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. |
EBITDA |
> |
profit from operations before depreciation and recoupments. |
EBITDA used for bank covenants |
> |
Earnings pre-IFRS 16 Leases after non-controlling interest 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 EBITDA used for bank covenants. |
Net debt:equity % (excluding lease liability) |
> |
net debt excluding lease obligations as a percentage of equity. |
Net debt:equity % (including lease liability) |
> |
net debt 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 |
> |
profit from business operations (gross profit minus operating expenses and
depreciation). |
Operating profit to average net operating assets (%) |
> |
operating profit divided by average net operating assets. |
Pre-tax profit |
> |
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. |
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 result of
associates and joint ventures. |
|
> |
invested capital is a 12-month average of total equity plus interest-bearing
borrowings 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 (times) |
> |
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, secondary tax on companies, 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. |