Home HOME Print page PRINT THIS PAGE Email page EMAIL THIS PAGE



Annual integrated report 2011


Five-year review

Rm 2011   2010^   2009^   2008   2007
SUMMARISED STATEMENT OF FINANCIAL POSITION                  
Assets                  
Property, plant and equipment 26 416   23 852   25 097   29 732   26 683
Goodwill and intangible assets 15 400   13 484   14 669   17 910   16 380
Deferred taxation 2 165   1 753   1 385   689   514
Other non-current assets 497   206   130   662   1 751
Total non-current assets 44 478   39 295   41 281   48 993   45 328
Total current assets* 6 186   5 384   4 898   5 493   5 211
Total assets* 50 664   44 679   46 179   54 486   50 539
Equity and liabilities                  
Total shareholders’ equity 7 685   6 358   6 946   8 851   8 582
Long-term debt 25 106   21 630   25 423   31 530   28 944
Financial liability – Derivative financial instruments 5 319   4 113   2 797   1 654   1 156
Deferred taxation 5 178   4 908   5 466   6 463   6 073
Other non-current liabilities 332   331   459   273   268
Total non-current liabilities 35 935   30 982   34 145   39 920   36 441
Total current liabilities* 7 044   7 339   5 088   5 715   5 516
Total equity and liabilities* 50 664   44 679   46 179   54 486   50 539
SUMMARISED STATEMENT OF CASH FLOWS                  
Cash generated from operations before working capital changes 4 668   4 797   5 011   4 735   4 252
Working capital changes 904   137   (371)   (72)   (278)
Cash generated from operations 5 572   4 934   4 640   4 663   3 974
Interest paid (1 836)   (1 981)   (2 430)   (2 558)   (2 355)
Taxation paid (674)   (565)   (526)   (290)   (286)
Ordinary dividends paid by subsidiaries (3)   (1)   (3)   (1)    
Capital reductions and ordinary dividends paid (636)   (521)   (430)   (406)   (347)
Preference dividends paid (47)   (53)   (73)   (67)   (30)
Distributions to beneficiaries of the HPFL trusts (47)                
Net cash from operating activities 2 329   1 813   1 178   1 341   956
Net cash from investing activities (1 139)   (1 298)   (333)   (2 175)   (1 664)
Net cash from financing activities (880)   138   (978)   889   614
Increase/(decrease) in cash and cash equivalents 310   653   (133)   55   (94)
Translation effects on cash and cash equivalents of foreign entities 210   (82)   (115)   (32)   39
Cash and cash equivalents at beginning of year 1 285   714   962   900   1 009
Cash in disposal group held for sale             39   (54)
Cash and cash equivalents at end of year 1 805   1 285   714   962   900

* Includes the discontinued operation and assets held for sale.
^ Balances in the statement of financial position were restated following the revised treatment of deferred tax. (refer to note 33 of the Group annual financial statements).

Rm Compound
growth %#
  2011   2010   2009   2008   2007  
SUMMARISED INCOME STATEMENT
                       
Continuing operations                        
Revenue 5.7   23 221   22 474   23 232   21 735   18 607  
Operating profit 5.5   3 701   3 708   3 700   3 370   2 990  
Financial income and expenses     (1 755)   (1 978)   (2 260)   (2 427)   (2 135)  
Attributable earnings of associates     23   24   27   2   32  
Profit before taxation 22.1   1 969   1 754   1 467   945   887  
Taxation     (114)   (294)   (350)   (68)   99  
Profit for the year from continuing operations 17.1   1 855   1 460   1 117   877   986  
Discontinued operation                        
Profit for the year from discontinued operations             634   105   109  
Profit for the year 14.1   1 855   1 460   1 751   982   1 095  
Attributable to:                        
Owners of the parent 14.1   1 570   1 233   1 564   801   927  
Preference shareholders 11.9   47   53   73   67   30  
Non-controlling interest 14.6   238   174   114   114   138  
      1 855   1 460   1 751   982   1 095  
DIVISIONAL ANALYSIS                        
Revenue                        
South Africa 10.8   13 361   12 541   11 832   10 385   8 869  
   Hospitals and Emergency services     12 089   11 167   10 319   9 020   7 782  
   Primary Care     1 272   1 374   1 513   1 365   1 087  
United Kingdom 0.3   9 860   9 933   11 400   11 350   9 738  
  5.7   23 221   22 474   23 232   21 735   18 607  
Operating profit                        
South Africa 12.5   2 206   1 865   1 653   1 421   1 377  
   Hospitals and Emergency services     2 182   1 893   1 703   1 414   1 328  
   Primary Care     38   6   (41)   (13)   78  
   Capital items     (14)   (34)   (9)   20   (29)  
United Kingdom (1.9)   1 495   1 843   2 047   1 949   1 613  
   United Kingdom operations     1 384   1 764   2 048   1 979   1 646  
   Capital items     111   79   (1)   (30)   (33)  
                         
  5.5   3 701   3 708   3 700   3 370   2 990  

# Compound annual growth rate for the period 2007 to 2011.

Operating profit margin South Africa   United Kingdom
R million   £ million
Operating profit margin   United Kingdom
Rm   Compound
growth %#
  2011   2010   2009   2008   2007  
KEY PERFORMANCE INDICATORS
                         
