| Financial definitions |
2018 Rm |
2017* Rm |
2016 Rm |
2015 Rm |
2014 Rm |
||||
|---|---|---|---|---|---|---|---|---|---|
| Extracts from statement of profit or loss | |||||||||
Revenue |
128 683 | 118 567** | 118 849 | 110 487 | 103 567 | ||||
Operating profit |
6 406 | 6 538 | 6 382 | 6 235 | 6 185 | ||||
Net financing costs |
(1 386) | (1 680) | (1 440) | (1 194) | (926) | ||||
Share of result of associates and joint ventures |
90 | 103 | 138 | 32 | 76 | ||||
Income tax expense |
(1 458) | (1 060) | (1 221) | (1 213) | (1 330) | ||||
Tax rate (%) |
30,5 | 30,1 | 28,6 | 26,6 | 27,2 | ||||
Net profit/(loss) attributable to non-controlling interest |
135 | (36) | 184 | 332 | 355 | ||||
Headline earnings |
3 057 | 2 700 | 2 994 | 3 135 | 3 151 | ||||
| Extracts from statement of cash flows | |||||||||
Cash generated by operations (before capital expenditure on rental assets, net financing costs and tax paid) |
9 532 | 9 076 | 8 143 | 9 058 | 5 973 | ||||
Cash flow from investing activities (including capital expenditure on rental assets) |
(189) | (3 648) | (3 199) | (6 482) | (2 927) | ||||
Net debt repaid/(raised) |
4 055 | 437 | (1 657) | (1 902) | (1 972) | ||||
Free cash flow |
1 | 5 016 | 4 296 | 2 536 | 4 573 | 2 138 | |||
| Extracts from statement of financial position | |||||||||
Total assets |
70 503 | 68 853 | 69 835 | 65 712 | 59 021 | ||||
Operating assets |
2 | 63 234 | 61 025 | 58 783 | 56 944 | 55 968 | |||
Operating liabilities |
3 | 28 451 | 26 000 | 24 777 | 23 774 | 22 802 | |||
Net working capital |
4 | 8 761 | 8 956 | 9 804 | 9 267 | 8 033 | |||
Net interest-bearing debt |
5 | 11 566 | 15 088 | 15 279 | 13 482 | 11 882 | |||
Imperial owners' interest |
22 791 | 20 742 | 20 173 | 18 868 | 17 540 | ||||
Non-controlling interest |
900 | 667 | 909 | 1 838 | 1 569 | ||||
Contingent liabilities |
415 | 649 | 770 | 405 | 317 | ||||
| Ratios | |||||||||
| Efficiency | |||||||||
Revenue to average net operating assets (times) |
6 | 3,7 | 3,4** | 3,5 | 3,3 | 3,4 | |||
Revenue relating to sales of goods to average inventory (times) |
7 | 4,5 | 4,0** | 4,4 | 4,5 | 4,8 | |||
Revenue to average net working capital (times) |
14,5 | 12,6** | 12,5 | 12,8 | 15,1 | ||||
| Profitability | |||||||||
Operating profit to average net operating assets (%) |
8 | 18,4 | 18,9 | 19,0 | 18,8 | 20,5 | |||
Operating profit to average gross operating assets (%) |
10,3 | 10,9 | 11,0 | 11,0 | 11,8 | ||||
Operating margin (%) |
9 | 5,0 | 5,5 | 5,4 | 5,6 | 6,0 | |||
Return on average shareholders’ interest (%) |
10 | 15,0 | 12,7 | 15,4 | 16,8 | 19,4 | |||
Return on invested capital (%) |
11 | 12,9 | 12,4 | 12,8 | 13,1 | 14,7 | |||
Weighted average cost of capital (%) |
12 | 9,7 | 9,0 | 9,5 | 9,0 | 9,4 | |||
| Solvency | |||||||||
Interest cover by operating profit (times) |
4,6 | 3,9 | 4,4 | 5,2 | 6,7 | ||||
Net interest-bearing debt to EBITDA (times) |
1,3 | 1,7 | 1,7 | 1,5 | 1,4 | ||||
Total equity to total assets (%) |
32,8 | 29,4 | 28,4 | 29,3 | 30,7 | ||||
Net interest-bearing debt as a percentage of total equity (%) |
50,0 | 74,5 | 77,2 | 70,1 | 65,6 | ||||
| Liquidity | |||||||||
Free cash flow to net profit for the year (times) |
1,47 | 1,67 | 0,80 | 1,35 | 0,59 | ||||
Free cash flow to headline earnings (times) |
13 | 1,64 | 1,59 | 0,85 | 1,46 | 0,68 | |||
Unutilised facilities |
13 911 | 12 450 | 10 046 | 9 372 | 6 703 | ||||
| Investing in the future | |||||||||
Cost of new acquisitions |
1 529 | 1 796 | 352 | 1 076 | 911 | ||||
Net capital expenditure |
839 | 2 663 | 4 138 | 4 519 | 3 599 | ||||
Capital commitments |
216 | 1 448 | 1 309 | 2 289 | 2 285 | ||||
| Statistics | |||||||||
Total new and used vehicles and motorcycles sold |
227 578 | 198 257 | 209 432 | 211 412 | 208 740 | ||||
Number of transport fleet vehicles (owned) |
8 101 | 7 288 | 7 238 | 7 133 | 5 676 | ||||
Number of vehicles for hire (car rental owned only) |
14 991 | 13 750 | 13 903 | 14 917 | 15 356 | ||||
Number of employees |
48 339 | 49 364 | 51 256 | 51 361 | 51 671 | ||||
Employee costs |
17 744 | 16 623 | 16 528 | 15 647 | 14 576 | ||||
Wealth created per employee |
550 | 511 | 498 | 475 | 444 | ||||
Total taxes and levies paid |
14 | 1 787 | 1 510 | 1 661 | 1 496 | 1 748 | |||
