Definitions and formulas
Cash ratio
Cash and cash equivalents
Current liabilities (excluding liabilities associated with assets held-for-sale) – bank overdrafts
Current ratio
Current assets (excluding assets classified as held-for-sale)
Current liabilities (excluding liabilities associated with assets held-for-sale)
Earnings yield (%)
Normalised headline earnings per share
Market price per share at year-end
Effective tax rate (%)
Tax from continuing operations
Profit before tax from continuing operations
Gearing ratio (%)
Net borrowings
Total shareholders' equity – non-controlling interests + net borrowings
Gross profit (%)
Gross profit from continuing operations
Revenue from continuing operations
Leverage ratio^
Net debt^
Normalised EBITDA^
^ Calculated in accordance with the Group's long-term debt agreements.
Net borrowings
Non-current borrowings + current borrowings – cash and cash equivalents
Net interest cover (times)
Operating profit before amortisation from continuing operations
Interest paid from continuing operations – interest received from continuing operations
(excluding capital raising fees)
Normalised EBITDA
Operating profit before depreciation and amortisation adjusted for specific non-trading items as defined in the accounting policies of the Group's Annual Financial Statements.
Normalised EBITDA growth (%)
Normalised EBITDA from continuing operations (current year)
– Normalised EBITDA from continuing operations (prior year)
Normalised EBITDA from continuing operations (prior year)
Normalised EBITDA margin (%)
EBITDA from continuing operations
Revenue from continuing operations
Normalised headline earnings from continuing operations
Normalised headline earnings from continuing operations are headline earnings from continuing operations adjusted for specific non-trading items, being transaction costs and other acquisition, and disposal-related gains or losses (including any gains or losses arising from the remeasurement of the fair value of liabilities for future contingent and/or milestone payments relating to intangible asset acquisitions accounted for under the cost accumulation method), restructuring costs, settlement of product-related litigation costs, net monetary adjustments and currency devaluations relating to hyperinflationary economies and significant once-off tax provision charges or credits arising from the resolution of prior year tax matters.
Market capitalisation
Year-end market price per share multiplied by number of shares in issue at year-end
Operating cash flow per share (cents)
Cash generated from operating activities
Weighted number of shares in issue
Price:earnings ratio
Market price per share at year-end
Normalised headline earnings per share
Return on ordinary shareholders’ equity (%)
Profit attributable to equity holders of the parent
Weighted average ordinary shareholders’ equity
Return on total assets (%)
Normalised EBITDA from continuing operations
Total weighted average assets
Revenue growth (%)
Revenue (current year) from continuing operations – revenue from continuing operations (prior year)
Revenue from continuing operations (prior year)
Total weighted average assets
Average assets is total assets (excluding cash and cash equivalents and assets classified as held-for-sale) weighted monthly
Quick ratio
Current assets (excluding assets classified as held-for-sale) – inventories
Current liabilities (excluding liabilities associated with assets held-for-sale)
Working capital as % of revenue
Inventories + trade and other receivables – trade and other payables
Annualised net revenue from continuing operations
