Sectoral Financial Ratios
               1994 – 2003

                2004 Edition
SECTORAL FINANCIAL RATIOS
        1994–2003




          2004 Edition
The information in this publication has been derived from sources which are regarded as accurate and reliable, is of a
gen...
PREFACE

Financial ratios are widely used in the analysis of company financial statements in an effort to determine and ev...
CONTENTS

Explanatory notes                                  1   Cyclical services
Resources                              ...
EXPLANATORY NOTES
1. Financial ratios were calculated for each of thirty-seven             weighted sectoral financial dat...
TABLE 1: COAL
                                           Latest    2002      2001    2000     1999     1998     1997     1...
TABLE 2: DIAMONDS
                                           Latest    2002    2001    2000    1999    1998      1997     ...
TABLE 3: GOLD
                                           Latest   2002    2001    2000    1999    1998    1997     1996   ...
TABLE 4: PLATINUM
                                           Latest    2002     2001    2000    1999     1998    1997    1...
TABLE 5: OTHER MINERAL EXTRACTORS AND MINES
                                           Latest   2002     2001     2000    ...
TABLE 6: MINING FINANCE
                                           Latest    2002     2001    2000    1999     1998    199...
TABLE 7: OIL AND GAS
                                                     Latest   2002     2001            2000         1...
TABLE 8: CHEMICALS
                                                     Latest   2002     2001            2000         199...
TABLE 9: FORESTRY AND PAPER
                                                     Latest   2002      2001         2000     ...
TABLE 10: STEEL AND OTHER METALS
                                                     Latest    2002      2001         200...
TABLE 11: CONSTRUCTION AND BUILDING MATERIALS
                                                     Latest   2002     2001 ...
TABLE 12: INVESTMENT COMPANIES
                                           Latest   2002    2001    2000    1999    1998   ...
TABLE 13: BANKS
                                                Latest   2002    2001    2000    1999    1998    1997    1...
TABLE 14: SPECIALITY AND OTHER FINANCE
                                            Latest   2002    2001    2000    1999  ...
TABLE 15: LIFE ASSURANCE
                                    Latest    2002    2001     2000     1999     1998     1997   ...
TABLE 16: SHORT-TERM INSURANCE
                                           Latest   2002    2001     2000      1999    1998...
TABLE 17: REAL ESTATE
                                           Latest   2002    2001    2000    1999     1998    1997   ...
TABLE 18: BEVERAGES
                                                     Latest    2002     2001         2000         1999...
TABLE 19: FOOD PRODUCERS AND PROCESSORS
                                                     Latest   2002     2001       ...
Sectoral Financial Ratios
Sectoral Financial Ratios
Sectoral Financial Ratios
Sectoral Financial Ratios
Sectoral Financial Ratios
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Sectoral Financial Ratios

  1. 1. Sectoral Financial Ratios 1994 – 2003 2004 Edition
  2. 2. SECTORAL FINANCIAL RATIOS 1994–2003 2004 Edition
  3. 3. The information in this publication has been derived from sources which are regarded as accurate and reliable, is of a general nature only, does not constitute advice and may not be applicable to all circumstances. Detailed advice should be obtained in individual cases. No responsibility for any error, omission or loss sustained by any person acting or refraining from acting as a result of this publication is accepted by Absa Group Limited and/or the authors of such material. Copyright © 2004 by the author All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written permission from the publisher. ISBN 1 919835 19 9 Third edition, first impression 2004 Published by The SA Financial Sector Forum www.finforum.co.za P O Box 1148, Rivonia 2128 Fax: +27 (11) 802 3127 e-mail: info@finforum.co.za This publication is available on the Internet at http://www.absa.co.za Set in Times New Roman 10 point by The SA Financial Sector Forum Printed and bound by Monty Print cc
  4. 4. PREFACE Financial ratios are widely used in the analysis of company financial statements in an effort to determine and evaluate company performance. In this regard, financial ratio analysis can be used to compare the performance of one company with that of another in the same sector, or to compare a company with the entire sector in which it operates. It can also be used to compare various sectors with each other over time, as is the case in this publication. The selection and use of financial ratios depend to a large extent on the information available. Normally, the analyst has access to only the published company financial statements, which sometimes contain limited information and differ largely between companies owing to the use of different accounting policies. In order to overcome the non-comparability of financial statements of companies in South Africa, and to make meaningful comparisons between the results of different companies, a standardised system of analysis was developed which can be used for all the companies listed on the JSE Securities Exchange. This standardised financial information can be obtained from McGregor BFA. Although the availability of standardised financial information for listed companies makes cross-sectional comparisons easier and more meaningful, analysts should also be cautious of the following aspects regarding ratio analysis: • A single financial ratio does not necessarily provide sufficient information regarding the overall performance of a company. Only when a set of appropriate ratios is used, can a more informed judgement be made. However, if a specific aspect of a company is analysed, one or two ratios may prove to be sufficient. • If financial results are compared or analysed over time, the comparison should be done for corresponding periods. This means that results for a specific month or quarter should be compared with the same period in previous years, in order to avoid inaccurate conclusions, which can be influenced by seasonal factors. In view of this, results for an interim period/full financial year should be compared only with results for previous interim periods/full financial years. • It is advisable, if possible, to only make use of audited financial statements in ratio analysis. There is no reason to believe that unaudited statements will reflect the true financial position of a company. • The comparison of financial results over time can sometimes be distorted by inflation. Without adjustment for inflation, comparisons between different companies over time can lead to incorrect conclusions regarding performance. We would like to thank the Bureau of Financial Analysis (BFA) for calculating the financial ratios presented in this publication. Absa Group Economic Research December 2003
