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Imperial Chemical Industries (ICI)
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ICI » Topics » Returns on capital employed and on net assets

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 Group’s 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.

   Liquidity and capital resources

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