Glossary

Return on Equity (ROE)

(Return (i.e. Normalised Earnings)/ Invested Equity Capital) x 100 = X%

Where 

Normalised Earnings = FRS3 Profit After Tax¹ - Minority Interest¹ - Preference Dividends¹ + Non-Trading Losses² - Non Trading Profits² + Exceptional Charges² - Exceptional Income² 

Invested Equity Capital = Ordinary Capital + Reserves + Provisions 

¹ as reported (unadjusted) 
² - net of tax and minority interest adjustments

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