Tiger Brands Integrated Annual Report 2014

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51 Tiger Brands Limited Integrated Annual Report 2014
Performance review
Net funding Capital and reserves, non-controlling interests and net debt
Net interest cover Operating profit plus dividend income divided by net interest paid
Net worth per ordinary
share
Interest of ordinary shareholders after deducting the cost of treasury
and empowerment shares divided by the number of ordinary shares
in issue at the year end excluding treasury and empowerment shares
NPAT Net profit after taxation
Operating margin Operating profit as a percentage of turnover
ratio Year-end market price per share as a multiple of headline earnings
per share
Return on average net
assets employed
Operating profit as a percentage of the average of net assets,
excluding cash resources, short and long-term borrowings, taxation,
shareholders for dividends and the carrying value of investments, at
the beginning and end of the year
Return on equity Profit attributable to ordinary shareholders excluding abnormal items
divided by issued capital and reserves
Total equity Includes ordinary share capital and share premium, less treasury
shares and shares held by empowerment entities, plus reserves and
non-controlling interests
Total liabilities Long-term liabilities and current liabilities
Working capital per
R1 000 revenue
The average of inventory and receivables less payables, excluding
dividends payable to shareholders and taxation, at the beginning
and end of the year, divided by turnover