Marks and Spencer 2000 Annual Report Download - page 31

Download and view the complete annual report

Please find page 31 of the 2000 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 48

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48

9. EARNIN GS PER SHARE
The calculation of earnings per ordinary share is based on earnings after tax and minority interests and the weighted average number
of ordinary shares in issue during the year.
An adjusted earnings per share figure has been calculated in addition to the earnings per share required by FRS14, ‘Earnings
per Share’ and is based on earnings excluding the effect of the exceptional charges. It has been calculated to allow the shareholders
to gain a clearer understanding of the trading performance of the Group. Last year, adjusted earnings only excluded exceptional
operating charges and comparatives have therefore been restated accordingly. Details of the adjusted earnings per share are set
out below:
2000 1999
BASIC DILUTED BASIC DILUTED
£m pence per share pence per share £m pence per share pence per share
Basic earnings 258.7 9.0 9.0 372.1 13.0 12.9
Exceptional restructuring costs 53.0 1.8 1.8 16.9 0.6 0.6
Exceptional fixed asset provision –––64.0 2.2 2.2
Loss on disposal of Canadian operations 45.4 1.6 1.6 –––
Loss/(profit) on disposal of property 22.3 0.8 0.8 (6.2) (0.2) (0.2)
Adjusted earnings 379.4 13.2 13.2 446.8 15.6 15.5
The IIMR earnings per share has also been calculated in addition to the basic earnings per share and is based on earnings adjusted to
eliminate certain capital items as follows.
2000 1999
BASIC DILUTED BASIC DILUTED
£m pence per share pence per share £m pence per share pence per share
Basic earnings 258.7 9.0 9.0 372.1 13.0 12.9
Exceptional fixed asset provision –––64.0 2.2 2.2
Loss on disposal of Canadian operations 45.4 1.6 1.6 –––
Loss/(profit) on disposal of property 22.3 0.8 0.8 (6.2) (0.2) (0.2)
IIM R earnings 326.4 11.4 11.4 429.9 15.0 14.9
The weighted average number of ordinary shares used in the calculation of earnings per share are as follows:
2000 1999
mm
Weighted average ordinary shares in issue during the year ended 31 March 2,872.1 2,864.7
Potentially dilutive share options under the Group’s share option schemes 13.6 18.6
Weighted average ordinary shares for fully diluted earnings per share 2,885.7 2,883.3
10. EMPLOYEES
The average number of employees of the Group during the year was: 2000 1999
UK stores Management and supervisory categories 3,885 4,105
Other 54,545 52,931
UK head office Management and supervisory categories 2,379 2,485
Other 1,441 1,626
Financial Services Management and supervisory categories 320 280
Other 1,127 988
Overseas 11,960 13,077
75,657 75,492
If the number of hours worked was converted on the basis of a normal working week, the equivalent average number of full-time
employees would have been 52,156 (last year 51,306).
The aggregate remuneration and associated costs of Group employees were:
2000 1999
BEFORE BEFORE
EXCEPTIONAL EXCEPTIONAL EXCEPTIONAL EXCEPTIONAL
CHARGES CHARGES TOTAL CHARGES CHARGES TOTAL
£m £m £m £m £m £m
Wages and salaries 834.4 52.4 886.8 813.7 15.3 829.0
UK profit sharing (see note 10C) 11.8 0.6 12.4 14.2 0.6 14.8
Social security costs 59.3 1.0 60.3 61.5 0.5 62.0
Pension costs (see note 10A) 120.5 4.0 124.5 122.1 7.1 129.2
Employee welfare and other personnel costs 89.1 10.2 99.3 88.5 1.0 89.5
1,115.1 68.2 1,183.3 1,100.0 24.5 1,124.5
Classified as:
Employee costs (see note 3) 1,096.2 68.2 1,164.4 1,083.4 24.5 1,107.9
Manufacturing cost of sales 18.9 – 18.9 16.6 – 16.6
1,115.1 68.2 1,183.3 1,100.0 24.5 1,124.5
29 Annual Report and Financial Statements 2000