Annual report and financial statements 2008

Group financial record

Key performance measures

    IFRS
2008
52 weeks		 IFRS
2007
52 weeks		 IFRS
2006
52 weeks		 IFRS
2005
52 weeks		 UK GAAP
2004
53 weeks
Gross margin1 Gross profit 38.6% 38.9% 38.3% 34.7% 35.4%
Revenue
Net margin1 Operating profit 13.4% 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%
Profitability1 Profit before tax 12.5% 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
per share1		 Basic earnings 49.2p 39.1p 31.3p 17.6p 24.2p
Weighted average
ordinary shares in issue
Earnings per share adjusted for property
disposals and exceptional items1		 43.6p 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
Dividend cover Profit attributable
to shareholders		 2.3x 2.1x 2.2x 2.9x 2.1x
Dividend payable
Return on equity2 Profit attributable
to shareholders		 45.6% 46.3% 50.0% 35.1% 25.2%
Average equity
shareholders’ funds
Retail gearing2 Retail debt
+ net post-retirement liability		 64.0% 59.1% 68.8% 76.2% 44.7%
Retail debt
+ net post-retirement liability
+ retail shareholders’ funds
Retail fixed
charge cover		 Operating profit before
depreciation and operating
lease charges		 5.3x 5.9x 4.9x 4.1x 7.3x
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

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