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Annual integrated report 2011


Glossary

An explanation of some of the terms and abbreviations used in this annual integrated report is shown below:

Financial definitions  

Attributable earnings

Earnings attributable to owners of the parent.

Capital items

Capital items includes items such as the gain on bargain purchase, impairment of investments, impairment of property, plant and equipment and profit/loss on disposal of property, plant and equipment.

Cash conversion ratio

Cash generated from operations divided by EBITDA.

Current ratio

Current assets divided by current liabilities.

Distribution cover

Headline earnings per share divided by distributions per share.

Distribution yield

Distributions per share divided by the closing share price on the JSE.

Earnings yield

Headline earnings per share divided by the closing share price on the JSE.

EBITDA

Earnings before interest, taxation, depreciation and amortisation.

EBITDA margin

EBITDA expressed as a percentage of revenue.

Effective tax rate

Taxation expressed as a percentage of profit before taxation.

Equity attributable to owners of the parent per share

Equity attributable to owners of the parent divided by shares in issue net of treasury shares.

Headline earnings

This comprises the earnings attributable to owners of the parent after adjusting for specific re-measurements as defined in Circular 3/2009 issued by the South African Institute of Chartered Accountants.

Interest cover

Operating profit divided by net interest paid.

Market capitalisation

Closing share price on the JSE times ordinary shares in issue before deducting treasury shares.

Net debt

Long-term debt, short-term debt and bank overdrafts net of cash and cash equivalents.

Operating profit margin

Operating profit expressed as a percentage of revenue.

Price: earnings ratio

The closing share price on the JSE divided by headline earnings per share.

Total liabilities to equity attributable to owners of the parent

Total liabilities divided by total equity attributable to owners of the parent.