Definitions

 
 

Average net operating assets

The average net operating assets are calculated by taking the average of the opening and closing balance of each year.

Average ordinary shareholders’ funds

The average ordinary shareholders’ funds are 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 Quince accounts receivable, before dividends paid, divided by the weighted average number of shares in issue during the year, net of treasury and BEE shares.

Current ratio (including Quince)

Current assets, divided by short-term non-interest-bearing debt and Quince short-term borrowings.

Current ratio (excluding Quince)

Current assets, excluding Quince accounts receivable, divided by short-term non-interest-bearing debt, which excludes Quince 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.

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 and BEE shares.

Net asset turn (including Quince)

Revenue (excluding rental income in Quince) divided by average net operating assets (including Quince).

Net asset turn (excluding Quince)

Revenue divided by average net operating assets (excluding Quince).

Net borrowings

Total borrowings net of cash and cash equivalents.

Net interest cover

Operating profit divided by interest paid.

Net operating assets (including Quince)

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 Quince)

Total assets, excluding long-term and short-term Quince accounts receivable, cash and cash equivalents and Quince bank balances and cash less current liabilities excluding bank overdrafts and short-term portion of long-term borrowings and Quince short-term borrowings.

Net worth per share

Ordinary shareholders’ funds divided by shares in issue at year-end, net of treasury and BEE 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 and other non-sustainable gains or losses recognised in the income statement, 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 excluding adjustments for capital items included in headline earnings, divided by average net operating assets.

Return on ordinary shareholders’ funds

Normalised headline earnings divided by average ordinary shareholders’ funds.

Total assets

Non-current assets and 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 in issue as a proportion of the total number of days in the year.