Exchange rates                          
Closing rate at 30 September R:£     12.54   10.93   11.95   14.76   14.03  
Average rate for the year R:£     11.09   11.63   13.73   14.65   14.13  
Ratios                          
Operating profit margin* %     15.9   16.5   15.9   15.5   16.1  
Interest cover* times     2.1   2.0   1.6   1.4   1.4  
Effective tax rate* %     5.8   16.8   23.9   7.2   (11.2)  
Current ratio :1     0.9   0.7   1.0   1.0   0.9  
Total liabilities to ordinary shareholders’ equity^ %     8.3   9.4   9.7   10.2   10.2  
Shareholder returns                          
Attributable earnings per share cents 12.8   122.1   97.0   123.8   63.5   75.4  
Headline earnings per share cents 10.8   117.0   96.5   78.2   61.5   77.6  
Distributions per share cents 14.3   53.0   46.5   38.0   32.0   31.0  
      Capital reduction cents         25.5   38.0   32.0   31.0  
      Dividend cents     53.0   21.0              
Distribution cover times     2.2   2.1   2.1   1.9   2.5  
Equity attributable to owners                          
   of the parent per share^ cents 4.7   398.1   318.6   319.7   356.0   331.9  

# Compound annual growth rate for the period 2007 to 2011.
* Based on continuing operations.
^ 2010 and 2009 balances have been restated.

232 Refer to the glossary for financial definitions.

        2011   2010   2009   2008   2007  
KEY PERFORMANCE INDICATORS                          
Operational performance indicators                          
South African hospitals                          
Number of hospitals1       55   54   54   52   49  
Registered beds       9 052   8 874   8 766   8 678   7 936  
Increase in patient days %     2.2   0.6   4.9   12.8   4.5  
Increase/(decrease) inpatient admissions %     0.7   (3.5)   4.3   10.8   5.9  
Average length of stay days     3.51   3.44   3.36   3.32   3.32  
Primary Care                          
Medicross centres       68   69   79   77   70  
Prime Cure clinics       20   22   24   27   25  
Total number of visits       3 235 127   3 345 330   3 690 342   3 742 812   3 582 693  
Number of lives managed       129 740   181 881   256 243   235 039   177 355  
United Kingdom hospitals                          
Number of hospitals1       64   66   57   55   48  
Registered beds       3 038   3 071   2 878   2 840   2 606  
Patient admissions (total cases)       287 699   276 192   261 166   246 502   229 495  
Outpatient cases       1 485 838   1 279 539   1 135 010   944 360   892 527  
Social performance indicators                          
Total employees       28 700   29 121   29 648   28 884   27 730  
   South Africa       20 666   20 887   20 518   19 681   18 877  
   United Kingdom       8 034   8 234   9 130   9 203   8 853  
Employee turnover                          
   South Africa %     17.3   14.7   16.9   21.9   19.7  
   United Kingdom %     19.0   20.4   20.7   19.8   14.6  
ACI employee representation2 %     67.8   66.4   64.7   63.1   61.4  
Unionised employees2 %     50.4   48.4   40.8   41.6   39.0  
Number of nurses and paramedics trained2       3 692   3 879   3 949   3 461   3 700  
Corporate social investment2 Rm     30   57   37   25   37  
Environmental performance indicators                          
South Africa                          
Energy usage gigajoules     719 727   820 075   935 306   876 890   1 056 562  
Water usage3 kilolitres     1 725 153   1 673 071   1 467 000   1 815 909   1 682 000  
Carbon dioxide equivalent (CO2e) emissions metric tons     193 006   274 041   296 987   278 901   250 970  
Total CO2e per R1 m revenue       14.45   21.85   25.10   26.86   24.32  
United Kingdom4                          
Energy usage megawatt hour     142 560   145 090              
Carbon dioxide emissions tons     50 830   58 750              

1 Owned and managed hospitals.
2 SA operations only.
3 Hospital division only.
4 Information prior to 2010 is not available
.

Netcare share price performance on the JSE
Cents
Netcare share price performance on the JSE

        2011   2010   2009   2008   2007  
KEY PERFORMANCE INDICATORS                          
Ordinary share statistics                          
Shares in issue million     1 446   1 437   1 426   1 858   1 841  
Shares in issue net of treasury shares million     1 295   1 277   1 266   1 262   1 245  
Weighted average number of shares million     1 286   1 271   1 263   1 261   1 230  
Diluted weighted average number of shares million     1 317   1 303   1 275   1 280   1 293  
Market capitalisation R million     18 870   19 888   14 788   15 329   21 963  
JSE Limited statistics                          
Market prices per share                          
   – at 30 September cents     1 305   1 384   1 037   825   1 193  
   – highest cents     1 643   1 410   1 090   1 360   1 677  
   – lowest cents     1 285   1 048   600   630   1 150  
   – weighted average cents     1 438   1 291   866   948   1 368  
Number of share transactions       141 063   129 387   112 941   22 384   114 167  
Value of share transactions R million     10 260.9   9 398.0   9 637.4   5 814.9   15 964.3  
Volume of shares traded million     713.4   727.9   1 112.9   664.1   1 166.9  
Volume traded to issued %     55.0   57.0   87.9   52.6   93.7  
Market performance ratios                          
Earnings yield %     9.0   7.0   7.5   7.5   6.5  
Distribution yield %     4.1   3.4   3.7   3.9   2.6  
Price : earnings ratio times     11.2   14.3   13.3   13.4   15.4