |
| Operating expenses |
|
(3
835) |
(3 663) |
(4 032) |
(3 581) |
(2 675) |
| Operating profit before non- |
|
|
|
|
|
|
| recurring restructuring costs |
22% |
790 |
786 |
861 |
676 |
423 |
| Non-recurring restructuring costs |
|
(111) |
– |
– |
– |
– |
| Operating profit after non- |
|
|
|
|
|
|
| recurring restructuring costs |
18% |
679 |
786 |
861 |
676 |
423 |
| Net interest income/(costs) |
|
12 |
(84) |
(13) |
37 |
105 |
|
|
|
|
|
|
|
| Operational interest income |
|
75 |
88 |
104 |
102 |
98 |
| Other interest received |
|
66 |
79 |
110 |
130 |
118 |
| Interest paid |
|
(129) |
(251) |
(227) |
(195) |
(111) |
|
|
|
|
|
|
|
| Share of profit of associates |
|
9 |
9 |
29 |
61 |
68 |
| Non-trading currency gain/(loss) |
|
5 |
6 |
(115) |
157 |
35 |
| Headline profit before tax |
9% |
705 |
717 |
762 |
931 |
631 |
| Impairment and other capital items |
|
(23) |
(27) |
|
|
|
| Goodwill amortisation and |
|
|
|
|
|
|
| other capital items |
|
|
|
(144) |
(90) |
1 |
| Profit before taxation |
6% |
682 |
690 |
618 |
841 |
632 |
| Taxation |
|
(199) |
(211) |
(221) |
(315) |
(225) |
| Profit after taxation |
7% |
483 |
479 |
397 |
526 |
407 |
| Minority interests |
|
(45) |
(40) |
(75) |
(78) |
(65) |
| Net profit for the year |
8% |
438 |
439 |
322 |
448 |
342 |
|
|
|
|
|
|
|
| Reconciliation to headline |
|
|
|
|
|
|
| earnings: |
|
|
|
|
|
|
| Impairment, goodwill amortisation |
|
|
|
|
|
|
| and other capital items |
|
23 |
27 |
144 |
90 |
(1) |
| Less: taxation and minority |
|
|
|
|
|
|
| interests thereon |
|
– |
(1) |
– |
(5) |
(3) |
| Headline earnings |
13% |
461 |
465 |
466 |
533 |
338 |
| Reconciliation to headline |
|
|
|
|
|
|
| earnings excluding non-recurring |
|
|
|
|
|
| restructuring costs: |
|
|
|
|
|
|
| Non-recurring restructuring costs |
|
111 |
– |
– |
– |
– |
| Less: taxation and minority |
|
|
|
|
|
|
| interests thereon |
|
(33) |
– |
– |
– |
– |
Headline earnings excluding
non-
recurring restructuring costs |
16% |
539 |
465 |
466 |
533 |
338 |
| |
|
|
|
|
|
|
| SUMMARISED GROUP |
|
|
|
|
|
|
| BALANCE SHEET |
|
|
|
|
|
|
| Ordinary shareholder's funds |
|
2
561 |
1 140 |
950 |
756 |
459 |
| Minority interests |
|
132 |
107 |
120 |
222 |
146 |
| Liabilities of investment and |
|
|
|
|
|
|
| insurance operations |
|
84
984 |
64 890 |
46 302 |
44 982 |
33 800 |
| Borrowings |
|
402 |
1 829 |
2 503 |
2 153 |
1 683 |
| Retirement benefit obligations |
|
160 |
170 |
187 |
314 |
181 |
| Current liabilities, deferred tax |
|
|
|
|
|
|
| and provisions |
|
3
490 |
3 620 |
3 991 |
6 376 |
4 198 |
| Total equity and liabilities |
|
91
729 |
71 756 |
54 053 |
54 803 |
40 467 |
| Assets of investment and |
|
|
|
|
|
|
| insurance operations |
|
84
984 |
64 890 |
46 302 |
44 982 |
33 800 |
| Non-current assets |
|
2
694 |
2 612 |
3 032 |
2 832 |
2 014 |
| Current assets |
|
4
051 |
4 254 |
4 719 |
6 989 |
4 653 |
| Total assets |
|
91
729 |
71 756 |
54 053 |
54 803 |
40 467 |
|
|
|
|
|
|
|
| |
Five-year compound |
2005 |
2004 |
2003 |
2002 |
2001 |
| |
growth rate |
Rm |
Rm |
Rm |
Rm |
Rm |
| SUMMARISED CASH |
|
|
|
|
|
|
| FLOW STATEMENT |
|
|
|
|
|
|
| Cash generated from operations |
|
958 |
906 |
1 263 |
966 |
952 |
| Non-recurring restructuring costs |
