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In the Spotlight 2017 Clover's vision and mission Strategy Clover’s Timeline Geographic footprint Group structure Shareholders information Directorate and management
Chairman’s report Chief Executive’s report Chief Financial Officer’s report Six year financial review Financial highlights
How Clover creates value today Overview of Clover’s value creation process Reporting on the six capitals Clover’s business model Human capital Natural capital Manufactured capital Intellectual capital Social and relationship capital Financial capital How Clover sustains value for Tomorrow Clover’s future value creation philosophy Human capital Natural capital Manufactured capital Intellectual capital Social and relationship capital Combined Assurance
Report on governance, risk and compliance Clover’s risk universe King III Index Report on remuneration Clover’s Remuneration Policy Remuneration mix Approach to executive remuneration Approach to non-executive director’s remuneration Legacy scheme SARs issues
Audit and risk committee report Approval of the financial statement Certificate by Company Secretary Independent Auditor’s report Directors’ report Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Notes 1 - 10 Notes 11 - 20 Notes 21 - 30 Notes 31 - 34 Abbreviations Definitions
  • Clover’s way better story
  • Business review
  • How clover creates value and reporting on the six capitals
  • Governance, risk and compliance, and remuneration reports
  • Annual financial statements
  •   BACK
  • In the Spotlight 2017
  • Clover's vision and mission
  • Strategy
  • Clover’s Timeline
  • Geographic footprint
  • Group structure
  • Shareholders information
  • Directorate and management
  •   BACK
  • Chairman’s report
  • Chief Executive’s report
  • Chief Financial Officer’s report
  • Six year financial review
  • Financial highlights
  •   BACK
  • How Clover creates value today
  • Overview of Clover’s value creation process
  • Reporting on the six capitals
  • Clover’s business model
  • Human capital
  • Natural capital
  • Manufactured capital
  • Intellectual capital
  • Social and relationship capital
  • Financial capital
  • How Clover sustains value for Tomorrow
  • Clover’s future value creation philosophy
  • Human capital
  • Natural capital
  • Manufactured capital
  • Intellectual capital
  • Social and relationship capital
  • Combined Assurance
  •   BACK
  • Report on governance, risk and compliance
  • Clover’s risk universe
  • King III Index
  • Report on remuneration
  • Clover’s Remuneration Policy
  • Remuneration mix
  • Approach to executive remuneration
  • Approach to non-executive director’s remuneration
  • Legacy scheme SARs issues
  •   BACK
  • Combined Assurance
  •   BACK
  • Audit and risk committee report
  • Approval of the financial statement
  • Certificate by Company Secretary
  • Independent Auditor’s report
  • Directors’ report
  • Consolidated statement of comprehensive income
  • Consolidated statement of financial position
  • Consolidated statement of changes in equity
  • Consolidated statement of cash flows
  • Notes to the consolidated financial statements
  • Notes 1 - 10
  • Notes 11 - 20
  • Notes 21 - 30
  • Notes 31 - 34
  • Abbreviations
  • Definitions

Business review

  • Chairman’s report
  • Chief Executive’s report
  • Chief Financial Officer’s report
  • Six year financial review
  • Financial highlights

