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Sectoral Financial Ratios1994 – 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 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
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
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
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.
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
3
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
4
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
5
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
6
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
7
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
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
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
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
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
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
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
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
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
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
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
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
19
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
20
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
21
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
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
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
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
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