Exceptional items
–– includes impairments of goodwill, gains or losses on disposal of subsidiaries, businesses and investment in associates and joint ventures.
  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 the aggregate of interest-bearing borrowings and non-redeemable, non-participating preference shares less cash resources.
  Net working capital
–– consists of inventories, trade and other receivables, trade and other payables and provisions.
  Operating assets
–– total assets less loans receivable, tax assets and cash resources in respect of non-financial services segments.
  Operating liabilities
–– total liabilities less interest-bearing borrowings, tax liabilities, put option liabilities and contingent consideration liabilities.
  Operating margin (%)
–– operating profit divided by revenue.
  Pre-tax profits
–– calculated as profit before tax and before exceptional items.
  Return on invested capital (%)
–– return divided by invested capital. Return is calculated using net profit attributable to owners of Imperial increased by the after-tax effects of net finance costs and exceptional items. Invested capital is a 12-month average of shareholders equity plus preference shares plus debt (interest-bearing borrowings less long term loans receivable) less non-financial services cash resources.
  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).