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Sectoral Financial Ratios 1994 – 2003 2004 Edition

Sectoral Financial Ratios

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Page 1: Sectoral Financial Ratios

Sectoral Financial Ratios1994 – 2003

2004 Edition

Page 2: Sectoral Financial Ratios

SECTORAL FINANCIAL RATIOS 1994–2003

2004 Edition

Page 3: Sectoral Financial Ratios

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: [email protected] 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

Page 4: Sectoral Financial Ratios

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

PREFACE

Page 5: Sectoral Financial Ratios

Explanatory notes 1

Resources

Table 1 Coal 2

Table 2 Diamonds 3

Table 3 Gold 4

Table 4 Platinum 5

Table 5 Other mineral extractors and mines 6

Table 6 Mining finance 7

Table 7 Oil and gas 8

Basic industries

Table 8 Chemicals 9

Table 9 Forestry and paper 10

Table 10 Steel and other metals 11

Table 11 Construction and building materials 12

Financials

Table 12 Investment companies 13

Table 13 Banks 14

Table 14 Speciality and other finance 15

Table 15 Life assurance 16

Table 16 Short-term insurance 17

Table 17 Real estate 18

Non-cyclical consumer goods

Table 18 Beverages 19

Table 19 Food producers and processors 20

Table 20 Health 21

Table 21 Pharmaceuticals and biotechnology 22

Cyclical consumer goods

Table 22 Household goods and textiles 23

Table 23 Automobiles and parts 24

CONTENTS

Cyclical services

Table 24 General retailers 25

Table 25 Support services 26

Table 26 Leisure, entertainment and hotels 27

Table 27 Media and photography 28

Table 28 Transport 29

General industrials

Table 29 Diversified industrials 30

Table 30 Electronic and electrical equipment 31

Table 31 Engineering and machinery 32

Information technology

Table 32 Information technology hardware 33

Table 33 Software and computer services 34

Non-cyclical services

Table 34 Food and drug retailers 35

Table 35 Telecommunication services 36

Other

Table 36 Development capital 37

Table 37 Venture capital 38

Appendix 39

Financial ratio formulae 39

Format of standardised financial statements and sundry information: Gold mining 42

Format of standardised financial statements and sundry information: All other sectors 44

Page 6: Sectoral Financial Ratios

1

EXPLANATORY NOTES

FINANCIAL RATIO INDEXINDUSTRIAL AND NON-MINING RESOURCE COMPANIES

40

60

80

100

120

140

160

180

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

1. Financial ratios were calculated for each of thirty-seven sectors on the JSE Securities Exchange. These ratios are divided into the following six categories, except for the banking and life assurance sectors: • Asset structure • Funding structure • Solvency and liquidity structure • Profitability structure • Trading activity structure • Share statistics

2. Sector-specific ratios for the banking and life assurance sectors have been added to this edition of the publication. Only Liberty, Old Mutual, Sage and Sanlam are included in the calculations for the life assurance sector.

3. The publication covers a period of ten years from 1994 to 2003, using standardised financial data as reported by all companies in their consolidated group financial statements at the end of their respective financial years. As this report was compiled towards the end of 2003, it was not possible to calculate fully representative ratios for the calendar year ending 2003. A number of companies at the date of going to press had not yet produced their financial results for their respective financial years ending during 2003. Therefore, the column under the heading “latest year” represents the results of company data for either the 2003 or 2002 financial year, whichever was the latest available information.

4. The standardised financial accounts for all of the companies in each sector were combined, resulting in

weighted sectoral financial data. The financial ratios were calculated from these aggregate figures for each sector.

5. Where “N/A” (not available) appears in the tables, the ratio concerned could not be calculated for that specific period due to the non-availability of data or other technical reasons.

