Definitions

Capital employed

Total shareholders’ funds and long-term borrowings, including current portion of long-term borrowings.

Net interest-bearing debt

Long-term borrowings, current portion of long-term borrowings, bank overdrafts less bank balances and cash.

Market capitalisation

Share price multiplied by the number of shares in issue at 30 June.

PBIT

Operating profit before amortisation of intangibles (other than software), share option expense, unrealised foreign exchange and exceptional items.

Shareholder distributions paid

Distributions to shareholders out of share premium.

Earnings yield

Earnings per share divided by the share price at 30 June.

PE ratio

Share price divided by earnings per share at 30 June.

Return on assets

Operating profit before depreciation (EBITDA) divided by average total assets, excluding bank balances and cash.

Return on shareholders’ equity

Earnings attributable to ordinary shareholders divided by average shareholders’ equity.

Return on capital employed

Operating profit divided by average capital employed.

Operating margin

PBIT expressed as a percentage of revenue.

Interest cover

PBIT divided by net finance cost.

Current ratio

Current assets divided by current liabilities.

Net debt to EBITDA ratio

Net interest-bearing debt divided by operating profit before depreciation (EBITDA).