Marks and Spencer 2004 Annual Report Download - page 38

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36
Marks and Spencer Group plc
Notes to the financial statements continued
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.
A profit before tax of £262.1m (last year £247.6m) is dealt with in the financial statements of the Company.
8. DIVIDENDS 2004 2003
£m £m
Dividends on equity shares
Paid interim ordinary dividend of 4.4p per share (last year 4.0p per share) 99.5 91.8
Proposed final ordinary dividend of 7.1p per share (last year 6.5p per share) 160.7 147.4
Total ordinary dividend of 11.5p per share (last year 10.5p per share) 260.2 239.2
Dividends on non-equity shares
Interim B share dividend paid at 2.73% (last year 3.32%) 1.6 4.6
Final B share dividend paid at 2.86% (last year 2.98%) 1.4 2.2
3.0 6.8
263.2 246.0
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 underlying trading performance of the Group. Details of the
adjusted earnings per share are set out below:
2004 2003
As restated As restated
Basic Diluted Basic Diluted
pence pence As restated pence pence
£m per share per share £m per share per share
Basic earnings 549.3 24.2 24.1 500.5 21.8 21.5
Exceptional operating charges 29.4 1.3 1.3 34.8 1.5 1.5
Profit on sale of property and other fixed assets (18.7) (0.8) (0.8) (1.6) (0.1) (0.1)
Loss on sale/termination of operations –––1.5 0.1 0.1
Adjusted earnings 560.0 24.7 24.6 535.2 23.3 23.0
The weighted average number of ordinary shares used in the calculation of earnings per share are as follows:
2004 2003
mm
Weighted average ordinary shares in issue during the year 2,266.7 2,293.9
Potentially dilutive share options under the Group’s share option schemes 15.4 29.0
Weighted average ordinary shares for diluted earnings per share 2,282.1 2,322.9