6. A weighted average composite financial ratio index (“the financial ratio index”) is compiled by the BFA for all sectors on the JSE Securities Exchange, except for mining resources, financials, development capital and venture capital. Using five prominent financial ratios, this index determines how well the companies in a sector have performed. The following ratios are used in the index: • Current ratio • Return on equity • Operating profit margin • Total asset turnover • Debt to equity

7. To illustrate the performance of companies listed on the JSE Securities Exchange, the financial ratio index for each of the relevant sectors is presented by means of a graph in the publication. The 2003 figure for the sectoral financial ratio index in each graph is representative of companies whose respective financial years ended, and for which results were published, within the first nine months of the year.

8. The appendix presents the definitions of the financial ratio formulae used, as well as the format of the standardised financial statements and sundry information.

Page 7: Sectoral Financial Ratios

2

TABLE 1: COAL Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

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TABLE 2: DIAMONDS Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 9: Sectoral Financial Ratios

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TABLE 3: GOLD Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

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TABLE 4: PLATINUM Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 11: Sectoral Financial Ratios

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TABLE 5: OTHER MINERAL EXTRACTORS AND MINES Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

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TABLE 6: MINING FINANCE Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 13: Sectoral Financial Ratios

8

TABLE 7: OIL AND GAS

FINANCIAL RATIO INDEX OIL AND GAS

50

70

90

110

130

150

94 95 96 97 98 99 00 01 02 03

Index 1994=100, Annual figures

Latest year

2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 14: Sectoral Financial Ratios

9

TABLE 8: CHEMICALS

FINANCIAL RATIO INDEXCHEMICALS

0

20

40

60

80

100

120

140

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Latest year

2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 15: Sectoral Financial Ratios

10

TABLE 9: FORESTRY AND PAPER

FINANCIAL RATIO INDEXFORESTRY AND PAPER

0

50

100

150

200

250

300

350

400

450

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Latest year

2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 16: Sectoral Financial Ratios

11

TABLE 10: STEEL AND OTHER METALS Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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 INDEXSTEEL AND OTHER METALS

-100

-50

0

50

100

150

200

250

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Page 17: Sectoral Financial Ratios

12

TABLE 11: CONSTRUCTION AND BUILDING MATERIALS

FINANCIAL RATIO INDEXCONSTRUCTION AND BUILDING MATERIALS

0

20

40

60

80

100

120

140

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Latest year

2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 18: Sectoral Financial Ratios

13

TABLE 12: INVESTMENT COMPANIES Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 19: Sectoral Financial Ratios

14

TABLE 13: BANKS Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 20: Sectoral Financial Ratios

15

TABLE 14: SPECIALITY AND OTHER FINANCE Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 21: Sectoral Financial Ratios

16

TABLE 15: LIFE ASSURANCE Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 22: Sectoral Financial Ratios

17

TABLE 16: SHORT-TERM INSURANCE Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 23: Sectoral Financial Ratios

18

TABLE 17: REAL ESTATE Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 24: Sectoral Financial Ratios

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TABLE 18: BEVERAGES

FINANCIAL RATIO INDEXBEVERAGES

0

40

80

120

160

200

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Latest year

2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 25: Sectoral Financial Ratios

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TABLE 19: FOOD PRODUCERS AND PROCESSORS

FINANCIAL RATIO INDEXFOOD PRODUCERS AND PROCESSORS

80

90

100

110

120

130

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Latest year

2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

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

Page 26: Sectoral Financial Ratios

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TABLE 20: HEALTH

FINANCIAL RATIO INDEXHEALTH

60

70

80

90

100

110

120

130

140

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Latest year

2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

Asset structure Total asset turnover 1,30 1,32 1,12 1,10 0,88 0,88 0,67 1,26 0,95 0,96 1,01

Funding structure Total assets to funding 1,41 1,41 1,43 1,40 1,46 1,41 1,32 1,43 1,39 1,31 1,40 Fixed assets as % of funding 81,63 82,82 81,32 84,07 89,17 90,69 90,14 78,84 78,92 79,97 83,86 Long-term loans as % of total debt 26,49 25,79 28,75 28,72 24,14 29,30 39,35 31,70 41,27 49,63 33,26

