Marks and Spencer 2001 Annual Report Download - page 27

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6. Taxation on ordinary activities 2001 2000
£m £m £m £m
The taxation charge comprises:
Current taxation
UK corporation tax at 30% (last year 30%):
Current year 151.0 151.1
Prior years (6.3) 2.7
144.7 153.8
Double taxation relief (4.7) –
140.0 153.8
Overseas taxation 7.7 6.4
147.7 160.2
Deferred taxation (see note 22)
Current year (4.3) (1.9)
Prior years (0.7) (0.1)
(5.0) (2.0)
142.7 158.2
Included in the tax charge for the year is a credit of £8.5m (last year £19.0m) which is attributable to exceptional charges.
7. Profit for the financial year
As permitted by Section 230 of the Companies Act 1985, the profit and loss account of the Company is not presented as part of
these financial statements.
The consolidated profit for the financial year of £1.3m (last year £258.7m) includes a £23.3m loss (last year £280.6m profit)
which is dealt within the financial statements of the Company.
8. Dividends 2001 2000
£m £m
Ordinary shares
Interim paid of 3.7p per share (last year 3.7p) 106.3 106.3
Proposed final of 5.3p per share (last year 5.3p) 152.0 152.3
Total ordinary dividend of 9.0p per share (last year 9.0p) 258.3 258.6
9. Earnings 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 shareholders
to gain a clearer understanding of the trading performance of the Group. Details of the adjusted earnings per share are set
out below:
2001 2000
Basic Diluted Basic Diluted
pence pence pence pence
£m per share per share £m per share per share
Basic earnings 1.3 0.0 0.0 258.7 9.0 9.0
Exceptional operating charges 19.3 0.7 0.7 53.0 1.8 1.8
Loss on sale of property and other fixed assets 83.2 2.9 2.9 22.3 0.8 0.8
Loss on sale/termination of operations 1.7 0.1 0.1 45.4 1.6 1.6
Provision for loss on operations to be discontinued 222.7 7.7 7.7 –––
Adjusted earnings 328.2 11.4 11.4 379.4 13.2 13.2
www.marksandspencer.com 27