Marks and Spencer 2009 Annual Report Download - page 94

Download and view the complete annual report

Please find page 94 of the 2009 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 126

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126

Marks and Spencer Group plc Annual report and financial statements 2009 Financial statements
Notes to the financial statements
continued
90
8 Earnings per share
The calculation of earnings per ordinary share is based on earnings after tax and the weighted average number of ordinary shares in issue
during the year.
The adjusted earnings per share figures have also been calculated based on earnings excluding the effect of property disposals and
exceptional items. These have been calculated to allow the shareholders to gain an understanding of the underlying trading performance
of the Group.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive
potential ordinary shares. The Group has only one class of dilutive potential ordinary shares being those share options granted to employees
where the exercise price is less than the average market price of the Company’s ordinary shares during the year.
Details of the adjusted earnings per share are set out below:
2009
£m
2008
£m
Earnings after tax 508.0 821.7
Property disposals (net of tax) (6.4) (27.0)
Exceptional costs (net of tax) 105.7 –
Exceptional pension credit (net of tax) (166.6) (66.5)
Adjusted earnings after tax 440.7 728.2
million million
Weighted average number of ordinary shares in issue 1,573.2 1,671.3
Potentially dilutive share options under Group’s share option schemes 0.8 16.0
Weighted average number of diluted ordinary shares 1,574.0 1,687.3
A. Basic earnings per share
pence pence
Basic earnings per share 32.3 49.2
Property disposals per share (0.4) (1.6)
Exceptional costs per share 6.7 –
Exceptional pension credit per share (10.6) (4.0)
Adjusted basic earnings per share 28.0 43.6
B. Diluted earnings per share
pence pence
Diluted earnings per share 32.3 48.7
Property disposals per share (0.4) (1.6)
Exceptional costs per share 6.7 –
Exceptional pension credit per share (10.6) (3.9)
Adjusted diluted earnings per share 28.0 43.2
9 Dividends
2009
per share
2008
per share 2009
£m
2008
£m
Dividends on equity ordinary shares
Paid final dividend 14.2p 12.0p 224.1 203.5
Paid interim dividend 8.3p 8.3p 130.5 140.1
22.5p 20.3p 354.6 343.6
In addition, the directors have proposed a final dividend in respect of the year ended 28 March 2009 of 9.5p per share amounting to a
dividend of £145.9m. It will be paid on 10 July 2009 to shareholders who are on the Register of Members on 29 May 2009. In line with the
requirements of IAS 10 – ‘Events after the Balance Sheet Date’, this dividend has not been recognised within these results.