56 / 98
31 March
2018
2017
2016
2015
2014
Compound
growth %
Summarised income statement (Rm)
Revenue
86 370
81 278
80 077
74 500
73 219
4.2
Operating profit
24 252
21 750
21 059
19 235
20 394
4.4
Net finance charges
(2 893)
(2 522)
(2 215)
(1 384)
(809)
37.5
Profit before tax
22 093
19 228
18 844
17 851
19 585
3.1
Taxation
(6 531)
(6 102)
(5 934)
(5 341)
(5 918)
2.5
Net profit
15 562
13 126
12 910
12 510
13 667
3.3
Non-controlling interest
(218)
292
7
162
(424)
(15.3)
EBITDA
32 898
31 238
30 345
26 905
27 314
4.8
EBIT
23 109
22 126 21 696
19 516
20 731
2.8
Summarised statement of financial position (Rm)
Non-current assets
96 543
52 127
51 085
45 954
37 954
26.3
Current assets
34 822
29 011
27 618
25 353
22 787
11.2
Equity and reserves
70 652
22 996
23 024
21 643
23 743
31.3
Non-current liabilities
28 130
31 423
29 909
23 050
12 010
23.7
Current liabilities
32 583
26 719
25 770
26 614
24 988
6.9
Net debt
19 892
22 484
21 287
16 760
8 052
25.4
Capital expenditure
11 594
11 292
12 875
13 305
10 779
1.8
Summarised statement of cash flows (Rm)
Cash generated from operations
32 299
31 791
29 800
26 198
28 901
2.8
Tax paid
(6 194)
(6 051)
(5 456)
(4 979)
(5 298)
4.0
Net cash flows from operating activities
26 105
25 740
24 344
21 219
23 603
2.6
Net cash flows utilised in investing activities
(8 526)
(12 195)
(13 680)
(13 131)
(9 375)
(2.3)
Net cash flows utilised in financing activities
(13 067)
(11 909)
(11 644)
(5 043)
(14 719)
(2.9)
Net increase/(decrease) in cash and cash equivalents
4 512
1 636
(980)
3 045
(491)
n/a
Cash and cash equivalents at end of the year
12 538
8 873
7 751
8 870
5 792
21.3
Performance per ordinary share (cents)
Basic earnings per share
947
915
881
864
903
1.2
Headline earnings per share
923
923
883
860
896
0.7
Diluted headline earnings per share
895
894
860
840
894
0.0
Net asset value per share
4 104
1 545
1 547
1 470
1 612
26.3
Dividends per share
1
815
830
795
775
825
(0.3)
Profitability and returns (%)
EBITDA margin
38.1
38.4
37.9
36.1
37.3
EBIT margin
26.8
27.2
27.1
26.2
28.3
Operating profit margin
28.1
26.8
26.3
25.8
27.9
Effective tax rate
29.6
31.7
31.5
29.9
30.2
Net profit margin
18.0
16.1
16.1
16.8
18.7
Return on equity
2
34.7
55.7
55.9
56.2
60.4
Return on capital employed
3
30.5
45.4
48.2
50.1
62.1
Liquidity and debt leverage (times)
Interest cover
4
8.6
7.7
9.6
11.1
19.3
Net debt to EBITDA
0.6
0.7
0.7
0.6
0.3
Current ratio
5
1.1
1.1
1.1
1.0
0.9
Quick ratio
6
1.0
1.0
1.0
0.9
0.9
Notes:
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.
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.
Five-year historic review
52
Vodacom Group Limited
Integrated report for the year ended 31 March 2018