Average net
operating assets
The average net operating assets is calculated by taking
the average of the opening and closing balance of each
year.
Average ordinary
shareholders’ funds
The average ordinary shareholders’ funds is calculated
by taking the average of the opening and closing
balances of each year.
Cash flow per
share
Cash flow from operating activities, excluding the
movement in RCCF accounts receivable, before dividends
paid, divided by the weighted average number of shares
in issue during the year, net of treasury shares.
Current ratio
(excluding RCCF)
Current assets, excluding RCCF accounts receivable,
divided by short-term non-interest-bearing debt,
which excludes RCCF short-term borrowings.
Current ratio
(including RCCF)
Current assets, divided by short-term non-interest-bearing
debt and RCCF short-term borrowings.
Dividend cover
Normalised headline earnings per share divided by
dividend per share.
Dividend yield
Dividend per share divided by market price per share
at year-end.
Earnings yield
Normalised headline earnings per share divided by
market price per share at year-end.
EBITDA
Earnings (operating profit) before interest, taxation,
depreciation and amortisation of intangible assets.
Headline earnings
per share
Attributable earnings adjusted for attributable value
of items in terms of SAICA Circular 03/2009, divided
by the weighted average number of ordinary shares
in issue during the year.
Market capitalisation
Market price per share at year-end multiplied by
number of ordinary shares in issue, net of treasury
shares.
Net asset turn
(including RCCF)
Revenue divided by average net operating assets (including
RCCF).
Net asset turn
(excluding RCCF)
Revenue divided by average net operating assets (excluding
RCCF).
Net borrowings
Total borrowings net of cash and cash equivalents.
Net interest
cover
Operating profit and dividends from associate company
divided by net interest paid.
Net operating
assets (including RCCF)
Total assets excluding cash and cash equivalents,
less current liabilities excluding bank overdrafts
and short-term portion of long-term borrowings.
Net operating
assets (excluding RCCF)
Total assets, excluding long-term and short-term
RCCF accounts receivable, cash and cash equivalents
and RCCF bank balances and cash less current liabilities
excluding bank overdrafts and short-term portion
of long-term borrowings and RCCF shortterm borrowings.
Net worth per
share
Ordinary shareholders’ funds divided by shares in
issue at year-end, net of treasury shares.
Normalised headline
earnings per share
Attributable headline earnings adjusted for the interest
in profit that is economically attributable to BEE
partners, which, in terms of IFRS, is not charged
as a minority interest in the income statement, and
other items included in profit that are directly
associated with BEE transactions as well as adjustments
in respect of the gain on the fair value of the option
in terms of the NSN agreement, divided by the weighted
average number of ordinary shares in issue during
the year.
Operating margin
Operating profit divided by revenue.
Return on net
operating assets
Operating profit, plus share of associate company’s
profit, less adjustments for capital items excluded
from headline earnings, divided by average net operating
assets.
Normalised return
on net operating assets excluding investments
in associates
As for return on net operating assets excluding investments
in and share of associate company’s profit.
Return on ordinary
shareholders’ funds
Normalised headline earnings divided by average ordinary
shareholders’ funds.
Total assets
Property, plant and equipment, intangible assets,
investments and non-current assets.
Total borrowings
Interest-bearing debt.
Total liabilities
Total liabilities excluding deferred taxation.
Weighted average number
of ordinary shares
The weighted average number of ordinary shares is
the number of ordinary shares in issue at the beginning
of the year, adjusted by the number of ordinary shares
bought back or issued during the year, multiplied
by the number of days that the shares are issued
as a proportion of the total number of days in the
year. |