Solvency and liquidity structure Current ratio 1,10 1,09 1,16 1,19 1,04 0,92 1,14 1,11 1,09 1,25 1,11 Quick ratio 0,90 0,89 0,98 1,01 0,86 0,76 0,98 0,95 0,92 1,04 0,93 Debt to assets 0,43 0,43 0,42 0,41 0,43 0,44 0,42 0,48 0,53 0,48 0,45 Debt to equity 0,72 0,73 0,72 0,69 0,74 0,76 0,72 0,88 1,07 0,92 0,80 Interest cover 6,93 6,47 5,67 5,00 3,30 3,59 4,05 5,94 4,90 4,48 4,87 Debt to cash flow 2,58 2,55 2,81 3,25 4,43 4,29 5,67 3,17 5,23 4,36 3,98 Cash flow interest cover 6,61 6,27 5,70 4,80 3,33 3,52 3,97 5,53 4,40 4,16 4,67

Profitability structure Operating profit margin (%) 15,89 15,83 16,03 15,25 15,37 16,56 15,05 15,73 15,51 16,46 15,76 Net profit margin (%) 9,99 9,92 10,14 8,92 8,01 8,63 7,94 8,83 7,83 7,99 8,70 Return on assets (%) 20,70 20,89 17,99 16,81 13,83 14,61 10,12 19,85 14,67 15,77 16,04 Inflation-adjusted return on assets (%) 18,01 18,11 16,43 15,30 12,44 13,26 8,36 16,78 11,24 12,55 13,82 Return on equity (%) 21,79 22,01 19,63 16,51 12,33 13,16 9,13 20,37 14,86 14,58 15,82 Inflation-adjusted return on equity (%) 17,37 17,42 16,91 14,09 10,13 11,00 6,43 15,07 8,63 9,14 12,09 Leverage factor 1,30 1,28 1,21 1,09 0,97 1,04 1,25 1,28 1,29 1,22 1,18 Retention rate (%) 63,54 63,76 68,42 65,52 66,46 82,29 75,99 71,59 64,30 65,40 69,28 Return on external investments (%) 20,80 20,19 19,89 23,89 24,44 15,83 34,94 20,61 14,12 18,43 21,44

Trading activity structure Accounts receivable turnover 5,64 5,69 5,08 5,00 3,77 3,84 3,01 4,65 3,77 4,23 4,33

Share statistics Net asset value per share (Rand) 2,55 2,39 2,29 2,00 1,83 1,55 1,58 1,59 1,40 1,30 1,79 Cash flow per share (Rand) 0,72 0,68 0,59 0,43 0,31 0,27 0,20 0,44 0,29 0,28 0,39 Dividend cover 2,74 2,76 3,17 2,90 2,98 5,65 4,17 3,52 2,80 2,89 3,42 Cash flow dividend cover 3,58 3,64 4,31 3,89 4,21 7,61 5,92 4,87 3,99 4,45 4,76 Price/earnings ratio 7,42 7,81 8,45 6,89 4,83 7,51 16,82 14,31 8,29 10,26 9,42 Price/book ratio 1,31 1,33 1,22 0,85 0,70 0,81 2,10 2,39 1,17 1,28 1,31

Page 27: Sectoral Financial Ratios

22

TABLE 21: PHARMACEUTICALS AND BIOTECHNOLOGY Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

Asset structure Total asset turnover 1,37 1,37 1,31 1,41 0,56 1,79 1,54 1,88 1,78 1,73 1,49

Funding structure Total assets to funding 1,66 1,66 1,70 2,00 2,87 1,39 1,38 1,08 1,23 1,85 1,68 Fixed assets as % of funding 21,79 21,79 30,51 37,10 82,30 2,34 27,01 10,45 13,24 16,99 26,86 Long-term loans as % of total debt 24,34 24,34 38,08 42,49 25,92 0,77 5,12 25,63 3,97 2,17 18,72

