Targets   2014   2013*   2012*   2011   2010^+   2009^+   2008^+  
LIQUIDITY AND LEVERAGE                                        
Total liabilities to total shareholders’ funds		 Non-current liabilities – deferred tax liabilities + current liabilities   %   <150   149.5   152.0   167.0   142.6   134.0   134.8   143.2  
Interest of all shareholders                                      
Net debt to total shareholders’ funds		 Non-current interest-bearing liabilities + amounts due to bankers and
short-term loans – cash and cash equivalents		   %       40.9   47.5   57.6   35.5   46.6   66.6   71.9  
Interest of all shareholders  
Total borrowings to total shareholders’ funds Non-current interest-bearing liabilities + amounts due to bankers and
short-term loans + convertible bond		                                      
  Interest of all shareholders                                      
– Total group		     %       64.7   64.0   76.0   57.2   64.4   81.3   81.7  
– Trading businesses		     %   30 – 50   39.7   38.0   50.0   30.5   34.0   48.8   50.7  
– Leasing businesses		     %   600 – 800   661.8   661.8   661.8   577.0   482.4   566.8   552.3  
– Car rental businesses		     %   200 – 300   205.4   205.4   205.4   196.4   202.1   204.8   165.3  
Net borrowings/EBITDA		 Non-current interest-bearing liabilities + amounts due to bankers and
short-term loans + convertible bond – cash and cash equivalents		   times   <2.5   1.6   1.4   1.6   1.0   1.3   1.9   1.8  
Operating profit + amortisation of goodwill and intangible assets +
depreciation charge		  
Current ratio		 Current assets       >1   1.6   1.6   1.6   1.7   1.5   1.5   1.4  
Current liabilities                                      
Quick ratio		 Current assets – inventories       >0.5   0.9   0.8   0.8   1.0   1.0   0.8   0.8  
Current liabilities                                      
Interest cover – continuing operations Profit before exceptional items + goodwill amortisation + BEE transaction
charge + interest paid (including interest capitalised and interest included
in cost of sales)		                                      
  Interest paid (including interest capitalised and interest included in
cost of sales)		                                      
– Total group		     times   >3   3.3   3.3   3.2   3.0   1.9   1.9   3.1  
– Trading businesses		     times   >4   4.0   4.5   4.6   4.4   2.0   2.1   4.4  
– Leasing businesses		     times   >1   2.2   2.2   1.9   1.9   2.2   2.2   1.6  
– Car rental businesses		     times   >1.25   2.4   2.0   1.4   1.4   1.4   1.2   1.0  
* Restated for the treatment of IFRS 10, IAS 19 and discontinued operations – refer to note 34.
^ Reclassified for the treatment of the car rental Scandinavia, Scientific and Coatings segments as discontinued operations.
+ Reclassification of interest paid in the leasing business from cost of sales to finance costs.