FIVE-YEAR
REVIEW

 

US$ million  2019     2018  2017  2016  2015    
Income statement               
Sales  5,746     5,806  5,296  5,141  5,390    
Variable manufacturing and delivery costs  3,530     3,521  3,147  3,061  3,414    
Fixed costs  1,771     1,767  1,601  1,571  1,613    
Sundry expenses (income)1  43     38  22  22    
Operating profit excluding special items  402     480  526  487  357    
Special items – (gains) losses  19     (9) –  (57) (54)   
Operating profit  383     489  526  544  411    
Net finance costs  85     68  80  121  182    
Profit (loss) before taxation  298     421  446  423  229    
Taxation charge  87     98  108  104  62    
Profit (loss) for the year  211     323  338  319  167    
EBITDA excluding special items  687     762  785  739  625    
Balance sheet               
Total assets  5,623     5,670  5,247  5,177  4,913    
Non-current assets  3,789     3,766  3,378  3,171  3,174    
Current assets  1,834     1,904  1,869  2,006  1,739    
Current liabilities  1,214     1,173  1,043  1,474  1,092    
Shareholders' equity  1,948     1,947  1,747  1,378  1,015    
Net debt  1,501     1,568  1,322  1,408  1,771    
   Gross interest-bearing debt  1,894     1,931  1,872  2,111  2,227    
   Cash  (393)    (363) (550) (703) (456)   
Capital employed  3,449     3,515  3,069  2,786  2,786    
Cash flow               
   Cash generated from operations  673     709  748  693  544    
   Decrease (increase) in working capital  (15)    (79) (27) (11)   
   Finance costs paid  (51)    (84) (96) (107) (148)   
   Finance revenue received     18  15  16  13    
   Taxation paid  (51)    (73) (100) (56) (16)   
   Dividends paid  (92)    (81) (59) –  –    
Cash generated from operating activities  473     410  481  550  382    
Net cash generated (utilised)    (254) 108  359  145    
Cash effects of financing activities  56     68  (279) (130) (127)   
Capital expenditure (gross) 471     541  357  241  248    
   To maintain operations  148     167  140  155  175    
   To expand operations  323     374  217  86  73    
Exchange rates               
   US$ per one Euro exchange rate – closing  1,094     1,161  1,181  1,123  1,120    
   US$ per one Euro exchange rate – average (financial year) 1,128     1,190  1,106  1,111  1,150    
   ZAR to one US$ exchange rate – closing  15,156     14,147  13,556  13,714  13,914    
   ZAR to one US$ exchange rate – average (financial year) 14,346     13,052  13,381  14,788  11,964    
1 Sundry items include all income and costs not directly related to manufacturing operations such as debtor securitisation costs, commissions paid and received and results of equity-accounted investments.

 

US$ million 2019 2018 2017 2016 2015
Statistics
Number of ordinary shares (millions)1
In issue at year-end 542.8 539.3 535.0 530.6 526.4
Basic weighted average number of shares in issue during the year 542.0 538.1 533.9 529.4 525.7
Per share information (US cents)
Basic earnings (loss) 39 60 63 60 32
Diluted earnings (loss) 39 59 62 59 31
Headline earnings (loss) 42 59 64 58 32
Diluted headline earnings (loss) 42 58 63 57 31
EPS excluding special items (US cents) 44 60 64 57 34
Net asset value 359 361 327 260 193
Profitability ratios (%)
Operating profit to sales 6.7 8.4 9.9 10.6 7.6
Operating profit excluding special items to sales 7.0 8.3 9.9 9.5 6.6
EBITDA excluding special items to sales 12.0 13.1 14.8 14.4 11.6
Operating profit excluding special items to capital employed (ROCE) 11.5 14.6 18.0 17.5 12.4
Net debt to EBITDA excluding special items 2.2 2.1 1.7 1.9 2.8
Interest cover 9.3 11.0 9.1 7.3 4.4
Return on average equity (ROE) 10.8 17.5 21.6 26.7 16.2
Debt ratios (%)
Net debt to total capitalisation 43.5 44.6 43.1 50.5 63.6
Efficiency ratios
Asset turnover (times) 1.0 1.0 1.0 1.0 1.1
Inventory turnover ratio 7.0 6.7 7.0 7.0 7.9
Liquidity ratios
Current asset ratio 1.5 1.6 1.8 1.4 1.6
Trade accounts receivable days outstanding (including receivables securitised) 46 45 45 44 45
Cash interest cover (times) 7.6 9.3 8.1 5.6 3.0
Other non-financial information2
Sales volumes 7,622 7,591 7,410 7,253 7,306
Number of full-time equivalent employees 12,821 12,645 12,158 12,051 12,548
Lost-time injury frequency rate (including contract employees) 0.54 0.43 0.44 0.46 0.48
Energy
   Energy intensity (GJ/adt) 22.84 22.44 22.63 22.75 22.64
   Renewable energy to total energy (%) 52.93 52.15 53.71 53.78 54.84
Water
   Specific process water drawn (m3/adt) 34.17 34.28 33.74 34.93 34.32
   Specific process water returned (m3/adt) 32.32 32.15 31.66 31.74 31.27
Waste
   Specific total landfill (ton/adt) 0.059 0.064 0.079 0.069 0.077
Emissions
   Specific Scope 1 emissions (ton CO2 eq/adt) 0.69 0.69 0.68 0.69 0.67
   Absolute Scope 1 (ton CO2e) 4,395,556 4,456,032 4,330,484 4,233,863 4,098,481
   Specific Scope 2 emissions (ton CO2 eq/adt) 0.25 0.24 0.25 0.28 0.27
   Absolute Scope 2 (ton CO2e) 1,608,661 1,537,231 1,583,499 1,699,092 1,667,942

Refer to share statistics section for other market and share-related information.

1 Net of treasury shares (refer to note 18 to the group financial statements).
2 Certain energy, water, waste and emissions data for the comparative years have been restated using the latest reporting standards and measurement methodology.

Note: Definitions for various terms and ratios used above are included in the glossary section.