MIRA INFORM REPORT
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Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
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Name : |
AECI LIMITED
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Registered Office : |
The Woodlands, Woodmead, Sandton, 2052 |
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Country : |
South Africa |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1924 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in the manufacture and distribution of commercial
explosives, chemicals and specialty fibers |
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No. of Employees : |
7,141 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
AECI Limited
The Woodlands, Woodmead
Sandton, 2052
South Africa
Tel: 27-11-8068700
Fax: 27-11-8068701
Web: www.aeci.co.za
Synthesis
Employees: 7,141
Company Type: Public Parent
Corporate Family: 44
Companies
Traded: Johannesburg
Stock Exchange: AFE
Incorporation Date: 1924
Auditor: KPMG Inc
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: South
African Rand
Annual Sales: 1,846.9 1
Net Income: 107.4
Total Assets: 1,543.0 2
Market Value: 1,317.8 (10-Aug-2012)
Business Description
AECI Limited (AECI) is engaged in the manufacture and distribution of commercial explosives, chemicals and specialty fibers. It is also engaged in the realization of property assets surplus. The Company’s explosives segment consists of the manufacture of commercial explosives and initiating systems for use by the mining industry; specialty chemicals segment manufactures and markets specialty chemicals to a range of industries; property segment is engaged in the realization of the surplus land and property assets of AECI; and specialty fibres segment manufactures nylon yarns used for industrial purposes. On February 1, 2011, AECI acquired the chemical toll manufacturing business of T&C Chemicals. On March 1, 2011, it acquired the agricultural chemical distribution business of Qwemico Distributors. On September 1, 2011, it acquired the business of Croxton Chemicals and 32% interest in Protank. On October 1, 2011, AECI acquired 100% interest in Instavet. For the fiscal year ended 31 December 2010, AECI Limited's sales increased 8% to RAN11.57B. Net income from continuing operations applic. to Common increased 63% to RAN600M. Sales reflect an increase in sales from Mining services, higher income from property and increased income from Specialty fibres business divisions. Net income also reflects lower interest expense and the presence of gain on acquisition of subsidiary.
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 1812 - Basic Organic
Chemical Manufacturing
NACE 2002: 2414 - Manufacture
of other organic basic chemicals
NAICS 2002: 325199 - All Other
Basic Organic Chemical Manufacturing
UK SIC 2003: 2414 - Manufacture
of other organic basic chemicals
US SIC 1987: 2869 - Industrial
Organic Chemicals, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Graham N. Edwards |
Chief Executive, Executive Director |
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K. Mark Kathan |
Chief Financial Officer, Finance Director, Executive Director |
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Nomini Rapoo |
Company Secretary |
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Khosi Matshitse |
Human Capital Executive |
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Mark A. Dytor |
Chemicals Executive |
Significant
Developments
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* number of significant developments within the last 12 months
News
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Financial Summary
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As of 30-Jun-2012 |
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Stock
Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = ZAR 7.253599
2 - Balance Sheet Item Exchange Rate: USD 1 = ZAR 8.0734
Corporate Overview
Location
The Woodlands, Woodmead
Sandton, 2052
South Africa
Tel: 27-11-8068700
Fax: 27-11-8068701
Web: www.aeci.co.za
Quote Symbol - Exchange
AFE - Johannesburg
Stock Exchange
Sales ZAR(mil): 13,397.0
Assets ZAR(mil): 12,457.0
Employees: 7,141
Fiscal Year End: 31-Dec-2011
Industry: Chemical
Manufacturing
Incorporation Date: 1924
Company Type: Public
Parent
Quoted Status: Quoted
Chief Executive,
Executive Director: Graham
N. Edwards
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Employment Opportunities
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Brand/Trade Names
Financial Data
Market Data
Shareholders
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1812 - Basic Organic Chemical Manufacturing
1821 - Synthetic Resin and Synthetic Rubber Manufacturing
1892 - Explosive Manufacturing
1829 - Other Basic Polymer Manufacturing
NACE 2002 Codes:
2461 - Manufacture of explosives
2470 - Manufacture of man-made fibres
2414 - Manufacture of other organic basic chemicals
2416 - Manufacture of plastics in primary forms
NAICS 2002 Codes:
325199 - All Other Basic Organic Chemical Manufacturing
325211 - Plastics Material and Resin Manufacturing
325920 - Explosives Manufacturing
325222 - Noncellulosic Organic Fiber Manufacturing
US SIC 1987:
2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable
Elastomers
2824 - Manmade Organic Fibers, Except Cellulosic
2892 - Explosives
2869 - Industrial Organic Chemicals, Not Elsewhere Classified
UK SIC 2003:
2461 - Manufacture of explosives
2470 - Manufacture of man-made fibres
2414 - Manufacture of other organic basic chemicals
2416 - Manufacture of plastics in primary forms
Business
Description
AECI Limited (AECI) is engaged in the manufacture and distribution of commercial explosives, chemicals and specialty fibers. It is also engaged in the realization of property assets surplus. The Company’s explosives segment consists of the manufacture of commercial explosives and initiating systems for use by the mining industry; specialty chemicals segment manufactures and markets specialty chemicals to a range of industries; property segment is engaged in the realization of the surplus land and property assets of AECI; and specialty fibres segment manufactures nylon yarns used for industrial purposes. On February 1, 2011, AECI acquired the chemical toll manufacturing business of T&C Chemicals. On March 1, 2011, it acquired the agricultural chemical distribution business of Qwemico Distributors. On September 1, 2011, it acquired the business of Croxton Chemicals and 32% interest in Protank. On October 1, 2011, AECI acquired 100% interest in Instavet. For the fiscal year ended 31 December 2010, AECI Limited's sales increased 8% to RAN11.57B. Net income from continuing operations applic. to Common increased 63% to RAN600M. Sales reflect an increase in sales from Mining services, higher income from property and increased income from Specialty fibres business divisions. Net income also reflects lower interest expense and the presence of gain on acquisition of subsidiary.
More Business
Descriptions
· Specialty product and service solutions, based on chemistry
· Specialty Chemical Mfr
· AECI Limited (AECI) is a South Africa-based specialty products and services company, which provides value-added services to its customers in 23 countries. The key products offered by the company are principally used in mining and manufacturing sectors. The company operates in four reportable business segments, namely, Chemical Services, Mining Services, Property and Specialty Fibers. The Chemical Services segment of the company operates through its subsidiary, Chemical Services Ltd. (Chemserve). It comprises 18 separate business operations. The company, through this segment, is engaged in the supply of a broad range of specialty chemicals, raw materials and related services including waxes, silicones, emulsifiers, hair and skin care polymers, proteins, aluminum sulphate, ammonia solution, caustic soda, hydrochloric acid, quicklime (unslaked lime), silver nitrate, sulphur dioxide and trioxide, ortho-phosphoric acid and industrial performance chemicals. It has a major manufacturing site near Durban in addition to many smaller sites throughout the country. AECI’s laboratory, production and sales and distribution facilities are based mainly in South Africa, with principal manufacturing facilities located near Johannesburg. It also has distribution facilities in Brazil, Australia and many countries in southern and central Africa. AECI, through this segment, caters to a variety of industries such as mining, agriculture, paper and packaging, toiletries, cosmetics, pharmaceuticals, food and beverage, oil and refining, automotive, coatings, ink, adhesives, chemicals, detergents, plastics, rubber, explosives, appliances and furniture, engineering, foundry, construction, steel and metals, and textiles and leather. Chemserve serves these customers through its 20 subsidiaries. The Chemical Services segment accounted for 53.4% of the total sale during fiscal year ended 2010. The company’s Mining Services segment operates through its subsidiary AEL Mining Services. The segment develops, manufactures and supplies commercial explosives, initiating systems and blasting services including electronic detonators, centralized blasting systems, shock tube systems, boosters, detonator cords, capped fuse, igniter cord and blasting accessories. It has production and sales and distribution facilities in South Africa, Egypt, Ghana, Mali, Tanzania, Ethiopia, Zambia, DRC, Zimbabwe, Botswana and Indonesia. The products offered by AEL are distributed across various industries such as gold, coal, platinum, quarry, construction, civil, metals and diamonds. Its research and development (R&D) activities focus on developing innovative solutions for the evolving mining and quarrying environments. The mining services segment accounted for 41.4% of the total sale during fiscal year ended 2010. Heartland segment of the company is engaged in providing property portfolio management services. It is involved principally in the optimization of value of the surplus property holdings of AECI Group. It converts unused agricultural land into industrial, residential and commercial land. In this segment, the company offers services such as land development, residential and industrial development. It has a leasing division, which offers a portfolio of commercial and industrial buildings for rentals. This segment operates mainly at the nine sites near Johannesburg and Cape Town in South Africa including the sites at Gauteng, Western Cape and Kwazulu-Natal. The property segment accounted for 2.7% of the total sale during fiscal year ended 2010. AECI carries out the operations of its technical fibers segment through its subsidiary, SANS Technical Fibers, located at Stoneville in North Carolina, the US. It is engaged in the manufacture and marketing of a broad range of high performance, specialty nylon industrial fibers. The products of this segment cater only to niche market applications such as end uses in automotive, parachutes and specific industrial applications. It operates mainly in the US and also exports its products to customers in Europe and Asia. Recently, it discontinued its operations at Bellville plant. The Technical Fibers segment accounted for 2.5% of the total sale during fiscal year ended 2010. The company, through its subsidiaries, operates in around 23 countries across the world. AECI’s products are distributed across South Africa, Rest of Africa, Europe, North America, South America and the Rest of the world. The principal subsidiaries of the company include AECI International (Ireland) Limited, AEL Holdco Limited, Heartland Leasing (Pty) Limited, Heartland Properties (Pty) Limited, Chemical Services Limited, SANS Fibres (Pty) Limited etc.
· AECI Limited (AECI) is a specialty chemical products and services company. It is principally engaged in research and development, and manufacture of specialty chemical products and services and their marketing and sales to a broad range of industries. The company, along with its subsidiaries, focuses on serving mining and manufacturing sectors. The company's major manufacturing sites are located in South Africa, near Johannesburg and Durban. AECI has a strong sales and marketing network to sell its products in both global and regional markets. It operates in Australia, South Africa, Rest of Africa, North America, South America, Europe and Asia. The company is headquartered in Johannesburg, South Africa.The company reported sales of (Rand) ZAR 13,397.00 million during the fiscal year ended December 2011, an increase of 15.80% over 2010. The operating profit of the company was ZAR 1,316.00 million during the fiscal year 2011, an increase of 27.27% over 2010. The net profit of the company was ZAR 779.00 million during the fiscal year 2011, an increase of 29.40% over 2010.
