Value added statement

	2016 R’000	2016 %	2015 R’000	2015 %	2014 R’000	2014 %	2013 R’000	2013 %	2012 R’000	2012 %
VALUE ADDED
Value added by operating activities	1 674 203	96.3	1 492 949	98.0	1 125 610	96.7	1 050 765	95.9	1 068 131	94.7
Revenue	26 204 722		22 044 222		19 401 666		18 984 210		18 722 080
Net operating expenses	(24 530 519)		(20 551 273)		(18 276 056)		(17 933 445)		(17 653 949)
Value added by investing activities	64 266	3.7	30 721	2.0	38 807	3.3	45 489	4.1	59 730	5.3
Interest income	64 266		30 721		38 807		45 489		59 730

	1 738 469	100	1 523 670	100	1 164 417	100	1 096 254	100	1 127 861	100
VALUE DISTRIBUTED
Distributed to employees	427 116	24.7	407 448	26.8	332 542	28.6	332 901	30.4	329 406	29.2
Salaries, wages, medical and other benefits	427 116		407 448		332 542		332 901		329 406
Distributed to providers of finance	48 207	2.8	67 964	4.5	22 993	2.0	23 767	2.2	3 307	0.3
Finance costs	48 207		67 964		22 993		23 767		3 307
Distributed to the state	305 420	17.6	275 768	18.1	208 996	17.9	215 075	19.6	190 759	16.9
Income tax	305 420		275 768		208 996		215 075		190 759
Distributed to social responsibility	6 528	0.4	5 336	0.4	5 075	0.4	4 242	0.4	3 340	0.3
Corporate social investment	6 528		5 336		5 075		4 242		3 340
Value reinvested	219 586	12.6	185 961	12.2	145 896	12.5	112 164	10.2	181 575	16.1
Depreciation, amortisation and impairment	98 183		94 019		65 137		67 951		91 557
Net discounting finance cost	36 270		22 875		26 440		15 558		66 505
Share of losses of associates and joint ventures	71 770		79 338		56 873		47 326		19 835
Deferred taxation	13 363		(10 271)		(2 554)		(18 671)		3 678
Value retained	731 612	42.1	581 193	38.1	448 915	38.6	408 105	37.2	419 474	37.2
Retained profit	691 590		577 617		450 230		424 841		438 104
Non-controlling shareholders’ interest	40 022		3 576		(1 315)		(16 736)		(18 630)

	1 738 469	100	1 523 670	100	1 164 417	100	1 096 254	100	1 127 861	100