CORPORATE GOVERNANCE |
FINANCIAL REVIEW |
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8 . OUR RESULTS
8.1 . Income Statement
Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
% change (' 21 vs ' 22 )
Revenue R ' m 2 168 4 131 2 326 2 253 2 497 2 792 2 687 4 803 7 463 10 881 45,8 % Operating profit R ' m 504 442 463 297 278 528 472 551 815 908 11,4 % Profit after tax R ' m 307 251 247 156 167 311 283 337 573 668 16,6 % Normalised headline earnings R ' m 275 171 296 134 183 327 295 245 420 689 64,0 %
8.2 . Balance Sheet
Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
% change (' 21 vs ' 22 )
Total assets R ' m 4 021 4 128 4 747 4 660 5 261 6 130 6 060 8 341 10 450 11 111 6,3 % Total equity R ' m 1 593 1 635 1 798 1 882 1 989 2 179 2 363 2 903 3 313 3 740 12,9 % Interest-bearing debt R ' m 1 782 1 961 2 161 2 200 2 617 3 031 2 883 4 347 4 630 5 572 20,3 %
8.3 . Cash flow
Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
% change (' 21 vs ' 22 )
Cash from operating activities R ' m 435 315 502 408 321 681 575 545 893 1 302 45,8 % Net cash movement R ' m 34 ( 19 ) ( 17 ) 22 ( 21 ) ( 17 ) 34 34 ( 520 ) 453 187,1 %
8.4 . Ratios
Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
% change (' 21 vs ' 22 )
Return on opening equity % 22,3 % 15,7 % 15,0 % 8,6 % 8,9 % 15,7 % 13,0 % 13,0 % 19,7 % 20,5 % 0,8 % Own capital ratio % 39,6 % 39,6 % 37,9 % 40,4 % 37,8 % 35,5 % 39,0 % 34,8 % 31,7 % 33,7 % 2,0 % Dividend yield % 6,8 % 4,6 % 4,7 % 3,9 % 4,3 % 5,2 % 5,5 % 5,5 % 8,2 % 10,8 % 2,6 % Total shareholders ' return % 22,3 % 8,0 % 11,6 % ( 4,8 %) 3,3 % 11,0 % 5,5 % 5,5 % 12,7 % 32,5 % 19,8 %
573
668
311 |
283 |
337 |
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2018 |
2019 |
2020 |
2021 |
2022 |
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• Record year in 2016 / 17 production season .
• New equipment branch in East London .
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• Late planting , average crop .
• Increased share in Prodist ( 50 %) and merged Hinterland and Prodist .
• Acquisition of Staalmeester ( 75 %).
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• Smaller and later harvest , in addition to lower quality commodities .
• Acquired KLK Landbou ( 57,7 %) ( 1 Jul ’ 19 ).
• Acquired 100 % in Falcon ( 1 Nov ’ 19 ).
• Exit of Grainovation JV ( 1 Nov ’ 19 ).
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• Record year , high volumes , high commodity prices .
• Addition of John Deere Construction & Forestry .
• KLK bought another 30 % in Carpe Diem Raisins , now owns 80 %.
• Suidwes consolidation ( 31 Oct ’ 20 ).
• Exit of Hinterland JV ( 1 Oct ’ 20 ).
• Exit of Tradevantage ( mill-door business ).
• Decide to exit Certisure JV ( implement FY2022 ).
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• Above normal year , with high grain volumes and high commodity prices .
• International expansion into Germany through the acquisition of three German John Deere branches – transaction in process .
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SENWES INTEGRATED REPORT 2022
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