bold spirit - ArcelorMittal South Africa

101
ArcelorMittal South Africa
Annual Report 2010
Definitions
Cash and cash equivalents
Cash and cash equivalents include
cash on hand, deposits held at call
with banks, and other short-term
highly liquid investments with original
maturities of three months or less,
which are subject to an insignificant
risk of changes in value.
Current ratio
Current assets divided by current
liabilities. Current liabilities include
short-term borrowings and
interest-free liabilities other than
deferred taxation.
Dividend cover
Headline earnings per ordinary share
divided by dividends per ordinary
share.
Dividend yield
Dividends per ordinary share divided
by the year-end share price at the
JSE Limited.
Earnings per ordinary share
• Attributable earnings basis
Basic earnings attributable to
ordinary shareholders divided by
the weighted average number of
ordinary shares in issue during the
year.
• Headline earnings basis
Earnings attributable to ordinary
shareholders adjusted for profits
or losses on items of a capital
nature recognising the taxation
and minority impacts on these
adjustments divided by the
weighted average number of
ordinary shares in issue during the
year.
• Diluted earnings basis
Earnings attributable to ordinary
shareholders divided by the
weighted average number of
ordinary shares in issue during the
year increased by the number of
additional ordinary shares that
would have been outstanding
assuming the conversion of all
dilutive potential ordinary shares.
EBITDA margin
Earnings before interest, taxation,
depreciation and amortisation as a
percentage of revenue.
Financial cost cover
Net operating profit divided by net
financing costs.
Financial gearing (debt-equity
ratio)
Interest-bearing debt less cash and
cash equivalents as a percentage of
total shareholders’ equity.
Headline earnings yield
Headline earnings per ordinary share
divided by the year-end share price at
the JSE Limited.
Invested capital
Net equity, borrowings and other
payables, finance lease obligations,
non-current provisions and
deferred taxation less cash and cash
equivalents.
Net assets
Sum of non-current assets and
current assets less all current interestfree
liabilities.
Net asset turn
Revenue divided by closing net assets.
Net equity per ordinary share
Ordinary shareholders’ equity divided
by the number of ordinary shares in
issue at the year-end.