> Glossary of terms

Net asset value per share  
  • equity attributable to owners of Imperial divided by total ordinary shares in issue net of share 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, 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, assets of discontinued operations, assets of disposal group and cash resources in respect of non-financial services segments.
Operating liabilities  
  • total liabilities less interest-bearing borrowings, tax liabilities, put option liabilities, liabilities of discontinued operation and liabilities of disposal group.
Operating margin (%)  
  • operating profit divided by revenue.
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.
Return on invested capital (%)  
  • return divided by invested capital. Return is calculated by using an after tax operating profit adjusted by income from associates. Invested capital is a 12-month average of shareholders equity plus preference shares plus debt (long-term and short-term 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).