A N N U A L   R E P O R T   –   2 0 0 2 
Financial highlights Statutory information
Letter to the shareholders Accounting policies
Board of directors Income statements
Group operations Balance sheets
Developing people Cash flow statements
Corporate governance Notes to the cash flow statements
Value added statement Statements of changes in equity
Segmental analysis Principal subsidiaries
Five-year financial review Share ownership analysis
Summary of statistics Shareholders’ diary
Definitions Administration
Directors’ responsibility Notice of annual general meeting
Report of the independent auditors Currency conversion table
Secretaries’ certification Board, Director and Committes
S U M M A R Y   O F   S T A T I S T I C S
 
  2002 2001 2000* 1999 1998
SHARES       
Number of ordinary shares on which       
earnings per share is based (million) 187,0 191,7 203,7 200,4 200,0
Net worth per share (cents) ­ tangible only 380 464 454 336 468
Net worth per share (cents) ­ including intangibles 572 470 454 336 468
Headline earnings per share (cents) 229,5 174,8 139,6 136,8 105,6
Pro forma headline earnings per share (cents) 229,5 174,8 139,6 107,7
Basic earnings per share (cents) 198,1 173,3 179,2 179,2 105,2
Dividends per share (cents)       
­ normal for the year 118,0 91,0 76,0 58,0 43,0
­ special ­ ­ ­ 250,0 ­
Dividend cover (times) 1,9 1,9 1,8 2,4 2,5
Cash flow per share (cents) 199,0 187,9 179,9 241,4 299,5
Ordinary shares in issue (million) 204,4 204,1 204,0 200,5 200,4
Number of transactions ­ JSE 12 765 9 245 9 735 9 150 9 938
Number of shares traded (million) 76,4 67,0 79,0 122,8 90,1
Value of shares traded (R million) 1 438,2 969,2 691,2 987,6 773,8
Number of shares traded as a percentage
of issued shares 37,4 32,9 39,0 61,2 45,0
Market price per share (cents)       
­ year-end 1 860 1 615 1 125 800 510
­ highest 2 220 1 850 1 230 1 000 1 400
­ lowest 1 610 980 540 490 370
Earnings yield (%) at year-end 12,3 10,8 12,4 17,1 20,7
Dividend yield (%) at year-end 6,3 5,6 6,8 7,3 8,4
Price: Earnings ratio (times) 8,1 9,2 8,1 5,8 4,8
Market capitalisation (R million) 3 802 3 295 2 295 1 604 1 022
JSE actuaries electronics sector index at year-end
(adjusted base 1998 = 2 267) 3 887 3 727 2 937 2 346 2 267
OTHER       
Number of employees 4 318 4 148 3 716 6 775 9 155
Revenue per employee (R000) 1 173 1 020 899 674 537
Operating profit per employee (R000) 109 91 74 44 26
Wealth created per employee (R000) 312 297 296 239 165
Employment cost per employee (R000) 130 118 109 119 94
PROFITABILITY, ASSET MANAGEMENT,      
LIQUIDITY AND LEVERAGE     
EBITDA as a percentage of turnover (%) 11,1 10,19,2 8,06,3
Operating margin (%) 9,3 9,08,2 6,54,8
Net asset turn (times) 5,9 5,24,8 7,54,4
Return on ordinary shareholders' funds (%) 44,1 37,326,1 34,024,1
Return on net operating assets (%) 70,0 57,450,2 62,331,2
Return on net operating assets excluding
investments in associates (%) 71,5 57,748,0 61,724,0
Taxation as a percentage of profit before taxation
(excluding abnormal items) 34,9 33,234,3 37,636,7
Total liabilities to total shareholders' funds (%) 177,4 145,2118,0 192,9109,5
Net borrowings/(cash) to total
shareholders' funds (%) 47,5 3,4(7,1) (104,7)(40,4)
Current ratio 1,6 1,51,4 1,31,5
Interest cover (times) 25,5 34,39,6 N/AN/A
 
* Only the 2000 and 2001 statistics have been restated to take account of the change of accounting policies adopted on 1 October 2001 of depreciating all properties and accounting for dividends in the period that the declaration takes place.
 
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