Group Financial Review (continued)
Objectives
2005
2004*
2003
2002
2001
2000
1999
 Leverage and liquidity Total liabilities to total shareholders’ interests (%)
130,2
156,3
125,6
184,5
98,8
155,9
233,5
 Interest bearing debt to total shareholders' interests (%)
100,0
33,0
53,3
61,0
106,6
29,2
105,5
157,8
 Interest bearing debt to total shareholders’ interests net of working capital (%)
15,8
86,2
48,1
116,7
51,3
113,6
166,3
 Interest cover (times)
3,0
10,7
9,9
4,2
5,6
3,4
2,0
(0,7)
 Cash flow to total liabilities (%)
20,0
37,1
47,5
22,1
15,2
18,7
12,7
(3,9)
 Current ratio
1,0
1,3
0,9
1,0
0,6
1,0
0,9
0,9
 Employees Number of employees –  subsidiaries
2 322
1 516
1 139
965
822
1 113
1 860
 –  joint ventures
2 248
1 180
889
835
850
397
–
 Revenue per employee (R000)
2 162
1 412
1 215
1 547
1 389
1 104
515
 Assets per employee (R000)
1 445
1 255
1 321
1 377
1 531
1 222
817
 * 2004 figures have been restated for IFRS. Prior years figures have been restated for the 5 for 1 share split Definitions Number of shares and earnings per share Earnings per share are calculated on profit attributable to ordinary shareholders and the weighted average number of shares in issue during the period under review. Headline earnings per share are calculated after adjustment for non- trading items. Cash earnings per share Cash available from operations including taxation paid and dividends received, excluding movement in working capital divided by the weighted average number of shares in issue during the period under review. Net worth per share at book value Total equity less preference share equity divided by the total number of ordinary shares in issue. Net worth per share at market value Total equity less preference share equity adjusted by mark to market value of owned ships, ship charters, ship options and other group operations, divided by the total number of ordinary shares in issue. Operating margin Operating profit before interest and taxation expressed as a percentage of revenue. Operating margin excluding bulk product trading Operating margin before interest and taxation, excluding bulk product trading expressed as a percentage of revenue, excluding bulk product trading revenue. Return on net assets Operating profit before interest and taxation, including non-trading items and share of associate companies profit, expressed as a percentage of average net assets.