| Share performance | |||||||||
Basic HEPS (cents) |
1 570 | 1 390 | 1 552 | 1 624 | 1 625 | ||||
Dividends per share (cents) |
710 | 650 | 795 | 795 | 820 | ||||
Earnings yield (%) |
15 | 8,0 | 8,6 | 10,4 | 8,8 | 8,1 | |||
Price earnings ratio (times) |
16 | 12,5 | 11,6 | 9,6 | 11,4 | 12,3 | |||
Net asset value per share (cents) |
17 | 11 464 | 10 550 | 10 261 | 9 696 | 9 037 | |||
| Market prices (cents) | |||||||||
– Closing |
19 589 | 16 100 | 14 948 | 18 550 | 20 000 | ||||
– High |
28 400 | 18 889 | 18 600 | 20 634 | 22 290 | ||||
– Low |
15 926 | 13 653 | 9 999 | 16 418 | 16 080 | ||||
Total market capitalisation at closing prices |
18 | 39 564 | 32 384 | 31 118 | 37 616 | 41 563 | |||
Value of shares traded |
45 495 | 34 198 | 37 985 | 34 159 | 43 446 | ||||
Value traded as a percentage of average capitalisation (%) |
126 | 108 | 111 | 86 | 102 | ||||
| Exchange rates used | |||||||||
| Rand to Euro | |||||||||
– average |
15,34 | 14,81 | 16,10 | 13,73 | 14,07 | ||||
– closing |
16,01 | 14,92 | 16,31 | 13,55 | 14,51 | ||||
| Rand to US Dollar | |||||||||
– average |
12,86 | 13,58 | 14,51 | 11,44 | 10,38 | ||||
– closing |
13,71 | 13,06 | 14,70 | 12,15 | 10,62 | ||||
| Rand to British Pound | |||||||||
– average |
17,31 | 17,23 | 21,47 | 18,02 | 16,87 | ||||
– closing |
18,10 | 17,02 | 19,58 | 19,11 | 18,11 | ||||
| Rand to Nigerian Naira | |||||||||
– average |
0,04 | 0,04 | 0,05 | 0,06 | 0,06 | ||||
– closing |
0,04 | 0,04 | 0,07 | 0,06 | 0,06 | ||||
| Rand to Botswana Pula | |||||||||
– average |
1,29 | 1,29 | 1,34 | 1,20 | 1,17 | ||||
– closing |
1,32 | 1,26 | 1,35 | 1,23 | 1,21 | ||||
| Rand to Australian Dollar | |||||||||
– average |
9,97 | 10,24 | 10,56 | 9,54 | 9,52 | ||||
– closing |
10,13 | 10,04 | 10,95 | 9,40 | 9,96 |
| * | Includes Regent. |
| ** | 2017 revenue restated as R950 million inter-company revenue was incorrectly included in external revenue and as a consequence not eliminated from consolidated revenue. |
Financial 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 classified as held for sale. |
| 3. | Operating liabilities – all liabilities less all interest-bearing borrowings, taxation liabilities and liabilities directly associated to 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 – includes total interest-bearing borrowings plus non-redeemable preference shares less cash resources. |
| 6. | Revenue to average net operating assets (times) – calculated by dividing revenue with average net operating assets. |
| 7. | Revenue relating to sales of goods to average inventory (times) – revenue relating to sales of goods divided by average inventory. |
| 8. | Operating profit to average net operating assets (%) – operating profit per the income statement divided by average net operating assets. |
| 9. | Operating margin (%) – operating profit per the income statement divided by revenue. |
| 10. | Return on average ordinary shareholders’ interest (%) – net profit attributable to owners of Imperial 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 by reducing the operating profit by a blended tax rate, which is an average of the actual tax rates applicable in the various jurisdictions in which we operate. Invested capital is a 12-month average of shareholders’ equity plus non-controlling interests, plus preference shares plus net interest-bearing 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 capital (%) – calculated by multiplying the cost of each capital component by its proportional weight and then summing, therefore: WACC = (after tax cost of debt % multiplied by average debt weighting) plus (cost of equity multiplied by average equity weighting). |
| 13. | Free cash flow to headline earnings ratio – free cash flow divided by headline earnings. |
| 14. | Total taxes and levies paid – made up of South African normal taxation, secondary taxation on companies, foreign taxation, rates and taxes, skills development and unemployment insurance fund levies. |
| 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 – equity attributable to owners of Imperial divided by total ordinary and preferred ordinary shares in issue net of shares repurchased (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 per share. |