Marks and Spencer 2004 Annual Report Download - page 58

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56
Marks and Spencer Group plc
Group financial record continued
Key performance measures 2003
2004 52 weeks 2002 2001 2000
53 weeks As restated 52 weeks 52 weeks 53 weeks
Gross profit
Gross margin136.6% 36.2% 35.8% 34.3% 31.8%
Turnover
Operating profit
Net margin19.9% 9.1% 8.3% 6.2% 6.6%
Turnover
Net margin excluding exceptional items110.4% 9.6% 8.3% 6.5% 7.5%
Profit before tax
Profitability19.4% 8.9% 9.0% 5.2% 6.3%
Turnover
Profitability excluding exceptional items19.7% 9.5% 8.5% 6.7% 7.3%
Standard earnings
Earnings per share 24.2p 21.8p 5.4p (0.2)p 9.6p
(Defined by FRS 14) Weighted average ordinary
shares in issue
Earnings per share adjusted for exceptional items 24.7p 23.3p 16.3p 11.2p 13.8p
Dividend per share 11.5p 10.5p 9.5p 9.0p 9.0p
Profit attributable to shareholders
Dividend cover22.1x 2.1x 2.2x n/a 1.1x
Dividends
Profit attributable to equity shareholders
Return on equity225.2% 22.4% 11.5% (0.1)% 5.7%
Average equity shareholders’ funds
Retail debt+net post-retirement liability
Retail gearing 44.7% 53.0% 27.0% n/a n/a
Retail debt+net post-retirement liability
+retail shareholders’ funds
Operating profit before depreciation
and operating lease charges
Retail fixed charge cover 7.3x 6.9x 12.6x 10.2x 10.8x
Fixed charges3
Capital expenditure £433.5m £311.0m £290.5m £255.7m £450.6m
1Based on results from continuing operations only.
2Stated 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.
3Fixed charges are defined as interest and operating lease charges.