Glossary

Adjusted profit after tax attributable to the equity holders of the company.

The adjusted profit from operations for the Logistics segment divided by distribution fees for the Logistics segment.

A systematic charge to the income statement to write off the value of intangible assets with finite lives over their useful lives.

Profit after tax attributable to the equity holders of the company.

Our blended branches businesses in the USA and Canada sell to customers across the residential, commercial and industrial sectors.

Cash conversion is calculated as cash flow from operations before tax payments less net capital expenditure relating to property, plant and equipment and software as a percentage of adjusted profit from operations.

Cash-to-cash days are defined as the average number of days from payment for items of inventory to receipt of cash from customers. The Group uses the 12 month average number of cash-to-cash days, excluding the benefit of factored receivables, to monitor working capital efficiency throughout the year.

Distribution centre.

Adjusted profit after tax attributable to the equity holders of the Company divided by the weighted average number of shares in issue during the period excluding shares held to satisfy employee share plans and shares purchased by the Company and held as Treasury shares.

Profit after tax attributable to equity holders of the Company divided by the weighted average number of shares in issue during the period excluding shares held to satisfy employee share plans and shares purchased by the Company and held as Treasury shares.

The tax charge in the income statement as a percentage of profit before taxation.

Market capitalisation plus net debt.

The date from which shares are traded without the right to the most recently declared dividend payment.

The proportion of orders that can be fulfilled from inventory on hand at the time of the order.

The ratio of gross profit excluding exceptional items to revenue.

The term given to those business units that currently generate – or have the potential to generate – the greatest return on investment over the medium to longer term.

Heating, ventilation, air conditioning and refrigeration equipment.

High density polyethylene, used for making pipes.

The industrial pipes, valves and fittings sector.

Total labour cost as a percentage of gross profit, excluding exceptional items.

The total increase or decrease in revenue for the year, excluding the effect of currency exchange, trading days, new acquisitions, disposals, branch openings or closures in the year, and the incremental effect of acquisitions, branch openings and branch closures in the prior year.

The market price of a share multiplied by the number of shares in issue.

Maintenance, repair and operations services.

Market position represents the position of the business in its chosen market relative to its competitors. These positions are estimated by the management of our business units, using public and private sources of information.

Deliveries carried out within the agreed period of time with all items provided.

The term given to those business units which were underperforming and/or had insufficient scale with no clear economic synergies with our growth engine businesses.

The repair, maintenance and improvement sector.

The ratio of trading profit to the average year-end aggregate of shareholders’ funds and adjusted net debt, excluding goodwill and other acquired intangible assets.

The ratio of trading profit to the average year-end aggregate of shareholders’ funds, adjusted net debt and cumulative goodwill written off.

Stock keeping unit – a number that identifies a product that is offered by Wolseley’s businesses.

The term given to those business units that play an important role in supporting and complementing the growth engine businesses through significant economic synergies.

The total investment gain to shareholders resulting from the movement in the share price and assuming dividends are immediately reinvested in shares.

The ratio of trading profit to revenue.

The weighted average of the costs of various types of capital that finance a company or a project. Capital would generally include a mix of debt and equity.