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Key ratios

Group performance indicators

  R’000 2011   2010   2009   2008   2007  
  REVENUE                    
  Investments and Concessions 554 659   591 871   626 795   581 685   533 800  
  Infrastructure Concessions 522 870   557 227   527 938   326 554   226 016  
  Property Developments 31 789   34 644   98 857   255 131   307 784  
  Manufacturing 867 523   866 221   816 132   554 656   523 768  
  Construction Materials 434 233   491 860   671 317   689 220   231 081  
  Construction 7 350 583   9 387 636   9 975 992   7 074 017   6 400 519  
  Building and Housing 2 143 004   3 186 142   2 899 773   2 848 795   3 121 921  
  Civil Engineering 3 548 361   4 713 487   4 633 259   2 964 184   2 484 293  
  Engineering 1 659 218   1 488 007   2 442 960   1 261 038   794 305  
                       
 
Total revenue
9 206 998   11 337 588   12 090 236   8 899 578   7 689 168  
  OPERATING PROFIT*                    
  Investments and Concessions 60 231   74 926   81 887   53 482   43 091  
  Infrastructure Concessions 73 041   85 615   79 636   30 735   17 927  
  Property Developments (12 810)   (10 689)   2 251   22 747   25 164  
  Manufacturing 26 187   86 812   85 964   56 211   66 519  
  Construction Materials (68 157)   20 186   55 835   141 946   45 531  
  Construction 480 567   694 971   573 496   384 021   236 483  
  Building and Housing 136 924   236 620   141 032   140 294   84 276  
  Civil Engineering 232 069   310 655   225 733   142 857   105 037  
  Engineering 111 574   147 696   206 731   100 870   47 170  
                       
 
Total operating profit
498 828   876 895   797 182   635 660   391 624  
  Total operating profit margin (%) 5.4   7.7   6.6   7.1   5.1  
  Over-border revenue (%) 25   20   37   34   42  
  Cash (utilised)/generated – millions (871)   327   954   1 195   60  
  SHAREHOLDER RETURNS                    
  Earnings per share (R) (2,27)   2,80   5,44   4,47   2,91  
  Headline earnings per share (R) 3,32   6,14   5,68   4,70   2,83  
  Earnings per share (R) – before external                    
  BEE ownership expense (2,27)   2,80   5,44   4,47   2,91  
  Headline earnings per share (R) – before external                    
  BEE ownership expense 3,32   6,14   5,68   4,70   2,83  
  Dividend per share (cents) 72,0   137,0   130,0   105,0   72,0  
  Net asset value per share (R) 22,38   26,08   25,09   21,41   17,45  
  MARKET INDICATORS                    
  Market price – high (R) per share 41,0   45,20   58,25   73,80   59,50  
  Market price – low (R) per share 24,4   31,50   26,70   42,00   27,26  
  Market price – year end (R) per share 29,9   34,50   34,70   44,90   54,40  
  Market capitalisation – year end (R’millions) 3 632,2   4 171,5   4 167,2   5 350,5   6 443,5  
  Value of shares traded (R’000) 1 719 970   2 900 378   3 612 810   5 462 078   3 124 034  
  Number traded (’000) 51 951   79 130   92 297   103 436   67 728  

  R’000 2006   2005   2004   2003   2002  
  REVENUE                    
  Investments and Concessions 316 217   227 290   227 355   170 843   155 958  
  Infrastructure Concessions 189 247   132 517   172 210   139 575   124 187  
  Property Developments 126 970   94 773   55 145   31 268   31 771  
  Manufacturing 472 975   446 308   358 296   320 329   354 229  
  Construction Materials          
  Construction 5 075 529   3 834 687   3 224 266   3 230 763   3 203 819  
  Building and Housing 2 788 466   2 268 610   1 917 554   1 433 665   1 433 000  
  Civil Engineering 1 662 700   1 051 679   986 836   1 290 642   1 364 000  
  Engineering 624 363   514 398   319 876   506 456   406 819  
                       
 
Total revenue
5 864 721   4 508 285   3 809 917   3 721 935   3 714 006  
  OPERATING PROFIT*                    
  Investments and Concessions 37 530   17 378   11 358   23 211   13 987  
  Infrastructure Concessions 12 398   6 138   7 643   12 565   12 710  
  Property Developments 25 132   11 240   3 715   10 646   1 277  
  Manufacturing 60 205   36 157   27 969   6 773   (63 973)  
  Construction Materials                
  Construction 143 064   62 151   58 624   85 178   144 818  
  Building and Housing 78 903   44 158   74 581   43 760   60 320  
  Civil Engineering 50 169   (9 712)   (36 087)   21 475   55 360  
  Engineering 13 992   27 705   20 130   19 943   29 138  
                       
