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RatiosPeriodNumber of weeks10-yearcompoundgrowth (%)or 10-yearaverage(Av.)201152201052RETURNSReturn on equity (%) Av. 41 41 40Return on capital (%) Av. 61 61 60Return on assets (%) Av. 42 46 44Asset reinvestment rate* (:1) Av. 1.5 1.3 1.8Return on invested capital (ROIC) (%) Av. 26 28 27Weighted average cost of capital (WACC) (%) Av. 14 13 13ROIC divided by WACC (times) Av. 1.9 2.2 2.1PRODUCTIVITYSale of merchandise per full-time equivalent(FTE) employee** (R’000) (%) 9 1 129 1 050Sale of merchandise per store** (R’000) (%) 9 14 498 13 340Sales trading density** (R) (%) 9 32 979 30 462Net asset turn (times) Av. 1.8 1.6 1.6Net assets per FTE employee (R’000) (%) 11 706 643Gross margin (%) Av. 54 57 55Trading margin (%) Av. 24 28 26Operating margin (%) Av. 31 36 34EBITDA margin (%) Av. 33 38 36Profit for the period per FTE employee (R’000) (%) 16 272 236Inventory turn (times) Av. 6.3 6.4 6.9Asset turnover (times) Av. 1.4 1.3 1.3SOLVENCY AND LIQUIDITYNet cash to total equity (%) Av. 23 30 30Total liabilities to total equity (%) Av. 35 23 24Current ratio (:1) Av. 3.8 4.7 4.7Dividend cover (times) 1.7 1.9ANNUAL GROWTHSale of merchandise (%) 13 11Trading profit (%) 24 20Profit before finance costs, discontinuedoperations and tax (%) 21 12Profit before tax (%) 21 12Profit for the period (excluding minority interest) (%) 21 12* Excluding Head Office (No. 1 Mostert Street) and its related depreciation.** Excludes YDE stores and sale of merchandise made by YDE to customers as these sales are on behalf of thedesigners. YDE earns commission which is reported in the Group’s revenue and is classified as other income.56Truworths International Limited Integrated Annual Report 2011