Marks and Spencer 2006 Annual Report Download - page 104

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102 Marks and Spencer Group plc
Group financial record continued
Key performance measures
IFRS IFRS UK GAAP UK GAAP UK GAAP
2006 2005 2004 2003 2002
52 weeks 52 weeks 53 weeks 52 weeks 52 weeks
Gross profit
Gross margin138.3% 34.7% 35.4% 34.8% 34.4%
Revenue
Operating profit
Net margin110.9% 8.0% 9.9% 8.6% 7.7%
Revenue
Net margin excluding exceptional items and asset disposals 11.0% 8.7% 10.2% 9.2% 7.1%
Profit before tax
Profitability19.6% 6.7% 9.4% 8.4% 8.5%
Revenue
Profitability excluding exceptional items and asset disposals 9.6% 7.4% 9.7% 9.0% 7.9%
Standard earnings
Earnings per share 31.4p 29.1p 24.2p 21.8p 5.4p
Weighted average ordinary
shares in issue
Earnings per share adjusted for exceptional items and asset disposals 31.5p 20.8p 24.7p 23.3p 16.3p
Dividends per share declared in respect of the year 14.0p 12.1p 11.5p 10.5p 9.5p
Profit attributable to shareholders
Dividend cover22.2x 2.9x 2.1x 2.1x 2.2x
Dividend payable
Profit attributable to shareholders
Return on equity252.3% 35.0% 25.2% 22.4% 11.5%
Average equity shareholders’ funds
Retail debt + net post retirement liability
Retail gearing 69.7% 75.8% 44.7% 53.0% 27.0%
Retail debt + net post retirement liability
+ retail shareholders’ funds
Operating profit before depreciation
and operating lease charges
Retail fixed charge cover 4.9x 4.1x 7.3x 6.9x 12.6x
Fixed charges3
Net debt (£m) 1,729.3 2,147.7 1,994.7 1,831.4 1,907.0
Capital expenditure (£m) 326.8 218.5 433.5 311.0 290.5
NOTE: Comparatives for 2003 have been restated following the adoption of FRS 17 – ‘Retirement Benefits’, Application Note G of FRS 5 – ‘Revenue Recognition’
and UITF 38 – ‘Accounting for ESOP Trusts’.
1Based on continuing operations.
2Stated before goodwill written off of £368.2m in 2002, dividend cover and return on equity are 0.6 times and 3.4% after the write-off of goodwill.
3Fixed charges are defined as interest and operating leases.