Marks and Spencer 2002 Annual Report Download - page 55

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2002 2001 2000 1999 1998
£m £m £m £m £m
52 weeks 52 weeks 53 weeks 52 weeks 52 weeks
Cash flow
Net cash inflow from operating activities 1,093.7 676.4 641.5 472.3 967.7
Returns on investments and servicing of finance 36.8 12.6 15.2 29.0 56.1
Taxation (179.4) (164.6) (145.7) (345.9) (342.3)
Capital expenditure and financial investment 176.0 (258.2) (167.0) (628.1) (788.3)
Acquisitions and disposals 261.6 5.9 (21.1) 1.0 2.6
Equity dividends paid (256.7) (258.6) (413.5) (412.6) (325.8)
Cash inflow/(outflow) before management of liquid 1,132.0 13.5 (90.6) (884.3) (430.0)
resources and financing
Management of liquid resources (29.1) 263.7 (162.5) 180.6 226.6
Financing (730.2) (265.4) 260.3 505.0 307.4
Increase/(decrease) in cash 372.7 11.8 7.2 (198.7) 104.0
Increase in net debt defined by FRS 1 629.2 26.4 69.8 862.3 380.8
Key performance measures2
Gross profit
Gross margin1,3 35.8% 34.3% 31.8% 31.1% 33.3%
Turnover
Operating profit
Net margin1,3 8.3% 6.2% 6.6% 8.0% 14.4%
Turnover
Net margin excluding exceptional items1,3 8.3% 6.5% 7.5% 8.4% 13.7%
Profit before tax
Profitability19.0% 5.2% 6.3% 8.6% 15.4%
Turnover
Profitability excluding exceptional items18.5% 6.7% 7.3% 8.8% 14.7%
Standard earnings
Earnings per share45.4p (0.2)p 9.6p 13.0p 28.8p
(Defined by FRS 14) Weighted average ordinary
shares in issue
Earnings per share adjusted for exceptional items 16.3p 11.2p 13.8p 15.6p 27.6p
Dividend per share 9.5p 9.0p 9.0p 14.4p 14.3p
Profit attributable to shareholders
Dividend cover4,5 2.2x n/a 1.1x 0.9x 2.0x
Dividends
Profit after tax and minority interests
Return on equity4,5 11.1% (0.1)% 5.7% 7.8% 18.3%
Average shareholders’ funds
Retail debt
Retail gearing 27.0% n/a n/a n/a n/a
Retail debt+retail shareholders funds
Capital expenditure £290.5m £255.7m £450.6m £683.1m £750.2m
1Based on results from continuing operations only.
2Restated for 1998 for the change in accounting policy relating to the depreciation of fit out.
3Based on segmental results.
4Restated for 2001 and prior years for the change in accounting policy for deferred taxation.
5Stated before goodwill written off of £368.2m in 2002. Dividend cover and return on equity are 0.6 times and 3.3% respectively after
writing off of goodwill.
www.marksandspencer.com 53