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AVERAGE NET OPERATING ASSETS
The average of the opening and closing balance of each year.
 
NET INTEREST COVER
Operating profit
Interest paid
     
AVERAGE ORDINARY SHAREHOLDERS' FUNDS
The average of the opening and closing balances of each year.
 
NET OPERATING ASSETS
Total assets (cash + cash equivalents) (current liabilities
bank overdrafts short-term portion of long-term borrowings)
     
CASH FLOW PER SHARE (CENTS)
Cash flow from operating activities before dividends paid
Weighted average shares in issue during the year
 
NET WORTH PER SHARE
Ordinary shareholders’ funds
Shares in issue at year-end (treasury shares + BEE shares)
     
CURRENT RATIO
Current assets
Short-term non-interest bearing debt + short-term borrowings
 
NORMALISED HEADLINE EARNINGS PER SHARE
Attributable headline earnings interest to BEE partners
+ other items in profit directly associated with BEE transactions
± other non-sustainable gains or losses in the income statement
Weighted average number of shares in issue during the year
     
DIVIDEND COVER (TIMES)
Normalised headline earnings per share
Dividend per share
 
OPERATING MARGIN (%)
Operating profit
Revenue
     
DIVIDEND YIELD (%)
Dividend per share
Market price per share at year-end
 
RETURN ON NET OPERATING ASSETS (%)
Operating profit ±capital items included in headline earnings
Average net operating assets
     
     
EARNING YIELD (%)
Normalised headline earnings per share
Market price per share at year-end
 
RETURN ON ORDINARY SHAREHOLDERS’ FUNDS (%)
Normalised headline earnings
Average ordinary shareholders’ funds
     
EBITDA
Earnings (operating profit) before interest, taxation, depreciation and amortisation.
 
TOTAL ASSETS
Non-current assets + current assets
     
HEADLINE EARNINGS PER SHARE
Attributable earnings adjusted for attributable value of items in terms of SAICA Circular 03/20091
Weighted average ordinary shares in issue during the year
 
TOTAL BORROWINGS
Interest-bearing debt.
     
     
MARKET CAPITALISATION
Market price per share × (ordinary shares in issue
treasury shares BEE shares)
 
TOTAL LIABILITIES
Total liabilities deferred taxation
     
NET ASSET TURN
Revenue
Average net operating assets
 
WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE
DURING THE YEAR
Opening shares in issue (treasury shares + BEE shares)
± time weighted moves in shares in issue
     
NET BORROWINGS
Total borrowings (cash + cash equivalents)
 
1 Refer note 8 of the annual financial statements.