Marks and Spencer 2008 Annual Report Download - page 100

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98 MARKS AND SPENCER GROUP PLC
Group financial record
continued
Key performance measures
IFRS IFRS IFRS IFRS UK GAAP
2008 2007 2006 2005 2004
52 weeks 52 weeks 52 weeks 52 weeks 53 weeks
Gross profit
Gross margin138.6% 38.9% 38.3% 34.7% 35.4%
Revenue
Operating profit
Net margin113.4% 12.2% 10.9% 8.0% 9.9%
Revenue
Net margin excluding property disposals and exceptional items 12.1% 12.2% 11.0% 8.7% 10.2%
Profit before tax
Profitability112.5% 10.9% 9.6% 6.7% 9.4%
Revenue
Profitability excluding property disposals and exceptional items 11.2% 11.2% 9.6% 7.4% 9.7%
Basic earnings
Basic earnings per share149.2p 39.1p 31.3p 17.6p 24.2p
Weighted average ordinary shares in issue
Earnings per share adjusted for property disposals
and exceptional items143.6p 40.4p 31.4p 19.2p 24.7p
Dividend per share declared in respect of the year 22.5p 18.3p 14.0p 12.1p 11.5p
Profit attributable to shareholders
Dividend cover 2.3x 2.1x 2.2x 2.9x 2.1x
Dividend payable
Profit attributable to shareholders
Return on equity245.6% 46.3% 50.0% 35.1% 25.2%
Average equity shareholders’ funds
Retail debt + net post-retirement liability
Retail gearing264.0% 59.1% 68.8% 76.2% 44.7%
Retail debt + net post-retirement liability
+ retail shareholders’ funds
Operating profit before depreciation
Retail fixed charge cover 5.3x 5.9x 4.9x 4.1x 7.3x
and operating lease charges
Fixed charges3
Net debt4(£m) 3,094.9 1,949.5 1,729.3 2,147.7 1,994.7
Capital expenditure5(£m) 1,102.9 792.4 337.7 229.4 433.5
1 Based on continuing operations.
2 Retail 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’.
3 Fixed charges are defined as net interest payable and operating leases payable.
4 Excludes accrued interest.
5 2008 includes £48.4m of goodwill.