Growth

Organic revenue growth is a measure of the underlying growth of the business. It excludes the impact of foreign currency and fuel price fluctuations and any contribution from acquisitions and disposals.

Organic revenue growth

 

20161

-2%

20151

2%

20142

3%

20132

2%

20122

-1%

 

Performance optimization

Adjusted earnings per share measures the profit attributable to shareholders after interest and tax. It excludes the impact of exceptional items.

Adjusted earnings per share

 

20161

19.4c

20151

18.0c3

20142

18.0c3

20132

21.8c3

20122

19.9c3

 

Cash Generation

Cash Conversion measures how effectively we convert operating profit into cash. Focusing on this measure encourages strong discipline in the management of working capital and decisions on capital deployment, enabling us to continue to invest in growth opportunities.

Cash conversion

 

2016

155%

2015

92%

20142

65%

20132

101%

20122

92%

 

Value Creative Investment

Measuring Return on Invested Capital (ROIC) ensures we are focused on the efficient use of assets and capital, with the target of operating returns generated across the cycle exceeding the cost of holding the assets. ROIC is defined as underlying operating profit expressed as a percentage of average invested capital at constant currency, including goodwill and intangible assets amortised or written off to reserves.

ROIC

 

2016

10.1%

2015

11.0%

20142

9.4%

20132

10.0%

20122

9.8%

1 2015 and 2016 KPIs are for continuing operations

2 2012-2014 KPIs are on an as reported basis for the total Group

3 Historic adjusted earnings per share figures restated for the impact of the October 2015 rights issue