Net worth per share
Ordinary shareholders' funds divided by shares in issue at year-end.
EBITDA
Earnings before interest, taxation, depreciation and amortisation of intangible assets. (Operating profit before deducting depreciation and amortisation expenses).
Operating margin
Operating profit divided by revenue.
Total assets
Property, plant and equipment, investments and current assets.
Net assets
Total assets less non-interest-bearing debt, excluding RC&C Finance Company borrowings.
Net interest cover
Operating profit and dividends from associates divided by net interest paid.
Total liabilities
Total liabilities excluding deferred taxation.
Total borrowings
Interest-bearing debt.
Net borrowings
Total borrowings net of cash and cash equivalents.
Cash flow per share
Cash flow from operating activities before dividend paid and excluding the movement in RC&C Finance Company accounts receivable, divided by the weighted average number of shares in issue during the year.
| Net operating assets | |
| Total assets excluding cash and cash equivalents, less current | Dividend cover |
| liabilities excluding short-term borrowings and bank overdrafts. | Headline earnings per share divided by dividend per share. |
| Net asset turn | Earnings yield |
| Revenue divided by average net operating assets. | Headline earnings per share divided by market price per share at |
| year-end. | |
| Return on ordinary shareholders' funds | |
| Headline earnings divided by average ordinary shareholders' funds. | Dividend yield |
| Dividend per share divided by market price per share at year-end. | |
| Return on net operating assets | |
| Operating profit, plus share of associate company’s profit, less | Market capitalisation |
| adjustments for capital items excluded from headline earnings, | Market price per share at year-end multiplied by number of |
| divided by average net operating assets. | ordinary shares in issue. |
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.
Current ratio
Current assets divided by short-term non-interest-bearing debt.
34 Reunert Annual Report 2005
Headline earnings per share
Attributable earnings adjusted for attributable value of items in terms of SAICA circular 07/2002, divided by the weighted average number of ordinary shares in issue during the year.
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