· This major group includes establishments producing basic chemicals, and establishments manufacturing products by predominantly chemical processes. Establishments classified in this major group manufacture three general classes of products: (1) basic chemicals, such as acids, alkalies, salts, and organic chemicals; (2) chemical products to be used in further manufacture, such as synthetic fibers, plastics materials, dry colors, and pigments; and (3) finished chemical products to be used for ultimate consumption, such as drugs, cosmetics, and soaps; or to be used as materials or supplies in other industries, such as paints, fertilizers, and explosives.
· Chemicals - Diversified (Major)
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Strategic Initiatives
Resource
Management
To maximise the benefits of restructuring and enhance the Group’s new focus, AECI has adopted the foundational principles of being Bold and Innovative in the creation of value, of Going Green, and of being Engaged and Responsible. The philosophy and application of these values are reflected throughout this Annual Report. Restructuring: An assessment early in the year of whether the Group was optimally organised to facilitate delivery of its growth strategy resulted in several changes to the Group structure, including the incorporation of an integrated Executive Committee representative of all 21 businesses in the portfolio, as well as the consolidation of the AECI and Chemical Services Head Office functions. The review process indicated that AECI’s business would benefit from a closer relationship between the operating companies and the Head Office in some areas. This enhanced relationship would assist the Head Office in fulfilling its parenting role of adding value to the Group’s businesses by providing the support and guidance they require as they grow locally and internationally.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities ·
Energy
Efficiency Initiatives Propel Demand |
Threats |
Overview
AECI Limited (AECI) is a chemical company engaged in the production and sale of specialty products and services. The company operates through four reportable business segments, namely AEL Mining Services, Chemical Services, Heartland and SANS Technical Fibers (USA). The various products manufactured by AECI are used in a wide range of industries including cosmetics, toiletry, detergent, mining and manufacturing. The company’s wide product range supports the innovation process in launching new products and also enhances its sale stream. However, failure to compete effectively would have a material adverse effect on AECI’s business, financial condition and results of operations.
Strengths
Extensive Product
Strength
AECI provides a wide range of products, which mitigates the risks related to overdependence on a product line. The company manufactures a variety of products for a diverse range of industries such as cosmetics, toiletry, detergent, mining and manufacturing. AECI operates through four reportable business segments, namely, AEL Mining Services, Chemical Services, Heartland and SANS Technical Fibers (USA). The AEL Mining Services is engaged in the development, production and supply of commercial explosives, initiating systems and providing blasting services to the mining industry. The Chemical Services segment of AECI supplies specialty chemicals, raw materials and offers related services to various industries in the manufacturing sector. In addition to its core businesses, the company is involved in some property activities, which are carried out through its Heartland segment. The SANS Technical Fibers (USA) segment of the company manufactures and markets a range of high performance, specialty nylon industrial fibers. During the fiscal year ended 2010, the Chemical Services segment of the company accounted for 53.4% of the total sale, followed by AEL Mining Services segment (41.4%), the Heartland segment (2.7%) and SANS Technical Fibers (USA) segment (2.5%). Such diversified product portfolio helps the company minimize the impact of market volatility in one particular product segment and provides it new growth opportunities.
Improved
Profitability Ratios
Significant rise in the company’s profitability ratios indicates its sound bottom line position. During the fiscal year ended 2010, the company reported return on equity (ROE) of 13.9%, as compared to 10.7% in 2009. AECI’s return on assets and return on capital employed was 5.9% and 13.1% in 2010, as compared to 4.2% and 8.5% respectively in 2009. Such increase in the company’s profitability ratios was due to 42.3% increase in the company’s net income in 2010. Such increase in the company’s net income was primarily due to 8% rise in the company’s sales in 2010, driven by robust top line performance of the company’s mining division subsidiary AEL Mining Services. During the fiscal year ended 2010, AEL reported sale of ZAR4,832m, indicating an increase of 19% over 2009. Increase in the company’s profitability ratios indicates the company’s ability to utilize its shareholders’ money efficiently, which could result in higher investors’ confidence in the future.
Global Presence
The company’s wide geographical presence enables it to strengthen its market position. It also helps AECI expand its sale stream and pursue its growth plans. The company’s operations span 23 countries through its subsidiaries and joint ventures. The chemical services segment’s laboratory, production and sales and distribution sites are chiefly based in South Africa, with its distribution facilities in Brazil, Australia and many countries in southern and central Africa. The Mining services segment’s production, sales and distribution facilities are spread in South Africa, Egypt, Ghana, Mali, Tanzania, Ethiopia, Zambia, DRC, Zimbabwe, Botswana and Indonesia. AECI operates its technical fibers segment through its subsidiary, SANS Technical Fibers. Through this subsidiary, the company exports its products to customers in Europe and Asia. Global presence helped the company in expanding its customer base and increasing its total sale over the years.
Weaknesses
Limited Liquidity
Position
The company's current ratio was 1.27 at the end of fiscal year 2010. This was below the Chemicals - Diversified sector average* of 2.33. A lower than sector average* current ratio indicates that the company is in a weaker financial position than other companies in the sector.
Opportunities
Energy Efficiency
Initiatives Propel Demand
AECI can develop and manufacture chemicals, which support end-user industries’ energy initiatives. Increasing energy-efficiency has become the focus of many end-user industries such as construction and automotive. Increasing stress on energy-efficient buildings has already triggered a wave of innovation among the segments in chemicals that cater to this end-user industry. In automotive and aerospace, there is increased focus on chemicals and materials that will enable the reduction of a vehicle’s weight, leading to significant energy savings. Such trends, spurred by the focus on energy conservation, will emerge as an attractive business proposition for the chemical industry, which the company should strive to take advantage of.
Recovery of the
Mining Sector
AECI is set to benefit from the recovering demand in the mining sector. It is expected that the most mining sectors will recover to their pre-crisis level during 2011. In South Africa, total mining production increased by 11% during the period between March 2009 and March 2010. The improving demand for copper will lead to a recovery in platinum demand. While the South African narrow reef gold sector is likely to continue its attempt at reversing the current volume declines, the surface gold is expected to remain steady. The diamond volumes are also expected to recover in the later part of 2010. Besides, the AEL Mining Services segment of the company also renewed some of its key contracts. It bagged four tenders at a coal mine in Indonesia. This becomes especially important as the Indonesian sales volume is very significant and is expected to grow further in 2011. This recovery in demand in the mining sector will help the company increase its sales.
Growth Opportunities
in Emerging Markets
The company could benefit through its presence in the emerging markets, which have created ample opportunities for the chemical industry over the past decade. Strong growth is expected in the emerging countries of Asia-Pacific, Africa, the Middle East, Eastern Europe and Latin America. Although the economic crisis has dampened the growth of the chemicals industry in the recent past, it continues to grow at a positive rate compared to the developed countries of Europe and North America. According to the American Chemistry Council (ACC) estimates, the chemical output in China grew sevenfold over the past 10 years, generating an estimated $600 billion in 2009. China is expected to overtake the US to become the largest chemical market by 2011. Further, the chemical industry in the emerging markets is expected to grow by 6.9% in 2010 and 7.6% in 2011 and 2012, according to in-house research. These countries are set to grow even further and lead the world as major producers of chemicals. Thus, the company could benefit by expanding its presence in the emerging markets.
Threats
Growing
Competitive Market
AECI is operating in a highly competitive chemical industry, which may affect its profit margins. The emergence of many global and regional players has made the global chemical market fiercely competitive. The main competitive factors in the industry include quality, price, product performance, service and customer support. Some of the company’s competitors have substantially greater financial, marketing and distribution resources, which enable them to resort to aggressive marketing strategies. Besides, the company also faces tough competition from small and local mining chemical manufacturers. To survive and succeed in a stiff competitive environment, it becomes very important for the company to distinguish its product and service offerings through a clear and unique value proposition. If the company is unable to maintain its product quality and customer loyalty, such intense competition could reduce the sales volume of the company, hampering its market position. This could ultimately result in loss of market share for the company.
Raw Material
Procurement Risks
A fluctuation in the prices of raw materials used by AECI will have an adverse effect on its profitability. The volatility in the raw material prices is likely to remain high in the fiscal 2010. The major raw materials used by the company include ammonia and other oil based raw materials. In recent years, the prices of energy and oil have shown fluctuating trends. This is because these are dependent on a number of factors such as demand for oil and gas, weather, actions by OPEC and other oil and gas producers and conflict in oil-producing countries. The upswing in the global economy is expected to contribute to an increase in the prices of raw materials and energy. According to the IMF, the oil prices are anticipated to increase 22.6 % over the year. It is often not possible for a company to pass on the full impact of increasing prices of raw materials to its customers due to competitive pressure. This, coupled with partial shortages of the raw materials, could increase the production costs and delay the production schedule of the company.
Challenge of
Environmental Regulations
The company could be affected by the environmental regulations governing the global chemical industry. REACH (Registration Evaluation and Authorization of Chemicals), in Europe, is an example of the stringent environmental regulations that impact chemical producers. REACH regulates the products manufactured and marketed in Europe. Phased over a period of 11 years, the regulation mandates all companies to develop and submit dossiers containing data sets about their chemical products and detail their potential impact and risk on environment. This could be a challenge while launching new products as the process is time-consuming and expensive. It may also result in phasing out many existing chemicals from the market, which are regarded as toxic and hazardous. REACH directly applies to over 30,000 different chemical substances that are produced or sold in Europe and its implementation is expected to cost European chemical industry about $3 billion. Other countries too are expected to model their regulations on the principles of REACH. The US has already begun implementing similar regulations with the reform of Toxic Substances Control Act. China has its own version: RoHS (Restriction of Hazardous Substances), which restricts the use of certain chemicals in the market. Such stringent environmental regulations are set to tighten in the coming years, affecting both existing and new products for the company.
