Annual financial statements

Summary of ratios and statistics

(Rmillion)  2018     2017  2016 
Restated*#		 2015
Restated~		 2014    
Ordinary share performance                 
Number of ordinary shares upon which headline earnings                 
per share is based (000)2  164 714     162 896  162 480   161 693  160 127    
Headline earnings per ordinary share (cents) 1 589     2 161  2 127   1 786  1 816    
Dividends per ordinary share (cents)1  1 080     1 080  1 065   950  940    
Dividend cover (times)1  1,5     2,0  2,0   1,9  1,9    
Net worth per ordinary share (cents) 10 448     10 307  9 553   8 507  8 221    
Profitability and asset management                 
Asset turnover (times) 2,3     2,5  2,5   2,3  2,1    
Working capital per R1 revenue  21,7     19,9  21,2   22,3  22,1    
Operating margin (%) 11,4     14,5  13,4   14,0  11,8    
Effective taxation rate (%) 25,7     28,9  27,0   23,9  30,9    
Return on equity (%) 17,1     22,1  23,4   24,8  22,7    
Return on average net assets (%) 26,6     35,3  30,4   26,4  24,6    
Financing                 
Current ratio  2,0     1,8  1,7   1,3  1,1    
Net interest cover (times) 59     25  14   18  9    
Net (cash)/debt to net funding (%) (3)    (3) 11   22  20    
Total liabilities to total shareholders’ funds (%) 31     34  47   74  72    
Cash flow to net liabilities (%) 77     88  50   31  36    
Employee statistics                 
Number of employees at year end3  11 678     12 196  12 794   15 163  16 884    
– permanent  11 348     11 705  11 829   12 800  12 925    
– seasonal  330     491  965   2 363  3 959    
Revenue per employee (R000) 2 438     2 566  2 391   1 892  1 784    
Value added per employee (R000) 670     733  656   541  474    
Operating profit per employee (R000) 277     371  321   265  211    
Economic indicators                 
Consumer Price Index (September on September) (%) 4,8     4,9  6,5   4,5  5,9    
Key closing exchange rates at 30 September vs ZAR                 
– USD  14,17     13,51  13,80   13,87  11,32    
– GBP  18,44     18,06  17,92   21,05  18,35    
– EUR  16,41     15,95  15,47   15,52  14,28    
1 Based on the sum of the interim dividend paid in the current year and the final dividend declared post year end.
2 Net of treasury and empowerment shares.
3 Includes employees of international operations.
* The comparatives have been restated for the early adoption of IFRS 15: Revenue from Contracts with Customers.
# Restated as required by IFRS 5 in relation to the treatment of East Africa Tiger Brands Industries Plc. (EATBI) and Haco Tiger Brands (E.A.) Limited (Haco) as discontinued operations.
~ Restated as required by IFRS 5 in relation to the treatment of Tiger Branded Consumer Goods plc (TBCG) as a discontinued operation.
  2018   2017 2016  
Restated*#		 2015
Restated~		 2014  
Stock exchange statistics              
Market price per share (cents)              
– year end 26 502   37 735 38 024   30 479 31 543  
– highest 47 450   42 900 40 152   40 086 32 200  
– lowest 26 502   35 945 26 958   26 732 24 444  
Number of transactions 914 360   952 691 854 893   873 519 508 975  
Number of shares traded (000) 197 471   171 231 179 123   179 732 139 926  
Value of shares traded (R’million) 72 584   67 133 60 448   57 859 39 468  
Number of shares traded as a percentage of total issued shares 104,0   89,2 93,3   93,6 72,9  
Dividend yield at year end (%) 4,1   2,9 2,8   3,1 3,0  
Earnings yield at year end (%) 5,9   5,9 5,6   5,9 5,9  
Price earnings ratio at year end 17   17 18   17 17  
Market capitalisation at year end (R’million) 50 306   72 478 73 033   58 541 60 546  
Market capitalisation to shareholders’ equity at year end (times) 2,9   4,3 4,7   4,2 4,6  
* The comparatives have been restated for the early adoption of IFRS 15: Revenue from Contracts with Customers.
# Restated as required by IFRS 5 in relation to the treatment of East Africa Tiger Brands Industries Plc. (EATBI) and Haco Tiger Brands (E.A.) Limited (Haco) as discontinued operations.
~ Restated as required by IFRS 5 in relation to the treatment of Tiger Branded Consumer Goods plc (TBCG) as a discontinued operation.