58 / 98
2016
2015
2014
2013
2012
Compound
growth %
Summarised income statement (Rm)
Revenue
80 077
74 500 73 219
68 131
65 902
5.0
Operating profit
21 059
19 235
20 394
18 897
16 617
6.1
Net finance charges
(2 215)
(1 384)
(809)
(687)
(684)
34.1
Profit before tax
18 844
17 851
19 585
18 434
15 933
4.3
Taxation
(5 934)
(5 341)
(5 918)
(5 210)
(5 730)
0.9
Net profit
12 910
12 510
13 667
13 224
10 203
6.1
Non-controlling interest
7
162
(424)
(233)
(47)
n/a
EBITDA
30 345
26 905
27 314
25 253
22 763
7.5
Summarised statement of financial position (Rm)
Non-current assets
51 085
45 954
37 954
34 434
30 678
13.6
Current assets
27 618
25 353
22 787
21 157
17 552
12.0
Total equity
23 024
21 643
23 743
21 216
18 930
5.0
Non-current liabilities
29 909
23 050
12 010
9 620
10 932
28.6
Current liabilities
25 770
26 614
24 988
24 755
18 368
8.8
Net debt
21 287
16 760
8 052
8 007
7 667
29.1
Capital expenditure
12 875
13 305
10 779
9 456
8 662
10.4
Summarised statement of cash flows (Rm)
Cash generated from operations
29 800
26 198
28 901
25 320
24 502
5.0
Tax paid
(5 456)
(4 979)
(5 298)
(5 323)
(5 192)
1.2
Net cash flows from operating activities
24 344
21 219
23 603
19 997
19 310
6.0
Net cash flows utilised in investing activities
(13 680)
(13 131)
(9 375)
(7 154)
(8 002)
14.3
Net cash flows utilised in financing activities
(11 644)
(5 043)
(14 719)
(10 096)
(8 556)
8.0
Net (decrease)/increase in cash and cash equivalents
(980)
3 045
(491)
2 747
2 752
n/a
Cash and cash equivalents at end of the year
7 751
8 870
5 792
6 188
3 372
23.1
Performance per ordinary share (cents)
Basic earnings per share
881
864
903
887
694
6.1
Headline earnings per share
883
860
896
872
709
5.6
Diluted headline earnings per share
860
840
894
870
706
5.1
Net asset value per share
1 547
1 470
1 612
1 441
1 286
4.7
Dividends per share
1
795
775
825
785
710
2.9
Profitability and returns (%)
EBITDA margin
37.9
36.1
37.3
37.1
34.5
Operating profit margin
26.3
25.8
27.9
27.7
25.2
Effective tax rate
31.5
29.9
30.2
28.3
36.0
Net profit margin
16.1
16.8
18.7
19.4
15.5
Return on equity
2
55.9
56.2
60.4
66.1
59.5
Return on capital employed
3
48.2
50.1
62.1
62.8
63.2
Liquidity and debt leverage (times)
Interest cover
4
9.6
11.1
19.3
20.4
22.2
Net debt to EBITDA
0.7
0.6
0.3
0.3
0.3
Current ratio
5
1.1
1.0
0.9
0.9
1.0
Quick ratio
6
1.0
0.9
0.9
0.8
0.9
Notes:
Group and South Africa revenue numbers and margins have been restated. This change is further explained on page 43.
1. Total dividend declared for the financial year.
2. Return on equity is calculated by dividing net profit attributable to equity shareholders by shareholders’ equity.
3. Return on capital employed (before tax) is calculated by dividing adjusted statutory operating profit by the average of total assets less current liabilities. Return on capital
employed was restated in order to align with the Group’s ultimate parent, Vodafone Group Plc.
4. Interest cover ratio is calculated by dividing earnings before interest and tax for the year by finance costs for the year.
5. The current ratio is calculated by dividing current assets by current liabilities.
6. The quick ratio is calculated by dividing current assets, excluding inventory, by current liabilities.
Vodacom Group Limited
Integrated report for the year ended 31 March 2016
54
Five-year
historic review