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Corporate
Family |
Corporate
Structure News: |
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AECI Limited |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Sandton |
South Africa |
Chemical Manufacturing |
1,846.9 |
7,141 |
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Subsidiary |
Bryanston |
South Africa |
Chemical Manufacturing |
|
1,700 |
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Joint Venture |
Midrand |
South Africa |
Chemical Manufacturing |
|
200 |
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Subsidiary |
Chloorkop |
South Africa |
Personal and Household Products |
|
130 |
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Subsidiary |
Kempton Park |
South Africa |
Miscellaneous Fabricated Products |
|
85 |
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Subsidiary |
Bryanston |
South Africa |
Personal and Household Products |
|
40 |
|
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Subsidiary |
Halfway House, Gauteng |
South Africa |
Chemical Manufacturing |
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20 |
|
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Subsidiary |
Olifantsfontein |
South Africa |
Construction - Supplies and Fixtures |
|
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Subsidiary |
Gauteng |
South Africa |
Chemical Manufacturing |
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19 |
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Subsidiary |
Gauteng |
South Africa |
Chemical Manufacturing |
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Subsidiary |
Bryanston |
South Africa |
Chemical Manufacturing |
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Subsidiary |
Cape Town |
South Africa |
Food Processing |
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Subsidiary |
Weltevredenpark |
South Africa |
Chemical Manufacturing |
|
300 |
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Subsidiary |
Modderfontein |
South Africa |
Non-Metallic Mining |
|
200 |
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Subsidiary |
Gauteng |
Zambia |
Chemical Manufacturing |
73.6 |
151 |
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Subsidiary |
Mufulira |
Zambia |
Chemical Manufacturing |
44.2 |
150 |
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Subsidiary |
Accra |
Ghana |
Chemical Manufacturing |
|
147 |
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Subsidiary |
Harare |
Zimbabwe |
Chemical Manufacturing |
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Subsidiary |
Bamako |
Mali |
Chemical Manufacturing |
|
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|
|
Subsidiary |
Witfield |
South Africa |
Chemical Manufacturing |
|
143 |
|
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Subsidiary |
Paarl |
South Africa |
Chemical Manufacturing |
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Subsidiary |
Jacobs |
South Africa |
Chemical Manufacturing |
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120 |
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Subsidiary |
Sandton |
South Africa |
Investment Services |
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50 |
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Subsidiary |
Modderfontein |
South Africa |
Rental and Leasing |
49.2 |
40 |
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Subsidiary |
Edenvale |
South Africa |
Chemical Manufacturing |
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24 |
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Subsidiary |
Gastonia, NC |
United States |
Personal and Household Products |
1.8 |
6 |
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Subsidiary |
Germiston |
South Africa |
Engineering Consultants |
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6 |
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Subsidiary |
Gastonia, NC |
United States |
Textiles - Non Apparel |
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6 |
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Subsidiary |
Kempton Park, Gauteng |
South Africa |
Chemical Manufacturing |
1,271.3 |
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Subsidiary |
Edenvale, Gauteng |
South Africa |
Real Estate Operations |
1,271.3 |
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Subsidiary |
Modderfontein, Gauteng |
South Africa |
Chemical Manufacturing |
1,271.3 |
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Subsidiary |
Port Elizabeth, Eastern Cape |
South Africa |
Miscellaneous Financial Services |
735.2 |
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Subsidiary |
Bryanston |
South Africa |
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188 |
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Subsidiary |
Sandton |
South Africa |
Chemical Manufacturing |
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Subsidiary |
Durban, Kwazulu-Natal |
South Africa |
Chemical Manufacturing |
714.6 |
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Subsidiary |
Bellville |
South Africa |
Chemicals - Plastics and Rubber |
250.0 |
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Subsidiary |
Durban |
South Africa |
Chemical Manufacturing |
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Subsidiary |
Gaborone |
Botswana |
Chemical Manufacturing |
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Subsidiary |
Edenvale |
South Africa |
Chemicals - Plastics and Rubber |
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Subsidiary |
Edenvale |
South Africa |
Chemical Manufacturing |
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Subsidiary |
Kempton Park |
South Africa |
Chemical Manufacturing |
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Subsidiary |
Edenvale |
South Africa |
Engineering Consultants |
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Subsidiary |
Chloorkop |
South Africa |
Chemical Manufacturing |
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Subsidiary |
Mwanza |
Tanzania |
Chemical Manufacturing |
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Competitors Report
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Company Name |
Location |
Employees |
Ownership |
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Huntsman Corporation |
Salt Lake City, Utah, United States |
12,000 |
Public |
|
Orica Limited |
Melbourne, Victoria, Australia |
14,237 |
Public |
|
Sasol Limited |
Johannesburg, South Africa |
34,626 |
Public |
|
Spanjaard Limited |
Johannesburg, South Africa |
48 |
Public |
Executive report
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Board of
Directors |
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Independent Non-Executive Chairman of the Board |
Chairman |
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||||||||||||
|
|||||||||||||||
|
Director |
Chairman |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Chief Executive, Executive Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Chief Financial Officer, Finance Director, Executive Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Non-Executive Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
Chief Executive, Executive Director |
Chief Executive Officer |
|
|||||||||
|
||||||||||||
|
Managing Director |
Chief Executive Officer |
|
|
||||||||
|
Group Manager Technology |
Division Head Executive |
|
|
||||||||
|
Group Human Resources Manager |
Division Head Executive |
|
|
||||||||
|
Group Internal Audit Manager |
Division Head Executive |
|
|
||||||||
|
Managing Director of Heartland |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director of ImproChem (Pty) Ltd. |
Managing Director |
|
|
||||||||
|
Managing Director of Chemfit (Pty) Ltd. |
Managing Director |
|
|
||||||||
|
Managing Director AEL Mining |
Managing Director |
|
|
||||||||
|
Managing Director of Resitec Industria Quimica Ltd. |
Managing Director |
|
|
||||||||
|
Managing Director of AEL Mining Services Ltd. |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Manager-Technical, Safety, Health & Environment |
Environment/Safety Executive |
|
|
||||||||
|
||||||||||||
|
Retirement Funds Manager |
Administration Executive |
|
|
||||||||
|
Company Secretary |
Company Secretary |
|
|
||||||||
|
Company Secretary |
Company Secretary |
|
|
||||||||
|
||||||||||||
|
Chief Financial Officer, Finance Director, Executive Director |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Financial Manager |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Treasurer |
Treasurer |
|
|
||||||||
|
Manager-HR |
Human Resources Executive |
|
|
||||||||
|
||||||||||||
|
Human Capital Executive |
Human Resources Executive |
|
|
||||||||
|
||||||||||||
|
Corporate Communications and Investor Relations Manager |
Corporate Communications Executive |
|
|
||||||||
|
IT Manager |
Engineering/Technical Executive |
|
|
||||||||
|
Senior Mergers and Acquisitions Manager |
Business Development Executive |
|
|
||||||||
|
Chemicals Executive |
Other |
|
|
||||||||
|
||||||||||||
|
Chemicals Executive |
Other |
|
|
||||||||
|
||||||||||||
Significant Developments
AECI Limited Declares Interim Cash Dividend Jul 25, 2012
AECI Limited announced that on July 24, 2012 the Directors of AECI declared a gross interim cash dividend of ZAR0.78 per share, in respect of the six month period ended June 30, 2012, payable on September 10, 2012 to ordinary shareholders recorded in the books of the Company at the close of business on September 7, 2012. The last day to trade cum dividend will be August 31, 2012 and shares will commence trading ex dividend as from September 3, 2012.
AECI Limited Comments On H1 2012 Earnings Guidance Jun 01, 2012
AECI Limited announced that for the first half of 2012, it expects headline earnings per share (HEPS) and earnings per share (EPS) to be more than 20% lower than those for the prior corresponding period.
AECI Limited Declares Dividend Announces Dividend May 18, 2012
AECI Limited announced that the Directors of AECI declared a gross dividend at the rate of 5.5% per annum for the six months ending June 15, 2012 payable on June 15, 2012 to holders of preference shares recorded in the books of the Company at the close of business on June 8, 2012.
AECI Limited Declares Final Cash Dividend Feb 21, 2012
AECI Limited announced that on February 20, 2012 the Directors declared a final cash dividend of ZAR1.79 per share, in respect of the financial year ended December 31, 2011, payable on April 16, 2012 to ordinary shareholders recorded in the books of the Company at the close of business on April 13, 2012.
AECI Limited Declares Dividend Nov 18, 2011
AECI Limited announced that the Directors of AECI declared a dividend at the rate of 5.5% per annum for the six months ending December 15, 2011 payable on December 15, 2011 to holders of preference shares recorded in the books of the Company at the close of business on December 9, 2011. The last day to trade cum dividend will be December 2, 2011 and shares will commence trading ex dividend as from December 5, 2011.
