Summarised audited results
for the 12 months ended 30 June 2021

Imperial is your 'Gateway to Africa'
Imperial is your 'Gateway to Africa'

Glossary of terms

Asset intensity
  • PPE, transport Fleet, right-of-use assets and working capital as a percentage of revenue.
Earnings yield (%)
  • the headline earnings per share divided by the closing price of a share.
  • profit from operations before depreciation and recoupments.
EBITDA used for bank covenants
  • earnings pre-IFRS 16 leases after non-controlling interests before interest, taxes and depreciation.
Continuing free cash conversion
  • calculated by dividing continuing EBITDA less continuing capital expenditure by continuing EBITDA.
Free cash flow
  • calculated by deducting replacement capital expenditure and lease payments from the cash flow from operating activities.
Free cash flow from continuing operations to headline
earnings from continuing operations ratio
  • free cash flow from continuing operations divided by headline earnings from continuing operations.
Free cash flow per share
  • calculated by dividing free cash flow by the weighted average number of shares used in the basic earnings per share calculation.
Margin above WACC %
  • is the difference between ROIC and WACC.
Net asset value per share
  • equity attributable to owners of Imperial divided by total ordinary shares in issue net of shares repurchased (the deferred ordinary shares only participate to the extent of their par value of 0,04 cents).
Net debt
  • is interest-bearing borrowings, less cash resources.
Net debt to EBITDA used for bank covenants
  • net bank debt divided by EBITDA used for bank covenants.
Net debt:equity %
  • net debt as a percentage of equity.
Net debt:equity % (including lease obligations)
  • net debt including lease obligations as a percentage of equity.
Net capital expenditure
  • is the aggregate of the expansion and replacement capital expenditure net of proceeds on sale.
Net working capital
  • is inventories plus trade, other receivables and contract assets less trade and other payables and provisions.
Net income tax (liabilities) assets
  • current tax assets less current tax liabilities plus deferred tax assets less deferred tax liabilities.
Operating assets
  • total assets less loans receivable, tax assets and assets of disposal group.
Operating liabilities
  • total liabilities less interest-bearing borrowings, tax liabilities and put option liabilities.
Operating margin (%)
  • operating profit as a percentage of revenue.
Operating profit before items listed below (operating
  • Operating profit includes profit from business operations (gross profit minus operating expenses and depreciation). Operating profit does not include impairment and recoupment of properties as well as amortisation and impairment of intangible assets arising on business combinations.
Operating profit to average net operating assets (%)
  • operating profit divided by average net operating assets.
Pre-tax profits
  • calculated as profit before tax, impairment of goodwill and profit or loss on sale of investment in subsidiaries, associates and joint ventures and other businesses
Price earnings ratio (times)
  • the closing price of a share divided by the headline earnings per share.
Pro forma information
  • pro forma financial information is the result of adjusting IFRS information about the group at a specific date or for a particular period.
Return on invested capital (ROIC) (%)
  • this is the return divided by invested capital.
  • return is calculated by reducing the operating profit by a blended tax rate, which is an average of the actual tax rates applicable in the various jurisdictions in which Imperial operates, increased by the share of results of associates and joint ventures.
  • invested capital is a 12-month average of total equity plus interest-bearing borrowings and lease obligations less cash resources.
Return on average ordinary shareholders’ interest (%)
  • net profit attributable to owners of Imperial divided by average shareholders’ equity (calculated by using the opening and closing balances) attributable to Imperial shareholders.
Revenue relating to sale of goods to average inventory
  • revenue relating to sale of goods divided by average inventory.
Revenue to average net operating assets (times)
  • revenue divided by average net operating assets.
Total taxes and levies paid
  • made up of South African normal tax, dividends tax, foreign tax, rates and taxes, skills development and unemployment insurance fund levies.
Total market capitalisation at closing prices (Rm)
  • total ordinary shares in issue before treasury shares multiplied by the closing price per share.
Weighted average cost of capital (WACC) (%)
  • calculated by multiplying the cost of each capital component by its proportional weight, therefore: WACC = (after tax cost of debt % multiplied by average debt weighting) + (cost of equity multiplied by average equity weighting). The cost of equity is blended recognising the cost of equity in the different jurisdictions in which Imperial operates.