HOME Integrated Annual Report 2012 Sustainability Report 2012 Annual Financial Statements 2012
 
Corporate information   Downloads
   
 
 

Five-year review

  Definitions   2012
Rm
  2011
Rm
  2010
Rm
  2009
Rm
  2008
Rm
 
Extracts from income statement                        
Revenue     80 830   64 667   53 438   52 219   55 927  
Operating profit     5 638   4 526   3 288   2 453   2 992  
Net financing costs     (681)   (554)   (597)   (923)   (807)  
Income from associates and joint ventures     46   34   174   107   278  
Income tax expense     (1 382)   (1 272)   (911)   (502)   (707)  
Tax rate (%)     29,3   30,7   31,0   32,1   38,5  
Profits attributable to non-controlling interests     (408)   (346)   (241)   (160)   (162)  
Headline earnings attributable to ordinary shareholders                        
(excluding discontinued)     3 007   2 608   1 811   1 294   1 142  
Headline earnings attributable to ordinary shareholders                        
(including discontinued)     3 007   2 608   1 841   1 327   1 333  
Extracts from cash flow statement                        
Cash generated by operations (before capital expenditure on                        
motor vehicles for hire, net financing costs and taxation paid)     7 440   6 077   4 376   4 649   3 633  
Cash flow from investing activities (including capital                        
expenditure on motor vehicles for hire)     (4 230)   (1 931)   (1 883)   (1 276)   (2 423)  
Net debt raised (including discontinued)     1 335   967   250   3 108   3 014  
Free cash flow (including discontinued) 1.   3 770   3 452   2 190   3 016   2 316  
Extracts from statement of financial position                        
Total assets (including discontinued)     45 698   36 533   34 223   33 315   37 932  
Total assets (excluding discontinued)     45 698   36 533   32 999   32 365   33 492  
Operating assets 2.   41 575   32 815   29 506   28 677   30 276  
Operating liabilities 3.   18 046   14 495   12 750   11 107   11 984  
Net working capital 4.   4 606   3 245   2 882   2 693   4 190  
Net interest-bearing debt 5.   6 642   4 418   5 075   5 580   8 892  
Imperial Holdings’ shareholders’ interest     14 666   11 973   11 140   9 774   9 605  
Non-controlling interest     1 223   1 043   806   587   811  
Contingent liabilities     46   61   201   256   595  
Ratios                        
Efficiency                        
Revenue to average net operating assets (times) 6.   3,9   3,7   3,1   2,9   3,3  
Revenue relating to sales of goods to average inventory (times) 7.   5,6   5,3   4,9   4,6   4,1  
Revenue to average net working capital (times)     20,6   21,1   19,2   15,2   14,3  
Profitability                        
Operating profit to net operating assets (%) 8.   24,0   24,7   19,6   14,0   16,4  
Operating profit to gross operating assets (%)     13,5   13,8   10,8   13,7   17,8  
Operating margin (%) 9.   7,0   7,0   6,2   4,7   5,3  
Return on average ordinary shareholders’ interest (based on core earnings)                        
(%) 10.   23,4   20,3   17,1   9,4   12,0  
Return on invested capital (%) 11.   16,3   16,5   12,2   11,5   9,6  
Weighted average cost of capital (%) 12.   9,7   10,1   10,5   10,9   11,2  
Solvency                        
Interest cover by operating profit (times)     8,3   8,2   5,5   2,7   3,7  
Net debt to EBITDA (times) (including preference shares)     0,9   0,7   1,1   1,5   2,2  
Total shareholders’ equity to total assets (excluding                        
discontinued) (%)     34,8   35,6   34,9   32,0   31,1  
Net interest-bearing debt as a % of total shareholders’ equity     41,8   33,9   42,5   53,9   85,4  
Liquidity                        
Free cash flow to headline earnings (including discontinued) (times) 13.   1,25   1,32   1,19   2,27   1,74  
Unutilised banking facilities     6 045   8 000   6 358   10 209   11 685  
Investing in the future                        
Cost of new acquisitions     1 886   943   389   351   490  
Expansion capital expenditure     1 125   687   963   640   1 595  
Net replacement capital expenditure     1 467   841   830   1 037   1 017  
Staff training hours     1 306 135   1 379 615   935 945   325 943   704 786  
Capital commitments     1 112   1 007   882   544   509  
Statistics                        
Total new and used vehicles retailed     172 321   154 824   138 398   116 353   163 025  
Number of transport fleet vehicles     6 075   6 030   6 559   6 774   6 335  
Distance travelled by transport fleet (million kilometres)     487   463   426   419   463  
Number of vehicles for hire (car rental and tourism only)     16 599   17 026   18 015   14 792   14 262  
Number of employees     47 699   40 898   35 968   34 353   36 760  
Staff costs (Rm)     10 703   8 713   7 515   7 236   6 623  
Wealth created per employee (R’000)     380   360   339   320   293  
Total taxes and levies paid (Rm) 14.   1 572   1 543   1 054   706   1 049  
Share performance                        
Headline earnings per share (cents)     1 566   1 370   976   698   615  
Core earnings per share (cents)     1 623   1 234   962   491   798  
Dividends per share (cents)     680   480   350   200   245  
Earnings yield (%) 15.   9,1   11,3   11,4   12,0   11,7  
Price:earnings ratio (times) 16.   11,0   8,9   8,8   8,4   8,6  
Dividends yield (%)     4,0   4,0   4,1   3,4   4,6  
Net asset value per share (cents) 17.   7 479   6 137   5 529   4 820   4 732  
Market prices (cents)                        
– closing     17 200   12 125   8 580   5 830   5 275  
– high     17 729   13 245   10 750   6 700   14 849  
– low     9 420   8 450   5 650   3 957   4 800  
Total market capitalisation at closing prices (Rm) 18.   36 093   25 320   18 095   12 367   11 190  
Value of shares traded (Rm)     30 099   26 937   22 964   14 258   23 801  
Value traded as a percentage of average capitalisation (%)     98   124   151   121   117  
Exchange rates used                        
Rand to Euro                        
– average     10,37628   9,49383   10,59240   12,34965   10,76285  
– closing     10,39350   9,55000   9,39390   10,87650   12,31950  
Rand to US Dollar                        
– average     7,75379   7,06489   7,59948   9,05373   7,31880  
– closing     8,20000   6,70000   7,65850   7,73490   7,82000  
Rand to Botswana Pula                        
– average     1,05177   1,07226   1,13700   1,24012   1,18539  
– closing     1,07170   1,03200   1,08329   1,14941   1,15848  
Rand to Australian Dollars                        
– average     7,99178   6,80385   6,70843   6,66988   6,56948  
– closing     8,40150   6,56600   6,55590   6,34330   7,65790  

