glossary

Total borrowings
This comprises the sum of the interest bearing liabilities included in creditors due within and after one year.

Net asset value per share
This is calculated by dividing ordinary shareholders' funds by the closing number of shares in issue.

EBITDA
This comprises net cash inflow from operating activities, before working capital movements.

Operating margin (%)
This is calculated on a pre exceptional basis, by expressing profit before interest and taxation as a percentage of turnover, including associates.

Cash operating margin (%)
This is calculated on a pre exceptional basis, by expressing EBITDA as a percentage of turnover, excluding associates.

Operating return (%)
This is calculated on a pre exceptional basis, by expressing profit before interest and taxation, including associates, as a percentage of net operating assets, excluding goodwill.

Cash operating return (%)
This is calculated on a pre exceptional basis, by expressing the sum of EBITDA and cash dividends received from associates and other investments, as a percentage of net operating assets, adjusted for cumulative goodwill eliminated against shareholders' funds and accumulated depreciation.