 
Total operating profit
240 799   115 686   97 951   115 162   94 832  
  Total operating profit margin (%) 4.1   2.6   2.6   3.1   2.6  
  Over-border revenue (%) 37   31   36   33   37  
  Cash (utilised)/generated – millions 391   111   49   (52)   (87)  
  SHAREHOLDER RETURNS                    
  Earnings per share (R) 0,72   1,82   1,84   1,49   1,16  
  Headline earnings per share (R) 0,69   1,43   1,48   1,20   0,94  
  Earnings per share (R) – before external                    
  BEE ownership expense 1,95   1,82   1,84   1,49   1,16  
  Headline earnings per share (R) – before external                    
  BEE ownership expense 1,93   1,43   1,48   1,20   0,94  
  Dividend per share (cents) 56,0   49,0   44,0   37,0   31,0  
  Net asset value per share (R) 9,22   8,30   7,00   5,67   4,56  
  MARKET INDICATORS                    
  Market price – high (R) per share 32,50   17,00   11,00   7,71   5,25  
  Market price – low (R) per share 15,20   10,00   4,95   3,40   3,10  
  Market price – year end (R) per share 28,75   15,39   11,00   5,20   3,40  
  Market capitalisation – year end (R’millions) 2 867,1   1 132,3   809,3   382,6   250,1  
  Value of shares traded (R’000) 1 373 898   536 994   229 924   199 495   80 616  
  Number traded (’000) 57 970   39 950   28 038   34 456   20 751  

* Total operating profit before fair value and impairment adjustments.



SUSTAINABILITY REPORTING AND ASSURANCE PRINCIPLES

Evaluating our
approach

Three years ago the group reviewed how it manages key risks and issues of sustainability. During our evaluation we found that both our management of these issues, as well as the gathering of information and subsequent reporting were somewhat disconnected from how we were managing and monitoring our strategy.

We therefore commenced a process of integrating our processes and systems to ensure a holistic approach to risk and its impact on our business.

As a management team we also debated how risks fitted into our business model and interrogated whether we truly operate in a sustainable manner. In last year’s report we represented the result of these discussions – our integrated business model. This is outlined this year on page 4. This model indicates how sustainability forms a core part of our operations. Our senior management remuneration is linked to performing against both financial and non-financial measures, further driving the centrality of sustainability. We also implemented a group scorecard measuring ratios across people, planet and performance to give an integrated view to the reader of how we perform across the board. Refer to page 44.

     
Our progression
this year

In a further step towards providing stakeholders with an understanding of our key risks and how we manage them, this year we increasingly aligned the content of our integrated report with the needs and interests of stakeholders and with management’s view on our key risks and material issues.

The process we followed is outlined on page 4. In summary, we:

Asked stakeholders what key information they deemed material to the organisation
Identified the material issues in our business through rigorous internal debate at a senior management and board level
Included external assurance processes of a number of measures
Included key performance measures – these have been provided for a number of years, which allows careful tracking of our progress. These are not subjective information, but ratios and percentages which are internally verified by the responsible executive team members

In terms of external assurance by the auditors who also audit our financial information, we again chose two sustainability measures most relevant to our business. The measures assured by PricewaterhouseCoopers were:

The group’s construction secured order book
Contract profit/loss-maker ratio

These measures were chosen as they provide a key insight into the operations of the group and its sustainability going forward. These measures are also integrally linked to the way the group manages its future income and the risk of loss-making contracts in its core business of Construction.

We are the first construction group to assure its order book.

     
Focus going
forward

Although the group believes that the risks outlined in our integrated report this year are the material issues facing the business and that we have assured the areas we believe are most relevant to our business, in the coming year we need to formalise our assessment processes. This involves finalising a workplan, led by internal audit and assisted by the CFO. The objective will be to:

Confirm the completeness of our key risks identified
Assign responsibility, both internally and externally, for the assurance of these
Ensure all risks are adequately monitored and assured

This is currently work in progress.

In the next integrated report the group will provide stakeholders with a gap analysis and information on any further key assurances obtained.

The group is independently assured on a variety of ratios each year. In the table below we outline the material ones.

Assurance processes

       
Business process assured Output from
assurance
Status Assurance provider
Operational/risk/financial
Value of construction works secured
to be executed
Construction secured
order book confirmation
Assured PricewaterhouseCoopers
Inc.
Page 52
Extent of construction contract
profitability
Contract profit/loss
maker ratio
Assured PricewaterhouseCoopers
Inc.
Page 52
Fair presentation in all material
aspects – financial position and
performance of the group and
company
External audit report Assured PricewaterhouseCoopers
Inc.
Page 183
Insurance claims Insurance claim history
report
Assured – determined
by external source
Marsh South Africa  
Internal audit Quality review Assured – determined
by external source
Jefferson Wells  
Quality
Quality systems ISO 9001:2008 Assured – 73% of business units
certified
DEKRA  
Health and safety
Disabling injury frequency rate (DIFR) Verified DIFR statistics Assured – verified statistics DEKRA  
Procedures and policies DEKRA certification Assured – verified procedures DEKRA  
Safety systems OSHAS 18001:2007 Assured – 73% of business units
certified
DEKRA  
Environment
Carbon emissions Confirmed carbon
disclosure emission
Assured for F2010, F2011 being
audited
Promethium Carbon  
Environmental audits ISO 14001:2004 Assured – 77% of business units
certified
DEKRA  
Empowerment
BBBEE credentials BBBEE scorecard Assured BEE Verification
Agency cc
Page 54
Corporate governance
Evaluation of main board
of directors
Evaluation report Assured via F2011 board
evaluation
Institute of Directors
Independent service
provider
 
Human resources
Employee satisfaction Employee satisfaction
survey
Independently verified SoftCraft Research  
Training and HR systems ISO 9001:2008 Assured – audited processes DEKRA  
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