Financial director’s report
Group revenue was up 88% over the prior year, mainly due to high commodity prices and growth in the Trading division, but with strong growth from the other divisions. Aggregate operating margins were slightly higher at 8,3% from 8,0% last year. Excluding Trading, the margin improved from 21,8% to 27,8%. Attributable earnings were 81% higher than 2007 at R2,157 billion (2007: R1,195 billion). Headline earnings per share increased by 95% to 512 cents per share (2007: 263 cents). The difference between earnings and headline earnings is largely due to impairment of ship values. Ordinary dividends per share for the year have increased by 74% with a final dividend of 68 cents (2007: 44 cents). The board also declared a preference share dividend of 623 cents per share (2007: 550 cents). Shareholders’ equity increased from R3 378 million at 31 December 2007 to R6 713 million due to the strong earnings, the effect of the weaker Rand/US Dollar exchange rate and the revaluation of hedging instruments. Return on ordinary shareholders’ funds was 50,2% (2007: 50,8%). During the year, the group repurchased 8 776 542 ordinary shares at an average price of R23,41 and a total of 100 000 preference shares at an average price of R95,34. The treasury shares are held by a subsidiary. |
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