  5. 5. CONTENTS Explanatory notes 1 Cyclical services Resources Table 24 General retailers 25 Table 1 Coal 2 Table 25 Support services 26 Table 2 Diamonds 3 Table 26 Leisure, entertainment and hotels 27 Table 3 Gold 4 Table 27 Media and photography 28 Table 4 Platinum 5 Table 28 Transport 29 Table 5 Other mineral extractors and mines 6 General industrials Table 6 Mining finance 7 Table 7 Oil and gas 8 Table 29 Diversified industrials 30 Table 30 Electronic and electrical equipment 31 Basic industries Table 31 Engineering and machinery 32 Table 8 Chemicals 9 Information technology Table 9 Forestry and paper 10 Table 10 Steel and other metals 11 Table 32 Information technology hardware 33 Table 11 Construction and building materials 12 Table 33 Software and computer services 34 Financials Non-cyclical services Table 12 Investment companies 13 Table 34 Food and drug retailers 35 Table 13 Banks 14 Table 35 Telecommunication services 36 Table 14 Speciality and other finance 15 Table 15 Life assurance 16 Other Table 16 Short-term insurance 17 Table 36 Development capital 37 Table 17 Real estate 18 Table 37 Venture capital 38 Non-cyclical consumer goods Appendix 39 Table 18 Beverages 19 Financial ratio formulae 39 Table 19 Food producers and processors 20 Format of standardised financial statements Table 20 Health 21 and sundry information: Gold mining 42 Table 21 Pharmaceuticals and biotechnology 22 Format of standardised financial statements and sundry information: All other sectors 44 Cyclical consumer goods Table 22 Household goods and textiles 23 Table 23 Automobiles and parts 24
  6. 6. EXPLANATORY NOTES 1. Financial ratios were calculated for each of thirty-seven weighted sectoral financial data. The financial ratios were sectors on the JSE Securities Exchange. These ratios calculated from these aggregate figures for each sector. are divided into the following six categories, except for 5. Where “N/A” (not available) appears in the tables, the the banking and life assurance sectors: ratio concerned could not be calculated for that specific • Asset structure period due to the non-availability of data or other • Funding structure technical reasons. • Solvency and liquidity structure 6. A weighted average composite financial ratio index • Profitability structure (“the financial ratio index”) is compiled by the BFA for • Trading activity structure all sectors on the JSE Securities Exchange, except for • Share statistics mining resources, financials, development capital and 2. Sector-specific ratios for the banking and life assurance venture capital. Using five prominent financial ratios, sectors have been added to this edition of the this index determines how well the companies in a publication. Only Liberty, Old Mutual, Sage and sector have performed. The following ratios are used in Sanlam are included in the calculations for the life the index: assurance sector. • Current ratio 3. The publication covers a period of ten years from 1994 to • Return on equity 2003, using standardised financial data as reported by all • Operating profit margin companies in their consolidated group financial • Total asset turnover statements at the end of their respective financial years. • Debt to equity As this report was compiled towards the end of 2003, it 7. To illustrate the performance of companies listed on the was not possible to calculate fully representative ratios for JSE Securities Exchange, the financial ratio index for the calendar year ending 2003. A number of companies at each of the relevant sectors is presented by means of a the date of going to press had not yet produced their graph in the publication. The 2003 figure for the financial results for their respective financial years ending sectoral financial ratio index in each graph is during 2003. Therefore, the column under the heading representative of companies whose respective financial “latest year” represents the results of company data for years ended, and for which results were published, either the 2003 or 2002 financial year, whichever was the within the first nine months of the year. latest available information. 8. The appendix presents the definitions of the financial 4. The standardised financial accounts for all of the ratio formulae used, as well as the format of the companies in each sector were combined, resulting in standardised financial statements and sundry information. FINANCIAL RATIO INDEX Index 1994=100, INDUSTRIAL AND NON-MINING RESOURCE COMPANIES Annual figures 180 160 140 120 100 80 60 40 94 95 96 97 98 99 00 01 02 03 1
  7. 7. TABLE 1: COAL Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 1,22 1,22 0,92 0,80 0,69 0,41 0,40 0,35 0,32 0,31 0,60 Funding structure Total assets to funding 2,59 2,59 2,25 1,84 1,52 1,33 1,15 1,10 1,07 1,09 1,55 Fixed assets as % of funding 63,96 63,96 73,81 69,47 72,79 66,62 73,07 74,57 78,06 84,63 73,00 Long-term loans as % of total debt 2,83 2,83 4,02 16,54 28,13 44,73 53,72 63,39 72,92 58,12 38,27 Solvency and liquidity structure Current ratio 1,20 1,20 1,20 1,35 1,50 1,97 2,52 2,91 3,40 2,35 2,04 Quick ratio 0,97 0,97 0,92 1,18 1,19 1,64 1,80 2,25 2,45 1,44 1,54 Debt to assets 0,63 0,63 0,58 0,55 0,48 0,45 0,30 0,29 0,27 0,22 0,42 Debt to equity 1,71 1,71 1,37 1,21 0,91 0,83 0,42 0,40 0,37 0,28 0,83 Interest cover 1,96 1,96 2,19 1,36 1,82 1,72 4,45 9,35 9,52 5,36 4,19 Debt to cash flow 5,54 5,54 3,87 4,84 3,06 4,88 2,41 2,20 2,22 1,49 3,39 Cash flow interest cover 2,13 2,13 2,49 1,68 2,25 4,41 7,03 15,14 17,14 8,30 6,73 Profitability structure Operating profit margin (%) 16,23 16,23 23,95 28,49 32,83 11,40 22,71 24,25 22,26 35,08 24,13 Net profit margin (%) 6,70 6,70 11,86 7,60 13,32 4,50 14,82 21,27 19,92 28,39 14,26 Return on assets (%) 19,72 19,72 21,98 22,84 22,63 4,69 9,17 8,58 7,21 10,70 14,17 Inflation-adjusted return on assets (%) 16,76 16,76 19,39 20,76 20,46 3,56 7,74 7,48 6,05 9,69 12,43 Return on equity (%) 22,10 22,10 25,78 13,48 17,53 3,38 8,48 10,41 8,75 10,98 13,43 Inflation-adjusted return on equity (%) 14,60 14,60 19,62 10,10 14,09 1,57 6,57 8,79 7,08 9,70 10,24 Leverage factor 1,21 1,21 1,23 0,59 0,81 0,74 1,05 1,22 1,20 1,03 1,01 Retention rate (%) 100,00 100,00 100,00 100,00 216,67 82,80 70,30 74,82 73,57 80,53 99,85 Return on external investments (%) 919,89 919,89 2522,38 3463,77 944,36 266,96 182,08 228,93 162,27 232,15 991,42 Trading activity structure Accounts receivable turnover 2,82 2,82 2,70 2,44 3,28 2,61 3,28 3,15 4,53 4,41 3,25 Share statistics Net asset value per share (Rand) 2,32 2,32 1,60 1,35 1,70 1,58 3,41 3,29 3,13 2,93 2,37 Cash flow per share (Rand) 0,72 0,72 0,57 0,34 0,50 0,27 0,60 0,59 0,52 0,54 0,52 Dividend cover N/A N/A N/A N/A -0,86 5,81 3,37 3,97 3,78 5,14 3,54 Cash flow dividend cover N/A N/A N/A N/A 16,30 12,35 6,23 6,67 7,07 8,52 9,52 Price/earnings ratio 0,34 0,34 0,97 2,76 1,64 2,33 6,38 3,50 2,79 5,15 2,87 Price/book ratio 0,04 0,04 0,13 0,44 0,24 0,31 0,51 0,25 0,22 0,39 0,28 2
