This excerpt taken from the ICI 6-K filed Mar 16, 2005.
Returns on capital employed and on net assets
Improved utilisation of both fixed and working capital remained a focus during 2004. Capital expenditure was contained to 93% of depreciation (as further analysed on page 29), and average working capital as a percentage of sales for the International
Businesses reduced by 2.0% on a comparable basis. This focus on capital effectiveness, and the higher trading profit for the International Businesses contributed to the return on average net assets (RONA see page 131 for the method of calculating this performance measure) for the International Businesses increasing from 18% to 21%. The Groups new performance measure, return on capital employed (ROCE), as defined on page 131, also improved to 7.6% for 2004, compared with 5.8% for 2003.