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GROUP FIVE
Integrated annual report 2014
Estimates and contingencies
The group makes estimates and assumptions concerning the future, particularly with regard to construction contract profit taking,
provisions, arbitrations and claims and various fair value accounting policies.
Of particular relevance is the group’s provision for an estimated potential administrative penalty to be levied by the Competition
Commission raised in June 2013. For more detail on this matter please refer to page 82 of this integrated annual report. A settlement
with the Commission remains outstanding. Accounting estimates and judgements can, by definition, only approximate results, as the
actual results may differ from such estimates. Estimates and judgements are continually evaluated and are based on historic
experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Stakeholder attention is drawn to the contingent risk of civil claims possibly being lodged against the group, and all construction
companies which were party to anti-competitive behaviour, following the Competition Commission release of its findings in June 2013
and the public interest reported in recent months. To date, no claim has been instituted against the group.
Total financial institution guarantees given to third parties on behalf of subsidiary companies amounted to R3 643 million
as at 30 June 2014, compared to R3 676 million as at 31 December 2013 and R4 369 million as at 30 June 2013.
AUDITED
2014
2013
Restated*
Number of ordinary shares
100 798 786
99 506 412
– Shares in issue
112 104 493
111 149 510
– Less: Shares held by share trusts
(11 305 707)
(11 643 098)
Weighted average number of shares (’000s)
100 053
97 775
Fully diluted weighted average number of shares (’000s)
101 897
98 402
Total operations
EPS – R
4,01
2,64
HEPS – R
4,07
2,83
Fully diluted EPS – R
3,94
2,62
Fully diluted HEPS – R
3,99
2,81
Continuing operations
EPS – R
4,04
3,13
HEPS – R
4,07
3,20
Fully diluted EPS – R
3,97
3,11
Fully diluted HEPS – R
4,00
3,18
Dividend cover (based on earnings per share)
4,0
3,9
Dividends per share (cents)
100,0
67,0
– Interim
45,0
32,0
– Final
55,0
35,0
Net asset value per share – R
25,99
21,65
Net debt to equity ratio
–
–
Current ratio
1,2
1,2
*
Restated for the adoption of IFRS 11 – Joint Arrangements and IAS 19 (Revised) – Employee Benefits.
EPS:
Earnings per share.
HEPS: Headline earnings per share.
FOR THE YEAR ENDED 30 JUNE 2014
Group
statistics