  8. 8. TABLE 2: DIAMONDS Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,66 0,46 0,56 0,57 0,88 0,95 0,86 0,88 1,39 0,99 0,86 Funding structure Total assets to funding 0,75 0,74 0,72 0,78 0,72 0,84 0,83 0,90 0,89 0,82 0,81 Fixed assets as % of funding 4,92 4,10 2,33 2,05 8,38 16,17 13,48 17,50 20,17 13,08 10,90 Long-term loans as % of total debt 40,77 80,75 79,82 83,62 50,49 0,19 0,66 0,51 0,37 0,11 28,50 Solvency and liquidity structure Current ratio 2,15 3,18 1,83 2,14 2,24 1,49 1,48 1,92 1,68 1,93 1,87 Quick ratio 1,65 2,38 1,21 1,55 1,41 0,77 0,49 0,83 0,71 0,81 1,05 Debt to assets 0,28 0,43 0,41 0,49 0,24 0,17 0,19 0,18 0,22 0,20 0,26 Debt to equity 0,23 0,43 0,39 0,56 0,19 0,14 0,15 0,16 0,20 0,16 0,24 Interest cover 36,21 26,78 91,36 47,89 22,96 43,53 82,21 104,40 97,32 132,80 73,19 Debt to cash flow 0,98 1,51 2,28 2,65 0,89 0,48 0,48 0,48 0,42 0,75 1,05 Cash flow interest cover 31,59 33,44 88,42 52,90 20,89 38,88 76,10 84,03 114,48 98,74 67,34 Profitability structure Operating profit margin (%) 51,84 50,72 50,39 51,34 41,01 43,55 49,86 54,82 32,43 36,48 45,75 Net profit margin (%) 39,27 44,55 47,71 47,42 32,88 34,61 43,81 41,84 20,81 22,74 36,79 Return on assets (%) 34,39 23,58 19,02 17,06 31,26 40,71 42,70 48,05 44,87 36,19 34,92 Inflation-adjusted return on assets (%) 34,11 23,46 19,20 17,08 29,51 46,46 38,37 43,14 41,11 35,55 33,84 Return on equity (%) 21,34 20,81 16,95 18,12 19,80 27,12 31,24 32,90 25,66 18,50 23,51 Inflation-adjusted return on equity (%) 21,17 20,70 17,10 18,15 18,75 30,20 28,50 29,75 23,51 18,07 22,80 Leverage factor 0,15 0,28 0,19 0,22 0,22 1,48 -388,62 -0,19 -0,31 0,06 -42,98 Retention rate (%) 81,47 89,40 95,79 86,57 79,42 85,92 86,78 85,48 -203,00 81,71 53,35 Return on external investments (%) 21,16 1,43 1,83 1,25 1,61 0,71 2,38 2,21 0,00 0,01 3,46 Trading activity structure Accounts receivable turnover 19,61 22,75 11,24 15,95 14,02 15,87 17,45 10,96 15,93 9,57 14,51 Share statistics Net asset value per share (Rand) 8,30 8,11 6,71 9,86 18,19 14,78 14,74 10,07 8,73 11,04 11,38 Cash flow per share (Rand) 1,97 2,33 1,15 2,10 3,90 4,40 4,79 3,45 4,08 2,41 3,14 Dividend cover 5,40 9,44 23,74 7,45 4,86 7,10 7,56 6,89 0,33 5,47 7,64 Cash flow dividend cover 6,23 12,79 23,99 8,86 5,35 7,77 7,85 7,18 4,62 6,37 8,69 Price/earnings ratio 8,87 7,23 9,57 6,93 4,73 5,62 11,61 5,82 8,53 10,51 8,02 Price/book ratio 1,03 0,61 0,83 0,67 0,54 0,73 1,76 0,90 1,26 1,24 1,00 3
  9. 9. TABLE 3: GOLD Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,63 0,58 0,51 0,55 0,47 0,49 0,51 0,52 0,48 0,62 0,53 Funding structure Total assets to funding 1,16 1,19 1,30 1,17 1,15 1,10 1,12 1,10 1,12 1,17 1,15 Fixed assets as % of funding 80,02 80,79 93,36 92,97 91,60 92,30 92,93 95,80 90,02 92,40 91,27 Long-term loans as % of total debt 52,62 52,92 33,12 39,54 39,96 27,88 30,72 14,94 9,12 9,85 28,64 Solvency and liquidity structure Current ratio 1,22 1,14 0,74 0,83 1,15 1,24 1,09 0,97 1,31 1,08 1,07 Quick ratio 0,97 0,91 0,60 0,63 0,93 1,03 0,78 0,69 1,11 1,02 0,86 Debt to assets 0,38 0,43 0,45 0,33 0,26 0,13 0,16 0,11 0,12 0,17 0,23 Debt to equity 0,57 0,71 0,72 0,46 0,34 0,15 0,19 0,12 0,14 0,20 0,32 Interest cover 10,93 13,99 9,28 8,09 13,63 26,59 45,81 211,22 144,34 133,80 67,08 Debt to cash flow 1,61 1,95 3,53 2,50 2,57 1,32 1,69 1,56 1,07 1,16 1,89 Cash flow interest cover 15,64 17,82 10,79 9,42 12,41 17,72 34,89 112,01 103,98 90,02 45,21 Profitability structure Operating profit margin (%) 23,55 26,96 23,88 19,35 26,43 22,57 18,15 25,58 28,91 33,09 24,61 Net profit margin (%) 15,00 17,90 18,28 14,94 22,28 16,02 16,54 22,73 22,10 22,63 18,95 Return on assets (%) 14,74 15,61 12,07 10,64 12,44 11,00 9,23 13,42 14,04 20,55 13,13 Inflation-adjusted return on assets (%) 14,97 15,53 12,02 10,61 12,46 10,81 8,51 11,49 12,40 16,21 12,16 Return on equity (%) 14,18 16,95 14,93 11,30 13,79 9,00 10,08 13,37 12,14 16,80 12,84 Inflation-adjusted return on equity (%) 14,52 16,82 14,83 11,26 13,82 8,82 9,15 11,24 10,57 12,73 11,88 Leverage factor 1,00 1,12 1,73 1,21 0,91 0,98 1,12 1,22 1,23 1,28 1,19 Retention rate (%) -27,01 11,60 47,57 30,56 39,79 14,65 25,79 -6,83 13,79 9,34 16,41 Return on external investments (%) 14,19 10,38 11,04 30,68 62,64 22,96 28,37 40,53 28,62 36,24 30,59 Trading activity structure Accounts receivable turnover 12,49 11,54 10,59 13,20 13,85 17,94 15,14 22,18 23,28 16,08 16,08 Share statistics Net asset value per share (Rand) 21,06 19,82 20,05 22,66 4,86 30,12 19,95 30,71 29,11 23,69 22,47 Cash flow per share (Rand) 6,28 6,08 4,13 3,46 0,63 2,41 1,68 2,42 3,30 3,88 3,13 Dividend cover 0,62 0,98 1,10 0,92 1,20 1,00 1,32 0,90 1,15 1,07 1,03 Cash flow dividend cover 2,96 3,23 3,92 3,70 2,92 2,53 3,35 1,63 3,19 2,96 3,02 Price/earnings ratio 20,16 18,32 18,46 12,51 11,78 13,68 11,92 16,83 16,57 18,36 15,59 Price/book ratio 3,90 4,43 1,77 1,08 1,48 0,93 0,72 1,26 1,02 1,33 1,50 4
  10. 10. TABLE 4: PLATINUM Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,74 0,76 0,81 0,76 0,66 0,81 0,80 0,74 0,72 0,70 0,75 Funding structure Total assets to funding 0,71 0,74 0,86 0,87 0,73 0,72 0,84 0,87 0,84 0,84 0,81 Fixed assets as % of funding 0,47 0,51 0,46 0,53 1,30 1,44 15,59 20,93 19,68 19,95 8,93 Long-term loans as % of total debt 22,88 21,94 8,38 3,07 24,82 33,17 25,97 43,06 36,96 34,34 25,85 Solvency and liquidity structure Current ratio 0,97 0,99 1,28 1,49 1,59 1,68 1,32 1,23 1,36 1,23 1,35 Quick ratio 0,74 0,77 1,12 1,32 1,18 1,25 0,94 0,79 0,87 0,84 1,01 Debt to assets 0,31 0,32 0,36 0,32 0,28 0,29 0,32 0,43 0,33 0,34 0,33 Debt to equity 0,23 0,25 0,32 0,28 0,21 0,22 0,29 0,44 0,31 0,32 0,29 Interest cover 95,86 110,75 228,38 63,61 22,78 7,57 3,67 4,05 4,31 3,64 48,21 Debt to cash flow 1,02 1,03 1,11 1,05 1,43 3,05 4,46 5,79 4,71 5,90 3,17 Cash flow interest cover 81,13 91,42 160,80 48,97 19,13 6,20 3,88 3,92 4,01 3,58 36,85 Profitability structure Operating profit margin (%) 48,73 50,73 58,22 53,76 36,94 19,38 11,70 14,30 14,48 12,18 29,97 Net profit margin (%) 39,13 40,19 40,40 40,17 28,96 12,71 6,68 8,31 8,33 6,45 21,24 Return on assets (%) 35,91 38,52 46,73 40,75 24,35 14,37 9,19 10,26 10,07 8,22 22,21 Inflation-adjusted return on assets (%) 34,97 37,49 46,59 40,85 24,26 13,83 8,62 8,94 8,67 6,81 21,50 Return on equity (%) 21,60 23,79 28,74 26,65 14,63 6,79 4,65 6,11 5,42 4,08 13,19 Inflation-adjusted return on equity (%) 21,16 23,28 28,65 26,71 14,57 6,55 4,27 5,13 4,54 3,18 12,75 Leverage factor 0,21 0,22 0,63 0,39 0,27 0,09 0,36 0,42 0,52 2,07 0,55 Retention rate (%) 49,64 48,86 33,34 36,61 54,75 61,97 69,53 16,03 46,38 39,19 45,27 Return on external investments (%) 11,16 9,72 49,58 35,36 23,99 -18,37 17,92 16,54 13,77 16,63 18,51 Trading activity structure Accounts receivable turnover 9,51 9,98 9,91 8,78 9,32 8,59 7,28 6,51 6,82 6,49 8,13 Share statistics Net asset value per share (Rand) 67,49 62,12 50,49 42,38 37,20 31,61 25,99 25,54 23,55 24,94 36,58 Cash flow per share (Rand) 16,12 16,62 16,32 12,85 6,27 3,05 1,29 1,45 1,36 1,30 6,67 Dividend cover 1,99 1,96 1,50 1,58 2,21 2,63 3,28 1,19 1,86 1,64 1,99 Cash flow dividend cover 2,08 2,02 1,51 1,59 2,25 2,73 4,26 1,85 2,38 2,33 2,33 Price/earnings ratio 11,81 10,70 7,51 9,14 11,32 8,29 25,53 24,16 25,37 43,88 18,56 Price/book ratio 1,65 2,01 2,35 2,14 1,49 0,70 0,72 0,05 1,01 1,00 1,23 5
