Marks and Spencer 2001 Annual Report Download - page 44

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44 Marks and Spencer p.l.c.44 Marks and Spencer p.l.c.
2001 2000 1999 1998 1997
£m £m £m £m £m
52 weeks 53 weeks 52 weeks 52 weeks 52 weeks
Cash flow1
Net cash inflow from operating activities 676.4 641.5 472.3 967.7 903.1
Returns on investments and servicing of finance 12.6 15.2 29.0 56.1 65.4
Taxation (164.6) (145.7) (345.9) (342.3) (318.6)
Capital expenditure and financial investment (258.2) (167.0) (628.1) (788.3) (419.1)
Acquisitions and disposals 5.9 (21.1) 1.0 2.6 (0.2)
Equity dividends paid (258.6) (413.5) (412.6) (325.8) (305.6)
Cash inflow/(outflow) before management of liquid
resources and financing 13.5 (90.6) (884.3) (430.0) (75.0)
Management of liquid resources 263.7 (162.5) 180.6 226.6 91.3
Financing (265.4) 260.3 505.0 307.4 64.7
Increase/(decrease) in cash 11.8 7.2 (198.7) 104.0 81.0
Increase in net debt defined by FRS1 26.4 69.8 862.3 380.8 35.5
Key performance measures1
Gross profit
Gross margin2,3 35.1% 34.1% 33.4% 35.2% 34.9%
Turnover
Operating profit
Net margin2,3 5.4% 5.7% 5.9% 13.1% 13.0%
Turnover
Net margin excluding exceptional items45.7% 6.6% 7.0% 12.5% 13.0%
Profit before tax
Profitability21.8% 5.1% 6.6% 14.0% 13.8%
Turnover
Profitability excluding exceptional items56.0% 6.8% 7.6% 13.4% 13.9%
Standard earnings6
Earnings per share 0.0p 9.0p 13.0p 28.6p 26.1p
(Defined by FRS14) Weighted average ordinary
shares in issue
Earnings per share adjusted for exceptional items 11.4p 13.2p 15.6p 27.4p 26.2p
Headline earnings7
Earnings per share 10.7p 11.4p 15.0p 28.7p 26.2p
(Defined by IIMR) Weighted average ordinary
shares in issue
Dividend per share 9.0p 9.0p 14.4p 14.3p 13.0p
Profit attributable to shareholders
Dividend cover 0.0 1.0 0.9 2.0 2.0
Dividends
Profit after tax and minority interests
Return on equity20.0% 5.3% 7.6% 17.8% 17.9%
Average shareholders’ funds
Capital expenditure1£255.7m £450.6m £683.1m £750.2m £431.6m
1Restated for 1998 and prior years for the change in accounting policy relating to the depreciation of fit out.
2Based on results reported as continuing operations.
3Based on segmental results.
4Figures for 2001 exclude exceptional operating charges of £26.5m. Figures for 2000 exclude exceptional operating charges of £72.0m. Figures for 1999
exclude exceptional operating charges of £88.5m. 1998 excludes exceptional operating income of £53.2m.
5Excludes operating exceptional items referred to in (4) above together with non-operating exceptional items.
6Standard earnings are defined as profit after tax and minority interests.
7Headline earnings are standard earnings adjusted for certain capital items.
Group financial record
FOR THE YEAR ENDED 31 MARCH