A N N U A L   R E P O R T   –   2 0 0 2 
Financial highlights Statutory information
Letter to the shareholders Accounting policies
Board of directors Income statements
Group operations Balance sheets
Developing people Cash flow statements
Corporate governance Notes to the cash flow statements
Value added statement Statements of changes in equity
Segmental analysis Principal subsidiaries
Five-year financial review Share ownership analysis
Summary of statistics Shareholders’ diary
Definitions Administration
Directors’ responsibility Notice of annual general meeting
Report of the independent auditors Currency conversion table
Secretaries’ certification Board, Director and Committes

D E F I N I T I O N S
 

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 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 finance company borrowings.
   
 

Net operating assets

  Total assets excluding cash and cash equivalents, less current liabilities excluding short-term loans 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 income, 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 income.
   
 

Current ratio

  Current assets divided by short-term non-interest-bearing debt.
   
 

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 short-term investments.
   
 

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.
   
 

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

  Dividend 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 of a capital nature, divided by the weighted average number of ordinary shares in issue during the year.



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