Financial metrics

The JSE continues to perform and execute its strategy despite a challenging macro-economic and trading environment. The Group is highly cash generative. This means that all planned investments and capital requirements for the foreseeable future can be funded from the Group’s own reserves.

Our key financial indicators

Operating revenue

Operating revenue is the revenue generated from our primary business activities, and we track operating revenue as a measure of our overall growth.

EBIT margin

Earnings before earnings and taxes (EBIT) margin is a measure of operating profit as a percentage of revenue. Knowing this percentage allows investors to understand our profitability and compare our performance to others in the industry.


Earnings before interest, taxes, depreciation and amortisation (EBITDA) is an indicator of our financial health and ability to generate cash flow.

Earnings per share

Earnings per share, calculated as profit divided by the number of shares issued, is an indicator of our profitability.

Headline earnings per share

Headline earnings per share refers to our profit divided by the number of our shares issued that removes the effect of one-time charges, write-downs and other extraordinary items like tax liabilities.

Strong balance sheet underpinned by healthy cash generation

The Group continued to be cash generative, with a cash balance of R2.2 billion at the end of December 2022 (2021: R2.4 billion) held in cash and cash equivalents. Net cash generated from operations increased by 7% to R978 million (2021: R917 million).

Investing activities

* Including effect of exchange rate fluctuations on foreign
denominated cash and proceeds from sale of treasury shares
** Excluding dividend paid to JSE Empowerment Fund (JEF)

A soundly capitalised Group

The JSE and JSE Clear are required to hold regulatory capital. The Group calculates and holds regulatory capital in the form of equity capital – this amounts
to R1.2 billion in total for JSE Limited and for JSE Clear, of which R822 million is held in the form of restricted cash and cash equivalents and R143 million in
SA government bonds. At the reporting date, JSE and JSE Clear are adequately capitalised.

The investor protection and other funds (not distributable) are disclosed separately in the graph titled breakdown of cash balances. The graph below shows the breakdown of the Group’s cash balance and the profile of the allocation of funds.

Investor protection

*Not included in cash balance but R143m held in bonds*
**Independent Clearing House.
***Disclosed from 2020

Dividend policy

The JSE has refined its dividend policy to reflect a more appropriate balance between cash returns to shareholders
and reinvestment into the business. As such, we have updated the annual dividend policy from a progressive
approach to a pay-out ratio (67% – 100% of earnings). The Board is confident that the updated dividend policy is
congruent with the Group’s growth strategy over the medium term.


Dividend policy