PDF 25 MB - Sun International | Investor Centre

SUN INTERNATIONAL ANNUAL REPORT ’10
120
SEVEN YEAR REVIEW CONTINUED
Group statistics
2010 2009 2008 2007 2006 2005 2004
ORDINARY SHARE PERFORMANCE
Shares in issue (net of treasury shares) 000’s 100 546 99 281 94 945 111 030 111 930 116 393 90 050
Diluted adjusted weighted average number
of shares in issue 000’s 101 055 97 111 97 470 113 242 111 556 106 080 82 233
Diluted adjusted headline earnings per share cents 507 618 739 719 539 405 284
Dividends per share* cents 100 – 480 400 290 200 125
Dividend cover times 5.1 – 1.5 1.8 1.9 2.0 2.3
Dividend payout % 20 – 65 56 54 49 44
Net asset value per share Rand 12.91 6.20 1.35 22.45 27.55 27.08 25.42
Market capitalisation at 30 June Rm 8 295 7 579 8 355 16 321 9 357 7 199 3 647
Market capitalisation/net asset value times 6.9 13.3 70.2 7.0 3.0 2.3 1.6
PROFITABILITY AND
ASSET MANAGEMENT
EBITDA margin % 32 34 37 37 34 33 31
Effective tax rate % 41 43 41 37 37 37 36
Return on net assets % 21 29 35 32 26 21 16
LIQUIDITY AND LEVERAGE
Cash generated by operations Rm 2 221 2 645 2 880 2 616 2 046 1 773 1 312
Total shareholders’ funds to total assets % 24 16 8 37 51 51 55
Current ratio :1 0.4 0.5 0.5 0.7 0.7 0.7 1.0
LOAN COVENANTS
EBITDA to interest times 4.7 4.0 5.0 8.9 8.7 6.9 5.1
Borrowings to EBITDA times 2.4 2.3 2.1 1.3 1.2 1.4 1.5
* Includes interim dividends paid and final dividends declared for the year.
Note: All ratios have been calculated, including adjusted headline earnings adjustments.
DEFINITIONS
EBITDA: Earnings before interest, tax, depreciation and amortisation. EBITDA
is stated before property and equipment rentals and items adjusted for
adjusted headline earnings. Property and equipment rentals are considered
to be a form of funding and are therefore categorised after EBITDA with
depreciation and interest.
EBITDA margin: EBITDA expressed as a percentage of revenue.
EBITDA to interest: EBITDA divided by net interest.
Effective tax rate: Tax per the statement of comprehensive income
expressed as a percentage of profit before tax.
Adjusted headline earnings: Adjusted headline earnings include
adjustments made for certain income and expense items. These adjustments
include pre-opening expenses, earnings and results from discontinuing
operations and material items considered to be outside of the normal
operating activities of the group and/or of a non-recurring nature.
Diluted adjusted headline earnings per share: Diluted adjusted headline
earnings attributable to ordinary share holders divided by the diluted adjusted
weighted average number of shares in issue during the year.
Dividend cover: Diluted adjusted headline earnings per share divided by
dividends paid and declared per share for the year.
Dividend payout: Dividends paid and declared per share for the year
divided by diluted adjusted headline earnings per share.
Net assets: Total assets less total liabilities.
Net asset value per share: Ordinary shareholders’ equity divided by the
number of ordinary shares in issue at the end of the year.
Current ratio: Current assets divided by current liabilities.
Return on net assets: The sum of operating profits and share of associate
companies’ profits expressed as a percentage of average net assets,
excluding interest bearing liabilities.
Return on shareholders’ funds: Profit after tax and share of associate
companies’ profits expressed as a percentage of average shareholders’ funds.
Return to equity shareholders: Adjusted headline earnings attributable
to ordinary shareholders expressed as a percentage of average ordinary
shareholders’ equity.