Financial definitions |
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| Abnormal items |
Items of income and expenditure not directly attributable to normal operations or of a size or nature such that additional disclosure is considered appropriate |
| Asset turnover |
Turnover divided by the average of net assets, excluding cash resources, short-term and long-term borrowings, taxation, shareholders for dividends and the carrying value of investments, at the beginning and end of the year |
| Cash flow to net liabilities |
Cash generated from operations after interest and taxation as a percentage of total liabilities, less cash resources |
| Current ratio |
Ratio of current assets to current liabilities |
| Dividend cover |
Headline earnings per share divided by the total ordinary dividend per share for the year, comprising the interim dividend paid and final dividend declared post-year end. Where applicable, the denominator includes the capital distribution paid out of share premium. (For 2010, the dividend cover calculation includes once-off empowerment transaction costs in headline earnings) |
| Dividend yield |
Dividends and capital distributions per share as a percentage of year-end market price per share |
| Earnings yield |
Headline earnings per share as a percentage of year-end market price per share |
| Effective taxation rate |
Taxation charge in the statement of comprehensive income as a percentage of profit before taxation |
| HEPS |
Headline earnings divided by the weighted average number of ordinary shares in issue during the year (net of treasury and empowerment shares) |
| Net debt |
Cash and cash equivalents less long and short-term borrowings |
| 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 |
| Price:earnings 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 |