  11. 11. TABLE 5: OTHER MINERAL EXTRACTORS AND MINES Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,53 0,53 0,64 0,54 0,49 0,56 0,16 0,20 0,19 0,17 0,39 Funding structure Total assets to funding 0,99 0,99 1,00 1,00 0,91 0,96 1,00 0,99 0,98 0,97 0,98 Fixed assets as % of funding 43,37 43,25 38,34 30,51 23,39 25,00 4,71 6,63 8,21 7,67 20,87 Long-term loans as % of total debt 55,81 55,48 51,11 41,44 42,19 41,03 51,59 44,43 47,94 53,37 47,66 Solvency and liquidity structure Current ratio 1,03 1,02 0,96 1,02 1,56 1,94 2,13 2,17 2,10 2,27 1,69 Quick ratio 0,75 0,74 0,69 0,74 1,13 1,48 1,87 1,87 1,80 1,93 1,36 Debt to assets 0,47 0,47 0,48 0,41 0,26 0,26 0,17 0,16 0,17 0,17 0,28 Debt to equity 0,63 0,63 0,63 0,50 0,26 0,27 0,19 0,17 0,18 0,18 0,33 Interest cover 8,24 8,34 7,36 7,64 4,65 5,73 9,70 11,53 11,48 10,98 8,59 Debt to cash flow 3,93 3,89 3,10 3,70 2,97 3,25 1,79 1,44 1,77 1,88 2,65 Cash flow interest cover 9,91 9,99 8,52 8,05 4,93 5,78 9,39 11,05 10,04 9,72 8,60 Profitability structure Operating profit margin (%) 21,13 21,23 23,55 23,01 21,03 16,50 70,70 66,32 63,30 65,18 41,19 Net profit margin (%) 14,40 14,45 14,64 15,83 13,96 11,14 55,13 51,78 45,57 49,77 30,25 Return on assets (%) 11,10 11,20 15,06 12,15 10,35 9,15 11,23 12,83 12,29 11,11 11,70 Inflation-adjusted return on assets (%) 7,23 7,31 12,87 11,17 9,00 7,82 5,70 5,25 5,44 4,43 7,66 Return on equity (%) 10,19 10,24 12,37 9,99 6,91 6,49 9,56 10,62 9,46 8,96 9,39 Inflation-adjusted return on equity (%) 5,53 5,57 9,87 8,96 5,79 5,40 4,64 4,19 4,01 3,43 5,76 Leverage factor 0,11 -0,28 -87,34 0,02 -0,09 0,67 3,01 0,34 0,66 0,55 -9,12 Retention rate (%) 72,01 73,38 72,57 -18,86 52,85 60,70 64,54 51,35 43,45 49,84 49,83 Return on external investments (%) 8,94 8,90 11,15 5,90 9,39 10,93 9,89 11,23 10,17 10,86 9,83 Trading activity structure Accounts receivable turnover 5,37 5,39 6,33 5,27 6,20 6,40 4,39 5,26 4,78 3,66 5,30 Share statistics Net asset value per share (Rand) 29,54 29,37 40,14 38,96 45,02 114,60 103,52 65,01 57,03 54,60 60,94 Cash flow per share (Rand) 4,58 4,67 7,49 4,97 4,32 8,38 11,05 7,62 5,73 5,13 6,59 Dividend cover 3,64 3,83 3,65 0,84 2,12 2,54 2,82 2,06 1,77 1,99 2,38 Cash flow dividend cover 5,36 5,64 5,82 1,98 2,92 3,30 3,08 2,33 1,96 2,08 3,20 Price/earnings ratio 9,39 9,37 10,60 12,01 8,15 4,57 13,85 8,07 16,13 16,52 11,03 Price/book ratio 0,95 0,95 0,84 0,87 0,80 0,59 1,26 1,05 1,40 1,30 1,01 6
  12. 12. TABLE 6: MINING FINANCE Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,39 0,38 0,26 0,27 0,37 1,21 1,23 1,32 1,41 1,23 0,85 Funding structure Total assets to funding 1,00 1,03 0,97 1,22 0,91 1,39 1,20 1,40 1,30 1,21 1,18 Fixed assets as % of funding 26,19 26,57 25,38 16,81 13,23 36,98 30,87 34,51 32,82 23,25 26,67 Long-term loans as % of total debt 38,99 33,57 27,97 10,64 19,33 8,51 15,63 18,72 23,71 21,37 20,54 Solvency and liquidity structure Current ratio 1,05 0,92 0,71 1,20 1,29 1,39 1,81 1,70 1,87 1,91 1,44 Quick ratio 0,73 0,63 0,46 1,07 0,88 0,90 1,18 1,16 1,24 1,38 1,00 Debt to assets 0,46 0,46 0,36 0,46 0,29 0,36 0,35 0,40 0,37 0,39 0,38 Debt to equity 0,56 0,56 0,39 0,60 0,28 0,53 0,44 0,62 0,55 0,52 0,50 Interest cover 1,60 1,18 3,55 6,05 3,28 3,63 7,18 6,70 7,91 8,36 5,36 Debt to cash flow 1,80 1,85 6,58 5,44 3,24 3,64 3,08 3,82 3,41 3,65 3,85 Cash flow interest cover 11,06 10,25 3,86 7,28 3,81 4,26 7,48 6,81 7,73 7,97 6,70 Profitability structure Operating profit margin (%) 10,25 8,33 26,03 31,09 28,67 9,07 10,18 9,17 9,19 10,52 16,02 Net profit margin (%) -0,01 -2,73 13,79 19,13 15,77 4,69 6,95 6,11 5,93 6,64 8,78 Return on assets (%) 4,05 3,17 6,77 8,10 10,31 10,83 12,44 12,02 12,89 12,83 10,03 Inflation-adjusted return on assets (%) 2,33 1,65 6,57 7,76 7,41 9,94 10,45 8,83 9,46 8,38 7,90 Return on equity (%) 0,02 -1,23 3,86 6,47 5,49 7,96 10,87 12,49 12,21 10,88 7,81 Inflation-adjusted return on equity (%) -1,04 -2,01 3,65 6,08 3,92 6,82 8,60 7,88 7,77 5,98 5,52 Leverage factor -0,23 -2,28 -0,28 0,50 0,29 0,48 -4,08 0,69 -1,14 -0,01 -0,42 Retention rate (%) 100,00 100,00 100,00 26,91 14,79 153,53 76,73 79,63 79,67 80,90 79,13 Return on external investments (%) 3,71 4,58 4,43 11,10 5,96 2,28 27,37 3,77 4,27 6,44 7,70 Trading activity structure Accounts receivable turnover 3,89 3,72 4,09 3,90 2,87 7,03 5,91 6,85 6,75 5,39 5,19 Share statistics Net asset value per share (Rand) 4,41 9,03 11,04 9,43 8,36 13,50 82,99 87,91 78,10 70,70 40,72 Cash flow per share (Rand) 1,36 2,75 0,65 1,03 0,71 1,95 11,91 14,27 12,58 10,14 6,07 Dividend cover N/A N/A N/A 1,37 1,17 -1,87 4,30 4,91 4,92 5,23 2,86 Cash flow dividend cover N/A N/A N/A 1,51 1,25 2,17 7,11 7,36 7,73 7,95 5,01 Price/earnings ratio 21,15 24,75 16,30 12,77 11,42 7,18 12,86 19,53 18,61 22,81 15,85 Price/book ratio 0,56 0,55 0,45 0,72 0,61 0,36 0,72 0,38 0,35 0,41 0,51 7
  13. 13. TABLE 7: OIL AND GAS Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,94 0,97 0,83 0,91 0,78 0,69 0,72 0,69 0,68 0,64 0,76 Funding structure Total assets to funding 1,29 1,24 1,28 1,05 1,01 1,09 1,08 1,08 1,14 1,12 1,13 Fixed assets as % of funding 73,43 65,01 64,32 52,73 54,62 57,98 59,18 58,92 60,18 64,47 60,65 Long-term loans as % of total debt 31,58 37,89 37,93 20,88 31,29 25,22 35,16 39,52 36,49 42,17 33,36 Solvency and liquidity structure Current ratio 1,08 1,27 1,33 1,48 2,00 1,64 2,05 1,95 1,55 1,38 1,61 Quick ratio 0,68 0,79 0,85 0,90 1,25 1,13 1,41 1,54 1,13 0,97 1,10 Debt to assets 0,46 0,46 0,48 0,28 0,22 0,27 0,26 0,28 0,34 0,36 0,33 Debt to equity 0,72 0,74 0,79 0,31 0,24 0,32 0,31 0,34 0,45 0,49 0,44 Interest cover 65,14 18,06 25,27 13,67 10,48 16,62 20,00 15,29 15,20 9,13 21,20 Debt to cash flow 2,67 2,10 2,10 1,17 1,34 1,70 1,36 1,56 1,98 2,45 1,81 Cash flow interest cover 50,26 17,29 23,23 12,74 11,26 18,69 19,08 14,70 15,19 8,61 19,31 Profitability structure Operating profit margin (%) 23,90 25,36 31,08 29,86 21,77 21,86 28,82 28,73 26,98 27,72 26,75 Net profit margin (%) 17,62 16,69 20,22 19,00 14,27 15,47 20,34 19,82 17,76 16,14 17,85 Return on assets (%) 22,53 24,57 25,81 27,69 16,99 14,97 20,88 19,85 18,48 17,83 20,56 Inflation-adjusted return on assets (%) 17,16 18,13 18,88 21,41 11,78 9,97 12,80 11,98 10,00 9,44 13,71 Return on equity (%) 26,28 25,70 27,88 19,94 12,11 12,52 17,66 16,83 16,14 14,05 18,16 Inflation-adjusted return on equity (%) 17,66 16,11 17,08 14,41 7,55 7,38 9,48 8,67 6,79 5,30 10,48 Leverage factor 0,15 0,13 0,31 0,42 0,32 0,87 1,02 1,03 1,06 1,00 0,69 Retention rate (%) 57,14 78,79 73,57 72,53 64,79 65,41 72,79 82,64 96,52 67,22 72,51 Return on external investments (%) 7,67 11,06 16,81 11,37 66,36 60,88 110,87 170,34 106,62 99,34 72,25 Trading activity structure Accounts receivable turnover 6,42 6,00 4,14 5,47 5,25 5,59 6,51 5,89 5,61 5,60 5,61 Share statistics Net asset value per share (Rand) 60,30 60,13 40,02 36,79 32,48 29,74 26,47 22,39 21,71 19,31 32,13 Cash flow per share (Rand) 16,24 21,96 15,09 9,79 5,86 5,60 5,99 5,05 5,14 4,00 8,08 Dividend cover 2,33 4,71 3,78 3,64 2,84 2,89 3,68 5,76 28,75 3,05 6,30 Cash flow dividend cover 2,43 6,14 5,24 4,98 4,35 4,38 4,71 7,24 41,67 4,39 8,82 Price/earnings ratio 8,99 8,38 6,55 7,35 15,57 17,74 18,49 14,57 11,30 9,78 12,26 Price/book ratio 1,39 1,46 1,39 1,08 1,08 1,14 2,10 1,76 1,64 1,29 1,43 FINANCIAL RATIO INDEX Index 1994=100, OIL AND GAS Annual figures 150 130 110 90 70 50 94 95 96 97 98 99 00 01 02 03 8
