Marks and Spencer 2007 Annual Report Download - page 98

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Key performance measures IFRS IFRS IFRS UK GAAP UK GAAP
2007 2006 2005 2004 2003
52 weeks 52 weeks 52 weeks 53 weeks 52 weeks4
Gross profit
Gross margin138.9% 38.3% 34.7% 35.4% 34.8%
Revenue
Operating profit
Net margin112.2% 10.9% 8.0% 9.9% 8.6%
Revenue
Net margin excluding property disposals and exceptional items 12.2% 11.0% 8.7% 10.2% 9.2%
Profit before tax
Profitability110.9% 9.6% 6.7% 9.4% 8.4%
Revenue
Profitability excluding property disposals and exceptional items 11.2% 9.6% 7.4% 9.7% 9.0%
Basic earnings
Basic earnings per share139.1p 31.3p 17.6p 24.2p 21.8p
Weighted average ordinary
shares in issue
Earnings per share adjusted for property disposals and exceptional items140.4p 31.4p 19.2p 24.7p 23.3p
Dividend per share declared in respect of the year 18.3p 14.0p 12.1p 11.5p 10.5p
Profit attributable to shareholders
Dividend cover 2.1x 2.2x 2.9x 2.1x 2.1x
Dividend payable
Profit attributable to shareholders
Return on equity246.3% 50.0% 35.1% 25.2% 22.4%
Average equity shareholders’ funds
Retail debt + net post retirement liability
Retail gearing259.1% 68.8% 76.2% 44.7% 53.0%
Retail debt + net post retirement liability
+ retail shareholders’ funds
Operating profit before depreciation
and operating lease charges
Retail fixed charge cover 5
5..99xx4.9x 4.1x 7.3x 6.9x
Fixed charges3
Net debt5(£m) 1,949.5 1,729.3 2,147.7 1,994.7 1,831.4
Capital expenditure (£m) 792.4 337.7 229.4 433.5 311.0
1Based on continuing operations.
2Retail shareholders’ funds for 2005 and 2006 have been restated to recognise £48.4m of additional tax assets and reserves, following the change in external
interpretation of IAS 12 – ‘Income Taxes’.
3Fixed charges are defined as net interest payable and operating leases payable.
4Comparatives 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’.
5Excludes accrued interest.
9966MARKS AND SPENCER GROUP PLC wwwwww..mmaarrkkssaannddssppeenncceerr..ccoomm//aannnnuuaallrreeppoorrtt22000077
Group financial record continued