Marks and Spencer 2003 Annual Report Download - page 54

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52 Marks and Spencer Gro up p.l.c.
Group financial record
2003 2002 2001 2000 1999
£m £m £m £m £m
52 weeks 52 weeks 52 weeks 53 weeks 52 weeks
Cash flow
Net cash inflow from operating activities 1,168.7 1,093.7 676.4 641.5 472.3
Dividends received from joint venture 8.0 ––––
Returns on investments and servicing of finance (46.2) 36.8 12.6 15.2 29.0
Taxation (216.9) (179.4) (164.6) (145.7) (345.9)
Capital expenditure and financial investment (295.2) 176.0 (258.2) (167.0) (628.1)
Acquisitions and disposals (38.8) 261.6 5.9 (21.1) 1.0
Equity dividends paid (225.4) (256.7) (258.6) (413.5) (412.6)
Cash inflow/(outflow) before management of liquid 354.2 1,132.0 13.5 (90.6) (884.3)
resources and financing
Management of liquid resources (46.9) (29.1) 263.7 (162.5) 180.6
Financing (711.5) (730.2) (265.4) 260.3 505.0
(Decrease)/increase in cash (404.2) 372.7 11.8 7.2 (198.7)
(Decrease)/increase in net debt defined by FRS 1 (75.6) 629.2 26.4 69.8 862.3
Key performance measures
Gross profit
Gross margin1,2 36.4% 35.8% 34.3% 31.8% 31.1%
Turnover
Operating profit
Net margin1,2 8.9% 8.3% 6.2% 6.6% 8.0%
Turnover
Net margin excluding exceptional items1,3 9.4% 8.3% 6.5% 7.5% 8.4%
Profit before tax
Profitability18.4% 9.0% 5.2% 6.3% 8.6%
Turnover
Profitability excluding exceptional items18.9% 8.5% 6.7% 7.3% 8.8%
Standard earnings
Earnings per share320.7p 5.4p (0.2)p 9.6p 13.0p
(Defined by FRS 14) Weighted average ordinary
shares in issue
Earnings per share adjusted for exceptional items 22.2p 16.3p 11.2p 13.8p 15.6p
Dividend per share 10.5p 9.5p 9.0p 9.0p 14.4p
Profit attributable to shareholders
Dividend cover3,4 2.0x 2.2x n/a 1.1x 0.9x
Dividends
Profit attributable to equity shareholders
Return on equity3,4 16.5% 11.5% (0.1)% 5.7% 7.8%
Average equity shareholders’ funds
Retail debt
Retail gearing 24.3% 27.0% n/a n/a n/a
Retail debt+retail shareholders’ funds
Operating profit before
depreciation and rent payable
Fixed charge cover 7.6x 14.0x 10.9x 11.1x 19.8x
Fixed charges5
Capital expenditure £311.0m £290.5m £255.7m £450.6m £683.1m
1Based on results from continuing operations only.
2Based on segmental results.
3Restated for 2001 and prior years for the change in accounting policy for deferred taxation.
4Stated before goodwill written off of £368.2m in 2002. Dividend cover and return on equity are 0.6 times and 3.4% respectively after writing off
of goodwill.
5Fixed charges are defined as interest and rent payable.