  14. 14. TABLE 8: CHEMICALS Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 1,59 1,60 1,37 1,24 1,29 1,30 1,31 1,25 1,15 1,06 1,28 Funding structure Total assets to funding 1,53 1,52 1,54 1,62 1,60 1,50 1,63 1,66 1,72 1,65 1,61 Fixed assets as % of funding 64,58 65,16 65,63 65,79 66,50 70,94 76,11 74,69 76,22 71,33 70,20 Long-term loans as % of total debt 31,33 32,42 31,49 18,23 11,96 25,54 12,93 14,28 19,22 19,18 20,46 Solvency and liquidity structure Current ratio 1,37 1,38 1,30 1,23 1,21 1,28 1,23 1,28 1,09 1,14 1,24 Quick ratio 0,90 0,90 0,84 0,86 0,85 0,75 0,72 0,79 0,62 0,69 0,78 Debt to assets 0,59 0,59 0,61 0,54 0,49 0,53 0,46 0,47 0,52 0,49 0,52 Debt to equity 1,27 1,26 1,33 1,03 0,87 0,99 0,83 0,87 1,09 0,97 1,03 Interest cover 5,15 4,50 2,93 4,90 3,10 2,61 3,81 3,38 3,37 3,88 3,68 Debt to cash flow 3,75 4,00 5,54 4,39 3,88 4,81 3,95 3,98 5,21 5,10 4,51 Cash flow interest cover 5,28 4,80 3,78 5,45 3,56 3,09 4,17 3,63 3,56 4,17 4,08 Profitability structure Operating profit margin (%) 11,95 11,00 8,29 10,84 11,91 10,54 10,69 12,09 11,55 11,20 11,01 Net profit margin (%) 6,89 6,15 3,42 6,42 5,25 4,42 5,63 6,31 5,40 5,72 5,50 Return on assets (%) 19,01 17,55 11,49 13,43 15,34 13,70 14,02 15,14 13,30 11,86 14,14 Inflation-adjusted return on assets (%) 15,40 14,04 9,43 11,47 13,21 11,16 11,29 11,93 9,76 7,90 11,28 Return on equity (%) 23,52 20,96 10,52 15,25 11,93 10,77 13,33 14,72 12,96 11,86 13,87 Inflation-adjusted return on equity (%) 15,70 13,58 6,54 11,49 8,75 6,79 8,87 9,35 6,68 5,24 8,82 Leverage factor 1,69 1,56 1,17 1,34 1,11 1,31 1,36 1,46 1,38 1,43 1,36 Retention rate (%) 59,37 59,38 45,14 61,96 10,96 -69,93 60,71 69,66 53,29 75,61 40,75 Return on external investments (%) 38,54 36,63 24,44 21,51 35,13 23,91 22,94 27,13 10,94 11,53 24,01 Trading activity structure Accounts receivable turnover 6,29 6,18 5,16 5,80 4,85 4,87 5,05 4,69 4,81 4,51 5,11 Share statistics Net asset value per share (Rand) 10,48 10,23 9,70 9,37 10,17 9,91 9,56 8,80 18,00 17,23 11,47 Cash flow per share (Rand) 3,55 3,24 2,33 2,19 2,28 2,04 2,01 1,93 3,78 3,27 2,60 Dividend cover 2,47 2,47 1,83 2,64 1,12 0,59 2,55 3,30 2,15 4,11 2,31 Cash flow dividend cover 3,93 4,00 4,36 4,20 1,63 2,81 3,98 4,61 3,53 5,52 3,84 Price/earnings ratio 5,95 6,83 8,68 8,99 8,66 6,59 9,55 10,83 10,35 17,95 9,73 Price/book ratio 1,48 1,38 1,04 1,21 1,05 0,79 1,42 1,77 1,76 2,66 1,46 FINANCIAL RATIO INDEX Index 1994=100, CHEMICALS Annual figures 140 120 100 80 60 40 20 0 94 95 96 97 98 99 00 01 02 03 9
  15. 15. TABLE 9: FORESTRY AND PAPER Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,78 0,78 0,90 0,96 0,80 0,60 0,69 0,69 0,57 0,56 0,73 Funding structure Total assets to funding 1,26 1,26 1,44 1,31 1,43 1,30 1,25 1,21 1,22 1,22 1,29 Fixed assets as % of funding 89,84 89,84 97,57 89,93 102,88 89,56 86,19 88,20 83,10 79,63 89,66 Long-term loans as % of total debt 62,23 62,23 46,26 55,09 44,55 58,86 61,29 66,59 66,24 46,35 56,38 Solvency and liquidity structure Current ratio 1,05 1,05 0,85 1,07 0,76 1,08 1,26 1,35 1,58 1,39 1,15 Quick ratio 0,53 0,53 0,49 0,59 0,44 0,73 0,86 0,85 1,05 1,00 0,73 Debt to assets 0,56 0,56 0,57 0,53 0,55 0,57 0,52 0,54 0,54 0,34 0,52 Debt to equity 1,25 1,25 1,32 1,10 1,19 1,30 1,09 1,17 1,17 0,51 1,12 Interest cover 4,65 4,65 3,84 4,36 2,36 2,63 1,62 1,77 3,56 1,78 2,95 Debt to cash flow 4,48 4,48 4,49 3,32 5,34 6,32 8,99 8,92 5,31 6,27 5,94 Cash flow interest cover 7,73 7,73 5,83 5,89 4,12 3,89 2,69 2,79 4,96 4,66 4,73 Profitability structure Operating profit margin (%) 11,01 11,01 11,23 14,77 9,66 13,65 8,07 8,73 16,26 4,74 10,90 Net profit margin (%) 7,21 7,21 6,73 9,64 4,64 7,91 2,33 3,49 10,45 1,78 6,02 Return on assets (%) 8,58 8,58 10,10 14,12 7,71 8,16 5,59 6,01 9,20 2,64 8,01 Inflation-adjusted return on assets (%) 3,50 3,50 5,84 9,82 4,47 4,65 4,36 4,63 7,32 0,94 5,06 Return on equity (%) 12,61 12,61 14,00 19,35 8,12 10,86 3,37 5,19 12,81 1,49 9,76 Inflation-adjusted return on equity (%) 2,22 2,22 4,77 10,17 2,14 3,52 1,38 2,71 8,40 -0,58 3,86 Leverage factor 1,61 1,61 1,61 1,55 0,56 0,96 0,68 -0,16 1,29 1,23 1,04 Retention rate (%) 60,28 60,28 321,72 68,05 56,70 85,25 87,63 46,89 71,91 75,95 97,15 Return on external investments (%) 7,83 7,83 12,23 14,51 15,60 10,46 18,24 16,25 25,30 12,75 14,80 Trading activity structure Accounts receivable turnover 11,18 11,18 19,27 14,06 11,73 7,37 6,47 6,56 4,34 4,04 9,45 Share statistics Net asset value per share (Rand) 66,27 66,27 55,13 53,81 60,42 66,91 62,37 57,83 51,89 39,42 57,12 Cash flow per share (Rand) 17,36 17,36 15,01 16,89 14,39 14,55 7,93 7,89 11,85 3,24 12,12 Dividend cover 2,52 2,52 -0,45 3,13 2,31 6,78 8,08 1,88 3,56 4,16 3,55 Cash flow dividend cover 6,81 6,81 3,95 7,89 8,84 12,66 31,17 5,16 7,24 19,91 11,51 Price/earnings ratio 10,54 10,54 7,54 6,42 7,77 5,86 11,25 11,61 7,62 15,46 9,34 Price/book ratio 1,06 1,06 0,84 0,65 0,72 0,50 0,79 0,79 1,14 1,02 0,83 FINANCIAL RATIO INDEX Index 1994=100, FORESTRY AND PAPER Annual figures 450 400 350 300 250 200 150 100 50 0 94 95 96 97 98 99 00 01 02 03 10
  16. 16. TABLE 10: STEEL AND OTHER METALS Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 1,07 0,85 0,95 0,95 0,84 0,89 0,97 0,84 0,87 0,88 0,92 Funding structure Total assets to funding 1,28 1,37 1,40 1,28 1,19 1,24 1,32 1,26 1,25 1,24 1,27 Fixed assets as % of funding 77,66 82,51 74,08 73,22 66,65 66,66 75,13 68,97 68,29 74,59 71,69 Long-term loans as % of total debt 24,17 26,52 38,16 33,26 49,19 35,39 24,09 32,47 32,09 39,31 34,24 Solvency and liquidity structure Current ratio 1,36 1,05 1,23 1,48 1,86 1,86 1,55 1,87 2,04 1,78 1,67 Quick ratio 0,67 0,52 0,67 0,82 0,94 1,02 0,85 1,06 1,16 0,84 0,89 Debt to assets 0,31 0,38 0,49 0,35 0,34 0,31 0,33 0,32 0,31 0,34 0,34 Debt to equity 0,44 0,61 0,93 0,52 0,51 0,45 0,48 0,47 0,44 0,51 0,53 Interest cover 24,74 3,46 3,24 1,78 0,62 5,77 3,61 6,62 7,95 3,81 6,46 Debt to cash flow 1,45 5,12 1,89 3,99 9,75 2,43 3,54 3,56 2,84 3,71 3,68 Cash flow interest cover 26,44 3,87 8,22 3,36 2,05 7,98 6,23 8,81 9,64 5,65 8,71 Profitability structure Operating profit margin (%) 19,30 10,66 12,34 6,98 2,46 11,92 6,60 9,15 11,62 8,56 9,88 Net profit margin (%) 13,57 3,29 8,12 2,75 -2,04 9,37 4,55 6,34 8,12 6,02 6,31 Return on assets (%) 20,60 9,07 11,67 6,61 2,07 10,59 6,39 7,67 10,06 7,56 9,25 Inflation-adjusted return on assets (%) 14,02 4,80 9,05 4,60 0,67 8,27 4,12 4,70 5,81 3,67 6,10 Return on equity (%) 20,54 4,47 14,54 3,91 -2,57 11,95 6,47 7,71 10,01 7,91 8,94 Inflation-adjusted return on equity (%) 12,04 0,26 9,48 1,61 -3,64 8,57 3,34 3,75 4,56 2,64 4,71 Leverage factor 1,25 0,92 1,04 0,68 -4,47 1,16 0,93 1,12 1,35 1,22 0,48 Retention rate (%) 61,34 -58,42 101,05 71,62 134,88 72,75 130,13 58,09 60,24 69,14 84,36 Return on external investments (%) 4,50 7,16 14,18 17,53 12,51 14,76 27,47 60,08 74,54 41,12 29,63 Trading activity structure Accounts receivable turnover 9,85 7,74 6,03 7,46 8,68 7,48 7,41 8,53 7,23 7,50 7,80 Share statistics Net asset value per share (Rand) 28,08 24,68 29,53 35,98 4,84 4,99 4,32 4,73 4,68 4,60 13,53 Cash flow per share (Rand) 8,43 2,95 14,55 4,73 0,26 0,92 0,59 0,62 0,73 0,63 3,50 Dividend cover 2,59 0,63 -95,20 3,52 -2,87 3,67 -3,32 2,39 2,51 3,24 -9,27 Cash flow dividend cover 3,99 1,06 163,63 10,51 3,51 6,16 -0,11 3,85 3,91 5,77 22,36 Price/earnings ratio 4,26 13,36 18,06 20,08 25,93 6,41 12,73 19,24 11,03 26,65 16,04 Price/book ratio 0,73 1,23 0,86 0,41 0,67 0,52 0,60 0,67 1,05 1,78 0,81 FINANCIAL RATIO INDEX Index 1994=100, STEEL AND OTHER METALS Annual figures 250 200 150 100 50 0 -50 -100 94 95 96 97 98 99 00 01 02 03 11