Solvency and liquidity structure Current ratio 1,18 1,18 1,05 1,38 0,64 2,23 1,49 2,29 1,65 1,77 1,52 Quick ratio 0,81 0,81 0,75 1,05 0,40 1,68 0,73 1,10 0,80 0,93 0,92 Debt to assets 0,91 0,91 1,12 1,02 1,46 0,28 0,57 0,53 0,56 0,53 0,78 Debt to equity 2,40 2,40 6,80 15,68 -48,80 0,40 0,82 0,67 0,71 1,00 -2,26 Interest cover 6,90 6,90 5,01 2,67 3,38 -0,36 -1,41 3,50 9,78 7,13 4,07 Debt to cash flow 3,26 3,26 4,02 5,04 15,19 2,43 -6,25 3,91 2,14 4,63 3,82 Cash flow interest cover 6,03 6,03 4,80 2,76 4,00 2,58 -0,82 3,73 10,22 5,81 4,35

Profitability structure Operating profit margin (%) 27,98 27,98 28,07 21,83 19,16 -1,47 -4,56 9,25 15,67 9,74 13,96 Net profit margin (%) 18,91 18,91 19,33 11,66 14,50 -6,46 -7,88 5,69 13,43 5,08 8,25 Return on assets (%) 38,34 38,34 36,65 30,85 10,81 -2,63 -7,05 17,37 27,86 16,84 18,78 Inflation-adjusted return on assets (%) 36,51 36,51 35,28 29,85 8,57 -2,71 -7,30 16,83 26,91 15,89 17,76 Return on equity (%) 68,37 68,37 153,70 252,27 -273,69 -16,09 -17,47 13,50 30,10 16,64 25,26 Inflation-adjusted return on equity (%) 61,58 61,58 131,98 193,73 66,10 -16,21 -17,61 12,89 28,84 14,88 52,91 Leverage factor 2,17 2,17 4,72 9,00 -24,05 3,84 2,44 0,86 1,13 1,49 0,18 Retention rate (%) 90,28 90,28 87,55 100,00 100,00 100,00 100,00 69,62 65,57 69,86 86,99 Return on external investments (%) 27,67 27,67 20,25 10561,81 75,84 7,41 0,00 0,00 0,00 0,00 1188,11

Trading activity structure Accounts receivable turnover 4,69 4,69 4,57 7,20 1,83 5,07 4,14 4,46 4,47 3,61 4,45

Share statistics Net asset value per share (Rand) 1,18 1,18 0,39 0,15 -0,08 0,67 0,77 0,75 0,68 0,40 0,55 Cash flow per share (Rand) 0,87 0,87 0,66 0,47 0,24 0,11 -0,10 0,13 0,23 0,09 0,30 Dividend cover 10,29 10,29 8,03 N/A N/A N/A N/A 3,29 2,90 3,32 5,57 Cash flow dividend cover 10,87 10,87 8,80 N/A N/A N/A N/A 4,19 3,19 4,29 6,27 Price/earnings ratio 11,55 11,55 12,46 16,98 28,46 -10,20 -23,20 15,29 7,70 6,72 7,31 Price/book ratio 6,31 6,31 15,36 37,83 -73,65 2,25 0,75 1,74 1,81 1,13 -0,72

FINANCIAL RATIO INDEXPHARMACEUTICALS AND BIOTECHNOLOGY

-250

-200

-150

-100

-50

0

50

100

150

200

250

300

350

400

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Page 28: Sectoral Financial Ratios

23

TABLE 22: HOUSEHOLD GOODS AND TEXTILES

FINANCIAL RATIO INDEXHOUSEHOLD GOODS AND TEXTILES

0

50

100

150

200

250

300

350

400

450

500

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Latest year

2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

Asset structure Total asset turnover 0,64 0,88 0,96 0,82 1,09 1,08 0,93 0,89 0,78 0,76 0,88

