OPERATING PROFIT
Operating profit includes results of operations, Triangle dividend, restructure costs, valuation adjustments and exceptional items.
HEADLINE EARNINGS
Headline earnings are calculated in note 21, in accordance with the South African Institute of Chartered Accountants' Circular 7/2002.
HEADLINE EARNINGS PER SHARE
Headline earnings divided by the weighted average number of shares in issue.
OPERATING MARGIN
Operating profit expressed as a percentage of revenue.
RETURN ON CAPITAL EMPLOYED
Operating profit expressed as a percentage of average capital employed, excluding capital work in progress.
RETURN ON EQUITY
Headline earnings expressed as a percentage of average equity.
DEBT TO EQUITY
Long and short-term borrowings divided by equity.
NET DEBT TO EQUITY
Long and short-term borrowings less cash and cash equivalents divided by equity.
CURRENT RATIO
Current assets divided by current liabilities.
LIQUIDITY RATIO
Current assets, excluding inventories, divided by current liabilities.
NET ASSET VALUE PER SHARE
Equity divided by the number of ordinary shares at year end.
CAPITAL EMPLOYED
Equity, minority interests, deferred tax, long and short-term borrowings and provisions.
TOTAL LIABILITIES
Long and short-term borrowings, provisions, trade and other payables and derivative liabilities.
