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Earnings – Attributable earnings as disclosed in the income statement.

Borrowings – All interest-bearing liabilities.

Capital employed –The total of fixed capital and borrowings.

Operating profit – is stated before capital items.

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

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

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

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

Borrowings ratio – The percentage of borrowings to total equity.

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

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

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

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

EBITDA – Operating profit before depreciation and amortisation.

Return on capital employed – The percentage of operating profit 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 and translation gains/losses.

Return on net assets – The percentage of profit before tax, excluding finance costs and capital items to net assets.