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Group review at a glance

      Year ended 31 December        
  2011
Rm		   2010
Rm		   2009
Rm		   2008
Rm		   2007
Rm		   2006
Rm		  
Group statement of comprehensive income                        
Revenue 31 453   30 224   25 598   39 914   29 301   25 350  
(Loss) / profit from operations                        
Flat Steel Products (536)   347   (614)   7 007   4 827   3 644  
Long Steel Products 231   826   315   3 672   2 652   2 111  
Coke and Chemicals 818   985   449   1 743   727   184  
Corporate and other (216)   (7)   79   (263)   (503)   143  
Total 297   2 151   229   12 159   7 703   6 082  
Gains/(losses) on changes in foreign exchange rates and financial instruments 124   (150)   (813)   637   (131)   301  
Net financing (cost)/income (263)   (288)   (77)   80   325   193  
Income from investments 2   2   3   3   4   7  
 (Loss)/income from equity-accounted investments (net of tax) (34)   122   206   331   270   135  
Income tax expense (118)   (492)   (35)   (3 865)   (2 455)   (2 022)  
Impairment reversal         9   36          
Adjustments to attributable income for headline earnings (60)   32   38   103   25   34  
Headline (loss)/earnings (52)   1 377   (440)   9 484   5 741   4 730  
Headline (loss)/earnings per share (cents) (13)   343   (104)   2 128   1 288   1 061  
Dividends per share (cents) 55   150       707   429   347  

Statement of cash flows

                        
Cash flows from operations (1 412)   1 337   1 693   5 578   4 623   3 463  
Capital expenditure (1 190)   (1 714)   (914)   (1 832)   (1 852)   (1 446)  
Investments (180)   (120)   (524)       (16)      
Other 158   128   91   19   116   183  
Net cash flow from operating and investing activities (2 624)   (369)   346   3 765   2 871   2 200  

Operating income and operating margin   Sales
Operating income and operating margin   Sales

      Year ended 31 December        
  2011
Rm		   2010
Rm		   2009
Rm		   2008
Rm		   2007
Rm		   2006
Rm		  

Group statement of financial position

                        

Assets

                        
Non-current assets                        
Property, plant and equipment 16 618   16 432   15 862   15 917   15 525   14 973  
Intangible assets 126   84   72   71   58   58  
Equity-accounted investments 2 772   2 386   2 369   1 968   1 109   953  
Other financial assets 57   208   187   203   195   134  
Current assets                        
Cash and cash equivalents 439   3 506   4 348   8 429   4 034   7 750  
Other 12 410   9 102   7 946   10 847   7 284   7 307  
Total assets 32 422   31 718   30 784   37 435   28 205   31 175  

Equity and liabilities

                        
Capital and reserves                        
Total shareholders' equity 22 669   22 556   21 925   27 995   20 583   23 260  
Non-current liabilities                        
Borrowings and other payables 241   224   220   273   52   61  
Non-current provisions 1 472   1 499   1 420   1 661   1 290   1 327  
Finance lease obligations 451   515   557   314   328   502  
Deferred income tax liability 2 310   2 354   2 435   2 526   2 603   2 485  
Current liabilities                        
Borrowings and other payables 107   88   153   100   10   10  
Finance lease obligations 57   59   57   40   88   93  
Other 5 115   4 423   4 017   4 526   3 251   3 437  
Total equity and liabilities 32 422   31 718   30 784   37 435   28 205   31 175  

Net asset value per share versus share price   Revenue and total assets
Net asset value per share versus share price   Revenue and total assets

      Year ended 31 December        
  2011
Rm		   2010
Rm		   2009
Rm		   2008
Rm		   2007
Rm		   2006
Rm		  