  17. 17. TABLE 11: CONSTRUCTION AND BUILDING MATERIALS Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 1,72 1,67 1,72 1,85 1,77 1,68 1,72 1,62 1,65 1,65 1,71 Funding structure Total assets to funding 2,01 2,06 2,01 1,89 1,81 1,78 1,77 1,67 1,56 1,55 1,78 Fixed assets as % of funding 56,14 55,85 54,48 55,64 58,62 56,91 67,91 60,92 60,54 64,46 59,51 Long-term loans as % of total debt 13,21 13,32 15,40 12,41 13,57 13,83 14,52 15,27 14,48 16,91 14,40 Solvency and liquidity structure Current ratio 1,18 1,17 1,16 1,33 1,39 1,40 1,25 1,35 1,36 1,33 1,31 Quick ratio 0,85 0,79 0,79 0,89 0,91 0,95 0,76 0,84 0,87 0,83 0,85 Debt to assets 0,63 0,65 0,66 0,55 0,53 0,53 0,55 0,53 0,50 0,50 0,55 Debt to equity 1,53 1,62 1,66 1,19 1,10 1,09 1,14 1,03 0,88 0,90 1,17 Interest cover 5,55 5,06 4,48 3,92 3,28 4,18 2,47 5,35 6,93 4,70 4,54 Debt to cash flow 5,22 6,38 6,59 5,70 6,07 5,06 8,52 5,22 4,40 4,88 5,74 Cash flow interest cover 6,33 6,09 6,01 5,97 5,14 5,42 3,43 6,43 7,79 5,66 5,80 Profitability structure Operating profit margin (%) 7,33 6,06 5,20 4,08 3,92 5,88 3,83 6,16 7,01 6,19 5,51 Net profit margin (%) 4,28 3,31 2,95 2,06 1,98 3,56 1,10 3,70 4,27 3,15 3,01 Return on assets (%) 12,59 10,09 8,93 7,57 6,89 9,91 6,56 10,02 11,56 10,44 9,39 Inflation-adjusted return on assets (%) 10,29 7,93 7,44 6,27 5,63 8,47 4,64 7,26 8,09 6,16 7,14 Return on equity (%) 17,81 13,80 12,79 8,31 7,19 12,31 3,87 11,64 12,39 9,59 10,66 Inflation-adjusted return on equity (%) 11,92 8,31 8,79 5,60 4,68 9,27 0,73 6,50 6,66 3,14 6,37 Leverage factor 1,93 1,91 5,74 0,57 1,56 1,72 1,13 1,67 0,76 0,58 1,74 Retention rate (%) 29,77 52,93 46,74 65,96 26,00 65,96 2,27 64,58 66,57 60,53 47,60 Return on external investments (%) 27,67 19,48 19,51 23,38 35,70 19,76 25,37 22,67 19,06 32,50 25,07 Trading activity structure Accounts receivable turnover 6,42 7,07 7,13 7,39 7,05 6,69 6,63 5,79 6,12 6,22 6,60 Share statistics Net asset value per share (Rand) 6,42 6,39 5,53 5,60 6,22 10,27 8,72 9,91 9,39 16,59 8,74 Cash flow per share (Rand) 1,88 1,63 1,39 1,17 1,13 2,20 1,16 1,96 1,87 3,06 1,76 Dividend cover 1,42 2,12 1,88 2,96 1,35 2,94 1,02 2,82 2,99 2,54 2,21 Cash flow dividend cover 2,29 3,20 3,47 7,63 3,82 4,59 2,68 4,48 4,71 5,28 4,33 Price/earnings ratio 8,21 7,96 8,30 14,88 9,88 7,93 14,93 12,07 14,39 18,15 12,08 Price/book ratio 1,72 1,58 1,36 1,16 0,90 0,97 1,58 1,65 1,98 1,74 1,45 FINANCIAL RATIO INDEX Index 1994=100, CONSTRUCTION AND BUILDING MATERIALS Annual figures 140 120 100 80 60 40 20 0 94 95 96 97 98 99 00 01 02 03 12
  18. 18. TABLE 12: INVESTMENT COMPANIES Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,25 0,21 0,23 0,32 0,55 0,55 0,49 0,61 0,55 0,51 0,45 Funding structure Total assets to funding 0,97 0,99 0,93 1,06 1,09 1,11 1,10 1,10 1,07 1,13 1,06 Fixed assets as % of funding 8,13 5,59 6,91 9,96 12,96 12,96 15,78 14,45 15,07 16,08 12,48 Long-term loans as % of total debt 10,20 8,87 24,77 31,33 26,63 10,74 17,09 38,76 52,37 35,05 27,44 Solvency and liquidity structure Current ratio 2,61 2,52 4,02 2,63 2,54 2,29 2,74 3,00 2,76 2,22 2,76 Quick ratio 2,30 2,26 3,56 2,26 1,96 1,68 2,04 2,41 1,84 1,43 2,16 Debt to assets 0,07 0,08 0,06 0,08 0,13 0,12 0,12 0,15 0,19 0,19 0,12 Debt to equity 0,07 0,08 0,06 0,09 0,14 0,13 0,14 0,18 0,22 0,23 0,14 Interest cover 29,85 10,12 50,13 29,26 22,41 15,00 11,81 8,42 14,25 17,32 22,05 Debt to cash flow 0,62 1,06 0,23 0,81 1,34 1,35 1,47 1,78 1,78 1,67 1,23 Cash flow interest cover 34,08 19,92 68,44 33,05 24,65 15,39 12,14 7,44 11,78 13,84 24,53 Profitability structure Operating profit margin (%) 45,37 31,86 98,18 23,21 17,76 16,47 18,41 18,84 25,41 29,63 32,59 Net profit margin (%) 40,38 27,58 94,53 19,99 14,83 13,12 14,82 12,07 16,04 19,41 27,24 Return on assets (%) 9,90 4,02 19,40 9,30 9,03 9,03 8,74 11,32 13,91 14,99 11,74 Inflation-adjusted return on assets (%) 6,38 2,04 10,68 4,54 4,83 4,42 3,71 4,91 10,10 11,85 6,82 Return on equity (%) 8,49 3,14 17,44 9,11 8,58 8,18 7,97 8,63 10,54 11,94 10,10 Inflation-adjusted return on equity (%) 5,49 1,57 9,87 4,25 4,30 3,74 3,11 3,35 7,17 8,93 5,58 Leverage factor 1,30 1,27 1,27 4,26 -3,80 1,24 0,95 1,00 1,18 1,23 0,96 Retention rate (%) 58,79 71,09 83,41 66,17 39,16 63,06 59,40 59,46 68,50 65,19 62,57 Return on external investments (%) 9,83 7,58 9,82 6,96 12,15 11,21 10,86 7,09 5,99 6,23 8,90 Trading activity structure Accounts receivable turnover 7,55 5,80 4,53 7,47 6,58 6,47 6,12 5,63 11,05 8,62 7,11 Share statistics Net asset value per share (Rand) 17,74 15,65 14,61 13,24 13,31 13,89 15,82 14,22 11,96 12,97 14,20 Cash flow per share (Rand) 1,90 1,17 3,57 1,46 1,44 1,35 1,47 1,44 1,51 1,75 1,77 Dividend cover 2,43 3,46 6,03 2,97 1,65 2,76 2,51 2,48 3,17 2,87 2,99 Cash flow dividend cover 3,15 4,45 8,47 3,51 2,09 3,33 2,97 2,98 3,87 3,26 3,74 Price/earnings ratio 10,04 11,92 10,78 12,02 12,21 13,23 14,53 11,66 9,77 17,88 12,46 Price/book ratio 0,93 1,07 0,99 1,03 1,20 1,16 1,62 1,22 1,39 1,87 1,27 13
  19. 19. TABLE 13: BANKS Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset quality Gross non-performing loans (%) 3,10 3,81 3,96 4,45 4,62 2,84 1,69 1,40 N/A N/A 2,38 Less: securities and collateral (%) 2,15 1,59 1,89 2,27 2,30 1,38 0,34 0,35 N/A N/A 1,45 Less: provision raised (%) 1,14 1,91 1,70 1,80 1,78 1,12 0,79 0,68 N/A N/A 0,87 Net non-performing loans (%) 0,18 0,31 0,36 0,38 0,53 0,33 0,56 0,36 N/A N/A 0,38 Capital adequacy Total adequacy ratio (%) 11,45 12,16 12,75 13,10 11,12 10,60 15,61 15,58 21,72 9,42 13,35 Primary capital ratio (%) 7,52 8,78 9,66 9,92 8,88 8,74 12,58 11,76 18,73 9,42 10,60 Secondary capital ratio (%) 3,93 3,38 3,09 3,18 2,25 1,86 3,03 3,81 2,99 N/A 3,07 Profitability ratios Return on assets (%) 1,44 1,35 1,49 1,54 1,07 0,89 0,84 0,74 N/A N/A 1,14 Inflation-adjusted return on assets (%) 1,42 1,23 1,41 1,46 1,02 0,83 0,78 0,69 N/A N/A 7,83 Return on equity (%) 16,35 17,86 17,81 18,28 13,02 11,11 11,46 10,54 N/A N/A 14,12 Inflation-adjusted return on equity (%) 15,96 16,22 16,85 17,36 12,37 10,39 10,56 9,81 N/A N/A 8,60 Net interest margin on average assets (%) 3,14 3,36 3,46 3,18 4,19 3,55 3,54 3,60 3,67 3,16 3,48 Net interest margin on average interest bearing assets (%) 4,45 4,47 4,66 4,23 5,29 4,34 4,38 4,43 4,46 4,09 4,48 Charge for bad and doubtful advances (%) 0,03 0,08 0,14 0,11 0,09 0,07 0,08 0,08 0,07 0,08 0,08 Non-interest income to operating income (%) 50,82 47,03 45,63 47,11 40,29 43,13 40,70 38,48 37,45 40,71 43,13 Cost-to-income ratio (%) 60,03 52,58 51,93 54,47 51,28 58,30 60,70 65,21 66,70 73,13 59,43 Asset solvency and liquidity structure Cash and short-term assets to total deposits (%) 8,68 9,74 7,55 7,94 7,39 6,91 8,34 5,27 4,97 4,22 7,10 Cash and liquid assets to total deposits (%) 28,53 27,26 26,76 22,56 23,23 18,01 18,84 14,80 14,57 13,24 20,78 Share statistics Net asset value per share (Rand) 10,64 10,46 10,27 9,12 7,72 6,41 11,22 24,30 19,95 16,93 12,95 Cash flow per share (Rand) 2,70 2,95 2,28 2,30 1,58 1,13 2,63 5,51 3,77 3,66 2,84 Dividend cover 1,76 1,54 3,65 4,00 3,38 3,03 5,20 5,09 5,36 4,20 3,96 Cash flow dividend cover 3,88 4,51 4,81 4,66 3,95 3,65 6,27 6,24 6,74 5,24 5,05 Price/earnings ratio 9,47 10,43 8,11 11,46 11,60 11,51 14,17 14,40 15,46 14,18 12,26 Price/book ratio 1,39 1,38 1,53 1,79 1,98 2,04 2,18 2,17 2,24 1,97 1,92 14
