Marks and Spencer 2000 Annual Report Download - page 47

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2000 1999 1998 1997 1996
£m £m £m £m £m
53 weeks 52 weeks 52 weeks 52 weeks 52 weeks
Cash flow(1)(2)
Net cash inflow from operating activities 641.5 472.3 967.7 903.1 804.1
Returns on investments and servicing of finance 15.2 29.0 56.1 65.4 55.7
Taxation (145.7) (345.9) (342.3) (318.6) (296.8)
Capital expenditure and financial investment (167.0) (628.1) (788.3) (419.1) (325.1)
Acquisitions and disposals (21.1) 1.0 2.6 (0.2) (4.9)
Equity dividends paid (413.5) (412.6) (325.8) (305.6) (271.3)
Cash outflow before management of liquid resources
and financing (90.6) (884.3) (430.0) (75.0) (38.3)
Management of liquid resources (162.5) 180.6 226.6 91.3 (127.7)
Financing 260.3 505.0 307.4 64.7 113.5
Increase/ (decrease) in cash 7.2 (198.7) 104.0 81.0 (52.5)
Decrease in net funds defined by FRS1 69.8 862.3 380.8 35.5 4.3
Key performance measures
(1)
Gross profit
Gross margin(3)(4) 34.1% 33.4% 35.2% 34.9% 34.7%
Turnover
Operating profit
Net margin(3)(4) 5.7% 5.9% 13.1% 13.0% 12.8%
Turnover
Net margin excluding exceptional items(5) 6.6% 7.0% 12.5% 13.0% 12.8%
Profit before tax
Profitability(3) 5.1% 6.6% 14.0% 13.8% 13.6%
Turnover
Profitability excluding exceptional items(6) 6.8% 7.6% 13.4% 13.9% 13.6%
Standard earnings(7)
Earnings per share 9.0p 13.0p 28.6p 26.1p 22.8p
(Defined by FRS14) Weighted average ordinary
shares in issue
Earnings per share adjusted for exceptional items 13.2p 15.6p 27.4p 26.2p 23.8p
Headline earnings(8)
Earnings per share 11.4p 15.0p 28.7p 26.2p 23.8p
(Defined by IIMR) Weighted average ordinary
shares in issue
Dividend per share 9.0p 14.4p 14.3p 13.0p 11.4p
Profit attributable to shareholders
Dividend cover 1.0 0.9 2.0 2.0 1.9
Dividends
Profit after tax and minority interests
Return on equity(3) 5.3% 7.6% 17.8% 17.9% 17.1%
Average shareholders’ funds
Capital expenditure(1) £450.6m £683.1m £750.2m £431.6m £309.0m
(1) Restated for 1998 and prior years for the change in accounting policy relating to the depreciation of fit out.
(2) Figures for 1996 have been restated in accordance with the revised version of FRS1, ‘Cash Flow Statements’.
(3) Based on results reported as continuing operations.
(4) Based on segmental results.
(5) Figures for 2000 exclude exceptional operating charges of £72.0m in respect of UK and European restructuring costs.
Figures for 1999 exclude exceptional operating charges of £88.5m in respect of impairment provision in Europe and the
provision for UK restructuring costs (see note 4A). 1998 excludes exceptional operating income of £53.2m in respect of VAT.
(6) Excludes operating exceptional items referred to in (5) above together with non-operating exceptional items.
(7) Standard earnings are defined as profit after tax and minority interests.
(8) Headline earnings are standard earnings adjusted for certain capital items.
45 Annual Report and Financial Statements 2000