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Acid Test


Operating assets

the ratio of current assets excluding inventories to current liabilities.

total assets less investments, loans, deferred tax and cash.




Operating profit

all interest-bearing liabilities, including redeemable preference shares in subsidiaries.

is stated before goodwill impaired and capital items.


Borrowings ratio


Price : earnings ratio

the percentage of borrowings to fixed capital.

the market value per share divided by the headline earnings per share.


Capital employed


Return on capital employed

the total of fixed capital and borrowings.

the percentage of operating income to capital employed.


Current ratio


Return on operating assets

the ratio of current assets to current liabilities.

the percentage of operating profit to operating assets.




Return on shareholders’ equity 

attributable earnings as disclosed in the income statement.

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


Fixed capital 


Total assets

shareholders’equity interest, plus minority shareholders’equity interest in subsidiaries.

property, plant and equipment, investments and loans together with current assets.


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.