|
(36) |
– |
– |
– |
– |
| Taxation and distributions to |
|
|
|
|
|
|
| shareholders |
|
(476) |
(439) |
(598) |
(339) |
(230) |
| |
|
|
|
|
|
|
| Cash flows from fiduciary activities |
|
(73) |
(156) |
(1 026) |
(37) |
– |
| Cash flows from investing activities |
|
(201) |
(171) |
(1 267) |
(649) |
(709) |
| Cash flows from financing
activities |
|
(47) |
(197) |
793 |
279 |
1 393 |
| Net movement in cash balances |
|
125 |
(57) |
(835) |
220 |
1 406 |
| Foreign subsidiary translation |
|
|
|
|
|
|
| adjustment |
|
16 |
(201) |
(604) |
928 |
162 |
| Net movement in cash balances |
|
141 |
(258) |
(1 439) |
1 148 |
1 568 |
| |
|
|
|
|
|
|
| ORDINARY SHARE PERFORMANCE |
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
| – basic earnings (cents) |
4% |
107 |
127 |
94 |
131 |
101 |
| – headline earnings (cents) |
8% |
113 |
135 |
136 |
156 |
100 |
| – headline earnings excluding |
|
|
|
|
|
|
| non-recurring restructuring |
|
|
|
|
|
|
| costs (cents) |
11% |
132 |
135 |
136 |
156 |
100 |
| |
|
|
|
|
|
|
| Diluted earnings per share |
|
|
|
|
|
|
| – basic earnings (cents) |
4% |
107 |
127 |
93 |
126 |
97 |
| – headline earnings (cents) |
9% |
112 |
134 |
134 |
150 |
96 |
| – headline earnings excluding |
|
|
|
|
|
|
| non-recurring restructuring |
|
|
|
|
|
|
| costs (cents) |
12% |
131 |
134 |
134 |
150 |
96 |
|
|
|
|
|
|
|
| Distribution per share (cents) |
13% |
67 |
67 |
67 |
61 |
47 |
| Dividend cover (times) |
|
1,7 |
2,0 |
2,0 |
2,6 |
2,1 |
| Dividend yield (%) |
|
5,9 |
6,6 |
6,5 |
4,7 |
3,0 |
| |
|
|
|
|
|
|
| Share price (R) |
|
|
|
|
|
|
| – average (R) |
|
10,81 |
11,24 |
13,59 |
15,47 |
16,27 |
| – closing (R) |
|
11,40 |
10,20 |
10,35 |
13,10 |
15,75 |
| |
|
|
|
|
|
|
| Number of shares in issue |
|
|
|
|
|
|
| – issued ('millions) |
|
461 |
345 |
345 |
343 |
342 |
| – weighted average ('millions) |
|
409 |
345 |
342 |
342 |
339 |
| – diluted weighted average
('millions) |
411 |
347 |
347 |
356 |
353 |
| |
|
|
|
|
|
|
| Net asset value per share (cents) |
73% |
556 |
330 |
275 |
220 |
134 |
| |
|
|
|
|
|
|
| PROFITABILITY |
|
|
|
|
|
|
| Operating profit margin (%) |
|
17 |
18 |
18 |
16 |
14 |
| Effective rate of taxation (%) |
|
28 |
29 |
29 |
34 |
36 |
| Return on average equity (%) |
|
|
|
|
|
|
| – headline earnings (excluding |
|
|
|
|
|
|
| non-recurring restructuring |
|
|
|
|
|
|
| costs and non-trading currency |
|
|
|
|
|
|
| gain/loss and related tax effects) |
|
15 |
16 |
21 |
19 |
16 |
| |
|
|
|
|
|
|
| FOREIGN SUBSIDIARIES |
|
|
|
|
|
|
| TRANSLATION RATE (R : £1) |
|
|
|
|
|
|
| Weighted average rate |
|
11,5 |
12,1 |
14,7 |
14,3 |
11,0 |
| Closing rate |
|
11,7 |
11,6 |
12,5 |
16,2 |
11,5 |
| |
|
|
|
|
|
|
| LIQUIDITY AND GEARING |
|
|
|
|
|
|
| Interest cover (times) |
|
12 |
5 |
8 |
12 |
n/a |
| Gearing level (%) |
|
16 |
160 |
263 |
285 |
367 |
| Current ratio (times) |
|
1,3 |
1,2 |
1,2 |
1,1 |
1,1 |
| |
|
|
|
|
|
|
| EMPLOYEES |
|
|
|
|
|
|
| Number of employees (excluding |
|
|
|
|
|
|
| associates) |
|
5
714 |
5
495 |
5
420 |
5
363 |
5
631 |
More detailed information on the performance of the Alexander
Forbes share price on the JSE Securities Exchange can be
obtained in the Financial Report section of the annual report.
|