Six year financial review

Summarised results for the year Increase/ (decrease) 2017 vs 2016 2017 R’000 2016 R’000 2015 R’000 *2014 R’000 *2013 R’000 *2012 R’000
Revenue  2,40% 10 058 599 9 818 717   9 266 251  8 530 237 7 832 911  7 223 863 
Operating profit (44,30%) 314 479 564 450  509 072  282 276 371 624  371 232 
Net financing cost              
Current and long-term liabilities 18,00% (133 118) (112 825)  (74 064) (57 809) (46 717)  (1 855)
Debt portion of preference share capital   – –  –  – –  (22 007)
Profit before tax from continuing operations (59,80%) 181 361 451 625  435 008  224 467 324 907   347 370 
Taxes (63,90%) (41 105) (113 992)  (100 286) (49 791) (99 022)  (137 654)
Share of profit of joint ventures 29,50% 18 486 14 268  10 939  14 306 13 974 –
Non-controlling interest (51,40%) (484) (995)  4 684  (2 316) (1 233)  (4 426)
Profit attributable to equity holders of the parent  (54,90%) 158 258 350 906  350 345  186 666  238 626   205 290 
Headline earnings attributable to equity holders of the parent (65,90%) 121 617 356 594  319 343  187 464  214 894   207 800 
Normalised earnings   2017 R’000 2016 R’000 2015 R’000 2014 R’000 2013 R’000 2012 R’000
Operating profit   314 479 564 450  509 072  282 276 371 624  371 232 
Adjusted for exceptional items:              
(Profit)/loss on sale and scrapping of property plant and equipment and other assets   (33 404) (20 869)  (38 950) 5 102  (11 680)  (878)
Gain on fair valuing of existing investment in joint venture due to acquiring control   – –  –  –  (16 747)  – 
Discount on acquisition of PPE by Clover Waters through issue of shares   – –  –  (20 716) – –
Bargain purchase at acquisition of stake in Clover Good Hope   – (1 721) – – – –
Profit on Sale of Lactolab   (9 270) – – – – –
Retrenchment costs   46 779 8 493  8 156  7 174  17 184   3 629 
Legal and professional services costs associated with the listing   – –  75  141 49  – 
Release of foreign currency translation reserve in abandonment of foreign operations   – 28 366 – – – –
Other restructuring cost    1 319 –  241  8 721  18 517  5 944 
Normalised operating profit   319 903 578 719  478 594  282 698 378 947  379 927 
Net financing cost   (133 118) (112 825)  (74 064) (57 809)  (46 716)  (23 862)
Tax expense              
Total tax expense   (41 105) (113 992)  (100 286) (49 791)  (99 022)  (137 654)
Other non-recurring tax adjustments   – – – –  –   18 254 
Taxation adjustment on exceptional items   (7 434) (2 466)  5 576  (4 286)  (8 453)  (2 745)
Share of profit of joint ventures after tax   18 486 14 268  10 939  14 306 13 974 –
Non-controlling interest   (484) (995)  4 684  (2 316)  (1 233)  (4 426)
Non-controlling interest’s portion in discount on acquisition of PPE by Clover Waters through issue of shares   – – – 6 215 – –
Non-controlling interest’s portion of restructuring cost of subsidiary   – – – (741) – –
Normalised profit attributable to equity holders of the parent   156 248 362 709  325 443  188 276  237 497   229 493 
* From 2014 all joint ventures were equity accounted. The figures for 2013 were restated to show this effect. The figures for 2012 have not been restated. 
    2017 R’000 2016 R’000 2015 R’000 **2014 R’000 **2013 R’000 **2012 R’000
Dividends              
Equity dividends – ordinary shares   114 802 108 755  71 624   69 342   41 912   53 734 
Preference dividends recognised as interest    –  –  –   –   20 346   22 007 
Earnings and dividends per share    Cents  Cents   Cents   Cents   Cents   Cents 
Equity dividends per ordinary share – Interim   24,21 24,21  22,6   16,0   10,0   15,0 
Equity dividends per ordinary share – Final    –  40,94  33,4   16,0   22,0   13,4 
Preference dividend recognised as interest per preference share    –  –  –   –   22,7   24,6 
Earnings per ordinary share    83,1 185,9  190,4   102,3   133,1   114,6 
Diluted earnings per ordinary share   82,3 181,8  182,0   97,3   123,8   107,4 
Headline earnings per ordinary share    63,9 188,9  173,6   102,7   119,9   116,0 
Diluted headline earnings per ordinary share   63,2 184,7  165,9   97,8   111,5   108,7 
Normalised earnings per share, calculated by dividing the normalised profit by the weighted average number of ordinary shares   82,0 192,2  176,9   103,2   132,5   128,1 
Summarised statement of financial position   R’000  R’000   R’000   R’000   R’000   R’000 
Non-current assets   3 120 227 2 972 730  2 752 656   2 302 052   1 997 482   1 526 306 
Deferred taxation asset   45 496 37 019  32 696   8 919   6 722   492 
Current assets   2 882 420 2 856 294  2 689 485   2 298 621   2 413 733   2 336 745 
Total assets   6 048 143 5 866 043  5 474 837   4 609 592   4 417 937   3 863 543 
Shareholders’ funds   2 894 862 2 865 412  2 571 338   2 252 270   2 113 116   1 894 244 
Non-controlling interest   (15 179) 23 305  13 510   20 471   2 309   1 796 
Non-current portion of interest-bearing borrowings   767 621 931 455  681 601   662 357   666 640   21 686 
Non-current portion of provisions   82 595 73 474 74 901  67 615   60 814   61 637 
Non-current portion of trade and other payables   25 492 19 311  21 459   4 351   9 267   6 904 
Other non-current financial liabilities   66 771 2 199 2 716 – – –
Deferred taxation liability   221 065 192 358  188 253   179 023   137 313   116 950 
Current portion of interest-bearing borrowings   714 304 343 015 573 576  214 495   172 646   421 376 
Current liabilities excluding interest-bearing borrowings   1 290 612 1 415 514  1 350 199  1 209 010   1 255 832   1 338 950 
Total equity and liabilities   6 048 143 5 866 043  5 474 837  4 609 592   4 417 937   3 863 543 
Net assets   2 879 682 2 888 717  2 584 848   2 272 741   2 115 425   1 896 040 
Replacement value of property, plant and machinery*   9 771 296 9 116 408  7 577 153   7 577 153   6 106 300   5 746 800 
* Replacement value of property, plant and machinery is determined by an external valuator.
** From 2014 all joint ventures were equity accounted. The figures for 2013 were restated to show this effect. The figures for 2012 have not been restated. 
  A list of all definitions used in the above calculation is set out here

