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34 Marks and Spencer Gro up p.l.c.
Notes to the financial statements
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 £480.5m (last year £153.0m) includes a £247.6m profit (last year £134.0m)
which is dealt with in the financial statements of the Company.
8. Dividends 2003 2002
£m £m
Dividends on equity shares
Paid interim ordinary dividend of 4.0p per share (last year 3.7p per share) 91.8 105.2
Proposed final ordinary dividend of 6.5p per share (last year 5.8p per share) 147.4 133.7
Total ordinary dividend of 10.5p per share (last year 9.5p per share) 239.2 238.9
Dividends on non-equity shares
Interim B share dividend paid at 3.32% 4.6 –
Final B share dividend paid at 2.98% 2.2 –
6.8 –
246.0 238.9
9. Earnings per share
The calculation of earnings per ordinary share is based on earnings after tax, minority interests and non-equity dividends,
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 FRS 14, ‘Earnings
per Share’ and is based on earnings excluding the effect of the exceptional items. 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:
2003 2002
Basic Diluted Basic Diluted
pence pence pence pence
£m per share per share £m per share per share
Basic earnings 473.7 20.7 20.4 153.0 5.4 5.4
Exceptional operating charges 34.8 1.5 1.5 –––
Profit on sale of property and other fixed assets (1.6) (0.1) (0.1) (41.2) (1.5) (1.5)
Loss on sale/termination of operations 1.5 0.1 0.1 353.5 12.4 12.3
Adjusted earnings 508.4 22.2 21.9 465.3 16.3 16.2
Operating profit from discontinued operations –––(12.6) (0.4) (0.4)
Adjusted earnings from continuing operations 508.4 22.2 21.9 452.7 15.9 15.8
The weighted average number of ordinary shares used in the calculation of earnings per share are as follows:
2003 2002
mm
Weighted average ordinary shares in issue during the year 2,293.9 2,841.7
Potentially dilutive share options under the Group’s share option schemes 29.0 23.7
Weighted average ordinary shares for diluted earnings per share 2,322.9 2,865.4