  20. 20. TABLE 14: SPECIALITY AND OTHER FINANCE Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,16 0,11 0,09 0,27 0,23 0,21 0,49 0,40 0,56 0,87 0,36 Funding structure Total assets to funding 2,94 3,09 4,46 4,60 4,74 5,16 2,30 3,21 2,20 2,19 3,53 Fixed assets as % of funding 4,54 3,51 3,58 3,68 5,17 5,66 25,13 16,71 3,83 4,30 8,07 Long-term loans as % of total debt 28,98 26,94 16,00 13,03 8,62 4,24 13,79 6,77 7,02 7,25 11,74 Solvency and liquidity structure Current ratio 0,80 0,89 0,96 0,94 0,53 0,62 0,55 0,66 0,61 0,64 0,70 Quick ratio 0,80 0,89 0,96 0,94 0,53 0,62 0,51 0,63 0,61 0,64 0,69 Debt to assets 0,96 0,95 0,94 0,92 0,89 0,85 0,77 0,79 0,61 0,61 0,82 Debt to equity 15,53 14,02 12,77 9,42 6,64 5,41 2,35 3,06 1,47 1,48 6,46 Interest cover 1,20 1,43 1,52 1,46 1,39 1,30 2,04 2,38 1,57 1,85 1,63 Debt to cash flow 67,87 72,43 40,06 48,67 34,66 53,63 14,71 18,64 17,48 16,82 34,73 Cash flow interest cover 1,28 1,41 1,48 1,42 1,37 1,27 2,06 2,31 1,65 1,85 1,63 Profitability structure Operating profit margin (%) 17,06 26,82 46,02 52,05 51,05 32,58 32,88 40,46 14,26 14,24 33,40 Net profit margin (%) 6,40 12,25 24,66 29,50 35,26 23,29 25,36 31,17 8,80 11,27 21,75 Return on assets (%) 6,03 4,62 7,40 6,66 9,69 7,82 10,09 7,68 8,44 7,58 7,93 Inflation-adjusted return on assets (%) 6,00 4,43 7,07 6,46 9,43 7,80 9,25 6,88 5,96 5,35 7,13 Return on equity (%) 12,75 16,92 27,98 16,68 17,15 9,01 13,86 14,85 6,99 7,92 14,13 Inflation-adjusted return on equity (%) 12,29 10,59 17,15 12,74 14,20 8,87 10,91 10,31 3,46 3,92 10,43 Leverage factor 0,49 -4,21 -1,07 1,86 2,86 1,05 0,95 1,00 0,80 0,79 0,97 Retention rate (%) 5173,60 55,49 31,51 -2,99 60,10 -1416,13 82,97 79,89 50,94 48,31 456,47 Return on external investments (%) 15,56 13,60 32,55 28,74 16,82 15,94 13,23 10,55 10,81 9,82 17,11 Trading activity structure Accounts receivable turnover 2,46 1,86 1,55 2,48 1,16 1,75 4,74 3,84 23,15 22,25 7,04 Share statistics Net asset value per share (Rand) 4,17 5,60 3,74 5,55 6,81 9,10 15,69 12,17 6,89 5,72 7,76 Cash flow per share (Rand) 1,03 1,00 1,13 1,00 1,20 0,80 2,26 1,79 0,54 0,47 1,14 Dividend cover -0,02 2,41 1,46 0,97 2,51 0,07 6,06 5,28 2,08 1,96 2,26 Cash flow dividend cover 0,34 2,66 1,67 1,13 2,83 0,07 6,95 5,96 2,52 2,24 2,63 Price/earnings ratio 6,31 7,44 10,23 13,66 18,30 28,59 21,42 22,79 18,35 34,26 19,32 Price/book ratio 0,50 1,24 2,07 2,30 2,37 2,54 1,91 1,38 1,36 1,66 1,79 15
  21. 21. TABLE 15: LIFE ASSURANCE Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Solvency and liquidity structure Growth in recurring premiums (%) 35,77 51,31 35,12 258,85 -10,47 -2,27 323,60 N/A N/A N/A N/A Growth in single premiums (%) -17,73 -19,17 29,30 133,79 6,00 208,50 69,01 N/A N/A N/A N/A Management expenses as % of gross premiums 5,98 2,63 3,01 3,30 5,24 5,20 3,54 8,35 N/A N/A N/A Claims as % of premiums 5,60 3,95 4,20 9,32 8,67 7,47 3,57 6,99 N/A N/A N/A Commission as % of premiums 6,23 5,07 7,67 7,94 16,68 16,70 14,37 15,58 N/A N/A N/A Share statistics Net asset value per share (Rand) 12,10 12,07 12,86 11,95 15,39 27,82 89,18 93,95 83,38 65,90 45,84 Cash flow per share (Rand) 0,83 0,76 0,41 0,42 0,58 2,88 9,15 5,36 9,20 3,00 3,54 Dividend cover 1,78 1,70 0,49 0,50 0,70 1,46 2,00 0,88 3,07 0,65 1,28 Cash flow dividend cover 9,30 8,82 1,69 1,69 0,75 4,30 2,12 0,99 3,18 0,88 2,77 Price/earnings ratio 12,59 13,04 9,15 10,62 11,29 10,24 10,32 16,96 19,60 25,75 14,06 Price/book ratio 1,03 1,03 1,06 1,67 1,24 0,47 0,70 0,74 0,81 0,92 0,96 16
  22. 22. TABLE 16: SHORT-TERM INSURANCE Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,35 0,34 0,33 0,82 0,59 0,73 0,61 0,61 0,64 0,62 0,59 Funding structure Total assets to funding 6,87 6,94 6,11 1,96 1,86 1,55 1,46 1,45 1,53 1,52 2,70 Fixed assets as % of funding 9,00 8,85 8,46 7,68 6,32 7,11 4,58 4,00 2,76 2,80 5,86 Long-term loans as % of total debt 13,22 10,57 6,90 5,83 4,40 10,69 0,18 1,29 0,10 0,01 4,74 Solvency and liquidity structure Current ratio 1,77 1,56 1,43 1,20 0,84 0,82 0,88 0,72 0,57 0,55 0,98 Quick ratio 1,77 1,56 1,43 1,20 0,84 0,82 0,88 0,72 0,57 0,55 0,98 Debt to assets 0,12 0,16 0,15 0,37 0,48 0,42 0,25 0,25 0,25 0,25 0,28 Debt to equity 0,96 1,27 0,95 0,76 0,94 0,70 0,37 0,36 0,39 0,39 0,65 Interest cover 7,53 8,76 26,00 158,32 12,62 17,64 92,49 80,91 3294,04 N/A 461,19 Debt to cash flow 3,10 3,99 3,05 3,08 10,01 5,30 3,14 3,99 3,74 7,32 4,75 Cash flow interest cover 11,51 13,58 27,47 190,30 9,51 16,12 77,96 67,56 2998,79 N/A 424,90 Profitability structure Operating profit margin (%) 8,19 8,36 14,12 12,40 12,16 12,56 15,98 12,41 11,56 6,18 11,73 Net profit margin (%) 4,19 4,50 9,70 9,17 6,79 9,62 12,31 9,32 10,05 5,13 8,48 Return on assets (%) 2,88 2,82 4,72 10,11 7,14 9,24 9,68 7,58 7,42 3,80 6,95 Inflation-adjusted return on assets (%) 2,74 2,69 4,64 9,86 6,96 9,00 9,53 7,43 7,31 3,70 6,80 Return on equity (%) 11,40 11,93 21,11 15,31 7,75 11,56 10,87 8,31 9,87 4,80 11,22 Inflation-adjusted return on equity (%) 10,18 10,69 20,27 14,68 7,38 11,14 10,65 8,09 9,69 4,63 10,75 Leverage factor 4,42 4,57 4,47 3,56 -1,49 1,44 1,83 2,46 2,95 1,61 2,36 Retention rate (%) 15,30 43,07 24,85 -31,35 -208,13 43,24 71,24 65,87 73,45 50,17 11,63 Return on external investments (%) 1,97 2,06 3,61 15,45 9,67 10,21 7,34 6,18 5,21 5,29 7,21 Trading activity structure Accounts receivable turnover 4,45 3,51 3,71 4,36 4,19 6,13 10,94 10,61 16,16 16,28 8,54 Share statistics Net asset value per share (Rand) 6,56 6,56 6,31 6,15 8,12 7,78 13,09 12,03 24,69 36,01 13,42 Cash flow per share (Rand) 2,04 2,09 1,97 1,52 0,76 1,02 1,54 1,10 2,55 1,90 1,60 Dividend cover 1,18 1,76 1,33 0,76 0,32 1,76 3,48 2,93 3,77 2,01 1,95 Cash flow dividend cover 3,60 4,68 1,98 1,25 0,40 2,05 3,77 3,21 3,94 2,20 2,49 Price/earnings ratio 13,89 13,91 18,82 28,55 14,76 13,41 13,61 12,00 15,86 18,57 16,61 Price/book ratio 1,17 1,20 1,40 1,22 0,88 1,14 1,38 0,97 0,84 0,77 1,09 17
