Definitions

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.