News
|
Fitch Rates Associated Electric
Cooperative Sr Secured Obligations 'AA-'; Outlook Stable |
03-Aug-2012 |
|
Stocks edge higher in tandem with global
markets |
26-Jul-2012 |
|
Rental market takes off in Macassar,
making it a paradise for buy-to-let investors - agent |
08-Jul-2012 |
|
Deal snapshot: AECI BUYS GE'S AFRICAN
CHEMICAL, MONITORING ACTIVITIES |
28-Jun-2012 |
|
Aeci buys GE's African chemical,
monitoring activities |
27-Jun-2012 |
|
Development v ecology: it has to be a
win-win situation, all round |
21-Jun-2012 |
|
Property: Vlei incorporated in development |
09-Jun-2012 |
|
Main Book: a brand new spot :to call their
own moving in |
05-Jun-2012 |
|
Mineral beneficiation policy generates
inefficiency |
20-May-2012 |
|
Main Book: 'Prince' disappears after
Friday night revels |
13-May-2012 |
Articles
|
South Africa : AECI to buy GE s Chemical
and Monitoring Solutions business in Africa |
30-Jun-2012 |
|
AECI spends $20m on water business |
29-Jun-2012 |
|
Town fan comes in from the cold |
14-Mar-2012 |
|
SOUTH AFRICA : AECI to implement R1,2bn
BEE transaction |
30-Jan-2012 |
|
AECI investor defends longer lock-in for
staff than executives |
29-Nov-2011 |
|
AECI cancels vote after opposition |
25-Nov-2011 |
|
UNITED STATES : GE forms partnership with
AECI to distribute water treatment |
28-Oct-2011 |
|
UNITED STATES : GE and AECI Create Alliance
to Distribute Water Treatment Products in Africa |
25-Oct-2011 |
|
SOUTH AFRICA : AECI seeks stakeholder
support for BBBEE agreement |
15-Oct-2011 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
ZAR |
ZAR |
ZAR |
ZAR |
ZAR |
|
Exchange Rate
(Period Average) |
7.253598 |
7.318934 |
8.423959 |
8.257026 |
7.050384 |
|
Auditor |
KPMG Inc |
KPMG Inc |
KPMG Inc |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,846.9 |
1,580.7 |
1,271.3 |
1,559.4 |
1,235.4 |
|
Sale |
1,846.9 |
1,580.7 |
1,271.3 |
1,559.4 |
1,235.4 |
|
Total Sale |
1,846.9 |
1,580.7 |
1,271.3 |
1,559.4 |
1,235.4 |
|
|
|
|
|
|
|
|
Cost of Sale |
1,230.8 |
1,076.8 |
- |
- |
- |
|
Cost of Sale, Total |
1,230.8 |
1,076.8 |
- |
- |
- |
|
Gross Profit |
616.1 |
503.9 |
1,271.3 |
1,559.4 |
1,235.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
434.7 |
358.8 |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
434.7 |
358.8 |
- |
- |
- |
|
Interest Expense -
Operating |
- |
- |
- |
28.2 |
22.6 |
|
Interest Expense - Net Operating |
- |
- |
- |
28.2 |
22.6 |
|
Interest Income -
Operating |
- |
- |
- |
-3.4 |
-4.0 |
|
Investment Income -
Operating |
- |
- |
- |
0.4 |
-2.4 |
|
Interest/Investment Income - Operating |
- |
- |
- |
-3.0 |
-6.4 |
|
Interest Expense (Income) - Net Operating Total |
- |
- |
- |
25.2 |
16.2 |
|
Impairment-Assets Held for Use |
0.0 |
4.4 |
3.2 |
5.6 |
7.9 |
|
Impairment-Assets Held for Sale |
- |
- |
- |
- |
0.1 |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
- |
- |
-0.6 |
|
Other Unusual Expense (Income) |
0.0 |
-0.5 |
0.0 |
- |
- |
|
Unusual Expense (Income) |
0.0 |
3.8 |
3.2 |
5.6 |
7.5 |
|
Other Operating Expense |
- |
- |
1,180.2 |
1,434.1 |
1,129.4 |
|
Other, Net |
- |
- |
- |
8.5 |
-9.4 |
|
Other Operating Expenses, Total |
- |
- |
1,180.2 |
1,442.5 |
1,120.1 |
|
Total Operating Expense |
1,665.5 |
1,439.4 |
1,183.4 |
1,473.3 |
1,143.8 |
|
|
|
|
|
|
|
|
Operating Income |
181.4 |
141.3 |
87.8 |
86.1 |
91.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-34.9 |
-36.6 |
-41.4 |
- |
- |
|
Interest Capitalized -
Non-Operating |
2.3 |
12.7 |
12.5 |
- |
- |
|
Interest Expense, Net Non-Operating |
-32.5 |
-23.9 |
-29.0 |
- |
- |
|
Interest Income -
Non-Operating |
3.7 |
2.9 |
2.5 |
- |
- |
|
Investment Income - Non-Operating |
0.4 |
0.5 |
1.3 |
- |
- |
|
Interest/Investment Income - Non-Operating |
4.1 |
3.4 |
3.8 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-28.4 |
-20.5 |
-25.2 |
- |
- |
|
Other Non-Operating Income (Expense) |
4.7 |
-1.5 |
4.0 |
- |
- |
|
Other, Net |
4.7 |
-1.5 |
4.0 |
- |
- |
|
Income Before Tax |
157.7 |
119.3 |
66.7 |
86.1 |
91.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
42.2 |
31.8 |
20.9 |
28.8 |
34.9 |
|
Income After Tax |
115.5 |
87.4 |
45.8 |
57.3 |
56.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-8.1 |
-5.2 |
-2.0 |
1.0 |
-1.4 |
|
Net Income Before Extraord Items |
107.4 |
82.3 |
43.8 |
58.3 |
55.3 |
|
Discontinued Operations |
- |
0.0 |
6.3 |
-11.4 |
9.5 |
|
Total Extraord Items |
- |
0.0 |
6.3 |
-11.4 |
9.5 |
|
Net Income |
107.4 |
82.3 |
50.1 |
46.9 |
64.8 |
|
|
|
|
|
|
|
|
Preferred Dividends |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.3 |
|
Total Adjustments to Net Income |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.3 |
|
Income Available to Common Excl Extraord Items |
107.1 |
82.0 |
43.6 |
58.0 |
55.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
107.1 |
82.0 |
49.9 |
46.6 |
64.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
107.3 |
107.3 |
107.0 |
107.6 |
110.4 |
|
Basic EPS Excl Extraord Items |
1.00 |
0.76 |
0.41 |
0.54 |
0.50 |
|
Basic/Primary EPS Incl Extraord Items |
1.00 |
0.76 |
0.47 |
0.43 |
0.58 |
|
Dilution Adjustment |
- |
- |
0.1 |
0.2 |
- |
|
Diluted Net Income |
107.1 |
82.0 |
50.0 |
46.9 |
64.5 |
|
Diluted Weighted Average Shares |
107.4 |
107.6 |
107.4 |
108.1 |
111.4 |
|
Diluted EPS Excl Extraord Items |
1.00 |
0.76 |
0.41 |
0.54 |
0.49 |
|
Diluted EPS Incl Extraord Items |
1.00 |
0.76 |
0.47 |
0.43 |
0.58 |
|
Dividends per Share - Common Stock Primary Issue |
0.35 |
0.28 |
0.11 |
0.28 |
0.30 |
|
Gross Dividends - Common Stock |
39.7 |
30.1 |
9.6 |
29.9 |
33.5 |
|
Interest Expense, Supplemental |
32.5 |
23.9 |
28.8 |
28.2 |
22.6 |
|
Interest Capitalized, Supplemental |
-2.3 |
-12.7 |
-12.5 |
- |
- |
|
Depreciation, Supplemental |
54.3 |
45.4 |
31.7 |
26.2 |
33.0 |
|
Total Special Items |
-1.1 |
5.9 |
-8.3 |
5.3 |
7.5 |
|
Normalized Income Before Tax |
156.6 |
125.2 |
58.4 |
91.4 |
99.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.4 |
-0.3 |
-1.2 |
-0.1 |
-2.4 |
|
Inc Tax Ex Impact of Sp Items |
41.8 |
31.6 |
19.7 |
28.7 |
32.5 |
|
Normalized Income After Tax |
114.8 |
93.6 |
38.7 |
62.7 |
66.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
106.4 |
88.1 |
36.4 |
63.5 |
65.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.99 |
0.82 |
0.34 |
0.59 |
0.59 |
|
Diluted Normalized EPS |
0.99 |
0.82 |
0.34 |
0.59 |
0.58 |
|
Amort of Intangibles, Supplemental |
0.1 |
0.0 |
- |
- |
- |
|
Rental Expenses |
12.4 |
15.6 |
11.5 |
7.4 |
10.9 |
|
Supplemental EPS |
1.0 |
0.8 |
0.4 |
0.5 |
0.6 |
|
Research & Development Exp, Supplemental |
5.8 |
3.6 |
1.4 |
1.6 |
- |
|
Normalized EBIT |
180.3 |
147.2 |
79.5 |
116.6 |
115.3 |
|
Normalized EBITDA |
234.8 |
192.5 |
111.2 |
142.8 |
148.4 |
|
Current Tax - Domestic |
42.9 |
25.0 |
16.9 |
48.2 |
35.0 |
|
Current Tax - Foreign |
1.5 |
0.1 |
0.2 |
0.1 |
0.0 |
|
Current Tax - Other |
3.9 |
1.9 |
2.0 |
2.9 |
4.1 |
|
Current Tax - Total |
48.3 |
27.1 |
19.1 |
51.2 |
39.1 |
|
Deferred Tax - Domestic |
1.2 |
6.7 |