 

Number of shares in issue 2017 2016 2015 *2014 *2013 *2012
Number of ordinary shares in issue at year-end 190 835 364 190 314 350  187 731 138   182 478 589   181 218 149   179 111 867 
Weighted average number of ordinary shares 190 433 237 188 733 409  183 989 596   182 478 589   179 267 674   179 111 867 
Weighted average number of ordinary shares for calculation of diluted earnings 192 358 073 193 021 978  192 466 775  191 767 408   192 750 186   191 127 152 
Number of preference shares in issue at year-end – –  –   –   –   89 442 022 
Weighted average number of preference shares – –  –   –   –   89 442 022 
Cash flow  R’000  R’000   R’000   R’000   R’000   R’000 
Cash flow from operating activities 276 956 673 448  160 185  403 067   219 198   417 910 
Cash (used in)/from investment activities (277 708) (332 629)  (556 822)  (351 734)  (515 811)  (256 150)
Cash flow/(outflow) from financing activities (57 982) (212 426)  218 097   (97 780)  297 159   (272 951)
Cash flow from operating activities per share (cents) 145,4 356,8  87,1  220,9 122,3 233,3
 Ratios and returns  %  %   %   %   %   % 
Operating profit to revenue  3,1 5,7 5,5 3,3 4,7 5,1
Normalised operating profit  3,2 5,9 5,2 3,3 4,8 5,3
Return on net assets 6,8 13,2 13,5 8,6 13,1 14,9
Return on net assets excluding exceptional items 6,9 13,5 12,7 8,6 13,4 15,2
Return on equity holders’ funds 5,5 12,9 14,5 8,6 11,9 11,3
Return on equity holders’ funds excluding exceptional items 5,4 13,3 13,5 8,6 11,9 12,6
Gearing percentage (net of cash) 32,5 23,2 30,2 9,8 6,4 -14,2
Effective tax rate 20,6 24,5 22,5 20,9 29,3 39,6
  Times  Times   Times   Times   Times   Times 
Net asset turn 4,4 4,5 5 5,6 6,2 6,8
Current ratio 1,4 1,6 1,4 1,6 1,7 1,3
 Employees statistics Number Number  Number   Number   Number   Number 
Average number of employees  8 796 8 456 7 177  6 393   6 519   6 555 
  R’000 R’000 R’000 R’000 R’000 R’000
Revenue per employee 1 143,5 1 161,2 1 291,1 1 334,3 1 201,6  1 102 
Operating profit per employee 35,8 66,8 70,9 44,2 57  57 
Normalised operating profit 36,4 68,4 66,7 44,2 58  58 
Average net assets per employee 327,9 323,6 338,4 343,2 307,7  278 
* From 2014 all joint ventures were equity accounted. The figures for 2013 were restated to show this effect. The figures for 2012 have not been restated. 
  A list of all definitions used in the above calculation is set out here
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Integrated Report
Annual Financial Statements
PRODUCT GALLERY
AGM

Date: Monday, 28 November 2017 at 10am
Venue: Clover Headquarters
 Notice to AGM
  Proxy

CONTACT

Head Office
200 Constantia Drive, Constantia Kloof,
1709, Johannesburg
Tel: +27 (0)11 471 1400

downloads
Integrated Report
Annual Financial Statements
PRODUCT GALLERY
AGM

Date: Monday, 28 November 2017 at 10am
Venue: Clover Headquarters
 Notice to AGM
  Proxy

CONTACT

Head Office
200 Constantia Drive, Constantia Kloof,
1709, Johannesburg
Tel: +27 (0)11 471 1400

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Copyright Clover Limited 2017
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Disclaimer   Copyright Clover Limited 2017