  23. 23. TABLE 17: REAL ESTATE Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 0,09 0,09 0,08 0,09 0,04 0,17 0,14 0,15 0,17 0,15 0,12 Funding structure Total assets to funding 1,06 1,06 1,07 1,06 1,04 1,07 1,09 1,11 1,09 1,09 1,08 Fixed assets as % of funding 91,40 91,65 92,10 91,16 52,68 40,75 55,89 57,23 56,36 51,24 65,42 Long-term loans as % of total debt 89,50 89,48 86,81 88,16 93,48 80,96 81,46 79,38 83,38 82,64 85,09 Solvency and liquidity structure Current ratio 0,70 0,69 0,58 0,74 0,77 1,88 1,43 1,21 1,31 1,64 1,14 Quick ratio 0,70 0,69 0,58 0,74 0,77 1,88 1,42 1,20 1,31 1,64 1,14 Debt to assets 0,51 0,50 0,47 0,46 0,60 0,35 0,47 0,49 0,51 0,47 0,48 Debt to equity 1,02 0,99 0,89 0,86 1,47 0,55 0,87 0,95 1,05 0,87 0,95 Interest cover 1,51 1,56 1,85 3,28 2,77 2,06 2,09 2,00 2,08 2,40 2,23 Debt to cash flow 21,69 21,62 17,62 7,68 32,08 5,94 7,84 8,19 9,27 8,11 13,16 Cash flow interest cover 1,53 1,59 1,80 3,16 2,55 2,26 2,13 2,06 2,07 2,36 2,21 Profitability structure Operating profit margin (%) 69,14 67,89 71,09 96,57 65,80 68,71 70,47 68,07 61,30 59,46 70,07 Net profit margin (%) 16,64 16,62 23,81 57,49 29,07 3,88 6,63 7,80 16,46 7,37 18,79 Return on assets (%) 6,47 6,09 6,22 9,19 3,33 9,58 10,99 10,97 10,96 10,21 8,66 Inflation-adjusted return on assets (%) 6,46 6,07 6,22 9,19 3,32 9,56 10,98 10,82 10,77 10,12 8,60 Return on equity (%) 3,82 3,68 4,90 10,74 4,41 7,35 10,20 10,62 11,01 10,53 8,18 Inflation-adjusted return on equity (%) 3,79 3,66 4,90 10,73 4,39 7,32 10,18 10,33 10,63 10,37 8,07 Leverage factor 1,36 1,10 0,93 1,64 -1,03 0,29 0,70 0,87 1,03 0,83 0,74 Retention rate (%) 24,17 19,07 33,61 62,81 6,02 -29,74 9,97 2,79 13,67 6,10 14,38 Return on external investments (%) 12,50 10,89 11,98 13,10 2,14 10,52 15,62 15,71 14,93 15,33 12,43 Trading activity structure Accounts receivable turnover 5,80 5,55 6,26 4,96 6,36 6,36 4,64 4,68 5,08 2,86 5,22 Share statistics Net asset value per share (Rand) 2,15 2,02 2,66 2,41 3,00 1,82 1,76 1,58 1,53 1,65 2,06 Cash flow per share (Rand) 0,24 0,24 0,30 0,58 0,27 0,17 0,20 0,18 0,17 0,18 0,25 Dividend cover 1,32 1,24 1,51 2,69 1,06 0,77 1,11 1,03 1,16 1,06 1,30 Cash flow dividend cover 1,57 1,49 1,54 2,79 1,12 1,00 1,21 1,13 1,18 1,09 1,40 Price/earnings ratio 11,64 11,36 11,49 9,84 10,76 6,48 6,52 8,20 8,24 9,58 9,19 Price/book ratio 1,08 0,97 0,87 0,85 0,67 0,92 1,02 1,53 1,64 1,67 1,14 18
  24. 24. TABLE 18: BEVERAGES Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 1,31 1,00 1,09 1,14 1,21 1,42 1,52 1,54 1,49 1,40 1,35 Funding structure Total assets to funding 0,77 0,90 1,07 1,20 1,24 1,62 1,60 1,74 1,64 1,64 1,39 Fixed assets as % of funding 37,34 41,12 51,19 59,05 57,73 65,04 60,45 68,66 63,67 70,76 59,32 Long-term loans as % of total debt 29,43 50,80 43,90 20,22 37,16 24,30 17,59 19,38 24,09 25,95 26,89 Solvency and liquidity structure Current ratio 0,50 0,89 0,82 0,71 1,32 1,17 1,37 1,17 1,23 1,14 1,05 Quick ratio 0,34 0,60 0,49 0,47 0,97 0,80 0,91 0,73 0,78 0,74 0,69 Debt to assets 0,84 0,62 0,54 0,45 0,51 0,51 0,46 0,53 0,52 0,53 0,54 Debt to equity 0,80 0,78 0,77 0,60 0,82 1,04 0,84 1,12 1,06 1,11 0,91 Interest cover 6,83 6,08 7,86 5,54 4,98 6,81 7,69 5,87 5,86 5,90 6,37 Debt to cash flow 5,00 3,84 3,02 2,82 3,03 3,39 2,89 3,47 3,64 4,02 3,48 Cash flow interest cover 7,17 6,34 8,46 5,95 5,86 7,35 8,08 6,21 5,95 6,05 6,79 Profitability structure Operating profit margin (%) 14,34 18,51 17,49 15,86 14,36 11,45 11,44 11,31 11,39 11,10 13,19 Net profit margin (%) 8,63 10,79 11,16 9,03 7,96 6,80 7,37 6,70 6,36 5,99 7,78 Return on assets (%) 18,66 18,45 18,75 17,76 17,11 16,14 17,14 17,18 16,77 15,32 17,20 Inflation-adjusted return on assets (%) 14,95 14,52 16,77 15,08 15,18 13,71 13,74 14,34 14,30 14,59 14,74 Return on equity (%) 10,68 13,53 17,09 13,73 15,43 19,62 20,34 21,66 19,42 17,58 17,28 Inflation-adjusted return on equity (%) 8,03 9,44 14,43 10,73 12,57 14,49 14,01 15,38 14,32 15,95 13,32 Leverage factor 0,99 1,10 -0,80 206,00 -0,28 1,23 1,44 1,45 1,43 1,45 23,66 Retention rate (%) 67,07 -26,60 -36,50 66,82 84,94 10,45 50,65 50,05 49,66 47,85 43,44 Return on external investments (%) 4,34 5,75 5,99 7,23 18,04 12,65 12,96 12,28 10,14 8,65 10,25 Trading activity structure Accounts receivable turnover 11,90 9,67 12,72 15,24 10,10 7,99 6,67 6,11 5,60 5,72 9,12 Share statistics Net asset value per share (Rand) 20,24 15,89 13,28 18,63 15,34 19,96 24,34 19,02 17,81 16,39 18,33 Cash flow per share (Rand) 3,77 3,21 2,80 3,99 4,14 6,11 7,04 6,13 5,20 4,54 4,86 Dividend cover 3,04 0,79 0,73 3,01 6,64 1,12 2,09 2,08 2,11 2,06 2,54 Cash flow dividend cover 4,21 1,88 1,90 4,11 13,79 2,22 3,23 3,37 3,50 3,75 4,45 Price/earnings ratio 10,07 12,13 11,65 13,34 13,63 17,86 18,39 19,67 18,64 20,97 16,02 Price/book ratio 1,35 1,75 1,72 1,86 1,98 3,53 2,96 3,35 2,78 2,65 2,46 FINANCIAL RATIO INDEX BEVERAGES Index 1994=100, Annual figures 200 160 120 80 40 0 94 95 96 97 98 99 00 01 02 03 19
  25. 25. TABLE 19: FOOD PRODUCERS AND PROCESSORS Latest 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average year Asset structure Total asset turnover 1,49 1,44 1,28 1,38 1,31 1,34 1,44 1,52 1,61 1,57 1,44 Funding structure Total assets to funding 1,68 1,59 1,66 1,57 1,53 1,54 1,52 1,55 1,50 1,46 1,56 Fixed assets as % of funding 57,42 53,81 58,22 61,76 56,89 54,46 49,84 53,57 55,80 54,52 55,83 Long-term loans as % of total debt 26,33 29,55 28,93 30,77 24,09 19,50 17,78 13,30 18,29 17,49 21,83 Solvency and liquidity structure Current ratio 1,31 1,39 1,31 1,38 1,48 1,54 1,62 1,48 1,58 1,51 1,47 Quick ratio 0,86 0,92 0,96 0,93 1,00 1,06 1,10 0,94 0,99 1,03 0,99 Debt to assets 0,56 0,54 0,57 0,54 0,47 0,45 0,44 0,44 0,44 0,46 0,49 Debt to equity 1,24 1,15 1,30 1,15 0,86 0,81 0,76 0,75 0,76 0,76 0,93 Interest cover 5,00 4,44 3,37 3,38 5,03 6,91 5,48 5,65 6,02 5,82 5,18 Debt to cash flow 3,60 3,72 4,89 4,16 4,07 4,13 4,24 4,24 3,86 4,45 4,18 Cash flow interest cover 5,24 4,86 3,76 3,91 5,39 6,92 5,41 5,43 5,99 6,08 5,35 Profitability structure Operating profit margin (%) 12,29 11,59 11,07 10,62 10,03 10,43 8,78 8,74 8,63 7,59 9,80 Net profit margin (%) 7,75 6,87 6,05 6,09 6,18 6,69 5,06 4,93 5,15 4,40 5,81 Return on assets (%) 18,33 16,69 14,21 15,00 13,12 13,23 12,80 13,26 13,91 11,88 13,97 Inflation-adjusted return on assets (%) 15,22 13,76 12,31 12,90 11,00 11,47 10,67 10,57 10,73 8,11 11,44 Return on equity (%) 25,71 21,06 17,77 18,40 14,93 14,21 12,88 12,79 14,22 11,36 15,81 Inflation-adjusted return on equity (%) 18,03 14,62 13,23 13,76 11,02 11,12 9,42 8,63 9,17 5,84 11,14 Leverage factor 1,50 1,48 1,08 1,38 0,50 0,89 0,66 0,84 1,23 1,17 1,03 Retention rate (%) 40,28 59,56 23,52 59,42 62,66 66,75 65,59 74,16 72,57 71,98 59,66 Return on external investments (%) 20,97 18,66 25,89 32,45 32,39 37,39 31,40 21,10 28,28 26,93 28,53 Trading activity structure Accounts receivable turnover 7,30 6,58 5,18 5,82 6,15 5,96 6,53 6,74 6,74 6,08 6,28 Share statistics Net asset value per share (Rand) 7,20 7,15 6,31 6,13 5,58 5,73 9,34 10,25 8,97 11,74 7,92 Cash flow per share (Rand) 2,48 2,19 1,70 1,71 1,18 1,13 1,68 1,83 1,78 2,02 1,72 Dividend cover 1,67 2,47 1,31 2,48 2,68 3,01 2,91 3,87 3,65 3,57 2,79 Cash flow dividend cover 2,57 3,75 1,94 3,98 4,11 4,21 4,29 5,29 5,25 5,50 4,13 Price/earnings ratio 7,81 8,35 7,63 8,45 8,15 6,28 20,29 14,92 14,28 15,21 11,45 Price/book ratio 1,31 1,31 1,20 1,19 1,03 0,98 1,27 1,20 1,18 1,34 1,19 FINANCIAL RATIO INDEX Index 1994=100, FOOD PRODUCERS AND PROCESSORS Annual figures 130 120 110 100 90 80 94 95 96 97 98 99 00 01 02 03 20

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