5.1 |
-23.3 |
-8.7 |
|
Deferred Tax - Other |
-7.3 |
-1.9 |
-1.9 |
-0.6 |
0.3 |
|
Deferred Tax - Total |
-6.1 |
4.8 |
3.2 |
-23.9 |
-8.4 |
|
Local Tax - Other |
- |
0.0 |
-1.4 |
1.5 |
4.1 |
|
Income Tax - Total |
42.2 |
31.8 |
20.9 |
28.8 |
34.9 |
|
Interest Cost - Domestic |
86.2 |
85.1 |
57.9 |
66.5 |
70.4 |
|
Service Cost - Domestic |
12.1 |
9.8 |
7.7 |
8.5 |
9.8 |
|
Expected Return on Assets - Domestic |
-135.0 |
-136.5 |
-90.3 |
-114.6 |
-115.2 |
|
Actuarial Gains and Losses - Domestic |
41.2 |
51.5 |
26.9 |
50.5 |
42.1 |
|
Other Pension, Net - Domestic |
- |
- |
- |
- |
-4.3 |
|
Domestic Pension Plan Expense |
4.5 |
10.0 |
2.3 |
10.9 |
2.8 |
|
Total Pension Expense |
4.5 |
10.0 |
2.3 |
10.9 |
2.8 |
|
Discount Rate - Domestic |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Discount Rate - Post-Retirement |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Expected Rate of Return - Domestic |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Compensation Rate - Domestic |
7.40% |
6.70% |
7.20% |
5.00% |
6.60% |
|
Pension Payment Rate - Domestic |
5.30% |
4.70% |
5.10% |
3.15% |
4.61% |
|
Total Plan Interest Cost |
86.2 |
85.1 |
57.9 |
66.5 |
70.4 |
|
Total Plan Service Cost |
12.1 |
9.8 |
7.7 |
8.5 |
9.8 |
|
Total Plan Expected Return |
-135.0 |
-136.5 |
-90.3 |
-114.6 |
-115.2 |
|
Total Plan Other Expense |
- |
- |
- |
- |
-4.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
ZAR |
ZAR |
ZAR |
ZAR |
ZAR |
|
Exchange Rate |
8.0734 |
6.61575 |
7.36375 |
9.245 |
6.83435 |
|
Auditor |
KPMG Inc |
KPMG Inc |
KPMG Inc |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
131.4 |
110.6 |
90.7 |
48.0 |
62.6 |
|
Cash and Short Term Investments |
131.4 |
110.6 |
90.7 |
48.0 |
62.6 |
|
Accounts Receivable -
Trade, Gross |
285.3 |
268.0 |
245.5 |
317.0 |
260.4 |
|
Provision for Doubtful
Accounts |
-6.3 |
-13.5 |
-15.5 |
-8.2 |
-6.1 |
|
Trade Accounts Receivable - Net |
278.9 |
254.5 |
230.0 |
308.8 |
254.3 |
|
Other Receivables |
43.4 |
39.6 |
49.0 |
30.1 |
34.2 |
|
Total Receivables, Net |
322.3 |
294.1 |
279.1 |
338.9 |
288.5 |
|
Inventories - Finished Goods |
179.1 |
137.2 |
112.0 |
127.0 |
143.5 |
|
Inventories - Work In Progress |
1.7 |
16.6 |
13.7 |
39.4 |
- |
|
Inventories - Raw Materials |
108.5 |
96.3 |
91.8 |
124.1 |
81.1 |
|
Inventories - Other |
30.7 |
35.8 |
30.6 |
11.9 |
6.6 |
|
Total Inventory |
320.1 |
286.0 |
248.1 |
302.3 |
231.2 |
|
Prepaid Expenses |
21.1 |
11.6 |
14.1 |
5.9 |
7.6 |
|
Discontinued Operations - Current Asset |
2.0 |
0.0 |
1.9 |
1.5 |
97.6 |
|
Other Current Assets, Total |
2.0 |
0.0 |
1.9 |
1.5 |
97.6 |
|
Total Current Assets |
796.8 |
702.4 |
633.9 |
696.7 |
687.6 |
|
|
|
|
|
|
|
|
Machinery/Equipment |
640.6 |
604.6 |
490.2 |
388.5 |
296.0 |
|
Construction in
Progress |
27.6 |
165.7 |
147.1 |
115.0 |
67.6 |
|
Other
Property/Plant/Equipment |
165.9 |
164.6 |
137.8 |
106.4 |
58.1 |
|
Property/Plant/Equipment - Gross |
834.1 |
934.9 |
775.1 |
610.0 |
421.7 |
|
Accumulated Depreciation |
-319.2 |
-329.7 |
-274.0 |
-301.4 |
-192.4 |
|
Property/Plant/Equipment - Net |
514.9 |
605.2 |
501.1 |
308.6 |
289.4 |
|
Goodwill - Gross |
- |
- |
157.4 |
118.0 |
- |
|
Accumulated Goodwill Amortization |
- |
- |
-13.0 |
-8.4 |
- |
|
Goodwill, Net |
133.5 |
156.4 |
144.4 |
109.6 |
144.3 |
|
Intangibles - Gross |
9.9 |
- |
- |
- |
- |
|
Accumulated Intangible Amortization |
-0.4 |
- |
- |
- |
- |
|
Intangibles, Net |
9.5 |
- |
- |
- |
- |
|
LT Investments - Other |
2.7 |
3.0 |
1.8 |
10.6 |
18.1 |
|
Long Term Investments |
2.7 |
3.0 |
1.8 |
10.6 |
18.1 |
|
Note Receivable - Long Term |
3.0 |
3.3 |
1.9 |
0.0 |
- |
|
Pension Benefits - Overfunded |
32.1 |
34.8 |
32.0 |
23.0 |
33.1 |
|
Deferred Income Tax - Long Term Asset |
50.4 |
53.8 |
46.7 |
36.0 |
35.6 |
|
Other Long Term Assets, Total |
82.5 |
88.6 |
78.8 |
59.1 |
68.6 |
|
Total Assets |
1,543.0 |
1,559.0 |
1,361.8 |
1,184.5 |
1,208.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
238.2 |
190.8 |
198.3 |
215.7 |
179.7 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
176.0 |
206.8 |
146.7 |
114.4 |
135.6 |
|
Income Taxes Payable |
16.5 |
15.4 |
16.0 |
34.0 |
25.6 |
|
Other Payables |
117.3 |
127.7 |
98.0 |
113.6 |
101.4 |
|
Other Current Liabilities |
14.5 |
10.4 |
3.5 |
19.6 |
51.2 |
|
Other Current liabilities, Total |
148.3 |
153.6 |
117.6 |
167.1 |
178.2 |
|
Total Current Liabilities |
562.5 |
551.1 |
462.5 |
497.2 |
493.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
186.7 |
171.3 |
235.1 |
188.8 |
73.5 |
|
Total Long Term Debt |
186.7 |
171.3 |
235.1 |
188.8 |
73.5 |
|
Total Debt |
362.7 |
378.0 |
381.7 |
303.2 |
209.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
22.2 |
18.3 |
11.5 |
6.6 |
11.4 |
|
Deferred Income Tax |
22.2 |
18.3 |
11.5 |
6.6 |
11.4 |
|
Minority Interest |
26.0 |
22.4 |
15.6 |
12.0 |
19.8 |
|
Reserves |
125.8 |
143.0 |
101.6 |
62.6 |
54.9 |
|
Other Liabilities, Total |
125.8 |
143.0 |
101.6 |
62.6 |
54.9 |
|
Total Liabilities |
923.2 |
906.0 |
826.3 |
767.2 |
653.0 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
0.7 |
0.9 |
0.8 |
0.6 |
0.9 |
|
Preferred Stock - Non Redeemable, Net |
0.7 |
0.9 |
0.8 |
0.6 |
0.9 |
|
Common Stock |
13.3 |
16.2 |
14.5 |
11.6 |
16.1 |
|
Common Stock |
13.3 |
16.2 |
14.5 |
11.6 |
16.1 |
|
Additional Paid-In Capital |
13.4 |
16.3 |
14.7 |
11.7 |
89.8 |
|
Retained Earnings (Accumulated Deficit) |
550.6 |
596.0 |
472.9 |
349.3 |
448.3 |
|
Unrealized Gain (Loss) |
29.4 |
35.8 |
32.2 |
26.0 |
- |
|
Translation Adjustment |
12.5 |
-12.2 |
0.4 |
18.2 |
- |
|
Other Equity, Total |
12.5 |
-12.2 |
0.4 |
18.2 |
- |
|
Total Equity |
619.8 |
653.0 |
535.5 |
417.3 |
555.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,543.0 |
1,559.0 |
1,361.8 |
1,184.5 |
1,208.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
107.3 |
107.3 |
107.3 |
107.0 |
110.4 |
|
Total Common Shares Outstanding |
107.3 |
107.3 |
107.3 |
107.0 |
110.4 |
|
Treasury Shares - Common Stock Primary Issue |
11.9 |
11.9 |
11.9 |
11.9 |
10.3 |
|
Shares Outstanding - Preferred Stock Primary
Issue |
3.0 |
3.0 |
3.0 |
3.0 |
3.0 |
|
Total Preferred Stock Outstanding |
3.0 |
3.0 |
3.0 |
3.0 |
3.0 |
|
Employees |
7,141 |
6,821 |
6,459 |
6,474 |
7,123 |
|
Number of Common Shareholders |
4,169 |
3,879 |
4,085 |
4,451 |
4,623 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
13.0 |
8.4 |
- |
|
Accumulated Intangible Amort, Suppl. |
0.4 |
- |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
362.7 |
378.0 |
381.7 |
303.2 |
236.9 |
|
Long Term Debt Maturing within 1 Year |
176.0 |
206.9 |
146.7 |
114.3 |
143.5 |
|
Long Term Debt Maturing in Year 2 |
62.8 |
95.2 |
85.0 |
10.8 |
37.9 |
|
Long Term Debt Maturing in Year 3 |
41.3 |
25.3 |
50.0 |
59.3 |
9.1 |
|
Long Term Debt Maturing in Year 4 |
41.3 |
25.3 |
50.0 |
59.3 |
9.1 |
|
Long Term Debt Maturing in Year 5 |
41.3 |
25.3 |
50.0 |
59.3 |
9.1 |
|
Long Term Debt Maturing in 2-3 Years |
104.1 |
120.5 |
135.0 |
70.2 |
47.0 |
|
Long Term Debt Maturing in 4-5 Years |
