5-YEAR REVIEW OF THE INVESTMENT IN SENWES LIMITED
Agribel Holdings Limited had a 74,4 % interest in Senwes Limited as at 30 April 2021 . The core statistics in respect of the investment are as follows :
2021 2020 2019 2018 2017 Agribel share in Senwes (%) 74,4 53,2 52,9 52,6 52,9 Turnover ( R ’ m ) 7 575 4 803 2 687 2 792 2 497 Profit after tax ( R ’ m ) 595 337 283 311 167 Earnings per share ( cents ) 307,2 178,3 169,1 185,3 98,3 Normalised headline earnings per share ( cents ) 224,4 144,2 177,5 195,5 108,4 Net asset value per share ( cents ) 1 720,1 1 506,1 1 404,7 1 303,9 1 166,5 Closing market price ( cents ) 1 150 1 100 1 100 1 100 1 040 Growth in market price (%) 4,5 - - 5,8 ( 1,0 ) Total dividend ( cents ) 90 60 60 54 45 Final dividend proposed ( cents ) 32 30 30 27 25 Interim dividend ( cents ) 32 30 30 27 20 Special dividend proposed ( cents ) 26 - - - - Return on opening equity (%) 20,5 13,0 13,0 15,7 8,9 Return on average equity (%) 19,1 12,4 12,5 15,0 8,7 Dividend yield on opening market price (%) 8,2 5,5 5,5 5,2 4,3 Dividend yield on average market price (%) 8,0 5,5 5,5 5,0 4,3 Total shareholder return on opening market price ( capital growth plus dividends ) (%)
12,7 5,5 5,5 11,0 3,3
A FEW HIGHLIGHTS IN RESPECT OF THE INVESTMENT ARE THE FOLLOWING :
• Profit after tax of R 595 million , that presents a 20,5 % return on opening equity .
• Dividend yield on opening market price of 8,2 % ( 2020 : 5,5 %).
• Earnings per share increased to 307,2 cents per share ( 2020 : 178,3 cents per share ).
• Normalised headline earnings per share increased to 244,4 cents per share ( 2020 : 144,2 cents per share ).
• Net asset value per share increased by 14,2 % to 1 720,1 cents per share ( 2020 : 1 506,1 cents per share ).
THE FOLLOWING ARE RELEVANT INVESTOR STATISTICS IN RESPECT OF THE INVESTMENT : 2021
5 - year average
Price-earnings ratio using normalised headline earnings per share ( times ) |
4,7 |
6,8 |
Total shareholders return on opening market price (%) |
12,7 |
7,6 |
Dividend cover ( times ) |
3,4 |
3,0 |
AGRIBEL NET ASSET VALUE PER SHARE : |
|
|
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net asset value per share ( R ) ( company ) |
8,64 |
8,00 |
7,96 |
7,96 |
7,47 |
Net asset value per share ( R ) ( group ) |
20,76 |
14,64 |
13,97 |
13,23 |
11,92 |
The company held 134 450 748 shares in Senwes as at 30 April 2021 ( 2020 : 96 106 723 ). During the year the company acquired 42 344 025 shares in Senwes ( 2020 : 1 111 908 shares ) and sold 4 000 000 shares ( 2020 : 666 231 ).
7 AGRIBEL HOLDINGS CONDENSED ANNUAL REPORT 2021 Agribel Holdings Limited Reg nr : 1996 / 017629 / 06