Year-on-year sales growth including new products but excluding revenue from acquired businesses in the year of acquisition.
|A key driver of our strategy is to deliver sustainable sales growth through delivering our pipeline, maximising our existing portfolio and expanding geographically.||Sales increased by 10.0% at CER (5.1% at AER). Our growth was driven by the continued commitment and execution of our four pillars, allowing us to see growth through the acquisition effect of PSPC, new products, geographical expansion in Italy and Canada and the organic growth of the portfolio. This offset the impact of the FAP decline and strong currency headwinds.|
|Underlying Diluted EPS Growth|
Underlying profit after tax divided by the diluted average number of shares, calculated on the same basis as note 10 to the Accounts.
|Underlying EPS is a key indicator of our performance and the return we generate for our shareholders. It is one of the performance conditions of the LTIP.||EPS increased by 16.9% at CER (9.9% at AER). Organic growth and interest savings from repaying part of our debt in September 2014 accounted for most of the increase. Additionally, the EPS benefited from the impact of translational exchange gains accounted for as finance income (see note 3 to the Accounts).|
|Return on Capital Employed|
Underlying operating profit expressed as a percentage of average operating assets (excluding cash/debt and net tax liabilities).
|As we look to grow the business, it is important that we use our capital efficiently to generate returns superior to our cost of capital in the medium to long term. It underpins the performance conditions of the LTIPs.||Our ROCE has improved as we deliver more profits and maintain working capital levels. However, the increase is also a result of the reduction in value of our net assets base due to movements in exchange rates (see Financial Review).|
Cash generated from operations before tax and interest payments as a percentage of operating profit before amortisation of acquired intangibles.
*On continuing operations basis
|Our stated aim is to be a cash generative business.||Cash conversion was strong in 2015 reflecting good growth in profits combined with steady working capital levels which are discussed further in the Financial Review.|
|New Product Sales|
Revenue from new products as a percentage of total Group revenue. A new product is defined as any molecule launched in the last five financial years.
|This measure shows the delivery of sales in each year from new products launched in the prior five years, on a rolling basis. It shows the performance of our R&D and sales and marketing organisations when launching newly developed or in-licensed products.||Sales from new products continue to increase and accounted for 13.8% of our total sales in 2015. This is due to the continued success in the EU of Forthyron and Cardisure and the launch of Osphos in the UK and US during 2015.|
|Lost Time Accident Frequency Rate (LTAFR)|
All accidents resulting in the absence or inability of employees to conduct the full range of their normal working activities for a period of more than three working days after the day when the incident occurred, normalised per 100,000 hours worked.
*On continuing operations basis
|The safety of our employees is core to everything we do. We are committed to a strong culture of safety in all our workplaces.||LTAFR for continuing operations fell from 0.08 to 0.07 illustrating our continued commitment to employee safety.|
Number of leavers during the period as a percentage of the average total number of employees in the period.
|Attracting and retaining the best employees is critical to the successful execution of our strategy.||Employee turnover reduced to 12.2%, which is reflective of the steady state in which the business operated in 2015. In 2014 we completed the closure of a factory in Uldum, Denmark.|