Marks and Spencer 2005 Annual Report Download - page 62

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60 MARKS AND SPENCER GROUP PLC
Group financial record continued
Key performance measures
2005 2004 2003 2002 2001
52 weeks 53 weeks 52 weeks 52 weeks 52 weeks
Gross profit
Gross margin134.8% 35.3% 34.8% 34.4% 32.6%
Turnover
Operating profit
Net margin17.6% 9.6% 8.4% 7.5% 5.1%
Turnover
Net margin excluding exceptional items18.8% 10.2% 8.9% 7.5% 5.5%
Profit before tax
Profitability16.4% 9.1% 8.2% 8.3% 4.1%
Turnover
Profitability excluding exceptional items17.6% 9.4% 8.8% 7.7% 5.7%
Standard earnings
Earnings per share 29.1p 24.2p 21.8p 5.4p (0.2)p
(Defined by FRS 14) Weighted average ordinary
shares in issue
Earnings per share adjusted for exceptional items 21.9p 24.7p 23.3p 16.3p 11.2p
Dividend per share 12.1p 11.5p 10.5p 9.5p 9.0p
Profit attributable to shareholders
Dividend cover22.9x 2.1x 2.1x 2.2x n/a
Dividends
Profit attributable to equity shareholders
Return on equity241.4% 25.2% 22.4% 11.5% (0.1)%
Average equity shareholders’ funds
Retail debt + net post-retirement liability
Retail gearing 84.5% 44.7% 53.0% 27.0% n/a
Retail debt + net post-retirement liability
+ retail shareholders’ funds
Operating profit before depreciation
and operating lease charges
Retail fixed charge cover 4.1x 7.3x 6.9x 12.6x 10.2x
Fixed charges3
Net debt £2,099.0m £1,994.7m £1,831.4m £1,907.0m £1,277.8m
Capital expenditure £219.6m £433.5m £311.0m £290.5m £255.7m
1Based on results from continuing operations only.
2Stated before goodwill written off of £368.2m in 2002, dividend cover and return on equity are 0.6 times and 3.4% respectively after writing off of goodwill.
3Fixed charges are defined as interest and operating lease charges.