Funding structure Total assets to funding 1,33 0,66 0,58 0,63 0,87 0,92 1,06 1,13 1,64 1,87 1,11 Fixed assets as % of funding 17,74 13,54 11,51 9,56 16,57 14,56 16,02 16,55 19,10 23,13 16,08 Long-term loans as % of total debt 25,62 18,48 30,87 29,94 48,95 44,01 36,66 40,20 18,72 16,61 32,40

Solvency and liquidity structure Current ratio 1,63 1,41 1,69 1,51 1,66 1,41 1,69 1,56 1,67 1,41 1,58 Quick ratio 0,77 0,66 0,88 0,83 0,85 0,59 0,89 0,84 1,03 0,92 0,84 Debt to assets 0,35 0,53 0,55 0,53 0,81 0,90 0,60 0,70 0,49 0,56 0,61 Debt to equity 0,53 0,37 0,35 0,37 1,08 1,30 0,82 1,16 0,94 1,28 0,87 Interest cover 9,71 9,77 13,51 8,76 8,37 8,93 9,82 9,54 9,69 6,34 9,41 Debt to cash flow 3,96 3,82 3,09 5,08 4,43 5,28 3,85 5,44 3,75 4,83 4,41 Cash flow interest cover 11,32 10,44 12,78 8,16 7,28 7,23 8,32 7,84 8,86 5,85 8,63

Profitability structure Operating profit margin (%) 13,03 16,32 21,23 15,44 22,48 22,80 22,45 20,18 20,65 20,13 19,82 Net profit margin (%) 9,65 12,15 15,83 10,19 14,41 13,58 14,05 11,80 13,69 12,34 12,84 Return on assets (%) 8,31 14,32 20,42 12,74 24,40 24,52 20,82 17,96 16,11 15,27 17,84 Inflation-adjusted return on assets (%) 6,85 13,02 19,36 12,11 22,52 22,95 18,97 15,54 13,73 12,84 16,10 Return on equity (%) 9,32 7,51 9,81 5,89 20,79 21,04 17,97 17,32 20,54 21,23 15,99 Inflation-adjusted return on equity (%) 7,06 6,76 9,30 5,52 18,52 18,96 15,60 13,51 15,76 15,37 13,29 Leverage factor 126,94 -6,53 -5,09 0,49 0,44 0,92 1,03 1,20 1,44 1,40 14,31 Retention rate (%) 66,79 71,81 90,62 95,57 86,48 84,25 92,48 96,86 87,92 68,49 85,50 Return on external investments (%) 7,24 22,06 35,69 2,35 11,02 12,15 7,34 9,78 11,92 15,59 12,56

Trading activity structure Accounts receivable turnover 4,75 4,50 4,48 4,49 4,75 5,26 4,69 4,57 4,55 4,27 4,65

Share statistics Net asset value per share (Rand) 5,26 7,05 8,50 7,47 5,33 9,01 13,31 13,40 13,83 10,95 9,67 Cash flow per share (Rand) 0,89 0,91 1,05 0,71 1,05 1,99 2,51 2,58 3,38 2,78 1,88 Dividend cover 3,01 3,55 10,66 22,56 7,40 6,35 13,30 31,80 8,28 3,17 11,84 Cash flow dividend cover 4,15 4,58 11,58 23,34 9,05 8,21 15,80 34,45 11,32 6,47 13,82 Price/earnings ratio 2,96 2,93 13,66 18,21 19,24 26,40 21,30 14,37 8,84 13,69 15,41 Price/book ratio 0,84 0,96 1,44 1,59 1,23 1,72 1,10 1,17 0,93 1,19 1,25

Page 29: Sectoral Financial Ratios

24

TABLE 23: AUTOMOBILES AND PARTS Latest

year 2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

Asset structure Total asset turnover 3,02 3,12 2,25 2,46 2,28 2,28 2,53 2,76 2,80 2,62 2,56

