Acid test – The ratio of current assets excluding inventories to current liabilities.

Borrowings – All interest-bearing liabilities, including redeemable preference shares in subsidiaries.

Borrowings ratio – The percentage of borrowings to fixed capital.

Capital employed – The total of fixed capital and borrowings.

Current ratio – The ratio of current assets to current liabilities.

Earnings – Attributable earnings as disclosed in the income statement.

Fixed capital – Shareholders’ equity interest, plus minority shareholders’ equity interest in subsidiaries.

Headline dividend cover – Headline earnings per share divided by dividends per share.

Market value per share – The sellers’ price quoted by the JSE Limited.

Net asset value per share – Shareholders’ equity divided by the number of shares in issue at year end.

Operating assets – Total assets less investments, loans, deferred tax and cash.

Operating profit – is stated before goodwill impaired and capital items.

Price : earnings ratio – The market value per share divided by the headline earnings per share.

Return on capital employed – The percentage of operating income to capital employed.

Return on operating assets – The percentage of operating profit to operating assets.

Return on shareholders’ equity – The percentage of attributable earnings to shareholders’ equity, adjusted for net capital items, goodwill impaired and translation gains/losses.

Total assets – Property, plant and equipment, investments and loans together with current assets.