Online Annual Report 2009

Definitions and formulas

Employment costs
Includes the IFRS 2 Share-based Payment expense.
 
Other operating costs
Includes the foreign exchange gains and losses.
 
Net finance costs
Interest received less interest paid
 
EBITDA
Earnings before interest, taxation, depreciation, amortisation and asset impairments.
 
Trading profit before interest and taxation
Earnings before interest, taxation, asset impairments, the BEE IFRS 2 charge and foreign exchange movements.
 
Comparable sales
Sales figures quoted for stores that have traded, and will trade, for all 12 months of the current and prior year.
 
FTE (full-time equivalents)
Includes all permanent employees and the permanent equivalent of temporary employees and contracted workers.
 
Trading space (m2)
Trading space excludes parking, yard and warehouse space.
 
Sales per store (R000)
Sales
Number of stores

For June 2005, sales per store excludes Federated Timbers, De La Rey and Servistar for the one month of trading. Sales for Shield, Furnex and Cell Shack are excluded as they do not have stores.

 
Sales per FTE (R000)
Sales
 FTEs

For June 2005, sales per FTE excludes Federated Timbers, De La Rey and Servistar for the one month of trading.

 
Sales per trading m2 (R000)
Sales
 Trading m2

For June 2005, sales per trading m2 excludes Federated Timbers, De La Rey and Servistar for the one month of trading. Sales for Shield, Furnex and Cell Shack are excluded as they do not have a trading area.

 
Net asset turn
Sales
 Net assets

The Group defines net assets as capital reserves and interest-bearing LT liabilities.

 
Gross margin (%)
Gross profit
Sales 

 

Operating margin (%)
Operating profit
Sales

 

Trading profit before interest and taxation margin (%)
Trading profit before interest and taxation
Sales

 

EBITDA margin (%)
EBITDA
Sales

 

Effective tax rate (%)
Taxation
Profit before tax 

Note 10 of the financial section holds further information.

 
Return on average shareholders’ equity (%)
Headline earnings
Average of opening and closing equity attributable to equity holders of the parent 
 
Return on capital employed (%)
Operating profit before asset impairments
Average of opening and closing capital employed balances.

The Group defines capital employed as capital and reserves and interest-bearing LT liabilities.

 
Debt: Equity (%)
Debt
Capital and reserves
 
Cash earnings cover
Operating cash flow per share
Headline earnings per share
 
Net cash to total equity (%)
Cash and cash equivalents, net of borrowings
Total equity at the end of the year
 
Current ratio
Current assets
Current liabilities

 

Quick ratio
Current assets excluding inventory
Current liabilities
 
Inventory days
Inventory
Total cost of sales
 
Inventory turn
Total cost of sales
Inventory
 
Payable days
Trade payables
Total cost of sales

 

 
Asset turn
Sales  
Total assets
 
Total liabilities to total equity
Current and non-current liabilities
Total equity

 

Headline earnings
Headline earnings
Weighted average number of shares in issue

 

Diluted headline earnings
Headline earnings
Diluted weighted average number of shares in issue

 

Attributable earnings
Earnings attributable to the equity holders of the parent
Weighted average number of shares in issue


 

Dividends/distribution
Distribution to shareholders
 
Cash generated from operations before working capital movements
Cash generated from operations before working movements
Weighted average number of shares in issue
Cash generated from operations is before working movements.
 
Operating cash flow 
Net cash flow from operations
Weighted average number of shares in issue

Net cash flow from operations is after working capital movements, and excludes exceptional items and dividends paid.

 
Net asset value
Capital and reserves
Total number of shares in issue

 

Dividend cover
Headline earnings per share
Interim and final dividend per share