Funding structure Total assets to funding 2,07 2,50 2,22 1,76 1,62 1,83 1,54 1,60 1,52 1,41 1,73 Fixed assets as % of funding 34,82 51,27 47,46 38,13 37,62 35,50 34,04 35,82 34,89 35,14 37,05 Long-term loans as % of total debt 9,44 9,88 22,16 17,58 22,65 22,02 25,39 28,34 24,60 29,87 22,45

Solvency and liquidity structure Current ratio 1,31 1,21 1,24 1,54 1,69 1,57 1,79 1,91 1,66 1,63 1,59 Quick ratio 0,62 0,53 0,69 0,81 0,95 0,86 0,91 0,89 0,73 0,83 0,81 Debt to assets 0,58 0,67 0,71 0,53 0,50 0,59 0,47 0,52 0,57 0,56 0,56 Debt to equity 1,35 2,02 2,41 1,11 0,98 1,41 0,89 1,10 1,10 1,03 1,26 Interest cover 1,67 2,75 1,52 1,54 1,57 1,33 2,68 3,27 3,09 2,86 2,17 Debt to cash flow 9,43 5,90 4,89 7,37 4,04 11,80 5,57 4,86 4,65 5,43 6,45 Cash flow interest cover 1,90 3,29 4,70 2,30 2,33 1,61 2,76 3,29 3,06 2,97 2,77

Profitability structure Operating profit margin (%) 3,13 4,39 2,64 3,45 6,45 4,77 5,08 5,58 6,56 5,73 4,82 Net profit margin (%) 0,63 2,33 0,58 0,48 1,74 0,32 2,05 2,68 3,08 2,39 1,55 Return on assets (%) 10,12 13,71 5,95 8,47 14,53 10,86 12,85 15,41 18,38 15,02 12,40 Inflation-adjusted return on assets (%) 9,23 12,52 5,73 8,43 14,79 10,77 12,43 14,95 17,55 14,37 12,03 Return on equity (%) 6,54 21,90 4,46 2,49 7,29 1,76 9,77 15,55 16,64 11,52 8,45 Inflation-adjusted return on equity (%) 4,78 17,74 3,73 2,18 7,42 1,48 8,98 14,58 15,16 10,38 7,63 Leverage factor 1,99 1,93 1,07 1,25 1,24 0,58 1,18 1,53 1,50 1,27 1,29 Retention rate (%) -48,71 77,27 113,04 34,58 85,93 145,13 71,40 78,24 81,13 76,49 70,80 Return on external investments (%) 8,49 14,08 14,71 22,44 51,17 69,59 13,30 24,72 36,60 17,74 28,75

Trading activity structure Accounts receivable turnover 13,95 11,91 10,79 10,37 10,49 9,44 13,90 11,89 13,98 11,90 11,86

Share statistics Net asset value per share (Rand) 1,47 0,94 6,69 8,67 8,57 9,60 14,60 11,69 11,40 10,09 9,20 Cash flow per share (Rand) 0,21 0,32 3,29 1,31 2,08 1,14 2,32 2,65 2,70 1,92 1,96 Dividend cover 0,67 4,49 -7,67 1,53 7,11 -2,22 3,50 4,60 5,30 4,25 1,90 Cash flow dividend cover 1,12 6,96 9,89 8,39 14,99 2,41 5,79 7,03 8,17 7,69 7,28 Price/earnings ratio 23,88 7,83 8,22 5,70 8,73 4,56 5,36 6,07 7,90 6,80 8,58 Price/book ratio 0,86 1,29 0,46 0,25 0,27 0,23 0,33 0,42 0,60 0,40 0,42

FINANCIAL RATIO INDEXAUTOMOBILES AND PARTS

-50

0

50

100

150

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Page 30: Sectoral Financial Ratios

