Targets   2014   2013*   2012*   2011   2010^+   2009^+   2008^+  
PROFITABILITY AND ASSET MANAGEMENT                                        
Operating margin – group		 Operating profit before BEE charge and goodwill amortisation   %       6.0   5.3   5.1   14.7   3.7   4.3   6.6  
Revenue – group operations  
Operating margin – continuing operations		 Operating profit before BEE charge and goodwill amortisation   %   >6   6.2   5.6   5.3   5.3   3.7   4.7   5.6  
Revenue – continuing operations  
Net asset turn		 Revenue – group operations   times   >3   2.4   2.6   2.9   3.1   2.2   2.1   2.4  
Average net assets  
Return on net assets (group)		 Operating profit + BEE transaction charge + investment income + income
from associates and joint ventures		   %   >18   15.3   14.8   15.4   13.0   8.2   9.8   15.1  
Average net assets  
Return on net assets (trading businesses)		 As per above group calculation but excluding leasing and car rental businesses   %   >20   15.2   15.3   16.7   13.9   7.1   10.3   20.5  
Return on net operating assets (group)		 Operating profit + BEE transaction charge + investment income + income
from associates and joint ventures		   %   >20   18.8   18.0   18.5   17.1   9.3   11.6   16.1  
Average net operating assets  
Return on ordinary shareholders’ funds (excluding
exceptional items) (group)		 Net profit attributable to ordinary shareholders of Barloworld Limited – net
exceptional items + BEE transaction charge (net of tax)		   %   >15   11.6   12.2   10.8   11.6   3.2   4.8   13.6  
Average interest of shareholders of Barloworld Limited  
Replacement capex to depreciation		 Replacement capital expenditure   %       21.6   17.3   18.5   18.8   18.0   24.3   14.4  
Depreciation charge  
Effective rate of taxation – continuing operations		 Tax charge – prior year tax – exceptional tax – secondary tax on companies                                      
Profit before tax -/(+) exceptional items + goodwill amortisation   %       34.1   31.8   32.6   34.2   33.8   22.2   32.7  
* 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.