82.6 |
50.6 |
100.0 |
118.7 |
18.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
28.2 |
|
Total Operating Leases, Supplemental |
21.4 |
29.6 |
25.1 |
34.3 |
37.0 |
|
Operating Lease Payments Due in Year 1 |
5.3 |
14.5 |
11.4 |
15.6 |
11.3 |
|
Operating Lease Payments Due in Year 2 |
3.5 |
3.3 |
3.1 |
4.6 |
5.1 |
|
Operating Lease Payments Due in Year 3 |
3.5 |
3.3 |
3.1 |
4.6 |
5.1 |
|
Operating Lease Payments Due in Year 4 |
3.5 |
3.3 |
3.1 |
4.6 |
5.1 |
|
Operating Lease Payments Due in Year 5 |
3.5 |
3.3 |
3.1 |
4.6 |
5.1 |
|
Operating Lease Pymts. Due in 2-3 Years |
6.9 |
6.7 |
6.2 |
9.2 |
10.2 |
|
Operating Lease Pymts. Due in 4-5 Years |
6.9 |
6.7 |
6.2 |
9.2 |
10.2 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
2.2 |
1.8 |
1.4 |
0.2 |
5.4 |
|
Pension Obligation - Domestic |
952.9 |
1,079.7 |
918.8 |
691.2 |
918.0 |
|
Post-Retirement Obligation |
146.7 |
171.3 |
135.0 |
99.4 |
116.6 |
|
Plan Assets - Domestic |
1,455.5 |
1,682.7 |
1,434.7 |
1,068.7 |
1,574.1 |
|
Plan Assets - Post-Retirement |
51.7 |
62.3 |
56.6 |
- |
- |
|
Funded Status - Domestic |
502.6 |
603.0 |
515.9 |
377.5 |
656.1 |
|
Funded Status - Post-Retirement |
-95.0 |
-109.0 |
-78.4 |
-99.4 |
-116.6 |
|
Total Funded Status |
407.6 |
494.0 |
437.5 |
278.1 |
539.5 |
|
Discount Rate - Domestic |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Discount Rate - Post-Retirement |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Expected Rate of Return - Domestic |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Compensation Rate - Domestic |
7.40% |
6.70% |
7.20% |
5.00% |
6.60% |
|
Pension Payment Rate - Domestic |
5.30% |
4.70% |
5.10% |
3.15% |
4.61% |
|
Total Plan Obligations |
1,099.5 |
1,251.0 |
1,053.8 |
790.6 |
1,034.6 |
|
Total Plan Assets |
1,507.2 |
1,744.9 |
1,491.4 |
1,068.7 |
1,574.1 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
ZAR |
ZAR |
ZAR |
ZAR |
ZAR |
|
Exchange Rate
(Period Average) |
7.253598 |
7.318934 |
8.423959 |
8.257026 |
7.050384 |
|
Auditor |
KPMG Inc |
KPMG Inc |
KPMG Inc |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
181.4 |
145.1 |
91.0 |
125.3 |
106.0 |
|
Depreciation |
54.5 |
45.4 |
31.7 |
26.2 |
33.0 |
|
Depreciation/Depletion |
54.5 |
45.4 |
31.7 |
26.2 |
33.0 |
|
Discontinued Operations |
- |
0.0 |
7.8 |
18.8 |
8.5 |
|
Unusual Items |
-0.8 |
-5.5 |
-26.9 |
-22.8 |
-2.3 |
|
Other Non-Cash Items |
24.5 |
36.5 |
18.9 |
28.1 |
16.2 |
|
Non-Cash Items |
23.7 |
31.0 |
-0.2 |
24.1 |
22.4 |
|
Accounts Receivable |
-103.7 |
19.0 |
122.2 |
-141.0 |
30.9 |
|
Inventories |
-95.4 |
-8.9 |
114.9 |
-147.1 |
17.0 |
|
Other Assets |
- |
- |
0.0 |
38.0 |
-44.5 |
|
Accounts Payable |
108.4 |
-4.9 |
-91.8 |
140.7 |
-49.9 |
|
Other Assets & Liabilities, Net |
8.3 |
-5.2 |
-8.5 |
2.1 |
0.3 |
|
Other Operating Cash Flow |
-118.6 |
-87.0 |
-106.7 |
-93.5 |
-132.8 |
|
Changes in Working Capital |
-201.0 |
-87.0 |
30.0 |
-200.8 |
-179.0 |
|
Cash from Operating Activities |
58.6 |
134.4 |
152.5 |
-25.2 |
-17.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-64.4 |
-86.5 |
-136.5 |
-121.7 |
-96.4 |
|
Purchase/Acquisition of Intangibles |
-1.1 |
0.0 |
- |
- |
- |
|
Capital Expenditures |
-65.5 |
-86.5 |
-136.5 |
-121.7 |
-96.4 |
|
Acquisition of Business |
-17.1 |
-0.1 |
-10.2 |
-9.4 |
-8.2 |
|
Sale of Business |
0.0 |
0.4 |
0.0 |
1.2 |
1.4 |
|
Sale of Fixed Assets |
4.5 |
3.3 |
19.8 |
9.9 |
5.0 |
|
Sale/Maturity of Investment |
0.0 |
4.4 |
11.2 |
1.7 |
1.0 |
|
Purchase of Investments |
0.0 |
-0.8 |
-0.7 |
-3.0 |
-0.1 |
|
Other Investing Cash Flow |
-6.8 |
0.0 |
- |
0.0 |
107.9 |
|
Other Investing Cash Flow Items, Total |
-19.3 |
7.1 |
20.1 |
0.4 |
106.9 |
|
Cash from Investing Activities |
-84.8 |
-79.4 |
-116.5 |
-121.4 |
10.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.4 |
1.5 |
-1.7 |
- |
- |
|
Financing Cash Flow Items |
-0.4 |
1.5 |
-1.7 |
- |
- |
|
Repurchase/Retirement
of Common |
- |
- |
0.0 |
-28.8 |
0.0 |
|
Common Stock, Net |
- |
- |
0.0 |
-28.8 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
0.0 |
-28.8 |
0.0 |
|
Short Term Debt Issued |
36.0 |
27.5 |
36.3 |
- |
- |
|
Short Term Debt
Reduction |
-28.7 |
-44.7 |
-44.8 |
- |
- |
|
Short Term Debt, Net |
7.3 |
-17.2 |
-8.4 |
7.4 |
47.8 |
|
Long Term Debt Issued |
137.9 |
5.3 |
22.3 |
196.2 |
6.7 |
|
Long Term Debt
Reduction |
-86.3 |
-30.5 |
-12.9 |
-37.2 |
-39.1 |
|
Long Term Debt, Net |
51.6 |
-25.1 |
9.4 |
159.0 |
-32.5 |
|
Issuance (Retirement) of Debt, Net |
58.9 |
-42.4 |
0.9 |
166.4 |
15.3 |
|
Cash from Financing Activities |
58.5 |
-40.9 |
-0.7 |
137.6 |
15.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
13.1 |
-5.5 |
-8.8 |
10.9 |
-0.7 |
|
Net Change in Cash |
45.4 |
8.7 |
26.6 |
1.9 |
7.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
100.9 |
91.3 |
52.7 |
51.8 |
53.2 |
|
Net Cash - Ending Balance |
146.3 |
100.0 |
79.3 |
53.8 |
60.7 |
|
Cash Interest Paid |
34.9 |
36.6 |
41.4 |
33.4 |
24.5 |
|
Cash Taxes Paid |
44.0 |
28.6 |
39.5 |
28.1 |
27.8 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
ZAR |
ZAR |
ZAR |
ZAR |
ZAR |
|
Exchange Rate
(Period Average) |
7.253598 |
7.318934 |
8.423959 |
8.257026 |
7.050384 |
|
Auditor |
KPMG Inc |
KPMG Inc |
KPMG Inc |
KPMG Inc |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sale |
1,846.9 |
1,580.7 |
1,271.3 |
1,559.4 |
1,235.4 |
|
Total Sale |
1,846.9 |
1,580.7 |
1,271.3 |
1,559.4 |
1,235.4 |
|
|
|
|
|
|
|
|
Cost of sales |
1,230.8 |
1,076.8 |
- |
- |
- |
|
Selling and distribution expenses |
155.2 |
117.1 |
- |
- |
- |
|
Administrative expenses |
279.4 |
241.7 |
- |
- |
- |
|
Operating Expenses |
- |
- |
1,180.2 |
1,434.1 |
1,129.4 |
|
Pension Fund |
- |
- |
- |
1.6 |
-4.3 |
|
Plan Assets for Post Employment |
- |
- |
- |
6.9 |
-5.1 |
|
Fair Value of Deivatives |
- |
- |
- |
1.9 |
-0.7 |
|
Interest Paid |
- |
- |
- |
28.2 |
22.6 |
|
Interest Received |
- |
- |
- |
-3.4 |
-4.0 |
|
Investment income |
- |
- |
- |
-1.5 |
-1.6 |
|
Share of Profit of Associate |
- |
- |
- |
-0.1 |
-0.1 |
|
Impairment of Goodwill |
0.0 |
3.8 |
2.1 |
5.1 |
2.8 |
|
Impairment of property, plant and equipm |
0.0 |
0.5 |
1.9 |
0.5 |
5.1 |
|
Gain on Acquisition on Subsidiary |
0.0 |
-0.5 |
0.0 |
- |
- |
|
Reversal of impairment of property, plan |
0.0 |
0.0 |
-0.8 |
0.0 |
- |
|
Impairment of Investments |
- |
- |
- |
- |
0.1 |
|
Disposal of Fixed Assets |
- |
- |
- |
- |
-0.6 |
|
Total Operating Expense |
1,665.5 |
1,439.4 |
1,183.4 |
1,473.3 |
1,143.8 |
|
|
|
|
|
|
|
|
Net income from Pension Fund |
4.0 |
-0.8 |
2.7 |
- |
- |
|
Net income from Post Retirement |
0.7 |
-0.7 |
1.3 |
- |
- |
|
Fair value adjustments; interest |
0.3 |
0.3 |
0.5 |
- |
- |
|
Non-current borrowings |
-14.3 |
-24.5 |
-24.7 |
- |
- |
|
Current borrowings |
-20.5 |
-12.2 |
-16.7 |
- |
- |
|
Interest capitalised |
2.3 |
12.7 |
12.5 |
- |
- |
|
Interest Received |
3.7 |
2.9 |
2.5 |
- |
- |
|
Investment income |
0.0 |
0.0 |
1.1 |
- |
- |
|
Share of profit of associate companies |
0.1 |
0.3 |
-0.2 |
- |
- |