Ratios

                        
Profitability and asset management                        
Return on net assets (%) – annualised 1.0   8.4   1.5   43.2   30.3   24.3  
Return on ordinary shareholders’ equity (%)                        
– Attributable earnings (%) 0.0   6.0   (1.9)   38.6   26.1   22.0  
– Headline earnings (%) (0.2)   6.2   (1.8)   39.0   26.2   22.1  
Return on invested capital (%) 1.1   10.1   1.9   56.0   40.0   33.6  
Operating margin (%) 0.9   7.1   0.9   30.5   26.3   24.0  
Net asset turn (times) 1.2   1.1   1.0   1.2   1.2   0.9  
Solvency and liquidity                        
Current ratio (times) 2.4   2.8   2.9   4.1   3.4   4.3  
Net cash to equity ratio (%) 0.4   14.2   18.1   28.8   19.3   33.0  
Productivity                        
Average number of employees (’000) 9.6   9.1   9.2   9.5   9.1   9.8  
– Steel 8.1   7.8   8.0   8.6   8.2   9.1  
– Corporate and other 1.5   1.3   1.2   0.9   0.9   0.7  
Revenue per average employee (R’000) 3 285   3 305   2 767   4 293   3 217   2 594  
Prices (actual invoiced) USD/t C&F                        
Hot-rolled coil export price 804   703   508   966   659   531  
Low carbon wire rod export price 760   698   510   909   592   508  


          Year ended 31 December        
  Five-year
annual compound
growth rate
%		   2011
Rm		   2010
Rm		   2009
Rm		   2008
Rm		   2007
Rm		   2006
Rm		  

Share performance

                            
Number of shares in issue (million)     401   401   401   446   446   446  
Weighted average in issue (million)     401   401   423   446   446   446  
Earnings per ordinary share                            
– Basic earnings basis (cents)     2.0   335.2   (113.0)   2 104.5   1 282.3   1 053.5  
– Headline earnings basis (cents)     (13.0)   343.2   (104.0)   2 127.6   1 287.9   1 061.1  
Dividend per ordinary share (cents)     55.0   150.0   0.0   707.0   429.0   347.0  
Dividend cover (times)     (0.2)   2.3   0.0   3.0   3.0   3.1  
Net equity per ordinary share (cents) 1.5   5 650   5 622   5 465   6 280   4 618   5 218  


  Five-year
annual
compound
growth rate
%		     Year ended 31 December        
  2011   2010   2009   2008   2007   2006  

Steel

                            
Liquid steel production (’000 tonnes)                            
Flat Steel Products (4.7)   4 060   3 814   3 428   4 084   4 231   4 863  
Long Steel Products (3.2)   1 393   1 860   1 879   1 690   2 144   2 192  
Total (4.3)   5 453   5 674   5 307   5 774   6 375   7 055  
Sales                            
Local (’000 tonnes)                            
Flat Steel Products (4.7)   2 468   2 336   2 079   2 835   2 886   2 968  
Long Steel Products (5.5)   1 039   1 078   993   1 540   1 535   1 432  
Total (4.9)   3 507   3 414   3 072   4 375   4 421   4 400  
SA customers (%) Ave 73.9   74   68   69   86   76   71  
Export (’000 tonnes)                            
Flat Steel Products (4.9)   956   1 012   779   577   1 042   1 300  
Long Steel Products 4.5   245   615   622   137   366   494  
Total (1.9)   1 201   1 627   1 401   714   1 408   1 794  
Export (%) Ave 26.1   26   32   31   14   24   29  


  Five-year
annual
compound
growth rate
%		     Year ended 31 December        
  2011   2010   2009   2008   2007   2006  

International crude steel production(million tonnes)

                            
Worldwide 2.6   1 490   1 417   1 232   1 329   1 347   1 247  
Asia 6.1   954   903   807   771   757   672  
European Union (3.5)   177   173   139   198   210   207  
Northern America (3.4)   119   111   83   124   133   132  
CIS (2.1)   112   108   98   114   124   120  
Other 1.0   128   122   105   122   123   116  

 
 
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