Six Year Review 2006
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SIX-YEAR REVIEW  
FOR THE YEAR ENDED 28 FEBRUARY

2006

2005

2004

2003

2002

2001

In US Dollars (USD’000)
Revenue

2 975 635

2 537 963

2 346 948 

2 062 541 

2 197 618 

2 760 155

Continuing operations 

2 870 381

2 434 509 

2 223 237

1 831 356

2 040 453 

2 238 033

Acquisitions

105 254

90 260

– 

103 467

21 076

207 256

Discontinuing operations

–

13 194

123 711 

127 718

136 089

314 866

Operating profit before finance costs,
depreciation and amortisation ("EBITDA")

85 151

24 363

23 788

18 250 

89 926

145 050

Operating profit/(loss) before goodwill
Impairment

69 394

9 964 

1 061 

(5 356)

68 811

110 661

Westcon

56 861

15 420

23 781

20 908

62 796 

106 263

Logicalis 

11 546

6 081

(6 811) 

(7 390) 

(4 199)

(1 937)

Analysys Mason

5 835

3 007

(1 400) 

2 057 

590

4 713

Other Holdings

(5 743)

(4 686) 

(8 124)

(4 747)

(4 027)

(6 772)

Head Office foreign exchange gain/(loss)

895

(5 602)

(6 727)

(10 730) 

15 501 

11 784

Discontinuing operations

–

(4 256) 

342

(5 454)

(1 850) 

(3 390)

Operating profit/(loss)

68 969

6 649 

(13 219)

(31 774) 

2 665 

100 029

Profit/(Loss) before taxation

63 795

53 525

(20 522)

(29 080)

(17 617)

180 192

Profit/(Loss) after taxation

39 187

51 864

(26 383)

(31 683)

(36 457) 

138 937

Attributable profit/(loss)

37 772

51 757

(26 612)

(31 513)

(37 636) 

131 211

Headline profit/(loss)

38 293

4 958

(9 213) 

(9 842)

37 036

56 269

Non-current assets 

189 959

138 608

118 028 

144 326

141 229 

169 240

Current assets

951 613

841 778

860 956 

747 351 

735 651

1 084 019

Ordinary shareholders' funds

448 846

412 227 

344 283 

337 886 

353 570

412 799

Minorities' interest 

12 505

24 089 

19 276 

18 782 

17 391 

32 432

Non-current liabilities 

50 880

3 950

7 643 

23 682

6 782 

10 039

Current liabilities 

629 341

540 120

607 782 

511 327 

499 136 

797 988

Net cash inflow/(outflow) from operating

 

 

 

 

 

 

activities 

52 207

19 539 

(31 948) 

124 701

118 873

(5 995)

Net cash (outflow)/inflow from investing

 

 

 

 

 

 

Activities

(54 382)

24 469

(3 365) 

(32 594)

(54 601)

-746

Net cash inflow/(outflow) from financing

 

 

 

 

 

 

Activities

40 740

1 067

(12 213) 

2 274 

(10 093)

19 461

Net cash/(borrowings)

172 251

140 270

88 703

115 604

14 650 

(39 528)

In US cents

 

 

 

 

 

 

Headline earnings/(loss) per share

27

4

(7)

(7)

28

45

Basic earnings/(loss) per share 

27

37

(19)

(23)

(29)

104

Net tangible asset value per share 

207

228

203

195

 208

254 

 

 

 

 

 

 

 

 

2006

2005

2004

2003*

2002

2001

Summary of statistics

 

 

 

 

 

 

Ratios

 

 

 

 

 

 

Return on total assets

6,1%

1,0%

0,1%

(0,6%) 

7,8%

8,8%

Return on capital employed

13,5%

2,3% 

0,3% 

(1,4%) 

18,2%

24,3%

Return on ordinary shareholders' funds 

14,3%

1,5% 

(1,0%) 

(2,2%) 

16,6%

23,3%

Debt/equity ratio

0,11:1

0,01:1 

0,02:1 

0,07:1 

0,02:1 

0,02:1

Current ratio 

1,5:1

1,6:1 

1,4:1

1,5:1 

1,5:1 

1,4:1

Operating profit margin

2,3%

0,6%

0,0% 

(0,26%)

3,13% 

4,01%

Interest cover

6,0

1,6

0,1

– 

3,8 

3,3

Percentage change in SA Consumer Price Index

3,4

1,4 

5,8

9,2 

5,7 

5,3

Stock exchange performance

 

 

 

 

 

 

Total number of shares traded (R'000)

74 667

54 950

58 790

90 719 

130 566 

127 537

Total number of shares traded as a

 

 

 

 

 

 

percentage of total shares

51,0%

39,7%

42,6%

65,9%

95,0%

99,1%

Total value of shares traded (R'million) 

1 202

477

484

1 027

2 199 

6 212

Prices (R’cents)

 

 

 

 

 

 

Closing 

2 200

959

1 480

500

1 650 

1 650

High

2 350

1 515

1 750

1 850

2 500 

11 700

Low

867

840

370

470

880

1 450

Market capitalisation (R'million) 

3 220

1 328

2 042 

689

2 267 

2 124

P:E ratio

22

20

(17)

4

5

5

Shares issued

 

 

 

 

 

 

Issued (million) 

146

138

138

138

137

128

Weighted average (million) 

142

138

138

138

131

126

Employees

 

 

 

 

 

 

Number of employees

2 440

2 232 

2 389

3 202 

3 023

3 830

Revenue per employee ($'000) 

1 220

1 137

982

644

727

721

Assets per employee

467,9

439,2 

409,8

278,5 

290,1 

327,2

Exchange rates

 

 

 

 

 

 

Rand/$ income statement translation rate

6,4

6,2 

7,2

9,7 

9,6

7,3

Rand/$ balance sheet translation rate 

6,2

5,8

6,6

8,1

11,4

8,0

 

Notes:

  • *2003 represents an eleven-month period for all Group companies other than Westcon, which is included for a twelve-month period.
  • Net tangible asset value per share is calculated on net asset value exclusive of intangible assets and capitalised development costs and the number of shares in issue at the end of the financial period.
  • 2005 and 2004 numbers have been restated in accordance with IFRS. Years prior to 2004 are presented under the previously applicable SA GAAP.
  • 2005 numbers have been restated in accordance with IFRS2. Years prior to 2004 are presented under the previously applicable SA GAAP.
  • Detailed segmental information is set out in note 35 of the Annual Financial Statements on pages 100 to 103.
  • Return on total assets is calculated utilising operating profit.
  • Return on capital employed is calculated utilising profit before goodwill impairment and total shareholders' funds and non-current liabilities.
  • Return on ordinary shareholders' funds is calculated utilising profit before goodwill impairment and after net finance costs.
  • Debt includes all long-term liabilities including amounts due to vendors of a long-term nature.
  • The SA Consumer Price Index is sourced from The Standard Bank of South Africa Limited.