|
Net Income Before Taxes |
157.7 |
119.3 |
66.7 |
86.1 |
91.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
42.2 |
31.8 |
20.9 |
28.8 |
34.9 |
|
Net Income After Taxes |
115.5 |
87.4 |
45.8 |
57.3 |
56.7 |
|
|
|
|
|
|
|
|
Non-controlling interest |
-8.1 |
-5.2 |
-2.0 |
1.0 |
-1.4 |
|
Net Income Before Extra. Items |
107.4 |
82.3 |
43.8 |
58.3 |
55.3 |
|
Loss/Profit from Discontinued Operation |
- |
0.0 |
6.3 |
-11.4 |
9.5 |
|
Net Income |
107.4 |
82.3 |
50.1 |
46.9 |
64.8 |
|
|
|
|
|
|
|
|
Preference Dividends |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.3 |
|
Income Available to Com Excl ExtraOrd |
107.1 |
82.0 |
43.6 |
58.0 |
55.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
107.1 |
82.0 |
49.9 |
46.6 |
64.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
107.3 |
107.3 |
107.0 |
107.6 |
110.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.00 |
0.76 |
0.41 |
0.54 |
0.50 |
|
Basic EPS Including ExtraOrdinary Item |
1.00 |
0.76 |
0.47 |
0.43 |
0.58 |
|
Dilution Adjustment |
- |
- |
0.1 |
0.2 |
- |
|
Diluted Net Income |
107.1 |
82.0 |
50.0 |
46.9 |
64.5 |
|
Diluted Weighted Average Shares |
107.4 |
107.6 |
107.4 |
108.1 |
111.4 |
|
Diluted EPS Excluding ExtraOrd Items |
1.00 |
0.76 |
0.41 |
0.54 |
0.49 |
|
Diluted EPS Including ExtraOrd Items |
1.00 |
0.76 |
0.47 |
0.43 |
0.58 |
|
DPS-Ordinary Shares |
0.35 |
0.28 |
0.11 |
0.28 |
0.30 |
|
Gross Dividends - Common Stock |
39.7 |
30.1 |
9.6 |
29.9 |
33.5 |
|
Normalized Income Before Taxes |
156.6 |
125.2 |
58.4 |
91.4 |
99.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.4 |
-0.3 |
-1.2 |
-0.1 |
-2.4 |
|
Inc Tax Ex Impact of Sp Items |
41.8 |
31.6 |
19.7 |
28.7 |
32.5 |
|
Normalized Income After Taxes |
114.8 |
93.6 |
38.7 |
62.7 |
66.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
106.4 |
88.1 |
36.4 |
63.5 |
65.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.99 |
0.82 |
0.34 |
0.59 |
0.59 |
|
Diluted Normalized EPS |
0.99 |
0.82 |
0.34 |
0.59 |
0.58 |
|
Research |
5.8 |
3.6 |
1.4 |
1.6 |
- |
|
Rental Expense |
12.4 |
15.6 |
11.5 |
7.4 |
10.9 |
|
Interest Expense |
32.5 |
23.9 |
28.8 |
28.2 |
22.6 |
|
Interest Capitalized, Supplemental |
-2.3 |
-12.7 |
-12.5 |
- |
- |
|
Depreciation |
54.3 |
45.4 |
31.7 |
26.2 |
33.0 |
|
Amort of Intangibles, Supplemental |
0.1 |
0.0 |
- |
- |
- |
|
South African and foreign normal tax |
42.9 |
25.0 |
16.9 |
48.2 |
35.0 |
|
Foreign withholding taxes |
1.5 |
0.1 |
0.2 |
0.1 |
0.0 |
|
Secondary Tax |
3.2 |
1.9 |
2.0 |
2.9 |
4.1 |
|
Prior Adjustment Tax |
0.7 |
0.0 |
- |
- |
- |
|
Current Tax - Total |
48.3 |
27.1 |
19.1 |
51.2 |
39.1 |
|
Deferred Tax |
1.2 |
6.7 |
5.1 |
-23.3 |
-8.7 |
|
Prior Adjustment Tax |
-7.3 |
-1.9 |
-1.9 |
-0.6 |
0.3 |
|
Deferred Tax - Total |
-6.1 |
4.8 |
3.2 |
-23.9 |
-8.4 |
|
Discontinued Operations Tax |
- |
0.0 |
-1.4 |
1.5 |
4.1 |
|
Income Tax - Total |
42.2 |
31.8 |
20.9 |
28.8 |
34.9 |
|
Headline EPS |
1.0 |
0.8 |
0.4 |
0.5 |
0.6 |
|
Current Service Cost - Pension |
12.1 |
9.8 |
7.7 |
8.5 |
9.8 |
|
Interest Cost - Pension |
86.2 |
85.1 |
57.9 |
66.5 |
70.4 |
|
Expected Return on Assets - Pension |
-135.0 |
-136.5 |
-90.3 |
-114.6 |
-115.2 |
|
Employer Surplus Account - Pension |
- |
- |
- |
- |
-4.3 |
|
Recognized Actuarial Gain/Loss - Pension |
41.2 |
51.5 |
26.9 |
50.5 |
42.1 |
|
Domestic Pension Plan Expense |
4.5 |
10.0 |
2.3 |
10.9 |
2.8 |
|
Total Pension Expense |
4.5 |
10.0 |
2.3 |
10.9 |
2.8 |
|
Discount Rate - Pension |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Expected Rate of Return - Pension |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Compensation Rate - Pension |
7.40% |
6.70% |
7.20% |
5.00% |
6.60% |
|
Pension Payment Rate |
5.30% |
4.70% |
5.10% |
3.15% |
4.61% |
|
Discount Rate - Post-Retirement |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
ZAR |
ZAR |
ZAR |
ZAR |
ZAR |
|
Exchange Rate |
8.0734 |
6.61575 |
7.36375 |
9.245 |
6.83435 |
|
Auditor |
KPMG Inc |
KPMG Inc |
KPMG Inc |
KPMG Inc |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
131.4 |
110.6 |
90.7 |
48.0 |
62.6 |
|
Assets classifed as held for sale |
2.0 |
0.0 |
1.9 |
1.5 |
97.6 |
|
Raw and packing materials |
87.9 |
87.4 |
86.1 |
120.4 |
79.6 |
|
In progress |
1.7 |
16.6 |
13.7 |
39.4 |
- |
|
Finished goods and merchandise |
179.1 |
137.2 |
112.0 |
127.0 |
141.8 |
|
Spares & Stores |
20.6 |
8.9 |
5.7 |
3.7 |
1.5 |
|
Property Developments |
30.7 |
35.8 |
30.6 |
11.9 |
6.6 |
|
Merchandise |
- |
- |
- |
- |
1.8 |
|
Trade Receivables Gross |
285.3 |
268.0 |
245.5 |
317.0 |
260.4 |
|
Imapirment of Trade Receivables |
-6.3 |
-13.5 |
-15.5 |
-8.2 |
-6.1 |
|
Prepayments |
21.1 |
11.6 |
14.1 |
5.9 |
7.6 |
|
Other |
42.7 |
38.4 |
48.3 |
30.1 |
34.2 |
|
Loan Receivables |
0.6 |
1.2 |
0.7 |
0.0 |
- |
|
Total Current Assets |
796.8 |
702.4 |
633.9 |
696.7 |
687.6 |
|
|
|
|
|
|
|
|
Investment Property |
62.3 |
76.2 |
66.1 |
51.6 |
- |
|
Depreciation on Investment Property |
-8.3 |
-9.7 |
-7.7 |
-5.9 |
- |
|
Investment Property, Net |
- |
- |
- |
- |
60.1 |
|
Goodwil |
133.5 |
156.4 |
- |
- |
144.3 |
|
Pension Fund |
32.1 |
34.8 |
32.0 |
23.0 |
33.1 |
|
Other Investment |
2.7 |
3.0 |
1.8 |
10.6 |
18.1 |
|
Loans receivable |
3.0 |
3.3 |
1.9 |
0.0 |
- |
|
Deferred Tax |
50.4 |
53.8 |
46.7 |
36.0 |
35.6 |
|
Property |
103.5 |
88.4 |
71.7 |
54.8 |
58.1 |
|
Plant/Equipment |
556.3 |
518.3 |
420.0 |
339.3 |
246.1 |
|
Furniture & Fittings |
13.4 |
13.9 |
12.1 |
9.2 |
10.5 |
|
Computer Equipment |
29.9 |
31.9 |
26.6 |
19.8 |
19.3 |
|
Motor Vehicles |
41.1 |
40.5 |
31.5 |
20.2 |
20.0 |
|
Under Construction |
27.6 |
165.7 |
147.1 |
115.0 |
67.6 |
|
Depreciation |
-310.9 |
-320.0 |
-266.3 |
-295.4 |
-192.4 |
|
Intangibles |
9.9 |
- |
- |
- |
- |
|
Amoritzation |
-0.4 |
- |
- |
- |
- |
|
Goodwill, Gross |
- |
- |
157.4 |
118.0 |
- |
|
Amortisation/Impairment of Goodwill |
- |
- |
-13.0 |
-8.4 |
- |
|
Total Assets |
1,543.0 |
1,559.0 |
1,361.8 |
1,184.5 |
1,208.0 |
|
|
|
|
|
|
|
|
Liabilities Held for Sale |
- |
- |
- |
- |
36.6 |
|
Tax payable |
16.5 |
15.4 |
16.0 |
34.0 |
25.6 |
|
Trade Payables |
238.2 |
190.8 |
198.3 |
215.7 |
179.7 |
|
Non-trade |
112.3 |
118.2 |
87.0 |
95.2 |
85.6 |
|
Closure Costs |
5.0 |
9.5 |
11.0 |
18.4 |
15.8 |
|
Current Portion Provisions |
14.5 |
10.4 |
3.5 |
19.6 |
14.6 |
|
Curent Portion of Long Term Borrowings |
91.5 |
93.6 |
27.8 |
12.1 |
6.1 |
|
Unsecured interest-bearing short-term bo |
84.5 |
113.2 |
118.8 |
102.3 |
129.5 |
|
Total Current Liabilities |
562.5 |
551.1 |
462.5 |
497.2 |
493.5 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
186.7 |
171.3 |
235.1 |
188.8 |
73.5 |
|
Total Long Term Debt |
186.7 |
171.3 |
235.1 |
188.8 |
73.5 |
|
|
|
|
|
|
|
|
Deferred Tax |
22.2 |
18.3 |
11.5 |
6.6 |
11.4 |
|
Long Term Provisions |
125.8 |
143.0 |
101.6 |
62.6 |
54.9 |
|
Minority Interest |
26.0 |
22.4 |
15.6 |
12.0 |
19.8 |
|
Total Liabilities |
923.2 |
906.0 |
826.3 |
767.2 |
653.0 |
|
|
|
|
|
|
|
|
Share Capital |
13.3 |
16.2 |
14.5 |
