Integrated Reports Senwesbel Consolidated Financial Statements 2018 - Page 3

5-YEAR REVIEW OF THE INVESTMENT IN SENWES LIMITED Senwesbel Limited had a 52,6% interest in Senwes Limited as at 30 April 2018. The core statistics in respect of the investment are as follows: 2018 2017 2016 2015 2014 52,6 52,9 52,0 51,6 51,1 9 540 9 927 9 228 8 755 11 476 311 167 156 247 251 Earnings per share (cents) 185,3 98,3 90,6 143,4 143,9 Normalised headline earnings per share (cents) 195,5 108,4 79,3 175,2 99,0 Net asset value per share (cents) 1 303,9 1 166,5 1 103,1 1 054,6 958,1 Closing market price (cents) 1 100,0 1 040,0 1 050,0 1 150,0 1 075,0 5,8 (1,0) (8,7) 7,0 3,4 54,0 45,0 45,0 50,0 48,0 Final dividend proposed (cents) 27,0 25,0 20,0 26,0 22,0 Interim dividend paid (cents) 27,0 20,0 25,0 24,0 26,0 Return on opening equity (%) 15,7 8,9 8,6 15,0 15,7 Return on average equity (%) 15,0 8,7 8,4 14,3 15,5 Dividend yield on average market price (%) (excluding special dividend) 5,2 4,3 3,9 4,7 4,6 Dividend yield on average market price (%) (including special dividend) 5,2 4,3 3,9 4,7 4,6 11,0 3,3 (4,8) 11,6 8,0 Senwesbel share in Senwes (%) Turnover from continuing operations (R’m) Profit after tax (R’m) Increase/(decrease) in market price (%) Total dividend (cents) Total shareholder return on opening market price (%) (capital growth plus dividends) HIGHLIGHTS IN RESPECT OF THE INVESTMENT ARE AS FOLLOWS: • After-tax profit of R311 million, which represents a 15,7% return on opening equity. • Dividend yield on average market price of 5,2% (2017: 4,3%). • Earnings per share increased to 185,3 cents per share (2017: 98,3 cents per share). • Net asset value per share increased by 11,8% to 1 303,9 cents per share (2017: 1 166,5 cents per share). • Normalised headline earnings per share increased to 195,5 cents per share (2017: 108,4 cents per share). RELEVANT INVESTOR STATISTICS IN RESPECT OF THE INVESTMENT: 2018 Price-earnings ratio – normalised headline earnings per share (times) Total shareholder return – opening market price (%) Dividend cover – including special dividend (times) 5-year average 5,6 9,2 11,0 5,8 3,4 2,7 SENWESBEL NET ASSET VALUE PER SHARE 2018 Net asset value per share (R) (company) Net asset value per share (R) (group) 2017 2016 2015 2014 7,96 7,47 7,44 7,79 7,75 13,23 11,92 11,20 10,68 9,96 Senwesbel Limited sold 631 951 shares in Senwes Limited during the year under review. Senwesbel Limited Reg no: 1996/017629/06 SENWESBEL ANNUAL FINANCIAL STATEMENTS 2018 2