Contents
DEFINITIONS
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Financial highlights
Group @ a glance
Letter to shareholders
Board of directors
Management discussion ►
Building and developing people
Environmental issues
Corporate governance
Segmental analysis
Five-year financial review
Summary of statistics
Definitions
Value added statement
Annual financial statements
Notice of annual general meeting - PDF 106kb
 
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, intangible assets, investments and current assets.
 
Net assets
Total assets less non-interest-bearing debt, excluding RC&C Finance Company borrowings.
 
Net operating assets
Total assets excluding cash and cash equivalents, less current liabilities excluding short-term borrowings and bank overdrafts.
 
Net asset turn
Revenue divided by average net operating assets.
 
Return on ordinary shareholders’ funds
Headline earnings divided by average ordinary shareholders’ funds.
 
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.
 
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.
 
Net interest cover
Operating profit and dividends from associate company 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 dividends 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.
 
Dividend cover
Headline earnings per share divided by dividends per share.
 
Earnings yield
Headline earnings per share divided by market price per share at year-end.
 
Dividend yield
Dividends per share divided by market price per share at year-end.
 
Market capitalisation
Market price per share at year-end multiplied by number of ordinary shares in issue.
 
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.
 
Normalised headline earnings per share
Attributable headline earnings adjusted for the interest in profit that is economically attributable to BEE partners divided by the weighted average number of ordinary shares in issue during the year.
   
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