Definitions

1. Free cash flow – calculated by adjusting the cash flow from operating activities to exclude the expansion capital expenditure on rental assets and deducting replacement capital expenditure on other assets.
2. Operating assets – all assets less loans receivable, taxation assets, cash and cash equivalents and assets held for sale.
3. Operating liabilities – all liabilities less all interest-bearing borrowings, taxation liabilities and liabilities directly associated with assets classified as held for sale.
4. Net working capital – consists of inventories, trade and other receivables, provisions for liabilities and other charges and trade and other payables.
5. Net interest-bearing debt – include total interest-bearing borrowings plus non-redeemable preference shares less cash resources.
6. Revenue to net operating assets (times) – calculated by dividing revenue with average net operating assets.
7. Revenue relating to sales of goods to inventory (times) – revenue relating to sales of goods divided by average inventory.
8. Operating profit to net operating assets (%) – operating profit per the income statement divided by net operating assets.
9. Operating margin (%) – operating profit per the income statement divided by revenue
10. Return on average ordinary shareholders’ interest (core) (%) – core earnings divided by average shareholders’ interest (calculated by using the opening and closing balances) attributable to Imperial Holdings’ shareholders.
11. Return on invested capital (%) – return divided by invested capital. Return is calculated using profit after tax and minorities, increased by the after-tax effects of net finance and exceptional items. Invested capital is a 13-month average of shareholders’ equity plus preference shares plus debt (interest-bearing borrowings long-term and short-term minus long-term loans receivable) minus non-financial services cash and cash equivalents.
12. Weighted average cost of capital (%) – calculated by multiplying the cost of each capital component by its proportional weight and then summing, therefore: WACC = (after-tax cost of debt % X debt weighting) + (cost of equity X average equity weighting).
13. Free cash flow to headline earnings ratio – free cash flow divided by headline earnings.
14. Total taxes & levies paid – made up of SA normal taxation, secondary tax on companies, foreign taxation, rates and taxes, skills development, unemployment insurance fund levies and carbon emissions tax.
15. Earnings yield (%) – the headline earnings per share divided by the closing price of a share.
16. Price:earnings ratio (times) – the closing price of a share divided by the headline earnings per share.
17. Net asset value per share – shareholders’ equity excluding minorities divided by total ordinary and preferred ordinary shares in issue net of treasury shares. (the deferred ordinary shares only participate to the extent of their par value of 0,04 cents).
18. Total market capitalisation at closing prices (Rm) – total ordinary shares in issue before treasury shares multiplied by the closing price.

 

back to top ^