Glossary of terms

   
Net asset value per share Equity attributable to owners of Motus divided by total ordinary shares in issue net of shares repurchased.
Tangible net asset value per ordinary share Equity attributable to owners of Motus less goodwill and other intangible assets divided by total ordinary shares in issue net of shares repurchased.
Net debt Is the aggregate of interest-bearing borrowings less cash resources.
Net capital expenditure Includes expansion and net replacement expenditure of property, plant and equipment, intangible assets and vehicles for hire.
Net working capital Is inventories plus trade and other receivables (including derivative assets) less trade and other payables (including derivative liabilities) and total provisions.
Operating assets Total assets less loans receivable, cash and cash equivalents, tax assets and assets classified as held for sale.
Operating liabilities Total liabilities less interest-bearing borrowings, tax liabilities and liabilities classified as held for sale.
Operating profit margin (%) Operating profit divided by revenue.
Exceptional items Impairment of goodwill and profit or loss on sale of investment in subsidiaries, associates and joint ventures and other businesses.
Return on equity (%) The return is calculated as the headline earnings divided by the average shareholders’ equity attributable to owners of Motus Holdings.
Return on invested capital (%)

This is the return divided by invested capital.

The return is calculated by reducing the operating profit by a blended tax rate, which is an average of the actual tax rates applicable in the various jurisdictions in which Motus operates, increased by the share of result of associates and joint ventures.

Invested capital is a 12-month average of total equity plus interest-bearing borrowings less cash resources.

Weighted average cost of capital (WACC) (%) Is calculated by multiplying the cost of each capital component by its proportional weight, therefore: WACC = (after tax cost of debt % multiplied by average debt weighting) plus (cost of equity multiplied by average equity weighting). The cost of equity is blended recognising the cost of equity in the different jurisdictions in which Motus operates.
Free cash flow Is calculated by adjusting the cash flow from operating activities to exclude the expansion capital expenditure on vehicles for hire and deducting replacement capital expenditure on other assets.