Glossary

This report contains a number of terms which are explained below.

CoC
Chain-of-Custody (CoC) is a tracking system that allows manufacturers and traders to demonstrate that wood comes from a forest that is responsibly managed in accordance with credible standards.
EBITDA
Operating profit before special items, depreciation and amortisation.
EBITDA margin
EBITDA divided by Group revenue.
FSC™
Forest Stewardship Council™ (FSC™) is an international not-for-profit, multi-stakeholder organisation established in 1993 to promote socially and environmentally responsible management of the world’s forests by way of standard setting, third party certification and labelling of forest products.
Gearing
The ratio of net debt to total equity plus net debt.
GHG
Greenhouse gases (GHG) are gases listed in the Kyoto Protocol of the United Nations – Framework Convention on Climate Change (UN-FCCC) that contribute to the greenhouse effect and are regulated by the Kyoto Protocol.
GRI
The Global Reporting Initiative (GRI) is a not-for-profit organisation that produces one of the world’s most prevalent frameworks for sustainability reporting.
Headline EPS
The presentation of headline earnings per share (EPS) is mandated under the Listings Requirements of the JSE Limited. Headline earnings has been calculated in accordance with Circular 2/2013, ‘Headline Earnings’, as issued by the South African Institute of Chartered Accountants.
Net debt
A measure comprising short, medium, and long-term borrowings and bank overdrafts less cash and cash equivalents and current financial asset investments.
Operating margin
Underlying operating profit divided by Group revenue.
Return on capital employed (ROCE)
Trailing 12 month underlying operating profit, including share of associates’ net income, divided by trailing 12 month average trading capital employed and for segments has been extracted from management reports. Capital employed is adjusted for impairments in the year and spend on those strategic projects which are not yet in production.
Special items
Those non-recurring financial items which the Group believes should be separately disclosed on the face of the combined and consolidated income statement to assist in understanding the underlying financial performance achieved by the Group and its businesses.
TRCR
Total recordable case rate (TRCR) is calculated as the number of total recordable cases (the sum of fatalities, lost-time injuries, restricted work cases, medical treatment cases and compensated occupational illnesses) divided by the number of hours worked per 200,000 man hours.
Underlying earnings
Net profit after tax before special items attributable to shareholders.
Underlying operating profit
Operating profit before special items.
Underlying profit before tax
Reported profit before tax and special items.