25

TABLE 24: GENERAL RETAILERS

FINANCIAL RATIO INDEXGENERAL RETAILERS

0

20

40

60

80

100

120

94 95 96 97 98 99 00 01 02 03

Index 1994=100,Annual figures

Latest year

2002 2001 2000 1999 1998 1997 1996 1995 1994 Average

Asset structure Total asset turnover 2,80 2,51 2,11 2,42 2,29 2,09 2,10 2,07 2,13 2,23 2,25

Funding structure Total assets to funding 1,83 1,80 1,73 1,90 1,91 1,74 1,71 1,73 1,69 1,79 1,78 Fixed assets as % of funding 25,44 26,26 25,00 33,71 36,24 33,94 36,88 33,80 31,84 35,01 32,43 Long-term loans as % of total debt 17,71 20,26 18,35 14,76 10,40 12,26 14,14 16,96 22,63 21,56 16,53

Solvency and liquidity structure Current ratio 1,56 1,61 1,68 1,52 1,41 1,63 1,70 1,66 1,72 1,57 1,61 Quick ratio 1,02 1,04 1,10 0,90 0,85 0,96 1,05 1,00 1,06 0,95 0,99 Debt to assets 0,60 0,60 0,54 0,56 0,58 0,50 0,50 0,54 0,57 0,60 0,55 Debt to equity 1,36 1,38 1,14 1,27 1,24 0,98 0,98 1,10 1,22 1,40 1,19 Interest cover 6,63 4,92 4,67 5,76 3,53 7,28 7,28 6,45 7,30 6,94 6,20 Debt to cash flow 4,00 4,76 4,64 4,94 6,14 3,98 4,12 4,56 4,64 5,19 4,69 Cash flow interest cover 7,28 5,94 6,18 6,72 4,08 7,61 7,08 6,23 6,88 6,49 6,51

Profitability structure Operating profit margin (%) 5,64 5,00 5,00 4,78 4,70 6,68 6,91 6,79 7,10 6,77 6,04 Net profit margin (%) 3,23 2,80 2,79 3,13 2,45 4,16 4,07 3,95 4,27 3,94 3,55 Return on assets (%) 15,45 12,56 10,56 11,48 10,68 13,98 14,56 14,54 15,14 14,77 13,46 Inflation-adjusted return on assets (%) 14,06 11,24 9,73 10,65 9,72 12,74 13,44 13,33 13,57 12,99 12,25 Return on equity (%) 19,89 16,14 12,33 16,89 12,11 16,95 16,70 17,43 19,65 19,74 16,85 Inflation-adjusted return on equity (%) 16,57 12,98 10,54 14,73 10,00 14,38 14,45 14,83 15,99 15,28 14,09 Leverage factor 1,66 1,67 4,43 2,67 -0,75 1,32 1,46 1,10 0,73 0,92 1,50 Retention rate (%) -21,36 14,33 40,44 70,67 67,19 54,55 77,46 77,17 77,39 56,34 55,54 Return on external investments (%) 44,37 44,02 19,95 22,66 29,74 32,70 33,16 17,46 17,83 14,15 25,78

Trading activity structure Accounts receivable turnover 7,30 6,44 5,37 6,67 6,50 6,02 5,56 5,86 5,65 6,25 6,13

Share statistics Net asset value per share (Rand) 3,40 3,35 3,72 4,22 4,06 3,86 4,55 5,68 5,18 4,62 4,37 Cash flow per share (Rand) 1,16 0,97 0,91 1,09 0,82 0,95 1,08 1,37 1,36 1,24 1,11 Dividend cover 0,82 1,17 1,71 3,49 3,15 2,20 4,44 4,38 4,43 2,53 3,02 Cash flow dividend cover 1,75 2,18 5,49 5,59 5,61 3,19 6,29 6,16 5,97 3,47 4,84 Price/earnings ratio 9,86 12,32 8,85 11,75 14,54 16,86 16,04 11,00 21,38 21,91 14,69 Price/book ratio 1,03 0,79 0,85 1,47 1,25 1,86 2,19 2,59 1,93 2,09 1,70