## PROFIT FROM TONGAAT HULETT OPERATIONSProfit from Tongaat Hulett operations comprises results of continuing operations, Triangle dividend and centrally accounted costs. ## HEADLINE EARNINGSHeadline earnings are calculated in note 22, in accordance with the South African Institute of Chartered Accountants’ Circular 8/2007 Headline Earnings. ## HEADLINE EARNINGS PER SHAREHeadline earnings divided by the weighted average number of shares in issue. ## OPERATING MARGINProfit from Tongaat Hulett operations expressed as a percentage of revenue. ## RETURN ON CAPITAL EMPLOYEDProfit from Tongaat Hulett operations expressed as a percentage of average capital employed, excluding capital work in progress. ## RETURN ON EQUITYHeadline earnings expressed as a percentage of average equity. ## DEBT TO EQUITYLong and short-term borrowings divided by equity. ## NET DEBT TO EQUITYLong and short-term borrowings less cash and cash equivalents divided by equity. ## CURRENT RATIOCurrent assets divided by current liabilities. ## LIQUIDITY RATIOCurrent assets, excluding inventories, divided by current liabilities. ## NET ASSET VALUE PER SHAREEquity divided by the number of ordinary shares at year end. ## CAPITAL EMPLOYEDEquity, minority interests, deferred tax, long and short-term borrowings and provisions. ## TOTAL LIABILITIESLong and short-term borrowings, provisions, trade and other payables and derivative liabilities. |