11.6 |
16.1 |
|
Share Premium |
13.4 |
16.3 |
14.7 |
11.7 |
50.2 |
|
Non-Distributable Reserve |
- |
- |
- |
- |
39.7 |
|
Property Revaluation Surplus |
29.4 |
35.8 |
32.2 |
26.0 |
- |
|
Foreign Currency Translation Resreve |
12.5 |
-12.2 |
0.4 |
18.2 |
- |
|
Other Reserves |
0.7 |
1.2 |
1.5 |
2.1 |
- |
|
Retained earnings |
549.8 |
594.8 |
471.4 |
347.2 |
448.3 |
|
Preference Capital |
0.7 |
0.9 |
0.8 |
0.6 |
0.9 |
|
Total Equity |
619.8 |
653.0 |
535.5 |
417.3 |
555.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,543.0 |
1,559.0 |
1,361.8 |
1,184.5 |
1,208.2 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
107.3 |
107.3 |
107.3 |
107.0 |
110.4 |
|
Total Common Shares Outstanding |
107.3 |
107.3 |
107.3 |
107.0 |
110.4 |
|
T/S-Ordinary Shares |
11.9 |
11.9 |
11.9 |
11.9 |
10.3 |
|
S/O-Preference Shares |
3.0 |
3.0 |
3.0 |
3.0 |
3.0 |
|
Total Preferred Shares Outstanding |
3.0 |
3.0 |
3.0 |
3.0 |
3.0 |
|
Accumulated Intangible Amort, Suppl. |
0.4 |
- |
- |
- |
- |
|
Accumulated Goodwill Amortization/Impair |
- |
- |
13.0 |
8.4 |
- |
|
Full-Time Employees |
7,141 |
6,821 |
6,459 |
6,474 |
7,123 |
|
Number of Common Shareholders |
4,169 |
3,879 |
4,085 |
4,451 |
4,623 |
|
Debt Due within 1 Year |
176.0 |
206.9 |
146.7 |
114.3 |
143.5 |
|
Debt Due within 1-2 Year |
62.8 |
95.2 |
85.0 |
10.8 |
37.9 |
|
Debt Due within 2-5 Year |
123.9 |
75.9 |
150.1 |
178.0 |
27.2 |
|
Debt Due More than 5 Year |
0.0 |
0.0 |
0.0 |
0.0 |
28.2 |
|
Total Long Term Debt, Supplemental |
362.7 |
378.0 |
381.7 |
303.2 |
236.9 |
|
Lease Maturing Within 1 Year |
5.3 |
14.5 |
11.4 |
15.6 |
11.3 |
|
Lease Maturing Within 5 Year |
13.9 |
13.3 |
12.4 |
18.5 |
20.3 |
|
Lease Maturing After 5 Years |
2.2 |
1.8 |
1.4 |
0.2 |
5.4 |
|
Total Operating Leases |
21.4 |
29.6 |
25.1 |
34.3 |
37.0 |
|
PV of Defined Obligation - Pension |
952.9 |
1,079.7 |
918.8 |
691.2 |
918.0 |
|
FV of Plan Assets - Pension |
1,455.5 |
1,682.7 |
1,434.7 |
1,068.7 |
1,574.1 |
|
Funded Status - Pension |
502.6 |
603.0 |
515.9 |
377.5 |
656.1 |
|
Projected Benefit Obligation - Post-Ret. |
146.7 |
171.3 |
135.0 |
99.4 |
116.6 |
|
Plan Assets - Post-Retirement |
51.7 |
62.3 |
56.6 |
- |
- |
|
Funded Status - Post-Retirement |
-95.0 |
-109.0 |
-78.4 |
-99.4 |
-116.6 |
|
Total Funded Status |
407.6 |
494.0 |
437.5 |
278.1 |
539.5 |
|
Discount Rate - Pension |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Expected Rate of Return - Pension |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
|
Compensation Rate - Pension |
7.40% |
6.70% |
7.20% |
5.00% |
6.60% |
|
Pension Payment Rate |
5.30% |
4.70% |
5.10% |
3.15% |
4.61% |
|
Discount Rate - Post-Retirement |
9.25% |
9.00% |
10.00% |
7.90% |
9.00% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
ZAR |
ZAR |
ZAR |
ZAR |
ZAR |
|
Exchange Rate
(Period Average) |
7.253598 |
7.318934 |
8.423959 |
8.257026 |
7.050384 |
|
Auditor |
KPMG Inc |
KPMG Inc |
KPMG Inc |
KPMG Inc |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
181.4 |
145.1 |
91.0 |
125.3 |
106.0 |
|
Depreciation |
54.5 |
45.4 |
31.7 |
26.2 |
33.0 |
|
Profit from Discontinued Operations |
- |
0.0 |
7.8 |
18.8 |
8.5 |
|
Provision/Investments |
- |
- |
- |
24.1 |
17.4 |
|
Closure costs |
-3.2 |
2.0 |
1.9 |
- |
- |
|
Non-current provisions |
27.7 |
34.4 |
14.0 |
- |
- |
|
(Surplus)/loss on disposal of property, |
-1.0 |
-0.7 |
-10.4 |
-4.6 |
-0.3 |
|
Surplus on disposal of associate company |
0.0 |
-0.5 |
0.0 |
- |
- |
|
Surplus on disposal of investment classi |
0.0 |
-2.5 |
0.0 |
- |
- |
|
Loss/(surplus) on disposal of subsidiari |
0.1 |
2.7 |
0.0 |
- |
- |
|
Disposal/Investments |
- |
0.0 |
-4.0 |
-1.2 |
-0.6 |
|
Change in fair value of investments |
- |
0.0 |
3.0 |
4.0 |
-1.3 |
|
Dividends Received |
0.0 |
0.3 |
1.4 |
1.5 |
1.7 |
|
Interest Paid |
-34.9 |
-36.6 |
-41.4 |
-33.4 |
-24.5 |
|
Interest Received |
3.7 |
2.9 |
2.6 |
3.6 |
4.3 |
|
Taxes Paid |
-44.0 |
-28.6 |
-39.5 |
-28.1 |
-27.8 |
|
Expenditure relating to non-current prov |
-10.8 |
-5.1 |
-11.0 |
-8.6 |
-9.5 |
|
Expenditure Relating to Restructuring |
0.0 |
-4.5 |
-12.5 |
-12.5 |
-0.1 |
|
Inventory |
-95.4 |
-8.9 |
114.9 |
-147.1 |
17.0 |
|
Accounts Receivables |
-103.7 |
19.0 |
122.2 |
-141.0 |
30.9 |
|
Accounts Payable |
108.4 |
-4.9 |
-91.8 |
140.7 |
-49.9 |
|
Translation Difference/Working Capital |
6.5 |
-5.2 |
-8.5 |
2.1 |
0.3 |
|
Business combinations |
1.8 |
0.0 |
- |
- |
- |
|
Impairments |
- |
- |
- |
-4.5 |
-1.3 |
|
Classified as Held for Sales |
- |
- |
0.0 |
38.0 |
-44.5 |
|
Changes in Group |
- |
- |
1.1 |
0.2 |
-41.4 |
|
Dividend Paid |
-31.7 |
-19.7 |
-19.8 |
-30.3 |
-33.6 |
|
Dividend Paid to Non Controlling Interes |
-1.0 |
-0.3 |
0.0 |
- |
- |
|
Assets Held for sale |
- |
- |
0.0 |
1.6 |
-1.8 |
|
Cash from Operating Activities |
58.6 |
134.4 |
152.5 |
-25.2 |
-17.6 |
|
|
|
|
|
|
|
|
Replacement of property, plant and equip |
-37.6 |
-31.8 |
-22.2 |
-43.7 |
-43.5 |
|
Replacement of investment property |
-1.7 |
-0.4 |
- |
- |
- |
|
Replacement of intangible assets |
-1.1 |
0.0 |
- |
- |
- |
|
Sale of Tangibles |
4.5 |
3.3 |
19.8 |
9.9 |
5.0 |
|
Disposal from Discontinued Operations |
- |
- |
- |
0.0 |
- |
|
Capital expenditures |
-25.1 |
-54.2 |
-114.3 |
-78.0 |
-52.9 |
|
Acquisation of Investments,Net |
0.0 |
-0.8 |
-0.7 |
-3.0 |
-0.1 |
|
Acquisation of subsideries |
-5.0 |
0.0 |
-6.3 |
-7.8 |
-6.9 |
|
Acquisation of Business |
-12.1 |
-0.1 |
-3.9 |
-1.7 |
-1.3 |
|
Non-Controlling Interest |
-6.8 |
0.0 |
- |
- |
- |
|
Sale of Subsidaries |
- |
- |
0.0 |
1.2 |
0.0 |
|
Disposal of Discontinued |
- |
- |
- |
0.0 |
107.9 |
|
Sale of Associate Companies |
0.0 |
0.4 |
0.0 |
0.0 |
1.4 |
|
Unlisted investments |
0.0 |
4.4 |
0.0 |
- |
- |
|
Sale/Listed Investment |
- |
0.0 |
11.2 |
1.7 |
1.0 |
|
Cash from Investing Activities |
-84.8 |
-79.4 |
-116.5 |
-121.4 |
10.5 |
|
|
|
|
|
|
|
|
Non Current Borrowing Raised |
137.9 |
5.3 |
22.3 |
196.2 |
6.7 |
|
Non Current Borrowing Repaid |
-86.3 |
-30.5 |
-12.9 |
-37.2 |
-39.1 |
|
Current borrowing Raised |
36.0 |
27.5 |
36.3 |
- |
- |
|
Current borrowing repaid |
-28.7 |
-44.7 |
-44.8 |
- |
- |
|
Short Term Borrowings, Net |
- |
- |
- |
7.4 |
47.8 |
|
Share Repurchase |
- |
- |
0.0 |
-28.8 |
0.0 |
|
- Raised |
-0.4 |
0.0 |
-1.7 |
- |
- |
|
Finance Lease Receivables- Recieved |
0.0 |
1.5 |
0.0 |
- |
- |
|
Cash from Financing Activities |
58.5 |
-40.9 |
-0.7 |
137.6 |
15.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
13.1 |
-5.5 |
-8.8 |
10.9 |
-0.7 |
|
Net Change in Cash |
45.4 |
8.7 |
26.6 |
1.9 |
7.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
100.9 |
91.3 |
52.7 |
51.8 |
53.2 |
|
Net Cash - Ending Balance |
146.3 |
100.0 |
79.3 |
53.8 |
60.7 |
|
Cash Interest Paid |
34.9 |
36.6 |
41.4 |
33.4 |
24.5 |
|
Cash Taxes Paid |
44.0 |
28.6 |
39.5 |
28.1 |
27.8 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.19 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.69.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.