5 -YEAR REVIEW OF THE INVESTMENT
IN SENWES LIMITED
Senwesbel Limited had a 53,2% interest in Senwes Limited at 30 April 2020. The core statistics in respect of the investment are as
follows:
2020 2019 2018 2017 2016
Senwesbel share in Senwes (%) 53,2 52,9 52,6 52,9 52,0
Turnover from continuing operations (R’m) 4 803 2 687 2 792 2 497 2 253
Profit after tax (R’m) 337 283 311 167 156
Earnings per share (cents) 178,3 169,1 185,3 98,3 90,6
Normalised headline earnings per share (cents) 144,2 177,5 195,5 108,4 79,3
Net asset value per share (cents) 1 506,1 1 404,7 1 303,9 1 166,5 1 103,1
Closing market price (cents) 1 100,0 1 100,0 1 100,0 1 040,0 1 050,0
Increase/(decrease) in market price (%) - - 5,8 (1,0) (8,7)
Total dividend (cents) 60,0 60,0 54,0 45,0 45,0
Final dividend proposed (cents) 30,0 30,0 27,0 25,0 20,0
Interim dividend paid (cents) 30,0 30,0 27,0 20,0 25,0
Return on opening equity (%) 13,0 13,0 15,7 8,9 8,6
Return on average equity (%) 12,4 12,5 15,0 8,7 8,4
Dividend yield on opening market price (%) 5,5 5,5 5,2 4,3 3,9
Dividend yield on average market price (%) 5,5 5,5 5,0 4,3 4,1
Total shareholder return on opening market price (%)
(capital growth plus dividends)
5,5 5,5 11,0 3,3 (4,8)
A FEW HIGHLIGHTS IN RESPECT OF THE INVESTMENT ARE THE FOLLOWING:
• Profit after tax of R 337 million, that presents a 13,0% return on opening equity.
• Dividend yield on opening market price of 5,5% (2019: 5,5%).
• Earnings per share increased to 178,3 cents per share (2019: 169,1 cents per share).
• Normalised headline earnings per share decreased to 144,2 cents per share (2019: 177,5 cents per share).
• Net asset value per share increased by 7,2% to 1 506,1 cents per share (2019: 1 404,7 cents per share).
RELEVANT INVESTOR STATISTICS IN RESPECT OF THE INVESTMENT:
2020
5-year
average
Price-earnings ratio using normalised headline earnings per share (times) 7,6 8,5
Total shareholder return on opening market price (%) 5,5 4,1
Dividend cover (times) 3,0 2,7
SENWESBEL NET ASSET VALUE PER SHARE:
2020 2019 2018 2017 2016
Net asset value per share (R) (company) 8,00 7,96 7,96 7,47 7,44
Net asset value per share (R) (group) 14,64 13,97 13,23 11,92 11,20
The company held 96 106 723 shares in Senwes as at 30 April 2020 (2019: 95 661 046). During the year the company acquired 1 111 908
shares in Senwes (2019: 638 414 shares) and sold 666 231 shares (2019: Nil).
Senwesbel Limited Reg no: 1996/017629/06 SENWESBEL ANNUAL FINANCIAL STATEMENTS 2020 2