FINANCIAL HIGHLIGHTS
1. FINANCIAL PERFORMANCE
52,5%
1,6%
77,0%
73,8%
Operating profit before interest and
tax from continuing operations (R’m)
Net profit after tax (R’m)
2015
540
247
2014 Remarks/Opinions
354
251
Normalised HEPS (cents) 175 99 Diluted normalised HEPS (cents) 164 94 Diluted normalised HEPS followed the normalised
HEPS trend and represents earnings on all issued
share capital.
Return on opening equity (%) 15,0 15,7 Even though the return on equity decreased,
Senwes still performed in the upper quartile of
the agricultural industry.
2015 2014 Total shareholders’ return (%) 11,6 8,0 The 3,6% increase in total shareholders’ return is
mainly due to an increase in the share price.
Price-book ratio (times) 1,09 1,12 The market price is 1,09 times the net asset value,
which still holds good value for the share.
Dividend yield (%) 4,7 4,6 The dividend yield of 4,7% still indicates a stable
cash flow for investors.
Price-earnings ratio on normalised
HEPS (times) 6,6 10,9 The decrease in the price-earnings ratio can be
ascribed to the increase in normalised HEPS,
while the share price did not follow this trend
to the same extent.
2. INVESTORS’ VALUE
3,6%
0,1%
39,7%
3. RISK PROFILE
0,5%
5,0%
2
2015
2014
Own capital ratio (%) 38 40 The own capital ratio is within the capital
maintenance guidelines of 35% to 45%.
Interest cover (times) 3,7 4,0 The decrease was due to a higher credit book, but
it is still higher than the minimum set level for the
interest cover of 2,5 and it still supports the core
business activities.
Carry-over debtor arrangements (%) 4,0 3,5 The 0,5% higher carry-over debtor arrangements
are secured and comfortably within the maximum
caveat of 10%.
Unutilised short-term funding (%) 32 37 A liquidity buffer of 32% ensures that Senwes
has sufficient capacity to fund its expansion
initiatives.
2%
6,4%
Good operational results were negatively
influenced by the commodity import and export
business. Senwes has since decided to exit this
joint venture.
The increase in normalised HEPS can mainly
be attributed to a good grain year and a
consequent rise in silo operations income as well
as more efficiency in respect of operational and
administrative expenses. It also excludes loss-
making discontinued operations.
0,7%
2,8%
Operating profit before interest and tax
improved from the previous dry year.
Senwes INTEGRATED REPORT 2015