Definitions
Profit from Tongaat Hulett operations
Profit from Tongaat Hulett operations comprises results of continuing operations, centrally accounted and consolidation items (31 December 2008 and prior periods - includes Triangle dividend).
Headline earnings
Headline earnings are calculated in note 22, in accordance with the South African Institute of Chartered Accountants’ Circular 3/2009: Headline Earnings.
Headline earnings per share
Headline earnings divided by the weighted average number of shares in issue.
Operating margin
Profit from Tongaat Hulett operations expressed as a percentage of revenue.
Return on capital employed
Profit from Tongaat Hulett operations 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 excluding short-term borrowings.
Quick ratio
Current assets, excluding inventories, divided by current liabilities excluding short-term borrowings.
Net asset value per share
Shareholders’ interest 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.
CURRENCY CONVERSION GUIDE
| Closing rate at | ||||||
| 31 March | 31 December | 31 December | ||||
| 2010 | 2008 | 2007 | ||||
| US dollar | 7,39 | 9,30 | 6,84 | |||
| Euro | 9,95 | 12,93 | 9,99 | |||
| Metical | 0,24 | 0,36 | 0,29 | |||
| Average rate for period | ||||||
| 15 months to | 12 months to | 12 months to | ||||
| 31 March | 31 December | 31 December | ||||
| 2010 | 2008 | 2007 | ||||
| US dollar | 8,23 | 8,27 | 7,05 | |||
| Euro | 11,40 | 12,17 | 9,67 | |||
| Metical | 0,29 | 0,34 | 0,27 | |||
